HLNE Research | Milton Maxwell

HLNE

Hamilton Lane Incorporated

131.85

+3.06+2.38%

Dec 16, 4:00:00 PM EST

Upcoming Earnings

Report date

-/-

Earnings Call Transcripts

This Quarter (Q1 '26)

No earnings call transcript available yet

Last Quarter (Q4 '25)

FY Q3 '26

Fewer launches, risk reassurances, Evergreen scale

2/2/26Feb 2, 2026

Q&A largely reaffirmed the scripted growth story but surfaced tactical shifts and risk reassurances. Management flagged fewer wealth product launches in 2026 versus 2025's flurry, shifting focus to scaling existing Evergreens where institutions now drive 15-20% of flows for ease-of-use and tactical tilts, not liquidity. They dismissed software concentration fears via diversified portfolios and urged granular views on AI risks over broad brushes. Exit activity picks up in 2026 from maturing assets. Wealth flows held firm despite credit headlines. Exits poised to accelerate. Watch Evergreen partnerships.

Key Stats

Market Cap

7.40B

P/E (TTM)

23.80

Basic EPS (TTM)

5.54

Dividend Yield

0.02%

Recent Filings

8-K

Starts $50M buyback program

2/20/26Feb 20, 2026

Hamilton Lane kicked off its $50 million stock repurchase program on February 20, 2026, targeting up to 6% of outstanding Class A shares. Authorized in 2018 and re-approved in December 2024, no prior buys left full capacity intact. Repurchases will hit open markets or private deals. It signals confidence amid market flux.

8-K

Q3 fees surge 21%

2/3/26Feb 3, 2026

Hamilton Lane reported Q3 fiscal 2026 results on February 3, 2026, with management and advisory fees up 21% to $153.2M, total revenues rising 18% to $198.6M, and net income attributable to the company climbing 10% to $58.4M. Fee-earning AUM hit $79B, up 11% year-over-year, fueled by specialized fund closings and client contributions. Dividend hiked 10% to $0.54 quarterly. Realization timing stays unpredictable.

10-Q

Q3 FY2026 results

2/3/26Feb 3, 2026

Hamilton Lane posted Q3 FY2026 revenue of $198.6M, up 18% y/y from $168.3M, driven by 21% y/y growth in management and advisory fees to $153.2M (specialized funds +30% y/y) while incentive fees rose 10% y/y to $45.4M. Net income attributable to common hit $58.4M, yielding diluted Class A EPS of $1.37 (up 4% y/y), with tax rate at 22.7% reflecting valuation allowances; EPS reconciles to 54.5M diluted shares. Cash swelled to $338.5M on $322M YTD operating cash flow, debt dipped to $279.5M (5.50% term loan, 3.50% multi-draw, 5.28% senior notes due 2029). Strategic Guardian partnership closed Dec 2025, securing $500M annual private equity commitments over 10 years via warrant issuance. Evergreen funds fueled fee momentum. Intense competition pressures access to investments.

10-Q

Q2 FY2026 results

11/4/25Nov 4, 2025

Hamilton Lane posted Q2 FY2026 revenue of $190.9M, up 27.2% y/y from $150.0M, driven by management and advisory fees jumping 18.7% to $142.1M (specialized funds +27.8%) and incentive fees more than doubling to $44.6M; YTD revenue rose 5.9% to $366.8M. Net income attributable to common hit $70.9M ($1.69 diluted EPS), up 29.0% y/y, fueled by $20.1M equity income versus $6.4M last year, though tax expense climbed to $14.0M from $1.2M. Cash swelled to $240.8M on $247.8M operating cash flow; debt ticked down to $285.6M. September offering raised $55.5M net to fund unit exchanges. Evergreen funds shine. Intense competition pressures access to prime deals.

8-K

Q2 earnings beat expectations

11/4/25Nov 4, 2025

Hamilton Lane reported Q2 fiscal 2026 results on November 4, 2025, with GAAP net income attributable to the company at $70.9M, up 29% year-over-year, fueled by 19% higher management and advisory fees to $142.1M and 61% surge in incentive fees to $48.8M. Fee-earning AUM hit $76B, up 10%, while AUM reached $145B. Quarterly dividend hiked to $0.54 per share. Realizations drive fees, yet timing stays unpredictable.

About

Hamilton Lane Incorporated is a private equity and venture capital firm specializing in early venture, emerging growth, turnaround, middle market, mature, mid-venture, bridge, buyout, distressed/vulture, loan, mezzanine in growth capital companies. The firm manages alternative investment strategies like direct credit, direct, fund of fund, evergreen and real assets. For primary and secondary fund of fund investments, the firm focuses to invest in private equity, buyout, special situations, credit, growth equity, middle market, mature, turnarounds, mezzanine and venture capital funds. The firm prefers to invest in disruptive technologies and innovative companies. It prefers to invest in space, engine, alternative energy resources, environmental & facilities services, households durables, leisure products, textiles, manufacturing services, water purification, online training service, healthcare services & technology, energy, industrials, commercial services, internet software & services, consumer discretionary, health care, real estate, information technology, tech-enabled businesses, financials, utilities, and consumer services. The firm prefers to invest in Africa/Middle East, Asia/Pacific, Europe, Southeast Asia, Korea, China, India, Latin America and Caribbean, United States of America, New York, Florida, Arizona, Nevada, New Mexico, Oregon, Washington, California and surrounding states, Australia, Japan, Brazil, United Kingdom, and Canada. The firm prefers to invest between $0.25 million and $100 million in companies with small- to mid-sized enterprise values. It prefers to take majority stake. Hamilton Lane Incorporated was founded in 1991 and is based in Conshohocken, Pennsylvania with additional offices across Europe, North America, Asia Pacific and the Middle East.

CEO

Mr. Erik R. Hirsch

IPO

3/1/2017

Website

https://www.hamiltonlane.com

Employees

750

Sector

Financial Services

Industry

Asset Management