Hamilton Lane Incorporated · NASDAQ:HLNE
Hamilton Lane — Q2 FY2027 Earnings Presentation
23 slides from Hamilton Lane's earnings presentation, Nov 3, 2026
Slide 1: Fiscal Year 2027 Second Quarter Results
Fiscal Year 2027 Second Quarter Results November 3, 2026
Slide 2: Today's Speakers
Today's Speakers Hartley Rogers Erik Hirsch Jeff Armbrister John Oh Co-Chief Executive Officer and Executive Co-Chairman Chief Financial Officer Head of Shareholder Relations Chairman of the Board of Directors 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 $149 million for the quarter and $274 million year-to-date, an increase of 52% compared to the six months ended September 30, 2025. GAAP net income attributable to Hamilton Lane Incorporated was $77 million for the quarter
Slide 4: Non-GAAP and Other Financial Measures
Non-GAAP and Other Financial Measures Three Months Ended September 30, Six Months Ended September 30, (Dollars in thousands) 2025 2026 % Change 2025 2026 % Change Fee Related Earnings 1 Fee related management and advisory fees2 $142,127 $167,380 18 % $275,879 $330,579 20 % Fee related performance re
Slide 5: Period Highlights
Period Highlights Business Performance • Assets under management and fee-earning assets under management were $151 billion and $86 billion, respectively, as of September 30, 2026, increases of 4% and 12%, respectively, compared to September 30, 2025 • Fee Related Earnings1 increased 34% compared to
Slide 6: Growing Asset Footprint & Influence
Growing Asset Footprint & Influence $1.1T AUM & AUA 1 Total Assets Under Management/Advisement ($B) $151 $146 $1,000 $135 $120 Y-o-Y Growth AUM: 4% $98 $108 $929 AUA: 8% $871 $800 % : 17 $821 A GR $783 C $76 $724 $753 $600 $66 $59 $581 $50 $400 $422 $40 $410 $374 $35 $32 $292 $24 $30 $200 $22 $205 $
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) .59% .63% .65% .67% .65% .69% $100 $90 $86 $82 : 14% $80 CAGR $76 $72 $70 $66 $44 $60 $57 $41 $36 $33 $49 $28 $50 $23 $40 $18 $30 $20 $39 $41 $41 $41 $35 $
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 • Secondary fund wide-ranging mandates which further or establish • Impact fund include technolo
Slide 9: Financial Highlights
Financial Highlights
Slide 10: Consolidated Revenue
Consolidated Revenue Long-term growth across management and advisory fees Management and Advisory Fees YTD Long-Term Growth Y-o-Y Change: 18% CAGR: 15% • Recurring management and advisory fees $584 represented an average of approximately 75% of $325 USD in Millions USD in Millions $276 total revenue
Slide 11: Unrealized Carried Interest
Unrealized Carried Interest Unrealized Carried Interest Unrealized Carry by Age 140 127 $2,000 122 120 109 $1,750 > 12 years 6% $1,500 100 USD in Millions $1,250 < 5 years 80 24% Vehicles 8-12 years $1,000 24% 60 $1,590 $750 $1,434 $1,253 40 $500 20 $250 0 $0 Sep-24 Sep-25 Sep-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: 27% CAGR: 21% $158 USD in Millions $249 • $77M in net income attributable to HLI for the USD in Millions $125 quarter $98 Q2 FY26 Q2 FY27 FY21 FY26 Adjusted EBITDA1 YTD Long-Term Growth Y-
Slide 13: Other Key Items
Other Key Items Strong balance sheet with investments in our own products and a modest amount of leverage... Investments $1,800 $1,686 $1,500 • For September 30, 2026, the total investment balance consisted primarily of: USD in Millions $1,200 $1,301 $900 ◦ $626M in investments in our funds $600 $76
Slide 14: Appendix
Appendix
Slide 15: Management and Advisory Fees
Management and Advisory Fees Three Months Ended September 30, Six Months Ended September 30, (Dollars in thousands) 2025 2026 % Change 2025 2026 % Change Management and advisory fees Specialized funds $89,857 $109,676 22 % $172,602 $218,495 27 % Customized separate accounts 35,771 34,037 (5)% 70,346
Slide 16: Incentive Fees
Incentive Fees Three Months Ended September 30, Six Months Ended September 30, (Dollars in thousands) 2025 2026 % Change 2025 2026 % Change Incentive fees Direct equity funds $11,614 $6,961 (40) % $14,668 $21,867 49 % Secondary funds — 4,435 N/A 520 9,626 1,751 % Direct credit funds 5,807 5,486 (6)
Slide 17: Assets Under Management
Assets Under Management (Dollars in millions) September 30, 2025 June 30, 2026 September 30, 2026 YoY % Change QoQ % Change Assets under management / advisement Assets under management $145,357 $146,346 $150,776 4 % 3 % Assets under advisement 859,842 914,107 929,081 8 % 2 % Total assets under manag
Slide 18: Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Dollars in thousands) March 31, 2026 September 30, 2026 Assets Cash and cash equivalents $360,955 $336,187 Restricted cash 8,008 8,264 Fees receivable 151,824 190,145 Prepaid expenses 13,783 13,358 Due from related parties 23,831 27,716 Furniture, f
Slide 19: Condensed Consolidated Statements of Cash Flows (Unaudited)
Condensed Consolidated Statements of Cash Flows (Unaudited) Six Months Ended September 30, (Dollars in thousands) 2025 2026 Operating activities Net income $180,673 $273,804 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 5,047 4,945 Ch
Slide 20: Non-GAAP Reconciliation
Non-GAAP Reconciliation Reconciliation from Net Income Year Ended March 31, Three Months Ended September 30, Six Months Ended September 30, 2021 2026 2025 2026 2025 2026 Net income attributable to Hamilton Lane Incorporated $98,022 $249,180 $70,889 $77,486 $124,634 $157,947 Income attributable to no
Slide 21: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended September 30, Six Months Ended September 30, (Dollars in thousands) 2025 2026 % Change 2025 2026 % Change Management and advisory fees $142,127 $164,029 15 % $275,822 $325,396 18 % Management fees related to Consolidated Funds — 3,351 N/A 57 5,183 8,993 %
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