BlackRock. Hamilton Lane. Apollo. Ondo. Circle.The institutional-grade asset ecosystem on Sei is accelerating.Markets Move Faster on Sei. ($/acc) ...

Financial Data and Key Metrics Changes - For the quarter ended June 30, core net investment income was $0.27 per share, while GAAP net investment income was $0.25 per share [5][17] - As of June 30, net asset value (NAV) was $10.96 per share, down 1% from $11.07 per share in the prior quarter [17] - The debt to equity ratio was 1.3 times, indicating a diversified capital structure across multiple funding sources [17] Business Line Data and Key Metrics Changes - The portfolio grew to $2.4 billion, up from $2.3 billion in the prior quarter, with a weighted average yield on debt investments of 10.4% [12][18] - The portfolio comprised 90% first lien senior secured debt, with only 1% in subordinated debt and 2% in equity of PSSL [18] - The weighted average debt to EBITDA for new platform investments was 3.8 times, with an interest coverage ratio of 2.6 times [8][19] Market Data and Key Metrics Changes - The company noted a rebound in deal activity, which is expected to lead to increased loan originations in the second half of 2025 [4][6] - The pricing on high-quality first lien term loans in the core middle market is over plus $4.75 to $5.25, with meaningful covenant protections [7][10] Company Strategy and Development Direction - The company formed a new joint venture with Hamilton Lane, committing $200 million in capital, with an expected total portfolio of $500 million [6][14] - The focus remains on capital preservation and finding investment opportunities in growing middle market companies with high free cash flow conversion [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong outlook for the remainder of the year, anticipating continued net investment income growth and full dividend coverage [6][36] - Credit quality remains strong, with a low nonaccrual rate of 1% at cost and 0.5% at market value [8][18] Other Important Information - The company raised $32 million from the issuance of 2.8 million shares at an average price of $11.31 per share during the quarter [13] - The PSSL joint venture portfolio totaled $1.1 billion, with plans to grow to $1.4 billion [14] Q&A Session Summary Question: How much of the $500 million could be deployed over the next few quarters? - Management anticipates a ramp-up period of 12 to 18 months for deploying the capital, with potential for growth beyond the initial amount [23][24] Question: What are the long-term growth plans for PFLT and PNNT? - Management emphasized that growth will be organic based on market opportunities, with the potential for future mergers always on the table [28][30] Question: What is the timing for net investment income to fully cover the dividend? - Management identified three levers for NII growth: increasing leverage to target ratios, filling out the PSSL joint venture, and ramping up the new Hamilton Lane JV [33][35] Question: What is the current state of EBITDA growth at the portfolio company level? - EBITDA growth is generally in the mid to upper single digits, with low nonaccruals and maintained leverage levels [36][38] Question: Will the high level of unrestricted cash be directed towards the JV? - Some of the unrestricted cash will be used for the JV, but it also reflects timing from cash management [41] Question: Is there expected to be improved loan pricing power? - Management hopes to maintain or expand loan spreads due to increased supply, while prioritizing credit quality [42][44] Question: Is there a mix shift in the pipeline regarding industries or borrowers? - Recently, there has been an increase in new platforms coming to the company, with a focus on incumbency and add-on loans [48][51]

RT Sei (@SeiNetwork)Institutional finance is converging on Sei.• Native RWA exposure via fastUSD, backed by BlackRock, Hamilton Lane, and Apollo funds• Regulated, fully reserved stablecoins with Circle• Tokenized treasuries with Ondo (coming soon)As the institutional-grade asset ecosystem on Sei evolves, the infrastructure advantage will become obvious.RWAs Move Faster on Sei. ...

Core Viewpoint - PennantPark Floating Rate Capital Ltd. reported its financial results for the third fiscal quarter ended June 30, 2025, highlighting growth in net investment income and portfolio activity despite a slight decline in net asset value per share [1][2]. Financial Results - The investment portfolio totaled $2,403.5 million, with net assets at $1,087.5 million and a net asset value per share of $10.96, reflecting a quarterly change of -1.0% [2]. - Net investment income for the quarter was $24.6 million, or $0.25 per share, compared to $21.2 million, or $0.31 per share, for the same period in 2024 [17]. - Total investment income for the quarter was $63.5 million, up from $48.5 million in the previous year, primarily due to an increase in the size of the debt portfolio [15]. Portfolio Activity - The company invested $208.1 million in new and existing portfolio companies during the quarter, with a weighted average yield on debt investments of 10.1% [8]. - As of June 30, 2025, the portfolio consisted of 155 companies with an average investment size of $15.5 million and a weighted average yield on debt investments of 10.4% [6]. - The company announced the formation of a new joint venture, PSSL II, with Hamilton Lane, aimed at investing in middle-market loans [32][33]. Debt and Financing - The company amended its credit facility in April 2025, reducing pricing and extending the reinvestment period and maturity date [24]. - As of June 30, 2025, the company had $419.1 million of unused borrowing capacity under the credit facility [23]. - The annualized weighted average cost of debt was 7.0% for the nine months ended June 30, 2025, compared to 7.3% for the same period in 2024 [23]. Distributions - Distributions declared per share for the quarter were $0.31, totaling $30.5 million, compared to $21.0 million for the same period in 2024 [31].

Today in Bloomberg Deals: Hamilton Lane's growth hot spots, Meta picks winners for $29 billion financing and Boeing’s Spirit deal gets UK clearance https://t.co/iri5oFNiVd ...

TVL & RWA - SolvBTC.AVAX 的 TVL 超过 20 million 美元 [1] - 用户可以通过 SolvBTC.AVAX 访问由 Blackrock BUIDL 基金和 Hamilton Lane SCOPE 支持的代币化 RWA 收益 [1] Ecosystem - Avalanche 生态系统正在觉醒 [1]

Overview - Sei Network is collateralized by assets from BlackRock, Hamilton Lane, and Apollo [1] - Elixir's fastUSD is a yield-bearing stablecoin [1] Real World Asset (RWA) - fastUSD brings native RWA exposure to Sei Network [1] - RWAs move faster on Sei Network [1]

RWA & Stablecoin - Elixir's fastUSD is a yield-bearing stablecoin providing native RWA exposure [1] - fastUSD is now live on Sei Network with native minting and redemption [1] - fastUSD is backed by RWAs via deUSD [1] - fastUSD is collateralized by assets from institutions including BlackRock, Hamilton Lane, and Apollo [1] Technology & Network - Sei Network is positioned as the fastest L1 for RWAs [1] - fastUSD is built to offer efficient, onchain access to RWAs [1]

Core Insights - Hamilton Lane reported mixed results for Q1 FY2026, with Non-GAAP EPS at $1.31, below the consensus estimate of $1.34, and GAAP revenue at $175.958 million, missing the projected $186.65 million [1][5] - The company experienced a 13% year-over-year decline in Non-GAAP EPS and a 14% drop in GAAP EPS, attributed to unpredictable incentive fee flows and lower revenue [1][5] - Despite the revenue shortfall, management highlighted growth in key asset metrics and strong Fee Related Earnings, which increased by 31% year-over-year to $83.7 million [1][6] Financial Performance - Non-GAAP EPS for Q1 FY2026 was $1.31, down 13% from $1.51 in Q1 FY2025 [2] - GAAP revenue fell to $175.958 million, a 5% decrease from $197 million in the previous year [2] - Fee Related Earnings margin improved to 51%, up from 45% a year ago, despite a 26% decrease in incentive fees [6] Asset Management - Assets under management (AUM) reached $140.9 billion, a 9% increase from the previous year, while assets under advisement (AUA) grew to $845.3 billion, a 4% increase [8] - Fee-earning assets under management increased by 10% to $74.4 billion, with specialized funds growing by 16% [8] Business Strategy - Hamilton Lane focuses on building long-term, fee-earning relationships, with management and advisory fees constituting the majority of recurring revenue [4] - The company has launched new products, including Evergreen funds and expanded its proprietary analytics platform, Cobalt LP [4][9] Segment Performance - Specialized funds saw a decline in fees year-over-year, while customized separate accounts posted modest fee growth of 3% [7] - Reporting, monitoring, data, and analytics fees increased by 20%, indicating a growing demand for technology-driven services [7] Future Outlook - Management emphasized a healthy fundraising pipeline and plans for growth in assets, although they did not provide explicit revenue or earnings guidance [12] - Key items for investors to monitor include trends in incentive and retroactive fee realization, which can impact quarterly performance [13]

PART I - FINANCIAL INFORMATION [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for the three months ended June 30, 2025, compared to the same period in 2024, including balance sheets, statements of income, stockholders' equity, cash flows, and comprehensive notes detailing accounting policies and financial positions [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased to $1.80 billion from $1.69 billion at March 31, 2025, primarily driven by growth in cash and investments, with total liabilities rising to $807.0 million and total equity growing to $995.0 million Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | March 31, 2025 | | :--- | :--- | :--- | | **Total Assets** | **$1,802,038** | **$1,690,355** | | Cash and cash equivalents | $263,347 | $229,161 | | Investments | $674,453 | $664,354 | | **Total Liabilities** | **$806,992** | **$766,460** | | Debt | $288,582 | $290,303 | | **Total Equity** | **$995,046** | **$923,895** | [Condensed Consolidated Statements of Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) For the three months ended June 30, 2025, total revenues decreased to $176.0 million from $196.7 million in the prior-year period, primarily due to lower incentive fees, resulting in net income attributable to Hamilton Lane Incorporated of $53.7 million, or $1.28 per diluted share Condensed Consolidated Statements of Income (in thousands, except per share amounts) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Total Revenues** | **$175,958** | **$196,731** | | Management and advisory fees | $133,696 | $139,962 | | Incentive fees | $42,262 | $56,769 | | **Total Expenses** | **$98,983** | **$107,120** | | **Net Income** | **$77,070** | **$87,087** | | Net income attributable to HLI | $53,745 | $58,964 | | Diluted EPS | $1.28 | $1.47 | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the three months ended June 30, 2025, net cash provided by operating activities significantly increased to $128.9 million, while net cash used in investing activities was $93.8 million, mainly due to higher contributions to funds, and net cash from financing activities was $3.3 million Cash Flow Summary (in thousands) | Activity | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $128,932 | $79,743 | | Net cash (used in) provided by investing activities | $(93,807) | $2,132 | | Net cash provided by (used in) financing activities | $3,261 | $(30,418) | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes provide detailed explanations of accounting policies and financial statement items, including revenue disaggregation, investments, debt structure, equity-based compensation, and commitments, with unrecognized carried interest subject to contingencies amounting to approximately $1.31 billion as of June 30, 2025 Revenue Disaggregation (in thousands) | Revenue Type | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Management & Advisory Fees** | **$133,696** | **$139,962** | | Specialized funds | $82,745 | $89,792 | | Customized separate accounts | $34,575 | $33,453 | | **Incentive Fees** | **$42,262** | **$56,769** | | Specialized funds | $38,209 | $52,054 | | Customized separate accounts | $4,053 | $4,715 | - As of June 30, 2025, the company had allocated carried interest still subject to contingencies (unrecognized) of **$1,309,480,000**, net of amounts attributable to NCI[90](index=90&type=chunk) - The company's aggregate unfunded commitment to its Funds was **$264.7 million** as of June 30, 2025[95](index=95&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance for the quarter ended June 30, 2025, highlighting a $20.8 million year-over-year revenue decrease primarily from lower incentive and management fees, an $8.3 million decrease in total expenses, $2.4 billion growth in fee-earning AUM, and a strong liquidity position [Consolidated Results of Operations](index=32&type=section&id=Consolidated%20Results%20of%20Operations) For the quarter ended June 30, 2025, total revenues decreased to $176.0 million from $196.7 million YoY, driven by a $14.5 million decrease in incentive fees and a $6.3 million decrease in management fees, while total expenses fell by $8.3 million to $98.5 million, mainly from an $11.0 million decrease in incentive fee compensation - Total revenues decreased by **$20.8 million** YoY, driven by decreases in both management and advisory fees (**-$6.3 million**) and incentive fees (**-$14.5 million**)[138](index=138&type=chunk)[139](index=139&type=chunk) - The decrease in management fees was primarily due to a **$20.4 million reduction** in retroactive fees from specialized funds compared to the prior-year period[140](index=140&type=chunk) - The decrease in incentive fees was mainly due to a **$24.5 million drop** in tax-related carried interest distributions and a significant realization event in the prior-year quarter[141](index=141&type=chunk) - Total expenses decreased by **$8.3 million** YoY, largely due to an **$11.0 million reduction** in incentive fee compensation, which was partially offset by a **$9.6 million increase** in equity-based compensation[142](index=142&type=chunk)[143](index=143&type=chunk)[144](index=144&type=chunk) [Fee-Earning AUM](index=37&type=section&id=Fee-Earning%20AUM) Fee-earning Assets Under Management (AUM) increased by $2.4 billion during the three months ended June 30, 2025, reaching a total of $74.4 billion, driven by $3.4 billion in contributions from customized separate accounts and specialized funds, partially offset by $1.6 billion in distributions Fee-Earning AUM Roll-Forward (in millions) | Period | Balance, beginning of period | Contributions | Distributions | FX, market value, other | Balance, end of period | | :--- | :--- | :--- | :--- | :--- | :--- | | **Q1 FY26** | **$72,047** | **$3,370** | **$(1,575)** | **$557** | **$74,399** | | Q1 FY25 | $65,749 | $4,256 | $(2,292) | $(3) | $67,710 | [Non-GAAP Financial Measures](index=38&type=section&id=Non-GAAP%20Financial%20Measures) The company reported non-GAAP financial measures, with Fee Related Earnings (FRE) increasing to $83.7 million from $64.0 million YoY, Adjusted EBITDA remaining stable at $95.8 million, and Non-GAAP EPS decreasing to $1.31 from $1.51, reflecting a modified FRE definition for comparability Non-GAAP Financial Highlights (in thousands, except per-share amounts) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Fee Related Earnings (FRE) | $83,710 | $63,974 | | Adjusted EBITDA | $95,839 | $96,224 | | Adjusted Net Income | $71,604 | $81,423 | | Non-GAAP EPS | $1.31 | $1.51 | - The definition of FRE was modified beginning in Q4 FY25 to exclude equity-based compensation and include fee related performance revenues (FRPR), with prior periods recast to reflect this change[167](index=167&type=chunk) [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained a strong liquidity position with $263.3 million in cash and cash equivalents as of June 30, 2025, total debt outstanding of $291.3 million, and $133.8 million available under loan agreements, ensuring sufficient capital for short-term and long-term needs - As of June 30, 2025, cash and cash equivalents were **$263.3 million**[186](index=186&type=chunk) - Total debt outstanding was **$291.3 million**, with **$133.8 million** in availability under existing loan agreements[196](index=196&type=chunk) - On August 5, 2025, the company announced a quarterly dividend of **$0.54 per share** of Class A common stock[99](index=99&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=48&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk stems from the fair value of fund investments impacting 'equity in income of investees', while management fees are largely insulated from market volatility, and a 100 basis point increase in interest rates would raise annual interest expense by approximately $0.9 million - The company's main market risk is the impact of investment valuations on its 'equity in income of investees', while management fees are not significantly affected by market value changes[221](index=221&type=chunk)[223](index=223&type=chunk) - A **100 basis point increase** in interest rates is estimated to increase annual interest expense by approximately **$0.9 million** based on the floating rate debt outstanding as of June 30, 2025[227](index=227&type=chunk) [Item 4. Controls and Procedures](index=49&type=section&id=Item%204.%20Controls%20and%20Procedures) As of June 30, 2025, management concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level, with no material changes to internal control over financial reporting during the quarter - Management concluded that disclosure controls and procedures were effective as of June 30, 2025[231](index=231&type=chunk) - No material changes were made to internal control over financial reporting during the quarter ended June 30, 2025[232](index=232&type=chunk) PART II - OTHER INFORMATION [Item 1. Legal Proceedings](index=51&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any legal proceedings that management believes would have a material adverse effect on its consolidated financial statements - In the opinion of management, there are no pending or threatened legal proceedings that would materially affect the company's financial statements[234](index=234&type=chunk) [Item 1A. Risk Factors](index=51&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025 - No material changes from the risk factors disclosed in the 2025 Form 10-K were reported[235](index=235&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=51&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the quarter, the company repurchased 18 shares of Class A common stock at an average price of $149.51 per share to satisfy employee tax withholding obligations, with its $50 million stock repurchase program remaining fully available - **18 shares** of Class A common stock were repurchased to cover employee tax withholding on vested restricted stock[236](index=236&type=chunk) - The company has a **$50 million** stock repurchase program, which was re-approved in December 2024 and has full purchase authority remaining[237](index=237&type=chunk) [Item 5. Other Information](index=51&type=section&id=Item%205.%20Other%20Information) The company reported that none of its directors or officers adopted, terminated, or modified any Rule 10b5-1 trading plans or other non-Rule 10b5-1 trading arrangements during the three months ended June 30, 2025 - No directors or officers adopted, terminated, or modified any Rule 10b5-1 trading arrangements during the quarter[238](index=238&type=chunk) [Item 6. Exhibits](index=52&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including Sarbanes-Oxley Act certifications from the Principal Executive Officers and Principal Financial Officer, as well as Inline XBRL documents - The report lists required exhibits, including CEO and CFO certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act[239](index=239&type=chunk)