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]

Financial Data and Key Metrics Changes - Total asset footprint reached just over $1 trillion, a 6% increase year over year [3] - AUM stood at $145 billion, growing by $14 billion or 11% compared to the prior year [4] - AUA came in at $860 billion, up $44 billion or 5% year over year [4] - Total fee-related revenue for the period was $321.6 million, representing a 23% growth year over year [5] - GAAP EPS for the fiscal year-to-date was $2.98, with non-GAAP EPS at $2.86 [5] Business Line Data and Key Metrics Changes - Total PR and AUM stood at $76.4 billion, growing by $6.7 billion or 10% year over year [14] - Customized separate accounts PR and AUM reached $40.8 billion, growing by $1.4 billion or 4% over the last 12 months [15] - Specialized Funds PR and AUM ended fiscal Q2 at $35.6 billion, having grown $5.3 billion or 17% year over year [16] Market Data and Key Metrics Changes - The partnership with Guardian Life Insurance Company will manage a private equity portfolio of nearly $5 billion and commit to invest approximately $500 million per year for the next 10 years [7][8] - The firm has scaled its insurance solutions platform to over $119 billion [9] Company Strategy and Development Direction - The company is focused on sustainable growth and success, expanding product offerings and launching new Evergreen products [6] - The partnership with Guardian is seen as a testament to the company's ability to provide customized solutions to leading institutions [9] - The firm aims to deepen expertise and relationships within the insurance sector through a dedicated insurance solutions team [9] Management's Comments on Operating Environment and Future Outlook - Management sees no data supporting a broader credit crisis, noting strong credit fundamentals and low default rates [10][11] - The company emphasizes the importance of data and transparency in the private market, leveraging its extensive database for insights [12] Other Important Information - The company announced a partnership with Bloomberg to provide access to Hamilton Lane Private Market Indices via the Bloomberg Terminal [24] - Securitize is set to become a publicly traded company, with Hamilton Lane having a strategic partnership in place [26] - Novata's acquisition of Atlas Metrics aims to meet the growing demand for sustainability data solutions [29] Q&A Session Summary Question: Details on the Guardian partnership fee structure - The majority of revenue will come from the $5 billion being managed, with $250 million allocated to Evergreen products [39][40] Question: Insights on the Bloomberg partnership and data monetization - The Bloomberg arrangement is a revenue share model, enhancing brand visibility and providing valuable data for private market benchmarks [40][41][42] Question: Development of the SMA business pipeline - The pipeline is robust, with billions of dollars expected to flow in over time as contracts are finalized [45] Question: Impact of Guardian team joining Hamilton Lane - The team acquisition is expected to have a minimal impact on expenses, as they will fill existing open positions [53]

Financial Data and Key Metrics Changes - Patria's assets under management (AUM) exceeded $50 billion, representing a growth of over 3.5 times since its IPO in 2021 [6][7] - Organic fundraising surpassed $1.5 billion in Q3 2025, with year-to-date totals reaching $6 billion, indicating strong momentum [8][11] - Fee earning AUM grew to approximately $38.8 billion, up 4% sequentially and 14% year-over-year [19][20] - Fee related earnings (FRE) for Q3 2025 were reported at $49.5 million, reflecting a 22% increase year-over-year and a 7% increase sequentially [22][23] - Distributable earnings reached $46.9 million, up 34% year-over-year and 22% sequentially [26] Business Line Data and Key Metrics Changes - The infrastructure and credit businesses led the organic fundraising efforts, contributing significantly to the overall growth [8][12] - The infrastructure Fund V raised $2.9 billion, marking a 40% increase compared to the previous vintage, making it the largest dedicated infrastructure fund focused on Latin America [12][13] - The credit business surpassed its total 2024 fundraising by nearly 15%, reaching $1.6 billion in 2025 [12] Market Data and Key Metrics Changes - The depreciation of the U.S. dollar against other currencies is seen as a catalyst for international portfolio diversification, prompting investors to seek exposure in regions with stronger fundamentals [10][11] - There is increased global interest in infrastructure investments in Latin America, benefiting Patria as a leading infrastructure investor in the region [11][12] Company Strategy and Development Direction - The company aims to raise $21 billion from 2025 to 2027, with specific targets of $6 billion in 2025, $7 billion in 2026, and $8 billion in 2027 [16] - Patria plans to focus on organic growth in 2025, with a potential restart of acquisition efforts in 2026 and 2027, particularly in real estate and credit sectors [35][36] - The company is looking to expand its GPMS (Global Private Market Solutions) business, particularly in the U.S. and Mexico, to enhance its global presence [36][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in exceeding the high end of the 2025 fundraising target of $6.6 billion, supported by strong fundraising momentum [16][18] - The company expects to generate approximately $15 million in performance-related earnings in Q4 2025, with potential for more monetization events [10][24] - The overall macroeconomic environment, characterized by persistent inflation and high interest rates, is seen as favorable for fundraising efforts [12][13] Other Important Information - The effective tax rate for Q3 2025 was reported at 3.3%, with expectations to hover around 10% annually in the coming years [26] - The Board approved an annual dividend of $0.60 per share for 2025, with a declared dividend of $0.15 per share for Q3 [27] Q&A Session Summary Question: Update on capital deployment pacing with $3.2 billion in pending fee earning AUM - Management indicated that the pending AUM will likely be deployed over the next 12 to 18 months, primarily in infrastructure investments [30][33] Question: Update on inorganic growth and asset classes of interest - Management stated that no acquisitions are planned for 2025, with a focus on organic growth, and potential acquisitions in real estate and credit sectors in 2026 and 2027 [34][35] Question: FRE guidance for the year and potential upside in Q4 - Management expects around $10 million to $12 million from incentive fees in Q4, which will be a significant contributor to surpassing the $200 million FRE target [44][46] Question: Update on GPMS product cross-sell evolution - Management highlighted successful phases in gaining client confidence and attracting new investments, with plans to launch new products in the GPMS structure [66][75]

Financial Performance - GAAP net income attributable to Hamilton Lane Incorporated was $70.9 million for the quarter and $124.6 million year-to-date[8] - Management and advisory fees increased by 19% to $142.127 million for the quarter and by 6% to $275.822 million year-to-date[9] - Incentive fees increased by 47% to $44.551 million for the quarter, but remained relatively flat year-to-date at $86.813 million[9] - Total revenues increased by 27% to $190.880 million for the quarter and by 6% to $366.837 million year-to-date[9] - Fee Related Earnings increased by 37% to $77.037 million for the quarter and by 34% to $160.748 million year-to-date[10] - Adjusted EBITDA increased by 33% to $100.815 million for the quarter and by 15% to $196.656 million year-to-date[10] Assets Under Management - Assets under management increased by 11% year-over-year to $145 billion as of September 30, 2025[16] - Fee-earning assets under management increased by 10% year-over-year to $76 billion as of September 30, 2025[16] Unrealized Carried Interest - Unrealized carried interest reached $1.434 billion as of September 30, 2025, a 14% increase year-over-year[65]

Financial Data and Key Metrics Changes - As of the end of Q3 2025, the company's assets under management (AUM) exceeded $50 billion, representing a growth of over 3.5 times since the IPO in 2021 [4] - Year-to-date organic fundraising reached $6 billion, with a strong Q3 contribution of $1.5 billion, positioning the company to exceed its full-year target of $6.6 billion [5][11] - Fee-earning AUM grew to $38.8 billion, reflecting a 4% sequential increase and a 14% year-over-year growth [8][19] - Fee-related earnings (FRE) for Q3 2025 were reported at $49.5 million, up 22% year-over-year and 7% sequentially, with a per-share increase of 8% sequentially and 19% year-over-year [8][23] - Distributable earnings reached $46.9 million, or $0.30 per share, marking a 31% year-over-year increase [9][28] Business Line Data and Key Metrics Changes - The infrastructure and credit businesses led the organic fundraising efforts, contributing significantly to the overall growth [5][12] - The infrastructure fund 5 raised $2.9 billion, making it the largest dedicated infrastructure fund in Latin America, with a 40% increase compared to the previous vintage [12] - The credit business surpassed total 2024 fundraising by nearly 15%, raising $1.6 billion year-to-date [13] Market Data and Key Metrics Changes - The company noted a trend of global investors seeking exposure to non-U.S. markets due to the depreciation of the U.S. dollar, which is expected to support fundraising efforts [11] - The company is experiencing increased interest in infrastructure investments in Latin America, benefiting from its position as a leading infrastructure investor in the region [12] Company Strategy and Development Direction - The company aims to diversify and grow its business both organically and inorganically, with a focus on expanding its investment strategies and geographic footprint [17][36] - The company plans to resume acquisition efforts in late 2025 or 2026 after a pause to integrate previous acquisitions and demonstrate organic growth [34][35] - The company is particularly interested in credit and real estate asset classes for future acquisitions, with a focus on expanding its U.S. presence [36][37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in exceeding the high end of the 2025 fundraising target and anticipates a strong performance in Q4, driven by incentive fees and increased management fees from fundraising [39][41] - The company expects to generate approximately $15 million in performance-related earnings in Q4 2025, with potential for more realizations from its infrastructure fund [10][49] - The management highlighted a favorable regulatory environment in Brazil for data centers, which could lead to significant investment opportunities [42][45] Other Important Information - The company has a share repurchase program authorized for up to 3 million shares, with a total return swap in place for 1.5 million shares [9][28] - The effective tax rate for Q3 was 3.3%, with expectations for it to hover around 10% annually in the coming years [27] Q&A Session Summary Question: How is the company thinking about the pacing of capital deployment with $3.2 billion in pending fee-earning AUM? - Management indicated that most of the pending fee-earning AUM will be deployed over the next 12 to 18 months, primarily in infrastructure investments [31][32] Question: What is the company's strategy for inorganic growth moving forward? - Management stated that they plan to restart acquisition efforts in late 2025 or 2026, focusing on credit and real estate asset classes, with a particular interest in expanding in the U.S. [34][36] Question: Can you provide an update on the FRE guidance for this year? - Management expects to surpass the $200 million FRE target, primarily driven by anticipated incentive fees and increased management fees from fundraising [39][41] Question: What is the mechanism behind the total return swap mentioned in the call? - Management explained that the total return swap involves purchasing shares on behalf of the company, which will be settled by mid-2026 [28]

Financial Data and Key Metrics Changes - Adjusted net income reached $1.4 billion, or $2.17 per share, representing a 17% year-over-year increase [3] - Fee-related earnings (FRE) were $652 million, up 23% year-over-year, with management fee growth of 22% [4] - Spread-related earnings (SRE) excluding notables were $846 million, with an estimated Q4 SRE of approximately $880 million, leading to a projected full-year SRE of $3,475 million, an 8% year-over-year growth [4][39] Business Line Data and Key Metrics Changes - Asset management generated record inflows of $82 billion, with $59 billion from asset management and $23 billion from retirement services [5] - Average origination for the quarter was $75 billion, with a stable average spread of 350 basis points over Treasuries [5][25] - The retirement services segment saw $23 billion in gross inflows, with year-to-date inflows totaling $69 billion [18][34] Market Data and Key Metrics Changes - Record assets under management (AUM) reached $908 billion, a 24% increase year-over-year [36] - The annuity market has significantly expanded, driven by a growing retiree population and demand for guaranteed income [18][34] - The origination volume for the last 12 months exceeded $270 billion, up more than 40% compared to the prior period [25] Company Strategy and Development Direction - The company is focused on capitalizing on three strong fundamentals: financing the global industrial renaissance, addressing the retirement crisis, and providing alternatives to public markets [6][7] - The strategy includes expanding origination capabilities and enhancing product offerings across various markets, including insurance and traditional asset management [8][30] - The company anticipates a 20%+ growth in FRE for 2026, driven by existing business momentum and new initiatives [42][43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing demand for private assets and the ability to navigate current market conditions [10][11] - The outlook for asset management is bright, with expectations of continued innovation and growth in various segments [16][42] - Management highlighted the importance of maintaining a strong origination pipeline to support future growth [24][41] Other Important Information - The company closed the acquisition of Bridge, which is expected to contribute approximately $300 million in annual fee-related revenues [37] - The company executed over $350 million in share repurchases during the quarter, reflecting opportunistic capital management [45] Q&A Session Summary Question: Discussion around origination targets and outlook - Management indicated that while origination activity has exceeded expectations, it would be premature to adjust the five-year origination targets at this time [48][49] Question: Wealth market trajectory and product pipeline - Management noted that the wealth market is on pace with previous targets, and the expansion of the product suite is expected to drive future growth [51][52][53] Question: Concerns regarding private letter ratings in insurance - Management refuted concerns about systemic risks related to private letter ratings, emphasizing Athene's strong credit quality and diversified ratings [58][59][63]

Financial Data and Key Metrics Changes - Adjusted net income reached $1.4 billion, or $2.17 per share, representing a 17% year-over-year increase [3] - Fee-related earnings (FRE) of $652 million, up 23% year-over-year, with management fee growth of 22% [4] - Spread-related earnings (SRE) estimated at approximately $880 million for Q4, leading to an estimated full-year SRE of $3,475 million, an 8% year-over-year growth [4][41] Business Line Data and Key Metrics Changes - Asset management generated record inflows of $82 billion, with $59 billion from asset management and $23 billion from retirement services [5] - Average spread on origination remained stable at 350 basis points over Treasuries, with origination volume of $75 billion for the quarter [5][25] - Capital solutions fees reached $212 million, marking the second-strongest quarter on record [36] Market Data and Key Metrics Changes - Record assets under management (AUM) of $908 billion, up 24% year-over-year [36] - Strong demand in the retirement services market, with $23 billion of gross inflows in Q3, contributing to a year-to-date total of $69 billion [17][33] - The annuity market has significantly expanded, driven by demographic trends and the retirement crisis [17] Company Strategy and Development Direction - The company is focused on capitalizing on three strong fundamentals: financing the global industrial renaissance, addressing the retirement crisis, and providing alternatives to public markets [6][7] - Expansion into new markets, including insurance and traditional asset managers, is expected to drive growth [8][9] - Innovation in asset management is a key focus, with plans for new products and strategies to enhance offerings [16][43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing demand for private assets and the company's ability to generate high-quality origination [10][23] - The outlook for 2026 includes expectations of over 20% growth in FRE and 10% growth in SRE, supported by strong organic growth and origination capabilities [43][44] - Management highlighted the importance of maintaining a strong culture and being a preferred employer in the industry [10] Other Important Information - The acquisition of Bridge is expected to contribute approximately $300 million in annual fee-related revenues and enhance origination capabilities [36] - The company executed over $350 million in share repurchases during the quarter, reflecting opportunistic capital management [46] Q&A Session Summary Question: Discussion around origination targets and outlook - Management noted that while origination strength has exceeded expectations, it is premature to adjust long-term targets at this time [47][49] Question: Wealth market trajectory and new product pipeline - Management emphasized the importance of expanding product offerings and partnerships to capture growth in the wealth market [51][54] Question: Concerns about private letter ratings and systemic risk - Management disagreed with concerns about systemic risk in the insurance industry, highlighting Athene's strong credit quality and diversified ratings [56][60] Question: Impact of declining rates on demand for yield - Management acknowledged potential challenges but expressed confidence in the company's ability to adapt and continue driving growth [61]

Core Insights - Lawrence Fuller has 30 years of experience managing portfolios, starting at Merrill Lynch in 1993 and later founding Fuller Asset Management for independence [1] - Fuller Asset Management manages the Focused Growth portfolio on Dub, a copy-trading platform approved by US securities regulators, allowing retail investors to automatically copy chosen managers' trades [1] - The Portfolio Architect group led by Fuller focuses on economic and market outlooks, employing an all-weather investment strategy aimed at consistent risk-adjusted returns [1] Company Overview - Fuller Asset Management (FAM) is a state-registered investment adviser, providing educational information without making specific offers for securities or investment strategies [3] - FAM emphasizes that investments involve risks and are not guaranteed, and past performance should not be solely relied upon for future investment decisions [3] Services Offered - The Portfolio Architect provides portfolio construction guidance, access to an "All-Weather" model portfolio, a dividend and options income portfolio, and various reports and alerts [1] - The services include a daily brief summarizing current events and a week-ahead newsletter, along with 24/7 chat support for clients [1]

Financial Performance - Patria reported IFRS Net Income attributable to shareholders of $225 million for 3Q25[23] - Distributable Earnings (DE) reached $469 million in 3Q25, a 34% increase compared to 3Q24 and a 21% increase compared to 2Q25[38] - DE per share was $030 in 3Q25, up 31% year-over-year and 22% sequentially[38] - Fee Related Earnings (FRE) totaled $495 million in 3Q25, a 22% increase compared to 3Q24[37] - Management fees amounted to $870 million in 3Q25, a 12% increase compared to 3Q24[37] Assets Under Management (AUM) - Total Assets Under Management (AUM) reached $512 billion as of quarter-end, a 15% increase from 3Q24[37] - Fee Earning AUM (FEAUM) was $388 billion, up 14% from 3Q24[37] - Net Accrued Performance Fees stood at $402 million as of September 30, 2025, or $254 per share[37] Corporate Actions and Fundraising - Patria declared a quarterly dividend of $015 per common share[37] - Total fundraising reached $15 billion in 3Q25[37] - Total deployment in drawdown funds was $751 million in 3Q25[37]

本报讯(记者袁传玺)天眼查工商信息显示，近日，兰州市国有资产运营管理有限公司成立，法定代表人 为曾东山，注册资本50亿元，经营范围含以自有资金从事投资活动、企业管理、融资咨询服务、财务咨 询、票据信息咨询服务、非融资担保服务、社会经济咨询服务、企业管理咨询等。股东信息显示，该公 司由兰州市财政局全资持股。 ...