Hamilton Lane Incorporated · NASDAQ:HLNE
Hamilton Lane — Q1 2027 Earnings Presentation
23 slides from Hamilton Lane's earnings presentation, Aug 4, 2026
Slide 1: Fiscal Year 2027 First Quarter Results
Fiscal Year 2027 First Quarter Results August 4, 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 $124.9 million for the quarter, an increase of 62% compared to the three months ended June 30, 2025. GAAP net income attributable to Hamilton Lane Incorporated was $80.5 million for the quarter, an increase of 50% compared
Slide 4: Non-GAAP Financial Measures
Non-GAAP Financial Measures Three Months Ended (Dollars in thousands except per share amounts) June 30, 2025 March 31, 2026 June 30, 2026 YoY % Change QoQ % Change Fee Related Earnings1 Fee related management and advisory fees2 $133,753 $155,360 $163,199 22 % 5 % Fee related performance revenues 29,
Slide 5: Period Highlights
Period Highlights Business Performance • Assets under management and fee-earning assets under management were $146 billion and $84 billion, respectively, as of June 30, 2026, increases of 4% and 12%, respectively, compared to June 30, 2025 • Fee Related Earnings1 increased 49% compared to the three
Slide 6: Growing Asset Footprint & Influence
Growing Asset Footprint & Influence $1T AUM & AUA 1 Total Assets Under Management/Advisement ($B) $146 $146 $1,000 $135 $120 Y-o-Y Growth AUM: 4% $98 $108 $914 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 $13
Slide 7: Fee-Earning AUM Driving Revenues
Fee-Earning AUM Driving Revenues Fee-Earning AUM growth continues and annual fee rates are stable Total Fee-Earning Assets Under Management ($B) $100 .59% .63% .65% .67% .64% .69% $90 $84 $82 % $80 R: 14 CAG $74 $72 $70 $66 $41 $43 $60 $57 $33 $34 $49 $28 $50 $23 $40 $18 $30 $20 $38 $39 $41 $40 $41
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: 21% CAGR: 15% • Recurring management and advisory fees represented an average of approximately 75% of $161 $584 total revenues over the past five fiscal years USD
Slide 11: Unrealized Carried Interest
Unrealized Carried Interest Unrealized Carried Interest Unrealized Carry by Age 140 $2,000 124 116 $1,750 > 12 years 120 106 7% $1,500 100 < 5 years USD in Millions $1,250 80 24% Vehicles 8-12 years $1,000 23% 60 $1,451 $750 $1,238 $1,309 40 $500 20 $250 0 $0 Jun-24 Jun-25 Jun-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: 50% CAGR: 21% $80 USD in Millions • $80M in net income attributable to HLI for the USD in Millions $249 $54 quarter $98 Q1 FY26 Q1 FY27 FY21 FY26 Adjusted EBITDA1 YTD Long-Term Growth Y-o-
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 $1,480 • For June 30, 2026, the total investment balance $1,200 $1,301 consisted primarily of: USD in Millions $1,000 $800 ◦ $569M in investments in our funds $600 $761 $58
Slide 14: Appendix
Appendix
Slide 15: Management and Advisory Fees
Management and Advisory Fees Three Months Ended (Dollars in thousands) June 30, 2025 March 31, 2026 June 30, 2026 YoY % Change QoQ % Change Management and advisory fees Specialized funds $82,745 $103,274 $108,819 32 % 5 % Customized separate accounts 34,575 35,080 34,690 0 % (1) % Advisory 5,486 4,7
Slide 16: Incentive Fees
Incentive Fees Three Months Ended (Dollars in thousands) June 30, 2025 March 31, 2026 June 30, 2026 YoY % Change QoQ % Change Incentive fees Direct equity funds $3,054 $7,467 $14,906 388 % 100 % Secondary funds 520 — 5,190 898 % N/A Direct credit funds 921 — — (100) % N/A Evergreen funds 32,592 28,4
Slide 17: Assets Under Management
Assets Under Management (Dollars in millions) June 30, 2025 March 31, 2026 June 30, 2026 YoY % Change QoQ % Change Assets under management / advisement Assets under management $140,877 $141,834 $146,346 4 % 3 % Assets under advisement 845,289 905,317 914,107 8 % 1 % Total assets under management /ad
Slide 18: Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Dollars in thousands) March 31, 2026 June 30, 2026 Assets Cash and cash equivalents $360,955 $337,018 Restricted cash 8,008 8,002 Fees receivable 151,824 228,014 Prepaid expenses 13,783 11,064 Due from related parties 23,831 23,634 Furniture, fixtur
Slide 19: Condensed Consolidated Statements of Cash Flows (Unaudited)
Condensed Consolidated Statements of Cash Flows (Unaudited) Three Months Ended June 30, (Dollars in thousands) 2025 2026 Operating activities Net income $77,070 $124,884 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 2,528 2,528 Change
Slide 20: Non-GAAP Reconciliation
Non-GAAP Reconciliation Year Ended March 31, Three Months Ended Reconciliation from Net Income (Dollars in thousands except share and per share amounts) 2021 2026 June 30, 2025 March 31, 2026 June 30, 2026 Net income attributable to Hamilton Lane Incorporated $98,022 $249,180 $53,745 $66,173 $80,461
Slide 21: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended (Dollars in thousands) June 30, 2025 March 31, 2026 June 30, 2026 YoY % Change QoQ % Change Management and advisory fees $133,696 $155,216 $161,367 21 % 4 % Management fees related to Consolidated Funds 57 144 1,832 3,114 % 1,172 % Fee related management a
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