$HLNE

Hamilton Lane INC

CIK:0001433642|SEC Filings

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Revenues
Total revenues	$ 275,331	$ 175,958
Expenses
Compensation and benefits	107,664	69,556
Total expenses	148,860	98,983
Other income (expense)
Equity in income of investees	3,035	9,439
Non-operating (loss) gain, net	(595)	447
Consolidated Funds and Partnerships:
Total other income (expense)	23,496	18,474
Income before income taxes	149,967	95,449
Income tax expense	25,083	18,379
Net income	124,884	77,070
Net income attributable to Hamilton Lane Incorporated	$ 80,461	$ 53,745
Class A Common Stock
Consolidated Funds and Partnerships:
Basic earnings per share of Class A common stock (in dollars per share)	$ 1.94	$ 1.30
Diluted earnings per share of Class A common stock (in dollars per share)	1.93	1.28
Dividends declared per share of Class A common stock (in dollars per share)	$ 0.60	$ 0.54
Consolidated entity, excluding VIE
Expenses
General, administrative and other	$ 38,207	$ 28,943
Other income (expense)
Interest expense	(3,497)	(3,856)
Interest income	3,180	2,794
Non-Controlling Interests in Consolidated Funds and Partnerships
Expenses
General, administrative and other	2,989	484
Other income (expense)
Interest income	930	240
Consolidated Funds and Partnerships:
Equity in (loss) income of investees	(369)	871
Net gain on investments	20,812	8,539
Less: Income attributable to non-controlling interests	13,635	1,604
Hamilton Lane Advisors, L.L.C.
Consolidated Funds and Partnerships:
Less: Income attributable to non-controlling interests	30,788	21,721
Management and advisory fees
Revenues
Total revenues	161,367	133,696
Incentive fees \| Consolidated entity, excluding VIE
Revenues
Total revenues	$ 113,964	$ 42,262

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net income	$ 124,884	$ 77,070
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,528	2,528
Change in deferred income taxes	8,846	6,555
Change in payable to related parties pursuant to tax receivable agreement	(1,951)	0
Equity-based compensation	12,907	12,799
Change in customer incentive asset	1,077	0
Equity in income of investees	(3,035)	(9,439)
Net realized loss on sale of investments	391	0
Fair value adjustment of other investments	0	(413)
Proceeds received from Funds	8,049	10,141
Non-cash lease expense	2,318	2,734
Other	196	321
Changes in operating assets and liabilities:
Fees receivable	(76,190)	23,350
Prepaid expenses	2,719	663
Due from related parties	197	(3,876)
Other assets	(280)	(1,423)
Accounts payable	(456)	1,039
Accrued compensation and benefits	558	15,652
Lease liability	(2,454)	(2,277)
Other liabilities	12,128	2,327
Consolidated Funds and Partnerships:
Net gain on investments	0	(413)
Net cash provided by operating activities	77,150	128,932
Investing activities:
Purchase of furniture, fixtures and equipment	(1,801)	(1,344)
Distributions received from Funds	23,591	2,355
Contributions to Funds	(29,534)	(13,202)
Net cash used in investing activities	(146,926)	(93,807)
Financing activities:
Repayments of long-term debt	(4,375)	(1,875)
Repurchase of Class A common stock for employee tax withholding	(624)	(7)
Proceeds received from issuance of shares under Employee Share Purchase Plan	819	816
Dividends paid	(22,520)	(20,233)
Members’ distributions paid	(15,489)	(16,023)
Consolidated Funds and Partnerships:
Net cash provided by financing activities	47,804	3,261
Effect of exchange rate changes on cash and cash equivalents	(206)	147
(Decrease) increase in cash and cash equivalents, restricted cash, and cash and cash equivalents held at Consolidated Funds and Partnerships	(22,178)	38,533
Cash and cash equivalents, restricted cash, and cash and cash equivalents held at Consolidated Funds and Partnerships at beginning of the period	371,904	283,604
Cash and cash equivalents, restricted cash, and cash and cash equivalents held at Consolidated Funds and Partnerships at end of the period	349,726	322,137
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash and Cash Equivalents Held at Consolidated Funds and Partnerships to the Condensed Consolidated Balance Sheets:
Total cash and cash equivalents, restricted cash, and cash and cash equivalents held at Consolidated Funds and Partnerships	349,726	322,137
Class A Common Stock
Financing activities:
Repurchase of Class B common stock	(50,000)	0
Non-Controlling Interests in Consolidated Funds and Partnerships
Adjustments to reconcile net income to net cash provided by operating activities:
Fair value adjustment of other investments	(20,004)	(8,574)
Consolidated Funds and Partnerships:
Net gain on investments	(20,004)	(8,574)
Equity in (loss) income of investees	369	(871)
Change in other assets and liabilities	4,353	626
Investing activities:
Purchase of investments	(148,088)	(81,616)
Distributions received from investments	8,906	0
Consolidated Funds and Partnerships:
Contributions from non-controlling interests in Consolidated Fund Partnerships	140,487	40,675
Distributions to non-controlling interests in Consolidated Fund Partnerships	(494)	(92)
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash and Cash Equivalents Held at Consolidated Funds and Partnerships to the Condensed Consolidated Balance Sheets:
Cash and cash equivalents	4,706	52,533
Consolidated Entity Excluding Variable Interest Entities (VIE)
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash and Cash Equivalents Held at Consolidated Funds and Partnerships to the Condensed Consolidated Balance Sheets:
Cash and cash equivalents	337,018	263,347
Restricted cash	$ 8,002	$ 6,257

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026
Assets
Fees receivable	$ 228,014	$ 151,824
Prepaid expenses	11,064	13,783
Furniture, fixtures and equipment, net	34,623	35,017
Lease right-of-use assets, net	74,072	61,405
Investments	776,491	774,443
Deferred income taxes	284,246	293,092
Assets of Consolidated Funds and Partnerships:
Investments	776,491	774,443
Total VIE Assets	2,538,747	2,304,896
Liabilities and equity
Accounts payable	5,203	5,659
Accrued compensation and benefits	84,712	84,154
Accrued members’ distributions	29,670	27,066
Accrued dividend	24,692	22,520
Debt	274,199	278,420
Lease liabilities	90,591	78,059
Liabilities of Consolidated Funds and Partnerships:
Total liabilities	846,626	838,357
Commitments and contingencies (Note 15)
Additional paid-in-capital	268,130	299,313
Accumulated other comprehensive income	638	1,170
Retained earnings	670,462	614,693
Total Hamilton Lane Incorporated stockholders’ equity	939,285	915,232
Total equity	1,692,121	1,466,539
Total liabilities and equity	2,538,747	2,304,896
Related Party
Assets
Due from related parties	23,634	23,831
Liabilities and equity
Payable to related parties pursuant to tax receivable agreement	233,474	235,425
Class A Common Stock
Liabilities of Consolidated Funds and Partnerships:
Common stock	43	44
Class B Common Stock
Liabilities of Consolidated Funds and Partnerships:
Common stock	12	12
Consolidated entity, excluding VIE
Assets
Cash and cash equivalents	337,018	360,955
Restricted cash	8,002	8,008
Investments	776,491	774,443
Other assets	51,034	43,336
Assets of Consolidated Funds and Partnerships:
Cash and cash equivalents	337,018	360,955
Investments	776,491	774,443
Other assets	51,034	43,336
Liabilities and equity
Other liabilities	58,398	36,724
Liabilities of Consolidated Funds and Partnerships:
Other liabilities	58,398	36,724
Non-Controlling Interests in Consolidated Funds and Partnerships
Assets
Cash and cash equivalents	4,706	2,941
Investments	703,323	526,078
Other assets	2,520	10,183
Assets of Consolidated Funds and Partnerships:
Cash and cash equivalents	4,706	2,941
Investments	703,323	526,078
Other assets	2,520	10,183
Liabilities and equity
Other liabilities	31,338	14,769
Liabilities of Consolidated Funds and Partnerships:
Subscriptions in advance	14,349	55,561
Other liabilities	31,338	14,769
Non-controlling interests	525,318	330,893
Hamilton Lane Advisors, L.L.C.
Liabilities of Consolidated Funds and Partnerships:
Non-controlling interests	$ 227,518	$ 220,414