Hamilton Lane Incorporated · NASDAQ:HLNE
Hamilton Lane — Q1 2026 Earnings Presentation
23 slides from Hamilton Lane's earnings presentation, Aug 5, 2025
Slide 1: Fiscal Year 2026 First Quarter Results
Fiscal Year 2026 First Quarter Results August 5, 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: Condensed Consolidated Statements of Income (Unaudited)
Condensed Consolidated Statements of Income (Unaudited) • GAAP net income was $77.1 million for the quarter, a decrease of 12% compared to the three months ended June 30, 2024. GAAP net income attributable to Hamilton Lane Incorporated was $53.7 million for the quarter, a decrease of 9% compared to
Slide 4: Non-GAAP Financial Measures
Non-GAAP Financial Measures Three Months Ended (Dollars in thousands except per share amounts) June 30, 2024 March 31, 2025 June 30, 2025 YoY % Change QoQ % Change Fee Related Earnings1 Fee related management and advisory fees2 $139,962 $127,838 $133,753 (4) % 5 % Fee related performance revenues 1,
Slide 5: Period Highlights
Period Highlights Business Performance • Assets under management and fee-earning assets under management were $141 billion and $74 billion, respectively, as of June 30, 2025, increases of 9% and 10%, respectively, compared to June 30, 2024 • Fee Related Earnings1 increased 31% compared to the three
Slide 6: Growing Asset Footprint & Influence
Growing Asset Footprint & Influence $986B AUM & AUA 1 Total Assets Under Management/Advisement ($B) $1,000 $141 $135 $120 $98 $108 Y-o-Y Growth $800 $845 AUM: 9% $821 AUA: 4% $783 % : 18 $724 GR $753 CA $76 $600 $66 $581 $59 $50 $400 $410 $422 $40 $374 $35 $32 $292 $200 $24 $30 $22 $205 $189 $13 $16
Slide 7: Fee-Earning AUM Driving Revenues
Fee-Earning AUM Driving Revenues Fee-Earning AUM growth continues and annual fee rates are stable Total Fee-Earning Assets Under Management ($B) $90 .56% .59% .63% .65% .74%1 .64% $80 $72 $74 % R: 14 $70 CAG $66 $68 $60 $57 $33 $34 $49 $28 $29 $50 $42 $23 $40 $18 $16 $30 $20 $38 $39 $38 $40 $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 • Credit-oriented fund inc
Slide 9: Financial Highlights
Financial Highlights
Slide 10: Consolidated Revenue
Consolidated Revenue Long-term growth across management and advisory fees Management and Advisory Fees • Recurring management and advisory fees YTD Long-Term Growth represented an average of approximately 80% of Y-o-Y Change: (4)% CAGR: 16% total revenues over the past five fiscal years • Y-o-Y decr
Slide 11: Unrealized Carried Interest
Unrealized Carried Interest Unrealized Carried Interest Unrealized Carry by Age 116 120 $1,500 106 96 > 12 years 100 $1,250 5% 80 $1,000 8-12 years USD in Millions < 5 years 17% 26% Vehicles 60 $750 $1,238 $1,309 $1,101 40 $500 20 $250 0 $0 Jun-23 Jun-24 Jun-25 5-8 years Period Ending 52% Unrealized
Slide 12: Consolidated Earnings
Consolidated Earnings Stable long-term growth Net Income Attributable to HLI YTD Long-Term Growth Y-o-Y Change: (9)% CAGR: 29% $217 USD in Millions • $54M in net income attributable to HLI for the USD in Millions $59 $54 quarter $61 Q1 FY25 Q1 FY26 FY20 FY25 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 $800 $863 $761 • For June 30, 2025, the total investment balance USD in Millions $600 $632 consisted primarily of: $588 $400 $514 ◦ ~$464M in investments in our funds $374 $200 ◦
Slide 14: Appendix
Appendix
Slide 15: Management and Advisory Fees
Management and Advisory Fees Three Months Ended (Dollars in thousands) June 30, 2024 March 31, 2025 June 30, 2025 YoY % Change QoQ % Change Management and advisory fees Specialized funds $89,792 $79,348 $82,745 (8) % 4 % Customized separate accounts 33,453 32,264 34,575 3 % 7 % Advisory 5,911 5,486
Slide 16: Incentive Fees
Incentive Fees Three Months Ended (Dollars in thousands) June 30, 2024 March 31, 2025 June 30, 2025 YoY % Change QoQ % Change Incentive fees Direct equity funds $3,947 $3,250 $3,054 (23) % (6) % Secondary funds 9,881 2,029 520 (95) % (74) % Direct credit funds 11,049 1,688 921 (92) % (45) % Evergree
Slide 17: Assets Under Management
Assets Under Management (Dollars in millions) June 30, 2024 March 31, 2025 June 30, 2025 YoY % Change QoQ % Change Assets under management / advisement Assets under management $129,724 $138,295 $140,877 9 % 2 % Assets under advisement 810,414 819,473 845,289 4 % 3 % Total assets under management /ad
Slide 18: Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Dollars in thousands) March 31, 2025 June 30, 2025 Assets Cash and cash equivalents $229,161 $263,347 Restricted cash 6,331 6,257 Fees receivable 181,411 158,061 Prepaid expenses 11,258 10,595 Due from related parties 16,217 20,093 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) 2024 2025 Operating activities Net income $87,087 $77,070 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 2,313 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) 2020 2025 June 30, 2024 March 31, 2025 June 30, 2025 Net income attributable to Hamilton Lane Incorporated $60,825 $217,417 $58,964 $50,499 $53,745
Slide 21: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended (Dollars in thousands) June 30, 2024 March 31, 2025 June 30, 2025 YoY % Change QoQ % Change Management and advisory fees $139,962 $127,838 $133,696 (4) % 5 % Management fees related to Consolidated Funds — — 57 N/A N/A Fee related management and advisory f
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