sei has $4.3b in blackrock buidl and hamilton lane scope deployments but aggregators report $20m tvl. that's a 200x gap between perception and reality. blackrock deployed $2.3b on a chain trading at $1.8b market cap. the largest asset manager on earth chose sei for production capital and the market hasn't noticed yet. ...

RT Sei (@SeiNetwork)November on Sei — enterprise expansion, global market access, and shipping at scale.• The Canary Staked SEI ETF ($SEIZ) was listed on DTCC.• Binance became a Sei Network validator.• Nearly $30M of RWAs landed on Sei in two months, led by assets from BlackRock, Hamilton Lane, and Apollo.• USDC on Sei went live on Binance.• Robinhood listed SEI, expanding reach to 25M+ retail users.• Binance US and OKX listed SEI, broadening access across global markets.• OKCoin Japan added SEI to its stak ...

In just 2 months, nearly $30M of real-world assets have landed on Sei.With parallelized EVM infrastructure built for global-scale execution, Sei is powering the next era of institutional-grade finance.BlackRock, Hamilton Lane, Apollo. Capital markets are taking shape on Sei. https://t.co/5oR7kmOJl8 ...

blackrock cut buidl fund fees 60% when they moved from ethereum to solana. 50bps to 20bps. the $10 trillion asset manager doesn't slash fees unless they're scaling hard. $250m already deployed. figure, apollo, hamilton lane all building rwa infrastructure on solana. eth lost this game. ...

Asset tokenization platform Securitize has partnered with Plume Network’s Nest protocol to bring institutional assets on-chain, the behind products from Apollo, Hamilton Lane, VanEck, and BlackRock.Meanwhile, Bitcoin staking protocol Solv Protocol will invest $10 million into Nest Vaults to enhance the liquidity of the associated asset pools.https://t.co/W5tIh5Marv ...

认同盘主的观点，“虽然这件事对于币价基本没啥帮助，但至少这点基本面能让 SEI 平安活到下一轮行情”。熊市如果来的话，大浪淘沙，能存活才是第一位的。引入币安作为 @SeiNetwork 的验证者可能能够很大程度增加存活率，讲真，Sei 同期的公链感觉基本都已经挺不太住了。。。后面出来的 move 之类的也基本 GG可以看出 Sei 现在在合规化的路子上坚持走到底了，在币安成为验证者之前，他们已经获得了 BlackRock, Brevan Howard, Hamilton Lane, and Apollo 的代币基金，获得了 Circle、Securitize、KAIO 等机构的支持加密韋馱｜Skanda 🇹🇭 (@thecryptoskanda):一片红里唯一的好消息（虽然连SEI logo也是红的）币安做了SEI的验证节点虽然这件事对于币价基本没啥帮助，但是假设这一轮山寨就这样了。至少这点基本面能让SEI平安活到下一轮行情 ...

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]

Ecosystem Expansion - Robinhood listing $SEI provides millions of users with direct access [1] - Binance's validator role demonstrates confidence in Sei's infrastructure [1] - Tokenized funds from BlackRock, Brevan Howard, Hamilton Lane, and Apollo are now live within the Sei ecosystem [1] Partnerships & Backing - Sei ecosystem is supported by partners like Circle, MetaMask, Securitize, KAIO, Etherscan, and Ondo [1] Infrastructure & Technology - Sei's infrastructure is built for speed, reliability, and global scale [1]

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]

Core Insights - Hamilton Lane (HLNE) reported a revenue of $190.88 million for the quarter ended September 2025, reflecting a year-over-year increase of 27.3% and exceeding the Zacks Consensus Estimate of $166.82 million by 14.43% [1] - The company's earnings per share (EPS) for the quarter was $1.54, up from $1.07 in the same quarter last year, representing a surprise of 42.59% compared to the consensus estimate of $1.08 [1] Financial Performance Metrics - Fee Earning AUM for Customized Separate Accounts (CSA) was reported at $40.8 billion, slightly below the average estimate of $41.29 billion [4] - Total Fee Earning AUM stood at $76.42 billion, compared to the estimated $76.99 billion [4] - Fee Earning AUM for Specialized Funds (SF) was $35.62 billion, close to the average estimate of $35.7 billion [4] - Total AUM & AUA reached $1005.2 billion, compared to the average estimate of $1008.53 billion [4] - Assets Under Management (AUM) were reported at $145.36 billion, exceeding the average estimate of $144.22 billion [4] - Assets Under Advisement (AUA) totaled $859.84 billion, slightly below the average estimate of $864.31 billion [4] Revenue Breakdown - Incentive fees revenue was $44.55 million, significantly higher than the average estimate of $26.55 million, marking a year-over-year increase of 47.4% [4] - Management and advisory fees for Customized Separate Accounts were $35.77 million, slightly above the estimated $34.82 million, reflecting a 2.9% increase year-over-year [4] - Total management and advisory fees revenue was $142.13 million, surpassing the average estimate of $139.9 million, with an 18.7% year-over-year increase [4] - Management and advisory fees for Specialized Funds reached $89.86 million, exceeding the average estimate of $87.97 million, representing a 27.8% year-over-year increase [4] - Fund reimbursement revenue was reported at $1.97 million, below the estimated $2.25 million, but still showing a 36.8% increase year-over-year [4] - Distribution management revenue was $0.45 million, significantly lower than the average estimate of $1.18 million, with an 8.7% year-over-year increase [4]