Hamilton Lane Incorporated · NASDAQ:HLNE
Hamilton Lane — Q4 FY2026 Earnings Presentation
23 slides from Hamilton Lane's earnings presentation, May 21, 2026
Slide 1: Fiscal Year 2026 Fourth Quarter and Full Year Results
Fiscal Year 2026 Fourth Quarter and Full Year Results May 21, 2026
Slide 2: Today's Speakers
Today's Speakers Erik Hirsch Jeff Armbrister John Oh Co-Chief Executive Officer Chief Financial Officer Head of Shareholder Relations Hamilton Lane | Global Leader in the Private Markets 2
Slide 3: Condensed Consolidated Statements of Income (Unaudited)
Condensed Consolidated Statements of Income (Unaudited) • GAAP net income was $114.2 million for the quarter and $387.7 million for fiscal 2026. GAAP net income attributable to Hamilton Lane Incorporated was $66.2 million for the quarter and $249.2 million for fiscal 2026. Three Months Ended March 3
Slide 4: Non-GAAP Financial Measures
Non-GAAP Financial Measures Three Months Ended March 31, Year Ended March 31, (Dollars in thousands except per share amounts) 2025 2026 % Change 2025 2026 % Change Fee Related Earnings1 Fee related management and advisory fees2 $127,838 $155,360 22 % $513,864 $584,686 14 % Fee related performance re
Slide 5: Period Highlights
Period Highlights Business Performance • Assets under management and fee-earning assets under management were $142 billion and $82 billion, respectively, as of March 31, 2026, increases of 3% and 13%, respectively, compared to March 31, 2025 • Fee Related Earnings1 increased 25% compared to fiscal 2
Slide 6: Growing Asset Footprint & Influence
Growing Asset Footprint & Influence $1T AUM & AUA Total Assets Under Management/Advisement ($B)1 $142 $146 $1,000 $135 Y-o-Y Growth $120 AUM: 3% $98 $108 $905 AUA: 10 % $871 $800 $821 % : 17 $783 GR CA $76 $724 $753 $600 $66 $59 $581 $50 $400 $422 $40 $410 $374 $35 $32 $292 $200 $24 $30 $22 $205 $16
Slide 7: Fee-Earning AUM Driving Revenues
Fee-Earning AUM Driving Revenues Fee-Earning AUM growth continues and annual fee rates are stable Total Fee-Earning Assets Under Management ($B) $100 .59% .63% .65% .67% $90 $82 $80 14% CAGR: $72 $70 $66 $60 $57 $41 $33 $49 $28 $50 $23 $40 $18 $30 $20 $38 $39 $41 $35 $31 $10 $0 Mar-22 Mar-23 Mar-24
Slide 8: AUM & AUA Drivers
AUM & AUA Drivers AUM AUA Customized Specialized Advisory Separate Accounts Funds Services Diverse mix of existing and Select funds in market: Typically larger clients with prospective clients seeking to • Direct equity fund wide-ranging mandates which further or establish • Impact fund include tech
Slide 9: Financial Highlights
Financial Highlights
Slide 10: Consolidated Revenue
Consolidated Revenue Strong growth across management and advisory fees Management and Advisory Fees YTD Long-Term Growth Y-o-Y Change: 14% CAGR: 15% • Recurring management and advisory fees represented an average of over 75% of total $584 $584 revenues over the past five fiscal years USD in Millions
Slide 11: Unrealized Carried Interest
Unrealized Carried Interest Unrealized Carried Interest Unrealized Carry by Age 140 $2,000 124 120 113 $1,750 > 12 years 100 7% $1,500 100 USD in Millions $1,250 < 5 years 80 8-12 years Vehicles 27% $1,000 23% 60 $1,546 $750 40 $1,221 $1,260 $500 20 $250 0 $0 Mar-24 Mar-25 Mar-26 5-8 years Period En
Slide 12: Consolidated Earnings
Consolidated Earnings Stable long-term growth Net Income Attributable to HLI YTD Long-Term Growth Y-o-Y Change: 15% CAGR: 21% $249 $249 USD in Millions USD in Millions $217 • $66M in net income attributable to HLI for the quarter $98 FY25 FY26 FY21 FY26 Adjusted EBITDA1 YTD Long-Term Growth Y-o-Y Ch
Slide 13: Other Key Items
Other Key Items Strong balance sheet with investments in our own products and a modest amount of leverage... Investments $1,400 • For March 31, 2026, the total investment balance $1,200 $1,301 consisted primarily of: USD in Millions $1,000 $800 ◦ ~$568M in investments in our funds $600 $761 $588 $63
Slide 14: Appendix
Appendix
Slide 15: Management and Advisory Fees
Management and Advisory Fees Three Months Ended March 31, Year Ended March 31, (Dollars in thousands) 2025 2026 % Change 2025 2026 % Change Management and advisory fees Specialized funds $79,348 $103,274 30 % $315,214 $374,405 19 % Customized separate accounts 32,264 35,080 9 % 134,400 141,535 5 % A
Slide 16: Incentive Fees
Incentive Fees Three Months Ended March 31, Year Ended March 31, (Dollars in thousands) 2025 2026 % Change 2025 2026 % Change Incentive fees Direct equity funds $3,250 $7,467 130 % $14,949 $22,320 49 % Secondary funds 2,029 — (100) % 46,601 520 (99) % Direct credit funds 1,688 — (100) % 14,963 6,997
Slide 17: Assets Under Management
Assets Under Management (Dollars in millions) March 31, 2025 December 31, 2025 March 31, 2026 YoY % Change QoQ % Change Assets under management / advisement Assets under management $138,295 $146,118 $141,834 3 % (3) % Assets under advisement 819,473 871,494 905,317 10 % 4 % Total assets under manage
Slide 18: Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Dollars in thousands) March 31, 2025 March 31, 2026 Assets Cash and cash equivalents $229,161 $360,955 Restricted cash 6,331 8,008 Fees receivable 181,411 151,824 Prepaid expenses 11,258 13,783 Due from related parties 16,217 23,831 Furniture, fixtu
Slide 19: Condensed Consolidated Statements of Cash Flows (Unaudited)
Condensed Consolidated Statements of Cash Flows (Unaudited) Year Ended March 31, (Dollars in thousands) 2024 2025 2026 Operating activities Net income $227,207 $313,768 $387,720 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 8,186 9,28
Slide 20: Non-GAAP Reconciliation
Non-GAAP Reconciliation Reconciliation from Net Income Year Ended March 31, Three Months Ended March 31, Year Ended March 31, 2021 2026 2025 2026 2025 2026 Net income attributable to Hamilton Lane Incorporated $98,022 $249,180 $50,499 $66,173 $217,417 $249,180 Income attributable to non-controlling
Slide 21: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended March 31, Year Ended March 31, (Dollars in thousands) 2025 2026 % Change 2025 2026 % Change Management and advisory fees $127,838 $155,216 21 % $513,864 $584,216 14 % Management fees related to Consolidated Funds — 144 N/A — 470 N/A Fee related management
Slide 22: Terms
Terms Adjusted EBITDA is an internal measure of profitability. We believe Adjusted EBITDA is useful to investors because it enables them to better evaluate the performance of our core business across reporting periods. Adjusted EBITDA represents net income excluding (a) interest expense on our outst
Slide 23: Disclosures
Disclosures Some of the statements in this presentation may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Words such as “will,” “exp