Slide 1: Fiscal Year 2026 Third Quarter Results
Fiscal Year 2026 Third Quarter Results February 3, 2026
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: Condensed Consolidated Statements of Income (Unaudited)
Condensed Consolidated Statements of Income (Unaudited) • GAAP net income was $92.8 million for the quarter and $273.5 million year-to-date. GAAP net income attributable to Hamilton Lane Incorporated was $58.4 million for the quarter and $183.0 million year-to-date. Three Months Ended December 31, N
Slide 4: Non-GAAP Financial Measures
Non-GAAP Financial Measures Three Months Ended December 31, Nine Months Ended December 31, (Dollars in thousands) 2024 2025 % Change 2024 2025 % Change Fee Related Earnings 1 Fee related management and advisory fees2 $126,282 $153,447 22 % $386,027 $429,327 11 % Fee related performance revenues — 31
Slide 5: Period Highlights
Period Highlights Business Performance • Assets under management and fee-earning assets under management were $146 billion and $79 billion, respectively, as of December 31, 2025, increases of 8% and 11%, respectively, compared to December 31, 2024 • Fee Related Earnings1 increased 37% compared to th
Slide 6: Growing Asset Footprint & Influence
Growing Asset Footprint & Influence $1T AUM & AUA Total Assets Under Management/Advisement ($B)1 $146 $1,000 $135 $120 $98 $108 Y-o-Y Growth $871 $800 AUM: 8% $821 AUA: 6% $783 7% $76 $753 $724 G R: 1 CA $600 $66 $581 $59 $50 $400 $410 $422 $40 $374 $35 $32 $292 $24 $30 $200 $22 $205 $189 $13 $16 $1
Slide 7: Fee-Earning AUM Driving Revenues
Fee-Earning AUM Driving Revenues Fee-Earning AUM growth continues and annual fee rates are stable Total Fee-Earning Assets Under Management ($B) $90 .56% .59% .63% .65% .66%1 .67% $80 $79 $72 $71 $70 : 14% CAGR $66 $60 $57 $38 $33 $31 $50 $49 $28 $23 $42 $40 $18 $16 $30 $20 $38 $39 $40 $41 $35 $31 $
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 • Recurring management and advisory fees Y-o-Y Change: 11% CAGR: 16% represented an average of over 80% of total revenues over the past five fiscal years $429 $514 $386 • Y-o-Y in
Slide 11: Unrealized Carried Interest
Unrealized Carried Interest Unrealized Carried Interest Unrealized Carry by Age 140 $1,750 122 120 113 $1,500 > 12 years 99 5% 100 $1,250 < 5 years 8-12 years USD in Millions 14% 29% 80 $1,000 Vehicles 60 $1,493 $750 $1,293 $1,126 40 $500 20 $250 0 $0 Dec-23 Dec-24 Dec-25 5-8 years Period Ending 52%
Slide 12: Consolidated Earnings
Consolidated Earnings Stable long-term growth Net Income Attributable to HLI YTD Long-Term Growth Y-o-Y Change: 10% CAGR: 29% $183 $217 USD in Millions USD in Millions $167 • $58M in net income attributable to HLI for the quarter $61 Q3 FY25 Q3 FY26 FY20 FY25 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 $1,200 • For December 31, 2025, the total investment $1,170 balance consisted primarily of: $1,000 USD in Millions $800 ◦ ~$529M in investments in our funds $761 $600 ◦ ~$426M in
Slide 14: Appendix
Appendix
Slide 15: Management and Advisory Fees
Management and Advisory Fees Three Months Ended December 31, Nine Months Ended December 31, (Dollars in thousands) 2024 2025 % Change 2024 2025 % Change Management and advisory fees Specialized funds $75,764 $98,530 30 % $235,866 $271,132 15 % Customized separate accounts 33,926 36,108 6 % 102,136 1
Slide 16: Incentive Fees
Incentive Fees Three Months Ended December 31, Nine Months Ended December 31, (Dollars in thousands) 2024 2025 % Change 2024 2025 % Change Incentive fees Direct equity funds $803 $185 (77) % $11,699 $14,854 27 % Secondary funds 21,179 — (100) % 44,572 520 (99) % Direct credit funds 2,217 268 (88) %
Slide 17: Assets Under Management
Assets Under Management (Dollars in millions) December 31, 2024 September 30, 2025 December 31, 2025 YoY % Change QoQ % Change Assets under management / advisement Assets under management $134,743 $145,357 $146,118 8 % 1 % Assets under advisement 821,236 859,842 871,494 6 % 1 % Total assets under ma
Slide 18: Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Dollars in thousands) March 31, 2025 December 31, 2025 Assets Cash and cash equivalents $229,161 $338,504 Restricted cash 6,331 7,796 Fees receivable 181,411 171,813 Prepaid expenses 11,258 12,442 Due from related parties 16,217 35,316 Furniture, fi
Slide 19: Condensed Consolidated Statements of Cash Flows (Unaudited)
Condensed Consolidated Statements of Cash Flows (Unaudited) Nine Months Ended December 31, (Dollars in thousands) 2024 2025 Operating activities Net income $240,463 $273,471 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 7,065 7,475 Ch
Slide 20: Non-GAAP Reconciliation
Non-GAAP Reconciliation Year Ended March 31, Three Months Ended Nine Months Ended Reconciliation from Net Income December 31, December 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 $5
Slide 21: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended December 31, Nine Months Ended December 31, (Dollars in thousands) 2024 2025 % Change 2024 2025 % Change Management and advisory fees $126,282 $153,177 21 % $386,027 $429,000 11 % Management fees related to Consolidated Funds — 270 N/A — 327 N/A Fee relate
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