Hamilton Lane Incorporated · NASDAQ:HLNE
Hamilton Lane — Q4 2025 Earnings Presentation
22 slides from Hamilton Lane's earnings presentation, May 29, 2025
Slide 1: Fiscal Year 2025 Fourth Quarter and Full Year Results
Fiscal Year 2025 Fourth Quarter and Full Year Results May 29, 2025
Slide 2: Today's Speakers
Today's Speakers Erik Hirsch Jeff Armbrister John Oh Co-CEO Chief Financial Officer Head of Shareholder Relations Hamilton Lane | Global Leader in the Private Markets 2
Slide 3: Period Highlights
Period Highlights Business Performance • Assets under management and fee-earning assets under management were $138 billion and $72 billion, respectively, as of March 31, 2025, increases of 11% and 10%, respectively, compared to March 31, 2024 • Management and advisory fees increased 14% compared to
Slide 4: Growing Asset Footprint & Influence
Growing Asset Footprint & Influence $958B AUM & AUA Total Assets Under Management/Advisement ($B) 1 $1,000 $135 $138 $120 $98 $108 Y-o-Y Growth $800 AUM: 11 % $821 $819 AUA: 3% $783 8% G R: 1 $76 $753 $724 CA $600 $66 $581 $59 $50 $400 $422 $410 $40 $374 $35 $32 $292 $30 $200 $24 $22 $205 $189 $13 $
Slide 5: 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) $90 .56% .59% .63% .65% $80 $72 14% $70 CAGR: $66 $60 $57 $33 $49 $28 $50 $42 $23 $40 $18 $16 $30 $20 $38 $39 $35 $31 $26 $10 $0 Mar-21 Mar-22 Mar-23 Mar-2
Slide 6: 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 • Credit-oriented fund inc
Slide 7: Financial Highlights
Financial Highlights
Slide 8: 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: 16% • Recurring management and advisory fees $514 $514 represented an average of over 80% of total USD in Millions $452 USD in Millions revenues over the p
Slide 9: Unrealized Carried Interest
Unrealized Carried Interest Unrealized Carried Interest Unrealized Carry by Age 120 113 $1,500 100 > 12 years 100 90 $1,250 6% 80 $1,000 8-12 years < 5 years USD in Millions 17% 24% Vehicles 60 $750 $1,221 $1,260 40 $1,022 $500 20 $250 0 $0 Mar-23 Mar-24 Mar-25 5-8 years Period Ending 53% Unrealized
Slide 10: Consolidated Earnings
Consolidated Earnings Stable long-term growth Net Income Attributable to HLI YTD Long-Term Growth Y-o-Y Change: 54% CAGR: 29% $217 $217 USD in Millions USD in Millions • $50M in net income attributable to HLI for the $141 quarter $61 FY24 FY25 FY20 FY25 Adjusted EBITDA1 YTD Long-Term Growth Y-o-Y Ch
Slide 11: Other Key Items
Other Key Items Strong balance sheet with investments in our own products and a modest amount of leverage... Investments $800 $761 $600 • For March 31, 2025, the total investment balance USD in Millions $632 $588 consisted primarily of: $514 $400 $374 ◦ ~$454M in investments in our funds $200 $208 ◦
Slide 12: Appendix
Appendix
Slide 13: Condensed Consolidated Statements of Income (Unaudited)
Condensed Consolidated Statements of Income (Unaudited) Three Months Ended March 31, Year Ended March 31, (Dollars in thousands except share and per share amounts) 2024 2025 % Change 2024 2025 % Change Management and advisory fees $123,704 $127,838 3 % $451,936 $513,864 14 % Incentive fees 52,961 70
Slide 14: Non-GAAP Financial Measures
Non-GAAP Financial Measures Three Months Ended March 31, Year Ended March 31, (Dollars in thousands except share and per share amounts) 2024 2025 % Change 2024 2025 % Change 1 Adjusted EBITDA Management and advisory fees $123,704 $127,838 3 % $451,936 $513,864 14 % Revenue related to consolidated fu
Slide 15: Management and Advisory Fees
Management and Advisory Fees Three Months Ended March 31, Year Ended March 31, (Dollars in thousands) 2024 2025 % Change 2024 2025 % Change Management and advisory fees Specialized funds $76,039 $79,348 4 % $261,012 $315,214 21 % Customized separate accounts 32,124 32,264 0 % 128,826 134,400 4 % Adv
Slide 16: Incentive Fees
Incentive Fees Three Months Ended March 31, Year Ended March 31, (Dollars in thousands) 2024 2025 % Change 2024 2025 % Change Incentive fees Direct equity funds $3,943 $3,250 (18) % $7,387 $14,949 102 % Secondary funds 29,419 2,029 (93) % 41,464 46,601 12 % Direct credit funds 3,147 1,688 (46) % 7,8
Slide 17: Assets Under Management
Assets Under Management March 31, December 31, March 31, (Dollars in millions) 2024 2024 2025 YoY % Change QoQ % Change Assets under management / advisement Assets under management $124,406 $134,743 $138,295 11 % 3 % Assets under advisement 796,173 821,236 819,473 3 % (0) % Total assets under manage
Slide 18: Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Dollars in thousands) March 31, 2024 March 31, 2025 Assets Cash and cash equivalents $114,634 $229,161 Restricted cash 4,985 6,331 Fees receivable 108,291 181,411 Prepaid expenses 11,073 11,258 Due from related parties 8,150 16,217 Furniture, fixtur
Slide 19: Condensed Consolidated Statements of Cash Flows (Unaudited)
Condensed Consolidated Statements of Cash Flows (Unaudited) Year Ended March 31, (Dollars in thousands) 2023 2024 2025 Operating activities Net income $187,185 $227,207 $313,768 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 7,443 8,18
Slide 20: Non-GAAP Reconciliation
Non-GAAP Reconciliation Year Ended Three Months Ended Year Ended Reconciliation from Net Income March 31, March 31, March 31, (Dollars in thousands except share and per share amounts) 2020 2025 2024 2025 2024 2025 Net income attributable to Hamilton Lane Incorporated $60,825 $217,417 $48,360 $50,499
Slide 21: 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 22: 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, as amended (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the Private