# EDGAR Filing Document

**Accession Number:** 0001433642
**File Stem:** 0001433642-25-000114
**Filing Date:** 2025-11
**Character Count:** 47729
**Document Hash:** d3e00200c43596ac7fb6b7832239533f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001433642-25-000114.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0001433642-25-000114

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20251104

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Hamilton Lane INC
- **CENTRAL INDEX KEY:** 0001433642
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 262482738
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38021
- **FILM NUMBER:** 251446356

**BUSINESS ADDRESS:**
- **STREET 1:** 110 WASHINGTON STREET
- **STREET 2:** SUITE 1300
- **CITY:** CONSHOHOCKEN
- **STATE:** PA
- **ZIP:** 19428
- **BUSINESS PHONE:** (610) 934-2222

**MAIL ADDRESS:**
- **STREET 1:** 110 WASHINGTON STREET
- **STREET 2:** SUITE 1300
- **CITY:** CONSHOHOCKEN
- **STATE:** PA
- **ZIP:** 19428

?xml version='1.0' encoding='ASCII'? hlne-20251104

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

 

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): November 4, 2025

**Hamilton Lane Incorporated**

(Exact Name of Registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **001-38021** | **26-2482738** |
| (State or other jurisdiction of incorporation) | (Commission File No.) | (IRS Employer Identification No.) |

---

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| | | |
|:---|:---|:---|
| **110 Washington Street,** | **Suite 1300** | |
| **Conshohocken,** | **PA** | **19428** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) |

---

**(610) 934-2222** 

(Registrant's telephone number, including area code)

**Not Applicable**

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| **Class A Common Stock, $0.001 par value per share** | **HLNE** | **The Nasdaq Stock Market LLC** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp;☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&nbsp;&nbsp;&nbsp;☐

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**Item 2.02. Results of Operations and Financial Condition.**

&nbsp;&nbsp;&nbsp;&nbsp;On November 4, 2025, Hamilton Lane Incorporated issued a press release and detailed presentation announcing its financial results for the second fiscal quarter ended September 30, 2025. A copy of the press release and presentation are furnished as Exhibit 99.1 to this Current Report on Form 8-K and are incorporated by reference into this Item 2.02 as if fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;The information included in, or furnished with, this report shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01. Financial Statements and Exhibits.**

(d) Exhibits

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| <u>[99.1](combined991.htm)</u> | <u>[Press Release of Hamilton Lane Incorporated dated November 4, 2025](combined991.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
| | HAMILTON LANE INCORPORATED | HAMILTON LANE INCORPORATED | HAMILTON LANE INCORPORATED |
| Date: November 4, 2025 |  |  |  |
|  | By: | /s/ Lydia A. Gavalis | /s/ Lydia A. Gavalis |
|  |  | Name: | Lydia A. Gavalis |
|  |  | Title: | General Counsel and Secretary |

---

## Exhibit 99.1

**HAMILTON LANE INCORPORATED REPORTS SECOND QUARTER FISCAL 2026 RESULTS**

**CONSHOHOCKEN, PENN. – November 4, 2025 –** Leading private markets asset management firm Hamilton Lane Incorporated (Nasdaq: HLNE) today reported its results for the second fiscal quarter ended September 30, 2025.

The Company issued a full detailed presentation of its second quarter fiscal 2026 results, which can be accessed on the Company's Shareholders website at <u>https://shareholders.hamiltonlane.com/</u>.

**Dividend** 

Hamilton Lane has declared a quarterly dividend of $0.54 per share of Class A common stock to record holders at the close of business on December 19, 2025 that will be paid on January 7, 2026. The target full-year dividend of $2.16 represents a 10% increase from the prior fiscal year dividend.

**Conference Call**

Hamilton Lane will discuss second quarter fiscal 2026 results in a webcast and conference call today, Tuesday, November 4, 2025, at 10:00 a.m. Eastern Time.

For access to the live event via the webcast, visit Hamilton Lane's Shareholders website (<u>https://shareholders.hamiltonlane.com/</u>) at least 15 minutes prior to the start of the call. This feature will be in listen-only mode.

A replay of the webcast will be available approximately two hours after the live broadcast for a period of one year and can be accessed in the same manner as the live webcast at the <u>Shareholders</u> page of Hamilton Lane's website.

**<u>About Hamilton Lane</u>**

Hamilton Lane (Nasdaq: HLNE) is one of the largest private markets investment firms globally, providing innovative solutions to institutional and private wealth investors around the world. Dedicated exclusively to private markets investing for more than 30 years, the firm currently employs approximately 770 professionals operating in offices throughout North America, Europe, Asia Pacific and the Middle East. Hamilton Lane has $1.0 trillion in assets under management and supervision, composed of $145.4 billion in discretionary assets and $859.8 billion in non-discretionary assets, as of September 30, 2025. Hamilton Lane specializes in building flexible investment programs that provide clients access to the full spectrum of private markets strategies, sectors and geographies. For more information, please visit <u>www.hamiltonlane.com</u> or follow Hamilton Lane on LinkedIn: <u>https://www.linkedin.com/company/hamilton-lane/</u>.

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**<u>Forward-Looking Statements</u>**

Some of the statements in this release 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," "expect," "believe," "estimate," "continue," "anticipate," "intend," "plan" and similar expressions, or the negative version of these words or other comparable words, are intended to identify these forward-looking statements. Forward-looking statements discuss management's current expectations and projections relating to our financial position, results of operations, plans, objectives, future performance and business. All forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause actual results to be materially different, including, risks relating to: the historical performance of our investments may not be indicative of future results or future returns on our Class A common stock; our ability to identify available and suitable investment opportunities; intense competition in our industry, including competition for access to investments and for customized separate account and advisory clients; customized separate account and advisory account fee revenue is not a long-term contracted source of revenue; our ability to appropriately deal with conflicts of interest; our ability to retain our senior management team and attract additional qualified investment professionals; our ability to expand our business and formulate new business strategies; our ability to manage our obligations under our debt agreements; volatile market, economic and geopolitical conditions, which can adversely affect our business and the investments made by our funds or accounts; defaults by clients and third-party investors on their obligations to fund commitments; our ability to comply with the investment guidelines set by our clients; the exercise of redemption or repurchase rights by investors in certain of our funds; extensive government regulation, compliance failures and changes in law or regulation could adversely affect us; our ability to maintain our desired fee structure; failure to maintain the security of our information technology networks, or those of our third-party service providers, or data security breaches; our only material asset is our interest in Hamilton Lane Advisors, L.L.C., and we are accordingly dependent upon distributions from such entity to pay dividends, taxes and other expenses.

The foregoing list of factors is not exhaustive and should be read in conjunction with the other cautionary statements that are included in our filings with the Securities and Exchange Commission (the "SEC"). For more information regarding these risks and uncertainties as well as additional risks we face, you should refer to the "Risk Factors" detailed in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended March 31, 2025 and in our subsequent reports filed from time to time with the SEC, which are accessible on the SEC's website at www.sec.gov. The forward-looking statements included in this release are made only as of the date hereof. We undertake no obligation to update or revise any forward-looking statement as a result of new information or future events, except as otherwise required by law.

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**Shareholder Contact**

John Oh

<u>joh@hamiltonlane.com</u>

+1 609 954 3902

**Media Contact**

Tia Wilson

<u>twilson@hamiltonlane.com</u>

+1 484 816 6982

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![](hlnefq2-26earningspresen001.jpg)

Fiscal Year 2026 Second Quarter Results November 4, 2025

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![](hlnefq2-26earningspresen002.jpg)

2Hamilton Lane \| Global Leader in the Private Markets Today's Speakers Erik Hirsch Co-CEO Jeff Armbrister Chief Financial Officer John Oh Head of Shareholder Relations

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![](hlnefq2-26earningspresen003.jpg)

3Hamilton Lane \| Global Leader in the Private Markets Three Months Ended September 30, Six Months Ended September 30, (Dollars in thousands except share and per share amounts) 2024 2025 % Change 2024 2025 % Change Management and advisory fees $119,783 $142,127 19 % $259,745 $275,822 6 % Incentive fees 30,216 44,551 47 % 86,985 86,813 (0) % Consolidated Funds and Partnerships: Incentive fees — 4,202 N/A — 4,202 N/A Total revenues 149,999 190,880 27 % 346,730 366,837 6 % Compensation and benefits 55,070 76,986 40 % 133,504 146,541 10 % General, administrative and other 27,737 33,549 21 % 56,274 62,492 11 % Consolidated Funds and Partnerships: General, administrative and other — 630 N/A 149 1,114 648 % Total expenses 82,807 111,165 34 % 189,927 210,147 11 % Equity in income of investees 6,372 20,069 215 % 13,762 29,508 114 % Interest expense (2,704) (3,830) 42 % (5,651) (7,687) 36 % Interest income 1,406 2,643 88 % 2,171 5,438 150 % Non-operating gain, net 1,437 35 (98) % 11,251 482 (96) % Consolidated Funds and Partnerships: Equity in income of investees 957 551 (42) % 1,884 1,421 (25) % Net gain on investments 2,342 17,927 665 % 3,539 26,466 648 % Interest income 92 472 413 % 108 711 558 % Total other income (expense) 9,902 37,867 282 % 27,064 56,339 108 % Income before income taxes 77,094 117,582 53 % 183,867 213,029 16 % Income tax expense 1,172 13,978 1,093 % 20,859 32,356 55 % Net income 75,922 103,604 36 % 163,008 180,673 11 % Less: Income attributable to non-controlling interests in Partnerships 388 240 (38) % 733 383 (48) % Less: Income attributable to non-controlling interests in Hamilton Lane Advisors, L.L.C. 19,850 25,337 28 % 47,495 47,057 (1) % Less: Income attributable to non-controlling interests in Consolidated Funds 702 7,138 917 % 834 8,599 931 % Net income attributable to Hamilton Lane Incorporated $54,982 $70,889 29 % $113,946 $124,634 9 % Basic earnings per share of Class A common stock $1.38 $1.71 24 % $2.87 $3.01 5 % Diluted earnings per share of Class A Common stock $1.37 $1.69 23 % $2.85 $2.98 5 % Weighted-average shares of Class A common stock outstanding - basic 39,704,607 41,497,552 39,700,166 41,436,541 Weighted-average shares of Class A common stock outstanding - diluted 54,180,960 54,495,410 54,127,320 54,479,497 Net income attributable to Hamilton Lane Incorporated / total revenues 37 % 37 % 33 % 34 % Condensed Consolidated Statements of Income (Unaudited) • GAAP net income was $103.6 million for the quarter and $180.7 million year-to-date. GAAP net income attributable to Hamilton Lane Incorporated was $70.9 million for the quarter and $124.6 million year-to-date.

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![](hlnefq2-26earningspresen004.jpg)

4Hamilton Lane \| Global Leader in the Private Markets 1 Fee Related Earnings, adjusted net income, Non-GAAP earnings per share, and Adjusted EBITDA are non-GAAP financial measures. For the reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, see page 20. 2 Fee related management and advisory fees, fee related compensation and benefits expenses, and fee related general, administrative and other expenses are non-GAAP financial measures. For the reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, see page 21. Three Months Ended September 30, Six Months Ended September 30, (Dollars in thousands) 2024 2025 % Change 2024 2025 % Change Fee Related Earnings1 Fee related management and advisory fees2 $119,783 $142,127 19 % $259,745 $275,879 6 % Fee related performance revenues 23 16,215 70,400 % 1,228 45,735 3,624 % Total fee related revenues 119,806 158,342 32 % 260,973 321,614 23 % Fee related compensation and benefits expense2 35,777 47,756 33 % 84,595 98,351 16 % Fee related general, administrative and other expenses2 27,737 33,549 21 % 56,274 62,515 11 % Fee related expenses 63,514 81,305 28 % 140,869 160,866 14 % Fee Related Earnings $56,292 $77,037 37 % $120,104 $160,748 34 % Fee Related Earnings Margin 47 % 49 % 46 % 50 % Additional Financial Metrics Adjusted net income1 $58,219 $84,086 44 % $139,642 $155,688 11 % Non-GAAP earnings per share1 $1.07 $1.54 44 % $2.58 $2.86 11 % Adjusted EBITDA1 $75,638 $100,815 33 % $171,699 $196,656 15 % Incentive fees $30,216 $48,753 61 % $86,985 $91,015 5 % Non-GAAP Financial Measures

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![](hlnefq2-26earningspresen005.jpg)

5Hamilton Lane \| Global Leader in the Private Markets Business Performance Financial Results Dividend • Assets under management and fee-earning assets under management were $145 billion and $76 billion, respectively, as of September 30, 2025, increases of 11% and 10%, respectively, compared to September 30, 2024 • Fee Related Earnings1 increased 34% compared to the six months ended September 30, 2024 USD in millions except per share amounts Q2 FY26 QTD Q2 FY26 YTD vs Q2 FY25 YTD Management and advisory fees $142.1 $275.8 6 % Net income attributable to Hamilton Lane Incorporated $70.9 $124.6 9 % GAAP EPS $1.69 $2.98 5 % Adjusted net income1 $84.1 $155.7 11 % Non-GAAP EPS1 $1.54 $2.86 11 % Fee Related Earnings1 $77.0 $160.7 34 % Adjusted EBITDA1 $100.8 $196.7 15 % • Declared a quarterly dividend of $0.54 per share of Class A common stock to record holders at the close of business on December 19, 2025 1Adjusted net income, non-GAAP earnings per share, Fee Related Earnings and Adjusted EBITDA are non-GAAP financial measures. For the reconciliations of our non-GAAP financial measures to the most directly comparable GAAP financial measures and for the reasons we believe the non-GAAP measures provide useful information, see pages 20 and 22 of this presentation. Period Highlights

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![](hlnefq2-26earningspresen006.jpg)

6Hamilton Lane \| Global Leader in the Private Markets Total Assets Under Management/Advisement ($B) Total AUA Total AUM 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 9/30/25 $0 $200 $400 $600 $800 $1,000 Y-o-Y Growth AUM: 11 % AUA: 5 % $1T AUM & AUA 1 CAGR: 17% $6 $7 $11 $13 $16 $19 $22 $24 $30 $32 $35 $40 $50 $59 $66 $76 $98 $108 $36 $51 $77 $79 $95 $81 $129 $147 $147 $189 $205 $292 $374 $410 $422 $581 $753 $724 $783 $120 Growing Asset Footprint & Influence 1Data as of calendar year end 12/31 unless otherwise noted. Numbers may not tie due to rounding. $145 $860 $821 $135

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![](hlnefq2-26earningspresen007.jpg)

7Hamilton Lane \| Global Leader in the Private Markets Y-o-Y Drivers of Growth Total Fee-Earning Assets Under Management ($B) $26 $31 $35 $38 $39 $39 $41 $16 $18 $23 $28 $33 $30 $36 Customized Separate Accounts Specialized Funds Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Sep-24 Sep-25 $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 Fee-Earning AUM growth continues and annual fee rates are stable CAGR: 14% Total Management Fee Revenues as a % of Average FEAUM Customized Separate Accounts: • New client wins • Client re-ups Specialized Funds: • Fundraising 9th credit-oriented fund, 6th direct equity fund, 2nd infrastructure fund, 3rd impact fund, and evergreen funds .56% $57 $70 $72 $42 $49 $66 $76 Fee-Earning AUM Driving Revenues .59% .63% .65% .67%1 .65% 1) 0.61% excluding $20.7 million in retroactive fees Numbers may not tie due to rounding

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![](hlnefq2-26earningspresen008.jpg)

8Hamilton Lane \| Global Leader in the Private Markets Customized Separate Accounts Specialized Funds Advisory Services Diverse mix of existing and prospective clients seeking to further or establish relationships with Hamilton Lane • $1.4 billion year-over-year increase in FEAUM • +80% of our gross contributions during the last 12 months came from existing clients AUM AUM & AUA Drivers AUA Select funds in market: • Direct equity fund • Credit-oriented fund • Infrastructure fund • Impact fund • Evergreen funds • $5.3 billion year-over-year increase in FEAUM • Closings during Q2 FY26: ◦ Direct equity fund: $246M Typically larger clients with wide-ranging mandates which include technology-driven reporting, monitoring and analytics services and consulting services; opportunity set continues to be robust • $43.8 billion year-over-year increase in AUA

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![](hlnefq2-26earningspresen009.jpg)

Financial Highlights

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![](hlnefq2-26earningspresen010.jpg)

10Hamilton Lane \| Global Leader in the Private Markets U S D in M ill io ns $347 $367 Q2 FY25 Q2 FY26 U S D in M ill io ns $87 $91 Q2 FY25 Q2 FY26 U S D in M ill io ns $260 $276 Q2 FY25 Q2 FY26 Management and Advisory Fees Incentive Fees Total Revenues YTD YTD Y-o-Y Change: 6% YTD Y-o-Y Change: 6% Y-o-Y Change: 5% • Recurring management and advisory fees represented an average of over 80% of total revenues over the past five fiscal years • Y-o-Y increase of 6% • $0.7 million in retroactive fees from our latest direct equity fund in the quarter • Incentive fees derived from a highly diversified pool of assets and funds • Unrealized carried interest of $1.4 billion as of September 30, 2025 diversified across 3,000+ assets and over 120 funds • Timing of realizations unpredictable • Total revenues increased by 6%, driven by both management and advisory fees and incentive fees U S D in M ill io ns $245 $514 FY20 FY25 Long-Term Growth U S D in M ill io ns $29 $199 FY20 FY25 Long-Term Growth CAGR: 16% U S D in M ill io ns $274 $713 FY20 FY25 Long-Term Growth CAGR: 21% CAGR: 47% Consolidated Revenue Strong growth across management and advisory fees

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![](hlnefq2-26earningspresen011.jpg)

11Hamilton Lane \| Global Leader in the Private Markets Period Ending V eh ic le s U S D in M illions Unrealized Carried Interest $1,151 $1,253 $1,434 98 109 122 Unrealized Carried Interest Vehicles in Unrealized Carry Position Sep-23 Sep-24 Sep-25 0 20 40 60 80 100 120 140 $0 $250 $500 $750 $1,000 $1,250 $1,500 $1,750 Unrealized Carry by Age < 5 years 28% 5-8 years 53% 8-12 years 15% > 12 years 4% Unrealized Carried Interest

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![](hlnefq2-26earningspresen012.jpg)

12Hamilton Lane \| Global Leader in the Private Markets U S D in M ill io ns $61 $217 FY20 FY25 Net Income Attributable to HLI Adjusted EBITDA1 Fee Related Earnings1 U S D in M ill io ns $172 $197 Q2 FY25 Q2 FY26 U S D in M ill io ns $114 $125 Q2 FY25 Q2 FY26 U S D in M ill io ns $127 $366 FY20 FY25 U S D in M ill io ns $120 $161 Q2 FY25 Q2 FY26 U S D in M ill io ns $109 $276 FY20 FY25 Y-o-Y Change: 9% 1Adjusted EBITDA and Fee Related Earnings are non-GAAP financial measures. For the reconciliations of our non-GAAP financial measures to the most directly comparable GAAP financial measures and for the reasons we believe the non-GAAP measures provide useful information, see pages 20 and 21 of this presentation. Y-o-Y Change: 15% Y-o-Y Change: 34% CAGR: 20% CAGR: 24% Consolidated Earnings Stable long-term growth YTD YTD YTD Long-Term Growth Long-Term Growth Long-Term Growth • $71M in net income attributable to HLI for the quarter • Y-o-Y increase of 15% driven by increase in revenue • Y-o-Y growth of 34% • Long-term double digit growth in Fee Related Earnings CAGR: 29%

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![](hlnefq2-26earningspresen013.jpg)

13Hamilton Lane \| Global Leader in the Private Markets U S D in M ill io ns Investments $374 $514 $588 $632 $761 $1,037 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Sep-25 $0 $200 $400 $600 $800 $1,000 $1,200 • For September 30, 2025, the total investment balance consisted primarily of: ◦ ~$494M in investments in our funds ◦ ~$328M in Consolidated Funds and Partnerships ◦ ~$215M in technology related and other investments • Modest leverage • $286M of debt as of September 30, 2025 U S D in M ill io ns Leverage $195 $290 $286 Sep-24 Mar-25 Sep-25 $0 $100 $200 $300 $400 Other Key Items Strong balance sheet with investments in our own products and a modest amount of leverage...

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![](hlnefq2-26earningspresen014.jpg)

Appendix

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![](hlnefq2-26earningspresen015.jpg)

15Hamilton Lane \| Global Leader in the Private Markets Three Months Ended September 30, Six Months Ended September 30, (Dollars in thousands) 2024 2025 % Change 2024 2025 % Change Management and advisory fees Specialized funds $70,312 $89,857 28 % $160,103 $172,602 8 % Customized separate accounts 34,757 35,771 3 % 68,210 70,346 3 % Advisory 5,728 5,431 (5) % 11,639 10,917 (6) % Reporting, monitoring, data and analytics 7,128 8,644 21 % 14,122 17,037 21 % Distribution management 416 452 9 % 915 1,427 56 % Fund reimbursement revenue 1,442 1,972 37 % 4,756 3,493 (27) % Total management and advisory fees $119,783 $142,127 19 % $259,745 $275,822 6 % Reporting and other: 8% Customized separate accounts: 25% Specialized funds: 63% Advisory: 4% Six Months Ended September 30, 2025 Management and Advisory Fees

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![](hlnefq2-26earningspresen016.jpg)

16Hamilton Lane \| Global Leader in the Private Markets Three Months Ended September 30, Six Months Ended September 30, (Dollars in thousands) 2024 2025 % Change 2024 2025 % Change Incentive fees Direct equity funds $6,949 $11,614 67 % $10,897 $14,668 35 % Secondary funds 13,511 — (100) % 23,392 520 (98) % Direct credit funds 9 5,807 64,422 % 11,058 6,729 (39) % Evergreen funds 1,521 17,025 1,019 % 7,065 49,616 602 % Other specialized funds 4,031 1,233 (69) % 25,664 2,355 (91) % Customized separate accounts 4,195 13,074 212 % 8,909 17,127 92 % Incentive fees $30,216 $48,753 61 % $86,985 $91,015 5 % As of September 30, 2024 June 30, 2025 September 30, 2025 YoY % Change QoQ % Change Allocated carried interest Secondary Fund II $23 $9 $9 (61) % — % Secondary Fund III 225 175 150 (33) % (14) % Secondary Fund IV 97,304 66,390 67,136 (31) % 1 % Secondary Fund V 144,838 141,266 155,263 7 % 10 % Secondary Fund VI 42,580 101,399 124,581 193 % 23 % Co-investment Fund II 25,815 24,339 19,640 (24) % (19) % Co-investment Fund III 37,078 39,548 35,805 (3) % (9) % Co-investment Fund IV 142,805 160,901 164,988 16 % 3 % Equity Opportunities Fund V 45,152 51,170 56,247 25 % 10 % Equity Opportunities Fund VI — 832 2,987 N/A 259 % Evergreen funds 182,053 163,022 207,155 14 % 27 % Other specialized funds 123,650 125,099 132,249 7 % 6 % Customized separate accounts 411,313 435,330 468,038 14 % 8 % Total allocated carried interest $1,252,836 $1,309,480 $1,434,248 14 % 10 % Incentive Fees

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![](hlnefq2-26earningspresen017.jpg)

17Hamilton Lane \| Global Leader in the Private Markets (Dollars in millions) September 30, 2024 June 30, 2025 September 30, 2025 YoY % Change QoQ % Change Assets under management / advisement Assets under management $131,373 $140,877 $145,357 11 % 3 % Assets under advisement 816,057 845,289 859,842 5 % 2 % Total assets under management /advisement $947,430 $986,166 $1,005,199 6 % 2 % Fee-earning assets under management Customized separate accounts Balance, beginning of period $38,223 $39,343 $40,280 5 % 2 % Contributions 1,673 1,772 1,145 (32) % (35) % Distributions (548) (974) (829) 51 % (15) % Foreign exchange, market value and other 30 139 201 570 % 45 % Balance, end of period $39,378 $40,280 $40,797 4 % 1 % Specialized funds Balance, beginning of period $29,487 $32,704 $34,119 16 % 4 % Contributions 1,380 1,598 1,825 32 % 14 % Distributions (788) (601) (623) (21) % 4 % Foreign exchange, market value and other 283 418 301 6 % (28) % Balance, end of period $30,362 $34,119 $35,622 17 % 4 % Total Balance, beginning of period $67,710 $72,047 $74,399 10 % 3 % Contributions 3,053 3,370 2,970 (3) % (12) % Distributions (1,336) (1,575) (1,452) 9 % (8) % Foreign exchange, market value and other 313 557 502 60 % (10) % Balance, end of period $69,740 $74,399 $76,419 10 % 3 % Assets Under Management

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18Hamilton Lane \| Global Leader in the Private Markets (Dollars in thousands) March 31, 2025 September 30, 2025 Assets Cash and cash equivalents $229,161 $240,773 Restricted cash 6,331 7,796 Fees receivable 181,411 138,099 Prepaid expenses 11,258 17,469 Due from related parties 16,217 25,383 Furniture, fixtures and equipment, net 37,586 35,768 Lease right-of-use assets, net 61,413 58,700 Investments 664,354 708,278 Deferred income taxes 308,525 305,886 Other assets 28,827 27,169 Assets of Consolidated Funds and Partnerships: Cash and cash equivalents 48,112 85,783 Investments 96,700 328,423 Other assets 460 791 Total assets $1,690,355 $1,980,318 Liabilities and equity Accounts payable $5,469 $6,080 Accrued compensation and benefits 48,556 84,257 Accrued members' distributions 26,810 17,687 Accrued dividend 20,233 22,566 Debt 290,303 285,611 Payable to related parties pursuant to tax receivable agreement 240,648 239,160 Lease liabilities 78,017 75,554 Other liabilities (includes $12,190 and $11,132 at fair value) 55,502 45,259 Liabilities of Consolidated Funds and Partnerships: Subscriptions in advance — 28,964 Other liabilities 922 17,132 Total liabilities 766,460 822,270 Total equity 923,895 1,158,048 Total liabilities and equity $1,690,355 $1,980,318 Condensed Consolidated Balance Sheets (Unaudited)

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19Hamilton Lane \| Global Leader in the Private Markets Six Months Ended September 30, (Dollars in thousands) 2024 2025 Operating activities Net income $163,008 $180,673 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 4,680 5,047 Change in deferred income taxes 4,700 15,094 Change in payable to related parties pursuant to tax receivable agreement (1,076) — Equity-based compensation 7,896 25,188 Equity income of investees (13,762) (29,508) Net realized loss (gain) on sale of investments (618) — Fair value adjustment of other investments (9,780) (413) Proceeds received from Funds 14,038 17,266 Non-cash lease expense 4,778 4,879 Other 397 642 Changes in operating assets and liabilities 34,167 50,959 Consolidated Funds and Partnerships (11,283) (21,997) Net cash provided by operating activities $197,145 $247,830 Investing activities Purchase of furniture, fixtures and equipment $(3,080) $(2,430) Purchase of investments (5,000) (5,000) Proceeds from sale of investments 1,193 — Proceeds from sale of intangible assets 1,275 — Distributions received from Funds 12,678 4,631 Contributions to Funds (23,928) (32,277) Consolidated Funds and Partnerships (8,175) (192,840) Net cash used in investing activities $(25,037) $(227,916) Financing activities Proceeds from offering $— $55,484 Purchase of membership interests — (55,484) Repayments of long term debt (1,250) (5,000) Repurchase of Class A shares for employee tax withholding (918) (842) Proceeds received from issuance of shares under Employee Share Purchase Plan 1,269 1,572 Payments to related parties, pursuant to tax receivable agreement — (12,000) Dividends paid (37,079) (42,575) Members' distributions paid (31,021) (33,195) Consolidated Funds and Partnerships 10,099 121,763 Net cash (used in) provided by financing activities $(58,900) $29,723 Effect of exchange rate changes on cash and cash equivalents — 1,111 Increase in cash and cash equivalents, restricted cash, and cash and cash equivalents held at Consolidated Funds and Partnerships 113,208 50,748 Cash and cash equivalents, restricted cash, and cash and cash equivalents held at Consolidated Funds and Partnerships at beginning of the period 119,619 283,604 Cash and cash equivalents, restricted cash, and cash and cash equivalents held at Consolidated Funds and Partnerships at end of the period $232,827 $334,352 Condensed Consolidated Statements of Cash Flows (Unaudited)

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20Hamilton Lane \| Global Leader in the Private Markets Reconciliation from Net Income Year Ended March 31, Three Months Ended September 30, Six Months Ended September 30, (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 $54,982 $70,889 $113,946 $124,634 Income attributable to non-controlling interests in Partnerships 85 739 388 240 733 383 Income attributable to non-controlling interests in Hamilton Lane Advisors, L.L.C. 65,866 92,843 19,850 25,337 47,495 47,057 Income attributable to non-controlling interests in Consolidated Funds — 2,769 702 7,138 834 8,599 Incentive fees (29,128) (199,099) (30,216) (48,753) (86,985) (91,015) Incentive fee related compensation1 12,638 66,254 14,342 16,842 40,735 23,002 Fee related performance revenues 2,188 59,587 23 16,215 1,228 45,735 Equity-based compensation 7,183 31,407 4,673 12,388 7,896 25,188 Consolidated Funds related general, administrative and other expenses — 980 — 630 149 1,091 Management fees related to Consolidated Funds — — — — — 57 Non-operating income related compensation — 784 278 — 278 — Income tax expense 13,968 48,509 1,172 13,978 20,859 32,356 Other income (expense) (24,315) (45,725) (9,902) (37,867) (27,064) (56,339) Fee Related Earnings $109,310 $276,465 $56,292 $77,037 $120,104 $160,748 Depreciation and amortization 3,291 9,285 2,367 2,519 4,680 5,047 Incentive fees 29,128 199,099 30,216 48,753 86,985 91,015 Incentive fees attributable to non-controlling interests (320) (29) — (179) — (179) Incentive fee related compensation1 (12,638) (66,254) (14,342) (16,842) (40,735) (23,002) Fee related performance revenues (2,188) (59,587) (23) (16,215) (1,228) (45,735) Fee related performance revenues related to Consolidated Funds — — — 3,099 — 3,324 Non-operating income related compensation — (784) (278) — (278) — Interest income 709 7,874 1,406 2,643 2,171 5,438 Adjusted EBITDA $127,292 $366,069 $75,638 $100,815 $171,699 $196,656 Non-GAAP earnings per share reconciliation Net income attributable to Hamilton Lane Incorporated $54,982 $70,889 $113,946 $124,634 Income attributable to non-controlling interests in Hamilton Lane Advisors, L.L.C. 19,850 25,337 47,495 47,057 Income tax expense 1,172 13,978 20,859 32,356 Adjusted pre-tax net income 76,004 110,204 182,300 204,047 Adjusted income taxes2 (17,785) (26,118) (42,658) (48,359) Adjusted net income $58,219 $84,086 $139,642 $155,688 Adjusted shares outstanding 54,180,960 54,495,410 54,127,320 54,479,497 Non-GAAP earnings per share $1.07 $1.54 $2.58 $2.86 1 Incentive fee related compensation includes incentive fee compensation expense and bonus related to carried interest that is classified as base compensation. 2 Represents corporate income taxes at our estimated statutory tax rate of 23.7% and 23.4% for the three and six months ended September 30, 2025 and 2024, respectively, applied to adjusted pre-tax net income. The 23.7% is based on a federal tax statutory rate of 21.0% and a combined state income tax rate net of federal benefits of 2.7%. The 23.4% is based on a federal tax statutory rate of 21.0% and a combined state income tax rate net of federal benefits of 2.4%. Non-GAAP Reconciliation

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21Hamilton Lane \| Global Leader in the Private Markets Non-GAAP Reconciliations Three Months Ended September 30, Six Months Ended September 30, (Dollars in thousands) 2024 2025 % Change 2024 2025 % Change Management and advisory fees $119,783 $142,127 19 % $259,745 $275,822 6 % Management fees related to Consolidated Funds — — N/A — 57 N/A Fee related management and advisory fees $119,783 $142,127 19 % $259,745 $275,879 6 % Compensation and benefits $55,070 $76,986 40 % $133,504 $146,541 10 % Incentive fee related compensation (14,342) (16,842) 17 % (40,735) (23,002) (44) % Equity-based compensation (4,673) (12,388) 165 % (7,896) (25,188) 219 % Non-operating income related compensation (278) — N/A (278) — N/A Fee related compensation and benefits expenses $35,777 $47,756 33 % $84,595 $98,351 16 % General, administrative and other $27,737 $34,179 23 % $56,423 $63,606 13 % Consolidated Funds related general, administrative and other — (630) N/A (149) (1,091) 632 % Fee related general, administrative and other expenses $27,737 $33,549 21 % $56,274 $62,515 11 %

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22Hamilton Lane \| Global Leader in the Private Markets 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 outstanding debt, (b) income tax expense, (c) depreciation and amortization expense, (d) equity-based compensation expense, (e) non-operating (gain) loss and (f) certain other significant items that we believe are not indicative of our core performance. Adjusted EBITDA also includes fee related performance revenues related to Consolidated Funds and management fees related to Consolidated Funds Fee Related Earnings ("FRE") is used to highlight earnings from revenues that are measured and received on a recurring basis. FRE represents net income excluding (a) incentive fees, net of fee related performance revenues, and related compensation, (b) equity-based compensation, (c) interest income and expense, (d) income tax expense, (e) equity in income of investees, (f) non-operating gain, net and (g) certain other significant items that we believe are not indicative of our core performance. FRPR includes incentive fees from Consolidated Funds that are eliminated under GAAP. We believe FRE is useful to investors because it provides additional insight into the operating profitability of our business. FRE is presented before income taxes. Fee Related Earnings Margin ("FRE Margin") represents the ratio of FRE to total fee related revenues. We believe FRE Margin is useful to investors as it provides the percentage of total fee related revenues represented by FRE. Fee related management and advisory fees represent the management and advisory fees included in FRE. Fee related management and advisory fees include management and advisory fees earned from Consolidated Funds that are eliminated under GAAP. We believe fee related management and advisory fees is useful to investors because it allows them to analyze the components of FRE. Fee related compensation and benefits expenses ("FRE Comp") represent the compensation and benefits included in FRE. FRE Comp excludes incentive fee related compensation, equity-based compensation, and non-operating income related compensation. We believe FRE Comp is useful to investors as it aggregates the relevant individual components of compensation and benefits to be subtracted from total fee related revenues in arriving at FRE. Fee related general, administrative and other expenses ("FRE G&A") represent the general, administrative and other expenses included in FRE. FRE G&A excludes general, administrative and other expenses incurred directly by Consolidated Funds. We believe FRE G&A is useful to investors as it aggregates the relevant individual components of general, administrative and other expenses to be subtracted from total fee related revenues in arriving at FRE. Fee related performance revenues ("FRPR") are incentive fees expected to be measured and received from certain of our funds on a recurring basis and are not dependent on realization events of the fund's underlying investments. FRPR includes incentive fees earned from Consolidated Funds that are eliminated under GAAP. We believe FRPR is useful to investors because it provides additional insight into our recurring revenues. Non-GAAP earnings per share measures our per-share earnings excluding certain significant items that we believe are not indicative of our core performance and assuming all Class B and Class C units in HLA were exchanged for Class A common stock in HLI. Non-GAAP earnings per share is calculated as adjusted net income divided by adjusted shares outstanding. Adjusted net income is income before taxes fully taxed at our estimated statutory tax rate and excludes any impact of changes in carrying amount of our redeemable non-controlling interest. Adjusted shares outstanding for the three and six months ended September 30, 2024 and 2025 are equal to weighted-average shares of Class A common stock outstanding - diluted. We believe adjusted net income and non-GAAP earnings per share are useful to investors because they enable them to better evaluate total and per-share operating performance across reporting periods. Our assets under management ("AUM"), as presented in these materials, comprise the assets associated with our customized separate accounts and specialized funds. AUM does not include the assets associated with our distribution management services. We classify assets as AUM if we have full discretion over the investment decisions in an account. We calculate our AUM as the sum of: (1) the net asset value of our clients' and funds' underlying investments; (2) the unfunded commitments to our clients' and funds' underlying investments; and (3) the amounts authorized for us to invest on behalf of our clients and fund investors but not committed to an underlying investment. Management fee revenue is based on a variety of factors and is not linearly correlated with AUM. However, we believe AUM is a useful metric for assessing the relative size and scope of our asset management business. Our assets under advisement ("AUA") comprise assets from clients for which we do not have full discretion to make investments in their account. We generally earn revenue on a fixed fee basis on our AUA client accounts for services including asset allocation, strategic planning, development of investment policies and guidelines, screening and recommending investments, monitoring and reporting on investments and investment manager review and due diligence. Advisory fees vary by client based on the amount of annual commitments, services provided and other factors. Since we earn annual fixed fees from the majority of our AUA clients, the growth in AUA from existing accounts does not have a material impact on our revenues. However, we view AUA growth as a meaningful benefit in terms of the amount of data we are able to collect and the degree of influence we have with fund managers. Fee-earning assets under management (Fee-earning "AUM" or "FEAUM") is a metric we use to measure the assets from which we earn management fees. Our fee-earning AUM comprise assets in our customized separate accounts and specialized funds from which we derive management fees that are generally derived from applying a certain percentage to the appropriate fee base. We classify customized separate account revenue as management fees if the client is charged an asset-based fee, which includes the majority of our discretionary AUM accounts but also includes certain non-discretionary AUA accounts. Our fee-earning AUM is equal to the amount of capital commitments, net invested capital and net asset value of our customized separate accounts and specialized funds depending on the fee terms. The vast majority of our customized separate accounts and specialized funds earn fees based on commitments or net invested capital, which are not affected by market appreciation or depreciation. Therefore, revenues and fee-earning AUM are not significantly affected by changes in market value. Our calculations of fee-earning AUM may differ from the calculations of other asset managers, and as a result, this measure may not be comparable to similar measures presented by other asset managers. Our definition of fee-earning AUM is not based on any definition that is set forth in the agreements governing the customized separate accounts or specialized funds that we manage. Hamilton Lane Incorporated (or "HLI"), a Delaware corporation, was formed for the purpose of completing an initial public offering ("IPO") and related transactions in order to carry on the business of Hamilton Lane Advisors, L.L.C. ("HLA") as a publicly-traded entity. As of the closing of our IPO on March 6, 2017, HLI became the sole managing member of HLA. The Company consolidates Funds ("Consolidated Funds") and general partner entities that are not wholly-owned ("Partnerships") over which it exercises control either by holding majority voting interests or as the primary beneficiary, possessing both decision making authority and the right to receive economic benefits. Terms

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23Hamilton Lane \| Global Leader in the Private Markets 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," "expect," "believe," "estimate," "continue," "anticipate," "intend," "plan" and similar expressions, or the negative version of these words or other comparable words, are intended to identify these forward-looking statements. Forward-looking statements discuss management's current expectations and projections relating to our financial position, results of operations, plans, objectives, future performance and business. All forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause actual results to be materially different, including, risks relating to: the historical performance of our investments may not be indicative of future results or future returns on our Class A common stock; our ability to identify available and suitable investment opportunities for our clients; intense competition in our industry, including for access to investments and for customized separate account and advisory clients; customized separate account and advisory account fee revenue is not a long-term contracted source of revenue; our ability to appropriately deal with conflicts of interest; our ability to retain our senior management team and attract additional qualified investment professionals; our ability to expand our business and formulate new business strategies; our ability to manage our obligations under our debt agreements; volatile market, economic and geopolitical conditions, which can adversely affect our business and the investments made by our funds or accounts; defaults by clients and third-party investors on their obligations to fund commitments; our ability to comply with the investment guidelines set by our clients; the exercise of redemption or repurchase rights by investors in certain of our funds; extensive government regulation, compliance failures and changes in law or regulation could adversely affect us; our ability to maintain our desired fee structure; failure to maintain the security of our information technology networks, or those of our third-party service providers, or data security breaches; our only material asset is our interest in Hamilton Lane Advisors, L.L.C., and we are accordingly dependent upon distributions from such entity to pay dividends, taxes and other expenses. The foregoing list of factors is not exhaustive and should be read in conjunction with the other cautionary statements that are included in our filings with the Securities and Exchange Commission (the "SEC"). For more information regarding these risks and uncertainties as well as additional risks we face, you should refer to the "Risk Factors" detailed in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended March 31, 2025 and in our subsequent reports filed from time to time with the SEC, which are accessible on the SEC's website at www.sec.gov. The forward-looking statements included in this presentation are made only as of the date hereof. We undertake no obligation to update or revise any forward-looking statement as a result of new information or future events, except as otherwise required by law. Values appearing in this presentation that are whole numbers are rounded approximations. As of November 4, 2025 Disclosures

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