| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||

| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||||||||||||||||||||
| Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||||||||
| x | Accelerated filer | ☐ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company | |||||||||||
| Page | |||||
Condensed Consolidated Balance Sheets as of June 30, 2025 and March 31, 2025 | |||||
Condensed Consolidated Statements of Income for the three months ended June 30, 2025 and 2024 | |||||
Condensed Consolidated Statements of Stockholders’ Equity for the three months ended June 30, 2025 and 2024 | |||||
Condensed Consolidated Statements of Cash Flows for the three months ended June 30, 2025 and 2024 | |||||
| June 30, 2025 | March 31, 2025 | ||||||||||
| Assets | |||||||||||
| Cash and cash equivalents | $ | $ | |||||||||
| Restricted cash | |||||||||||
| Fees receivable | |||||||||||
| Prepaid expenses | |||||||||||
| Due from related parties | |||||||||||
| Furniture, fixtures and equipment, net | |||||||||||
| Lease right-of-use assets, net | |||||||||||
| Investments | |||||||||||
| Deferred income taxes | |||||||||||
| Other assets | |||||||||||
| Assets of Consolidated Funds and Partnerships: | |||||||||||
| Cash and cash equivalents | |||||||||||
| Investments | |||||||||||
| Other assets | |||||||||||
| Total assets | $ | $ | |||||||||
| Liabilities and equity | |||||||||||
| Accounts payable | $ | $ | |||||||||
| Accrued compensation and benefits | |||||||||||
| Accrued members’ distributions | |||||||||||
| Accrued dividend | |||||||||||
| Debt | |||||||||||
| Payable to related parties pursuant to tax receivable agreement | |||||||||||
| Lease liabilities | |||||||||||
Other liabilities (includes $ | |||||||||||
| Liabilities of Consolidated Funds and Partnerships: | |||||||||||
| Subscriptions in advance | |||||||||||
| Other liabilities | |||||||||||
| Total liabilities | $ | $ | |||||||||
Commitments and contingencies (Note 15) | |||||||||||
Class A common stock, $ | |||||||||||
Class B common stock, $ | |||||||||||
| Additional paid-in-capital | |||||||||||
| Accumulated other comprehensive (loss) income | ( | ||||||||||
| Retained earnings | |||||||||||
| Total Hamilton Lane Incorporated stockholders’ equity | $ | $ | |||||||||
| Non-controlling interests in Partnerships | |||||||||||
| Non-controlling interests in Hamilton Lane Advisors, L.L.C. | |||||||||||
| Non-controlling interests in Consolidated Funds | |||||||||||
| Total equity | $ | $ | |||||||||
| Total liabilities and equity | $ | $ | |||||||||
| Three Months Ended June 30, | |||||||||||
| 2025 | 2024 | ||||||||||
| Revenues | |||||||||||
| Management and advisory fees | $ | $ | |||||||||
| Incentive fees | |||||||||||
| Total revenues | |||||||||||
| Expenses | |||||||||||
| Compensation and benefits | |||||||||||
| General, administrative and other | |||||||||||
| Consolidated Funds and Partnerships: | |||||||||||
| General, administrative and other | |||||||||||
| Total expenses | |||||||||||
| Other income (expense) | |||||||||||
| Equity in income of investees | |||||||||||
| Interest expense | ( | ( | |||||||||
| Interest income | |||||||||||
| Non-operating gain, net | |||||||||||
| Consolidated Funds and Partnerships: | |||||||||||
| Equity in income of investees | |||||||||||
| Net gain | |||||||||||
| Interest income | |||||||||||
| Total other income (expense) | |||||||||||
| Income before income taxes | |||||||||||
| Income tax expense | |||||||||||
| Net income | |||||||||||
| Less: Income attributable to non-controlling interests in Partnerships | |||||||||||
| Less: Income attributable to non-controlling interests in Hamilton Lane Advisors, L.L.C. | |||||||||||
| Less: Income attributable to non-controlling interests in Consolidated Funds | |||||||||||
| Net income attributable to Hamilton Lane Incorporated | $ | $ | |||||||||
| Basic earnings per share of Class A common stock | $ | $ | |||||||||
| Diluted earnings per share of Class A common stock | $ | $ | |||||||||
| Dividends declared per share of Class A common stock | $ | $ | |||||||||
| Three Months Ended June 30, | |||||||||||
| 2025 | 2024 | ||||||||||
| Net income | $ | $ | |||||||||
| Other comprehensive income, net of tax | |||||||||||
Foreign currency translation | $ | ||||||||||
| Total other comprehensive income, net of tax | $ | $ | |||||||||
| Comprehensive income | |||||||||||
| Less: | |||||||||||
| Comprehensive income attributable to non-controlling interests in Partnerships | |||||||||||
| Comprehensive income attributable to non-controlling interests in Hamilton Lane Advisors, L.L.C. | |||||||||||
| Comprehensive income attributable to non-controlling interests in Consolidated Funds | |||||||||||
| Total comprehensive income attributable to Hamilton Lane Incorporated | $ | $ | |||||||||
6 | ||||||||
| Class A Common Stock | Class B Common Stock | Additional Paid in Capital | Accumulated Other Comprehensive Income | Retained Earnings | Non-Controlling Interests in Partnerships | Non-Controlling Interests in Hamilton Lane Advisors, L.L.C. | Non-Controlling Interests in Consolidated Funds | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2025 | $ | $ | $ | $ | ( | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Equity-based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Purchase and retirement of Class A stock for tax withholding | — | — | ( | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
| Dividends declared | — | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
| Capital contributions from non-controlling interests, net | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Member distributions | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
| Employee Share Purchase Plan share issuance | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
| Equity reallocation between controlling and non-controlling interests | — | — | ( | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2025 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
| Class A Common Stock | Class B Common Stock | Additional Paid in Capital | Accumulated Other Comprehensive Income | Retained Earnings | Non-Controlling Interests in Partnerships | Non-Controlling Interests in Hamilton Lane Advisors, L.L.C. | Non-Controlling Interests in Consolidated Funds | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2024 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
| Net income | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Equity-based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Purchase and retirement of Class A stock for tax withholding | — | — | ( | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
| Dividends declared | — | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
| Capital contributions from non-controlling interests, net | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Member distributions | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
| Employee Share Purchase Plan share issuance | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Equity reallocation between controlling and non-controlling interests | — | — | ( | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2024 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
7 | ||||||||
| Three Months Ended June 30, | |||||||||||
| 2025 | 2024 | ||||||||||
| Operating activities: | |||||||||||
| Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | |||||||||||
| Change in deferred income taxes | |||||||||||
| Change in payable to related parties pursuant to tax receivable agreement | ( | ||||||||||
| Equity-based compensation | |||||||||||
| Equity in income of investees | ( | ( | |||||||||
| Fair value adjustment of other investments | ( | ( | |||||||||
| Proceeds received from Funds | |||||||||||
| Non-cash lease expense | |||||||||||
| Other | |||||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Fees receivable | ( | ||||||||||
| Prepaid expenses | |||||||||||
| Due from related parties | ( | ( | |||||||||
| Other assets | ( | ( | |||||||||
| Accounts payable | |||||||||||
| Accrued compensation and benefits | |||||||||||
| Lease liability | ( | ( | |||||||||
| Other liabilities | |||||||||||
| Consolidated Funds and Partnerships: | |||||||||||
| Net unrealized gain on investment | ( | ( | |||||||||
| Equity in income of investees | ( | ( | |||||||||
| Change in other assets and liabilities | |||||||||||
| Net cash provided by operating activities | $ | $ | |||||||||
| Investing activities: | |||||||||||
| Purchase of furniture, fixtures and equipment | ( | ( | |||||||||
| Purchase of investments | ( | ||||||||||
| Distributions received from Funds | |||||||||||
| Contributions to Funds | ( | ( | |||||||||
| Consolidated Funds and Partnerships: | |||||||||||
| Purchase of investments | ( | ( | |||||||||
| Cash from consolidating Funds | |||||||||||
| Net cash (used in) provided by investing activities | $ | ( | $ | ||||||||
8 | ||||||||
| Three Months Ended June 30, | |||||||||||
| 2025 | 2024 | ||||||||||
| Financing activities: | |||||||||||
| Repayments of long-term debt | $ | ( | $ | ( | |||||||
| Repurchase of Class A common stock for employee tax withholding | ( | ( | |||||||||
| Proceeds received from issuance of shares under Employee Share Purchase Plan | |||||||||||
| Dividends paid | ( | ( | |||||||||
| Members’ distributions paid | ( | ( | |||||||||
| Consolidated Funds and Partnerships: | |||||||||||
| Contributions from non-controlling interests in Partnerships | |||||||||||
| Distributions to non-controlling interests in Partnerships | ( | ||||||||||
| Contributions from non-controlling interests in Consolidated Funds | |||||||||||
| Net cash provided by (used in) financing activities | $ | $ | ( | ||||||||
| Effect of exchange rate changes on cash and cash equivalents | |||||||||||
| Increase in cash and cash equivalents, restricted cash, and cash and cash equivalents held at Consolidated Funds and Partnerships | |||||||||||
| Cash and cash equivalents, restricted cash, and cash and cash equivalents held at Consolidated Funds and Partnerships at beginning of the period | |||||||||||
| Cash and cash equivalents, restricted cash, and cash and cash equivalents held at Consolidated Funds and Partnerships at end of the period | $ | $ | |||||||||
| Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash and Cash Equivalents Held at Consolidated Funds and Partnerships to the Condensed Consolidated Balance Sheets: | |||||||||||
As of June 30, | |||||||||||
| 2025 | 2024 | ||||||||||
| Cash and cash equivalents | $ | $ | |||||||||
| Restricted cash | |||||||||||
| Cash and cash equivalents held at Consolidated Funds and Partnerships | |||||||||||
| Total cash and cash equivalents, restricted cash, and cash and cash equivalents held at Consolidated Funds and Partnerships | $ | $ | |||||||||
9 | ||||||||
10 | ||||||||
| Three Months Ended June 30, | |||||||||||
| Management and advisory fees | 2025 | 2024 | |||||||||
| Specialized funds | $ | $ | |||||||||
| Customized separate accounts | |||||||||||
| Advisory | |||||||||||
| Reporting, monitoring, data and analytics | |||||||||||
| Distribution management | |||||||||||
| Fund reimbursement revenue | |||||||||||
| Total management and advisory fees | $ | $ | |||||||||
| Three Months Ended June 30, | |||||||||||
| Incentive fees | 2025 | 2024 | |||||||||
| Specialized funds | $ | $ | |||||||||
| Customized separate accounts | |||||||||||
| Total incentive fees | $ | $ | |||||||||
| June 30, 2025 | March 31, 2025 | ||||||||||
| Equity method investments in Funds | $ | $ | |||||||||
| Other equity method investments | |||||||||||
| Fair value investments | |||||||||||
| Measurement alternative investments | |||||||||||
| Total Investments | $ | $ | |||||||||
| June 30, 2025 | March 31, 2025 | ||||||||||
| Equity method investments in Funds | $ | $ | |||||||||
| Fair value investments | |||||||||||
Total Investments of Consolidated Funds and Partnerships | $ | $ | |||||||||
14 | ||||||||
| Three Months Ended June 30, | |||||||||||
| 2025 | 2024 | ||||||||||
| Carrying amount beginning of the period | $ | $ | |||||||||
| Adjustments related to equity investments: | |||||||||||
| Purchases | |||||||||||
| Sales / return of capital | |||||||||||
Net change in unrealized gain1 | |||||||||||
| Net realized loss | |||||||||||
| Carrying amount, end of period | $ | $ | |||||||||
| June 30, 2025 | March 31, 2025 | ||||||||||
| Cumulative gross unrealized gains | $ | $ | |||||||||
| Cumulative gross unrealized losses | $ | ( | $ | ( | |||||||
As of June 30, 2025 | |||||||||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | NAV(1) | Total | |||||||||||||||||||||||||
| Financial assets: | |||||||||||||||||||||||||||||
Fair value investments | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Consolidated Funds | |||||||||||||||||||||||||||||
| Fair value investments | |||||||||||||||||||||||||||||
| Total financial assets | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Financial liabilities: | |||||||||||||||||||||||||||||
Secured financing(2) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Total financial liabilities | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
15 | ||||||||
As of March 31, 2025 | |||||||||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | NAV(1) | Total | |||||||||||||||||||||||||
| Financial assets: | |||||||||||||||||||||||||||||
Fair value investments | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Consolidated Funds | |||||||||||||||||||||||||||||
| Fair value investments | |||||||||||||||||||||||||||||
| Total financial assets | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Financial liabilities: | |||||||||||||||||||||||||||||
Secured financing(2) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Total financial liabilities | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Fair Value | Unfunded Commitment | ||||||||||
| Direct investment funds | $ | $ | |||||||||
| Secondary funds | |||||||||||
| $ | $ | ||||||||||
| Private equity funds | Direct equity investments | Total investments | |||||||||||||||
Balance as of March 31, 2025 | $ | $ | $ | ||||||||||||||
| Distributions | ( | ( | ( | ||||||||||||||
| Net gain (loss) | ( | ( | |||||||||||||||
Balance as of June 30, 2025 | $ | $ | $ | ||||||||||||||
| Private equity funds | Direct equity investments | Total investments | |||||||||||||||
Balance as of March 31, 2024 | $ | $ | $ | ||||||||||||||
| Distributions | ( | ( | |||||||||||||||
| Net (loss) gain | ( | ||||||||||||||||
Balance as of June 30, 2024 | $ | $ | $ | ||||||||||||||
16 | ||||||||
| Direct equity investments | ||||||||
Balance as of March 31, 2025 | $ | |||||||
Transfer out (1) | ( | |||||||
Balance as of June 30, 2025 | $ | |||||||
| Direct credit investments | ||||||||
Balance as of March 31, 2024 | $ | |||||||
| Contributions | ||||||||
| Net gain/(loss) | ( | |||||||
Balance as of June 30, 2024 | $ | |||||||
| Significant | |||||||||||||||||||||||||||||||||||
| Fair | Valuation | Unobservable | Weighted | ||||||||||||||||||||||||||||||||
| Value | Methodology | Inputs | Range | Average | |||||||||||||||||||||||||||||||
Private equity funds | $ | Adjusted NAV | Selected market return | - | |||||||||||||||||||||||||||||||
Direct equity investments | $ | Adjusted NAV | Selected market return | - | |||||||||||||||||||||||||||||||
| Investments of Consolidated Funds | |||||||||||||||||||||||||||||||||||
Direct equity investments | $ | Recent precedent transactions | |||||||||||||||||||||||||||||||||
17 | ||||||||
| June 30, 2025 | March 31, 2025 | ||||||||||
Assets of Consolidated Funds and Partnerships: | |||||||||||
| Cash and cash equivalents | $ | $ | |||||||||
| Investments | |||||||||||
| Other assets | |||||||||||
| Total assets | |||||||||||
Liabilities of Consolidated Funds and Partnerships: | |||||||||||
| Other liabilities | $ | $ | |||||||||
| Total liabilities | $ | $ | |||||||||
| June 30, 2025 | March 31, 2025 | ||||||||||
| Investments | $ | $ | |||||||||
| Fees receivable | |||||||||||
| Due from related parties | |||||||||||
| Total VIE Assets | |||||||||||
| Less: Non-controlling interests | ( | ( | |||||||||
| Maximum exposure to loss | $ | $ | |||||||||
18 | ||||||||
As of June 30, 2025 | As of March 31, 2025 | ||||||||||||||||||||||||||||||||||
| Principal Outstanding | Carrying Value | Interest Rate | Principal Outstanding | Carrying Value | Interest Rate | ||||||||||||||||||||||||||||||
| Term Loan | $ | $ | % | $ | $ | % | |||||||||||||||||||||||||||||
| 2020 Multi-Draw Facility | % | % | |||||||||||||||||||||||||||||||||
| Senior Notes | % | % | |||||||||||||||||||||||||||||||||
| Total Debt | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
| Class A Common Stock | Class B Common Stock | ||||||||||
| March 31, 2025 | |||||||||||
| Shares issued pursuant to Employee Share Purchase Plan | |||||||||||
| Forfeitures | ( | ||||||||||
| Shares repurchased for employee tax withholdings | ( | ||||||||||
| June 30, 2025 | |||||||||||
| Total Unvested | Weighted- Average Grant-Date Fair Value of Award | ||||||||||
| March 31, 2025 | $ | ||||||||||
| Vested | ( | $ | |||||||||
| Forfeited | ( | $ | |||||||||
| June 30, 2025 | $ | ||||||||||
19 | ||||||||
| Total Unvested | Weighted- Average Grant-Date Fair Value of Award | ||||||||||
| March 31, 2025 | $ | ||||||||||
| Granted | $ | ||||||||||
| Forfeited | $ | ||||||||||
| June 30, 2025 | $ | ||||||||||
| Three Months Ended June 30, | |||||||||||
| 2025 | 2024 | ||||||||||
| Base compensation and benefits | $ | $ | |||||||||
| Incentive fee compensation | |||||||||||
| Equity-based compensation | |||||||||||
| Total compensation and benefits | |||||||||||
20 | ||||||||
| Three Months Ended June 30, | |||||||||||
| 2025 | 2024 | ||||||||||
| Net income attributable to HLI | $ | $ | |||||||||
Weighted Average Shares | |||||||||||
| Basic EPS of Class A common stock | $ | $ | |||||||||
| Three Months Ended June 30, | |||||||||||
| 2025 | 2024 | ||||||||||
| Numerator | |||||||||||
| Net income attributable to Class A common stockholders - basic | $ | $ | |||||||||
Adjustments to net income: | |||||||||||
| Assumed vesting of employee awards | |||||||||||
| Assumed conversion of Class B and Class C units | |||||||||||
Net income attributable to Class A common stockholders | $ | $ | |||||||||
| Denominator | |||||||||||
| Weighted-average shares of Class A common stock outstanding - basic | |||||||||||
| Weighted-average effect of dilutive securities: | |||||||||||
| Assumed vesting of employee awards | |||||||||||
| Assumed conversion of Class B and Class C units | |||||||||||
Weighted-average shares of Class A common stock outstanding | |||||||||||
| Diluted EPS of Class A common stock | $ | $ | |||||||||
21 | ||||||||
| Three Months Ended June 30, | |||||||||||
| Shares | 2025 | 2024 | |||||||||
| Performance Awards | |||||||||||
| Three Months Ended June 30, | |||||||||||
| 2025 | 2024 | ||||||||||
| Non-cash operating activities: | |||||||||||
| Establishment of lease liability in exchange for right of use asset | $ | $ | |||||||||
| Non-cash investing activities: | |||||||||||
| Investments purchased by Consolidated Fund | $ | $ | |||||||||
| Non-cash financing activities: | |||||||||||
| Dividends declared but not paid | $ | $ | |||||||||
| Member distributions declared but not paid | $ | $ | |||||||||
22 | ||||||||
| Three Months Ended June 30, | |||||||||||
| 2025 | 2024 | ||||||||||
| Operating lease costs | $ | $ | |||||||||
| Variable lease costs | $ | $ | |||||||||
| Cash paid for amounts included in the measurement of operating lease liabilities | $ | $ | |||||||||
| June 30, 2025 | March 31, 2025 | ||||||||||
| Weighted average remaining lease term (in years) | |||||||||||
| Weighted average discount rate | % | % | |||||||||
23 | ||||||||
Remainder of FY2026 | $ | ||||
FY2027 | |||||
FY2028 | |||||
FY2029 | |||||
FY2030 | |||||
Thereafter | |||||
Total lease payments | $ | ||||
Less: imputed interest | ( | ||||
Total operating lease liabilities | $ | ||||
24 | ||||||||
25 | ||||||||
| Three Months Ended June 30, | |||||||||||
| (in thousands) | 2025 | 2024 | |||||||||
| Revenues | |||||||||||
| Management and advisory fees | $ | 133,696 | $ | 139,962 | |||||||
| Incentive fees | 42,262 | 56,769 | |||||||||
| Total revenues | 175,958 | 196,731 | |||||||||
| Expenses | |||||||||||
| Compensation and benefits | 69,556 | 78,435 | |||||||||
| General, administrative and other | 28,943 | 28,373 | |||||||||
| Consolidated Funds and Partnerships: | |||||||||||
| General, administrative and other | 484 | 312 | |||||||||
| Total expenses | 98,983 | 107,120 | |||||||||
| Other income (expense) | |||||||||||
| Equity in income of investees | 9,439 | 7,389 | |||||||||
| Interest expense | (3,856) | (2,947) | |||||||||
| Interest income | 2,794 | 765 | |||||||||
| Non-operating gain, net | 447 | 9,814 | |||||||||
| Consolidated Funds and Partnerships: | |||||||||||
| Equity in income of investees | 871 | 928 | |||||||||
| Net gain | 8,539 | 1,197 | |||||||||
| Interest income | 240 | 17 | |||||||||
| Total other income (expense) | 18,474 | 17,163 | |||||||||
| Income before income taxes | 95,449 | 106,774 | |||||||||
| Income tax expense | 18,379 | 19,687 | |||||||||
| Net income | 77,070 | 87,087 | |||||||||
| Less: Income attributable to non-controlling interests in Partnerships | 142 | 346 | |||||||||
| Less: Income attributable to non-controlling interests in Hamilton Lane Advisors, L.L.C. | 21,721 | 27,645 | |||||||||
| Less: Income attributable to non-controlling interests in Consolidated Funds | 1,462 | 132 | |||||||||
| Net income attributable to Hamilton Lane Incorporated | $ | 53,745 | $ | 58,964 | |||||||
| Three Months Ended June 30, | Total Change | ||||||||||||||||
| (in thousands) | 2025 | 2024 | |||||||||||||||
Revenues | |||||||||||||||||
| Management and advisory fees | |||||||||||||||||
Specialized funds | $ | 82,745 | $ | 89,792 | $ | (7,047) | |||||||||||
Customized separate accounts | 34,575 | 33,453 | 1,122 | ||||||||||||||
Advisory | 5,486 | 5,911 | (425) | ||||||||||||||
Reporting, monitoring, data and analytics | 8,394 | 6,994 | 1,400 | ||||||||||||||
Distribution management | 975 | 498 | 477 | ||||||||||||||
Fund reimbursement revenue | 1,521 | 3,314 | (1,793) | ||||||||||||||
Total management and advisory fees | 133,696 | 139,962 | (6,266) | ||||||||||||||
Incentive fees | |||||||||||||||||
| Specialized funds | 38,209 | 52,054 | (13,845) | ||||||||||||||
| Customized separate accounts | 4,053 | 4,715 | (662) | ||||||||||||||
| Total incentive fees | 42,262 | 56,769 | (14,507) | ||||||||||||||
| Total revenues | $ | 175,958 | $ | 196,731 | $ | (20,773) | |||||||||||
| Three Months Ended June 30, | Total Change | ||||||||||||||||
| (in thousands) | 2025 | 2024 | |||||||||||||||
| Expenses | |||||||||||||||||
| Compensation and benefits | |||||||||||||||||
| Base compensation and benefits | $ | 53,515 | $ | 61,020 | $ | (7,505) | |||||||||||
| Incentive fee compensation | 3,242 | 14,192 | (10,950) | ||||||||||||||
| Equity-based compensation | 12,799 | 3,223 | 9,576 | ||||||||||||||
| Total compensation and benefits | 69,556 | 78,435 | (8,879) | ||||||||||||||
| General, administrative and other | 28,943 | 28,373 | 570 | ||||||||||||||
| Total expenses | $ | 98,499 | $ | 106,808 | $ | (8,309) | |||||||||||
| Three Months Ended June 30, | Total Change | ||||||||||||||||
| (in thousands) | 2025 | 2024 | |||||||||||||||
Other income (expense) | ` | ||||||||||||||||
| Equity in income of investees | |||||||||||||||||
Primary funds | $ | 768 | $ | 237 | $ | 531 | |||||||||||
Direct investment funds | 879 | 2,358 | (1,479) | ||||||||||||||
Secondary funds | 2,350 | 173 | 2,177 | ||||||||||||||
Customized separate accounts | 2,583 | 2,474 | 109 | ||||||||||||||
| Evergreen funds | 3,110 | 2,285 | 825 | ||||||||||||||
Other equity method investments | (251) | (138) | (113) | ||||||||||||||
| Total equity in income of investees | 9,439 | 7,389 | 2,050 | ||||||||||||||
| Interest expense | (3,856) | (2,947) | (909) | ||||||||||||||
| Interest income | 2,794 | 765 | 2,029 | ||||||||||||||
| Non-operating gain, net | 447 | 9,814 | (9,367) | ||||||||||||||
| Total other income (expense) | $ | 8,824 | $ | 15,021 | $ | (6,197) | |||||||||||
| Three Months Ended June 30, | Total Change | ||||||||||||||||
| (in thousands) | 2025 | 2024 | |||||||||||||||
Expenses | |||||||||||||||||
General, administrative and other | $ | 484 | $ | 312 | $ | 172 | |||||||||||
| Other income (expense) | |||||||||||||||||
| Equity in income of investees | $ | 871 | $ | 928 | $ | (57) | |||||||||||
| Net gain | 8,539 | 1,197 | 7,342 | ||||||||||||||
| Interest income | 240 | 17 | 223 | ||||||||||||||
| Total other income (expense) | $ | 9,650 | $ | 2,142 | $ | 7,508 | |||||||||||
| Three Months Ended June 30, | Total Change | ||||||||||||||||
| (in thousands) | 2025 | 2024 | |||||||||||||||
| Income attributable to non-controlling interests in Partnerships | $ | 142 | $ | 346 | $ | (204) | |||||||||||
| Income attributable to non-controlling interests in Hamilton Lane Advisors, L.L.C. | 21,721 | 27,645 | (5,924) | ||||||||||||||
| Income attributable to non-controlling interests in Consolidated Funds | 1,462 | 132 | 1,330 | ||||||||||||||
| $ | 23,325 | $ | 28,123 | $ | (4,798) | ||||||||||||
| Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | ||||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||
| Customized Separate Accounts | Specialized Funds | Total | Customized Separate Accounts | Specialized Funds | Total | ||||||||||||||||||
| Balance, beginning of period | $ | 39,343 | $ | 32,704 | $ | 72,047 | $ | 37,574 | $ | 28,175 | $ | 65,749 | |||||||||||
Contributions (1) | 1,772 | 1,598 | 3,370 | 1,647 | 2,609 | 4,256 | |||||||||||||||||
Distributions (2) | (974) | (601) | (1,575) | (969) | (1,323) | (2,292) | |||||||||||||||||
Foreign exchange, market value and other (3) | 139 | 418 | 557 | (29) | 26 | (3) | |||||||||||||||||
| Balance, end of period | $ | 40,280 | $ | 34,119 | $ | 74,399 | $ | 38,223 | $ | 29,487 | $ | 67,710 | |||||||||||
| Three Months Ended June 30, | |||||||||||
| (in thousands) | 2025 | 2024 | |||||||||
Net income attributable to Hamilton Lane Incorporated | $ | 53,745 | $ | 58,964 | |||||||
Income attributable to non-controlling interests in Partnerships | 142 | 346 | |||||||||
Income attributable to non-controlling interests in Hamilton Lane Advisors, L.L.C. | 21,721 | 27,645 | |||||||||
| Income attributable to non-controlling interests in Consolidated Funds | 1,462 | 132 | |||||||||
Incentive fees | (42,262) | (56,769) | |||||||||
Incentive fee related compensation (1) | 6,160 | 26,393 | |||||||||
| Fee related performance revenues | 29,520 | 1,204 | |||||||||
Equity-based compensation | 12,799 | 3,223 | |||||||||
| Consolidated Funds related general, administrative and other expenses | 461 | 312 | |||||||||
| Management fees related to Consolidated Funds | 57 | — | |||||||||
| Income tax expense | 18,379 | 19,687 | |||||||||
| Other income (expense) | (18,474) | (17,163) | |||||||||
Fee Related Earnings | $ | 83,710 | $ | 63,974 | |||||||
Depreciation and amortization | 2,528 | 2,313 | |||||||||
Incentive fees | 42,262 | 56,769 | |||||||||
Incentive fee related compensation (1) | (6,160) | (26,393) | |||||||||
| Fee related performance revenues | (29,520) | (1,204) | |||||||||
| Fee related performance revenues related to Consolidated Funds | 225 | — | |||||||||
Interest income | 2,794 | 765 | |||||||||
Adjusted EBITDA | $ | 95,839 | $ | 96,224 | |||||||
| Three Months Ended June 30, | ||||||||||||||
| (in thousands, except share and per-share amounts) | 2025 | 2024 | ||||||||||||
Net income attributable to Hamilton Lane Incorporated | $ | 53,745 | $ | 58,964 | ||||||||||
Income attributable to non-controlling interests in Hamilton Lane Advisors, L.L.C. | 21,721 | 27,645 | ||||||||||||
Income tax expense | 18,379 | 19,687 | ||||||||||||
Adjusted pre-tax net income | 93,845 | 106,296 | ||||||||||||
Adjusted income taxes (1) | (22,241) | (24,873) | ||||||||||||
Adjusted net income | $ | 71,604 | $ | 81,423 | ||||||||||
| Adjusted shares outstanding | 54,472,249 | 54,049,746 | ||||||||||||
Non-GAAP EPS | $ | 1.31 | $ | 1.51 | ||||||||||
| Fund | Vintage year | Fund size ($M) | Capital invested ($M) | Gross multiple | Net Multiple | Gross IRR (%) | Net IRR (%) | Gross Spread vs. S&P 500 PME | Net Spread vs. S&P 500 PME | Gross Spread vs. MSCI World PME | Net Spread vs. MSCI World PME | ||||||||||||||||||||||||
Primaries (Diversified) | |||||||||||||||||||||||||||||||||||
| PEF I | 1998 | 122 | 117 | 1.3 | 1.2 | 5.4% | 2.5% | 378 bps | 76 bps | 322 bps | 16 bps | ||||||||||||||||||||||||
| PEF IV | 2000 | 250 | 238 | 1.7 | 1.5 | 16.2% | 11.2% | 1,302 bps | 828 bps | 1,170 bps | 708 bps | ||||||||||||||||||||||||
| PEF V | 2003 | 135 | 133 | 1.7 | 1.6 | 14.2% | 9.6% | 841 bps | 363 bps | 950 bps | 466 bps | ||||||||||||||||||||||||
| PEF VI | 2007 | 494 | 513 | 1.6 | 1.6 | 11.5% | 8.7% | 55 bps | (189 bps) | 391 bps | 141 bps | ||||||||||||||||||||||||
| PEF VII | 2010 | 262 | 290 | 1.5 | 1.5 | 11.7% | 7.7% | (232 bps) | (611 bps) | 161 bps | (222 bps) | ||||||||||||||||||||||||
| PEF VIII | 2012 | 427 | 434 | 1.4 | 1.5 | 8.4% | 6.0% | (479 bps) | (714 bps) | (157 bps) | (395 bps) | ||||||||||||||||||||||||
| PEF IX | 2015 | 517 | 526 | 1.9 | 1.9 | 17.2% | 14.9% | 300 bps | 75 bps | 609 bps | 379 bps | ||||||||||||||||||||||||
| PEF X | 2018 | 278 | 268 | 1.6 | 1.5 | 14.8% | 12.1% | 142 bps | (164 bps) | 404 bps | 90 bps | ||||||||||||||||||||||||
| Secondaries | |||||||||||||||||||||||||||||||||||
| Pre-Fund | — | — | 362 | 1.5 | N/A | 17.1% | N/A | 1,332 bps | N/A | 1,173 bps | N/A | ||||||||||||||||||||||||
| Secondary Fund I | 2005 | 360 | 353 | 1.2 | 1.2 | 5.2% | 3.8% | 113 bps | (63 bps) | 341 bps | 157 bps | ||||||||||||||||||||||||
| Secondary Fund II | 2008 | 591 | 603 | 1.5 | 1.4 | 19.9% | 13.5% | 451 bps | (190 bps) | 869 bps | 216 bps | ||||||||||||||||||||||||
| Secondary Fund III | 2012 | 909 | 841 | 1.4 | 1.3 | 12.7% | 10.0% | (84 bps) | (376 bps) | 302 bps | 16 bps | ||||||||||||||||||||||||
| Secondary Fund IV | 2016 | 1,917 | 2,112 | 1.6 | 1.5 | 14.5% | 14.9% | 13 bps | 8 bps | 332 bps | 337 bps | ||||||||||||||||||||||||
| Secondary Fund V | 2019 | 3,929 | 3,871 | 1.5 | 1.5 | 16.0% | 14.0% | 477 bps | 282 bps | 719 bps | 525 bps | ||||||||||||||||||||||||
| Secondary Fund VI | 2022 | 5,603 | 3,108 | 1.4 | 1.3 | 43.7% | 47.8% | 3,096 bps | 4,097 bps | 3,211 bps | 4,085 bps | ||||||||||||||||||||||||
| Direct/Co-investments | |||||||||||||||||||||||||||||||||||
| Pre-Fund | — | — | 244 | 1.9 | N/A | 21.3% | N/A | 1,655 bps | N/A | 1,600 bps | N/A | ||||||||||||||||||||||||
| Co-Investment Fund | 2005 | 604 | 578 | 1.0 | 0.9 | 0.2% | (1.3)% | (570 bps) | (746 bps) | (319 bps) | (502 bps) | ||||||||||||||||||||||||
| Co-Investment Fund II | 2008 | 1,195 | 1,157 | 2.2 | 1.9 | 18.0% | 14.3% | 567 bps | 189 bps | 943 bps | 560 bps | ||||||||||||||||||||||||
| Co-Investment Fund III | 2014 | 1,243 | 1,324 | 1.8 | 1.6 | 14.7% | 11.8% | 43 bps | (253 bps) | 373 bps | 72 bps | ||||||||||||||||||||||||
| Co-Investment Fund IV | 2018 | 1,698 | 1,507 | 2.4 | 2.2 | 23.7% | 22.1% | 927 bps | 752 bps | 1,208 bps | 1,028 bps | ||||||||||||||||||||||||
| Equity Opportunities Fund V | 2021 | 2,069 | 1,819 | 1.3 | 1.2 | 10.8% | 8.7% | (14 bps) | (196 bps) | 174 bps | (10 bps) | ||||||||||||||||||||||||
| Equity Opportunities Fund VI | 2024 | 1,123 | 313 | 1.1 | N/A | N/M | N/A | N/M | N/A | N/M | N/A | ||||||||||||||||||||||||
| Fund | Vintage year | Fund size ($M) | Capital invested ($M) | Gross multiple | Net Multiple | Gross IRR (%) | Net IRR (%) | Gross Spread vs. CS HY II PME | Net Spread vs. CS HY II PME | Gross Spread vs. CS LL PME | Net Spread vs. CS LL PME | ||||||||||||||||||||||||
Strategic Opportunities (Tail-end secondaries and credit) | |||||||||||||||||||||||||||||||||||
| Strat Opps 2015 | 2015 | 71 | 68 | 1.3 | 1.2 | 14.1% | 10.6% | 561 bps | 215 bps | 862 bps | 513 bps | ||||||||||||||||||||||||
| Strat Opps 2016 | 2016 | 214 | 216 | 1.3 | 1.2 | 9.8% | 7.5% | 373 bps | 142 bps | 492 bps | 262 bps | ||||||||||||||||||||||||
| Strat Opps 2017 | 2017 | 435 | 448 | 1.3 | 1.2 | 9.7% | 7.4% | 531 bps | 290 bps | 531 bps | 306 bps | ||||||||||||||||||||||||
| Strat Opps IV (Series 2018) | 2018 | 889 | 870 | 1.3 | 1.2 | 9.2% | 7.2% | 507 bps | 281 bps | 521 bps | 286 bps | ||||||||||||||||||||||||
| Strat Opps V (Series 2019) | 2019 | 762 | 716 | 1.3 | 1.3 | 12.7% | 10.1% | 863 bps | 539 bps | 682 bps | 354 bps | ||||||||||||||||||||||||
| Strat Opps VI (Series 2020) | 2021 | 898 | 854 | 1.2 | 1.2 | 8.1% | 6.2% | 510 bps | 242 bps | 192 bps | (35 bps) | ||||||||||||||||||||||||
| Strat Opps VII | 2022 | 953 | 859 | 1.2 | 1.2 | 14.7% | 12.3% | 565 bps | 293 bps | 521 bps | 269 bps | ||||||||||||||||||||||||
| Strat Opps VIII | 2023 | 700 | 553 | 1.1 | 1.0 | 11.6% | 8.2% | 535 bps | 244 bps | 507 bps | 184 bps | ||||||||||||||||||||||||
| Strat Opps IX | 2024 | 267 | 57 | 1.0 | 1.0 | N/M | N/M | N/M | N/M | N/M | N/M | ||||||||||||||||||||||||
| Three Months Ended June 30, | |||||||||||
| (in thousands) | 2025 | 2024 | |||||||||
| Net cash provided by operating activities | $ | 128,932 | $ | 79,743 | |||||||
| Net cash (used in) provided by investing activities | $ | (93,807) | $ | 2,132 | |||||||
| Net cash provided by (used in) financing activities | $ | 3,261 | $ | (30,418) | |||||||
49 | ||||||||
| Period | Total Number of Shares Purchased(1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs(2) | ||||||||||||||||||||||
| April 1 - 30, 2025 | — | $ | — | — | $ | 50,000,000 | ||||||||||||||||||||
| May 1 - 31, 2025 | — | $ | — | — | $ | 50,000,000 | ||||||||||||||||||||
| June 1 - 30, 2025 | 18 | $ | 149.51 | — | $ | 50,000,000 | ||||||||||||||||||||
| Total | 18 | $ | 149.51 | — | $ | 50,000,000 | ||||||||||||||||||||
| Incorporated By Reference | Filed Herewith | ||||||||||||||||||||||
| Exhibit No. | Description of Exhibit | Form | Exhibit | Filing Date | File No. | ||||||||||||||||||
| 8-K | 3.1 | 9/12/23 | 001-38021 | ||||||||||||||||||||
| 8-K | 3.2 | 9/12/23 | 001-38021 | ||||||||||||||||||||
| X | |||||||||||||||||||||||
| X | |||||||||||||||||||||||
| X | |||||||||||||||||||||||
32‡ | |||||||||||||||||||||||
| 101.INS | Inline XBRL Instance Document | X | |||||||||||||||||||||
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document | X | |||||||||||||||||||||
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | X | |||||||||||||||||||||
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | X | |||||||||||||||||||||
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | X | |||||||||||||||||||||
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | X | |||||||||||||||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | X | |||||||||||||||||||||
51 | ||||||||
| HAMILTON LANE INCORPORATED | |||||
| By: | /s/ Jeffrey Armbrister | ||||
| Name: Jeffrey Armbrister | |||||
| Title: Chief Financial Officer and Treasurer (Principal Financial Officer and Authorized Signatory) | |||||
| Date: | August 5, 2025 | ||||
| /s/ Erik R. Hirsch | |||||
| Erik R. Hirsch | |||||
| Co-Chief Executive Officer | |||||
| Date: | August 5, 2025 | ||||
/s/ Juan Delgado-Moreira | |||||
Juan Delgado-Moreira | |||||
| Co-Chief Executive Officer | |||||
| Date: | August 5, 2025 | ||||
| /s/ Jeffrey Armbrister | |||||
| Jeffrey Armbrister | |||||
| Chief Financial Officer | |||||
| /s/ Erik R. Hirsch | ||
| Erik R. Hirsch | ||
| Co-Chief Executive Officer | ||
| /s/ Juan Delgado-Moreira | ||
| Juan Delgado-Moreira | ||
| Co-Chief Executive Officer | ||
/s/ Jeffrey Armbrister | ||
| Jeffrey Armbrister | ||
| Chief Financial Officer | ||
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2025 |
Mar. 31, 2025 |
|---|---|---|
| Class of Stock [Line Items] | ||
| Other liabilities, fair value | $ 11,825 | |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $ 140 | $ (141) |
| Class A Common Stock | ||
| Class of Stock [Line Items] | ||
| Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
| Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
| Common stock, shares issued (in shares) | 43,501,270 | 43,497,538 |
| Common stock, shares outstanding (in shares) | 43,501,270 | 43,497,538 |
| Class B Common Stock | ||
| Class of Stock [Line Items] | ||
| Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
| Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
| Common stock, shares issued (in shares) | 12,178,412 | 12,178,412 |
| Common stock, shares outstanding (in shares) | 12,178,412 | 12,178,412 |
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Net income | $ 77,070 | $ 87,087 |
| Other comprehensive income, net of tax | ||
| Foreign currency translation | 367 | 0 |
| Total other comprehensive income, net of tax | 367 | 0 |
| Comprehensive income | 77,437 | 87,087 |
| Less: | ||
| Total comprehensive income attributable to Hamilton Lane Incorporated | 54,026 | 58,964 |
| General Partnerships | ||
| Less: | ||
| Comprehensive (loss) income attributable to non-controlling interests | 142 | 346 |
| Hamilton Lane Advisors, L.L.C. | ||
| Less: | ||
| Comprehensive (loss) income attributable to non-controlling interests | 21,807 | 27,645 |
| Hamilton Lane Alliance Holdings I, Inc. | ||
| Less: | ||
| Comprehensive (loss) income attributable to non-controlling interests | $ 1,462 | $ 132 |
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands |
Total |
Additional Paid in Capital |
Accumulated Other Comprehensive Income |
Retained Earnings |
Noncontrolling Interests
General Partnerships
|
Noncontrolling Interests
Hamilton Lane Advisors, L.L.C.
|
Noncontrolling Interests
Consolidated Funds
|
Class A Common Stock
Common Stock
|
Class B Common Stock
Common Stock
|
|---|---|---|---|---|---|---|---|---|---|
| Beginning balance at Mar. 31, 2024 | $ 675,958 | $ 208,402 | $ 0 | $ 316,696 | $ 5,043 | $ 145,762 | $ 0 | $ 41 | $ 14 |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
| Net income | 87,087 | 58,964 | 346 | 27,645 | 132 | ||||
| Other comprehensive income | 0 | ||||||||
| Equity-based compensation | 3,223 | 2,372 | 851 | ||||||
| Purchase and retirement of Class A stock for tax withholding | (527) | (388) | (139) | ||||||
| Dividends declared | (19,451) | (19,451) | |||||||
| Capital contributions from non-controlling interests, net | 4,500 | 0 | 4,500 | ||||||
| Member distributions | (14,609) | (14,609) | |||||||
| Employee Share Purchase Plan share issuance | 649 | 478 | 171 | ||||||
| Equity reallocation between controlling and non-controlling interests | 0 | (765) | 765 | ||||||
| Ending balance at Jun. 30, 2024 | 736,830 | 210,099 | 0 | 356,209 | 5,389 | 160,446 | 4,632 | 41 | 14 |
| Beginning balance at Mar. 31, 2025 | 923,895 | 261,856 | (141) | 455,511 | 6,024 | 176,731 | 23,859 | 43 | 12 |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
| Net income | 77,070 | 53,745 | 142 | 21,721 | 1,462 | ||||
| Other comprehensive income | 367 | 281 | 86 | ||||||
| Equity-based compensation | 12,799 | 9,804 | 2,995 | ||||||
| Purchase and retirement of Class A stock for tax withholding | (7) | (5) | (2) | ||||||
| Dividends declared | (22,342) | (22,342) | |||||||
| Capital contributions from non-controlling interests, net | 15,506 | 19 | 15,487 | ||||||
| Member distributions | (13,058) | (13,058) | |||||||
| Employee Share Purchase Plan share issuance | 816 | 624 | 191 | 1 | |||||
| Equity reallocation between controlling and non-controlling interests | 0 | (588) | 588 | ||||||
| Ending balance at Jun. 30, 2025 | $ 995,046 | $ 271,691 | $ 140 | $ 486,914 | $ 6,185 | $ 189,252 | $ 40,808 | $ 44 | $ 12 |
Organization |
3 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Organization | 1. Organization Hamilton Lane Incorporated (“HLI”) was incorporated in the State of Delaware on December 31, 2007 and, following its 2017 initial public offering, is a holding company whose principal asset is a controlling equity interest in Hamilton Lane Advisors, L.L.C. (“HLA”). As the sole managing member of HLA, HLI operates and controls all of the business and affairs of HLA, and through HLA, conducts its business. As a result, HLI consolidates HLA’s financial results and reports a non-controlling interest (“NCI”) related to the portion of HLA units not owned by HLI. The assets and liabilities of HLA represent substantially all of HLI’s consolidated assets and liabilities with the exception of certain cash, certain deferred tax assets and liabilities, payables to related parties pursuant to a tax receivable agreement, and dividends payable. Unless otherwise specified, “the Company” refers to the consolidated entity of HLI, HLA and subsidiaries throughout the remainder of these notes. As of each of June 30, 2025 and March 31, 2025, HLI held approximately 76.6% of the economic interest in HLA. As future exchanges of HLA units occur pursuant to the exchange agreement, the economic interest in HLA held by HLI will increase. HLA is a registered investment advisor with the United States Securities and Exchange Commission (“SEC”), providing asset management and advisory services to design, build and manage private markets portfolios. HLA generates revenues primarily from management and advisory fees, comprised of specialized fund and customized separate account management fees, advisory and reporting fees and distribution management fees and, to a lesser extent, incentive fees, comprised of carried interest earned from our specialized funds and certain customized separate accounts structured as single-client funds in which we have a general partner commitment, and performance fees earned on certain other specialized funds and customized separate accounts. HLA sponsors the formation, and serves as the general partner, managing member and/or investment manager, of various specialized funds and certain single client separate account entities (“Funds”) that acquire interests in third-party managed investment funds that make private markets and related investments or otherwise invest directly in such investments. The Company, which includes certain subsidiaries that serve as the general partner or managing member of the Funds, may invest its own capital in the Funds and generally makes all investment and/or operating decisions for the Funds. HLA operates several wholly owned entities through which it conducts its foreign operations.
|
Summary of Significant Accounting Policies |
3 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Accounting Policies [Abstract] | |
| Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information including the accounts of the Company, its wholly owned subsidiaries, and entities that the Company controls, for which all intercompany transactions and balances have been eliminated in consolidation. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Management believes it has made all necessary adjustments (which consisted of only normal recurring items) so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing the condensed consolidated financial statements are reasonable and prudent. Results of operations for the three months ended June 30, 2025 are not necessarily indicative of the results that may be expected for the year ending March 31, 2026. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in HLI’s Annual Report on Form 10-K for the fiscal year ended March 31, 2025. Consolidation 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. The Consolidated Funds and Partnerships are included in the Company’s consolidated financial statements. The portion of the Consolidated Funds and Partnerships owned by third parties is presented as non-controlling interests in the Condensed Consolidated Balance Sheets and income attributable to non-controlling interests in the Condensed Consolidated Statements of Income. The assets of the Partnerships represent investments in Funds and the assets of the Consolidated Funds generally represent cash and investments. The assets may only be used to settle obligations of the respective Consolidated Fund or Partnership, if any. In addition, there is no recourse to the Company for the consolidated liabilities, except for certain entities in which there could be a clawback of previously distributed carried interest. Once the Company no longer qualifies as the primary beneficiary or holds a majority voting interest, it deconsolidates all the assets and liabilities of the respective Partnership or Fund from the Condensed Consolidated Balance Sheets and records any remaining interest in the entity using the equity method within investments in the Condensed Consolidated Balance Sheets. At each reporting date, the Company determines whether any reconsideration events have occurred that require it to revisit the consolidation analysis and will consolidate or deconsolidate accordingly. See Note 6 for additional disclosures on variable interest entities (“VIE”). Accounting for Differing Fiscal Periods The Funds primarily have a fiscal year end as of December 31, and the Company accounts for its investments in the Funds using a three-month lag due to the timing of financial information received from the investments held by the Funds. The Funds primarily invest in private equity funds, which generally require at least 90 days following the calendar year end to present audited financial statements. The results of the Consolidated Funds are reported on a three-month lag, due to the timing of the receipt of related financial statements. The Company records its share of capital contributions to and distributions from the Funds in investments in the Condensed Consolidated Balance Sheets during the three-month lag period. The Company’s revenue earned from Funds, including both management and advisory fee revenue and incentive fee revenue, is not accounted for on a lag. Fair Value of Financial Instruments The Company utilizes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach, and cost approach). The levels of the hierarchy are described below: •Level 1: Values are determined using quoted market prices for identical financial instruments in an active market. •Level 2: Values are determined using quoted prices for similar financial instruments and valuation models whose inputs are observable. •Level 3: Values are determined using pricing models that use significant inputs that are primarily unobservable, discounted cash flow methodologies or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. The Company uses these levels of hierarchy to measure the fair value of certain financial instruments on a recurring basis, such as for investments; on a non-recurring basis, such as for acquisitions and impairment testing; for disclosure purposes, such as for long-term debt; and for other applications, as discussed in their respective notes. Categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. For a portion of our investments, net asset value per share (“NAV”) (or its equivalent) is utilized to measure fair value. These investments are considered investment companies, or are the equivalent of investment companies, as they carry all investments at fair value, with unrealized gains and losses resulting from changes in fair value reflected in earnings. Investments valued using NAV are excluded from the fair value hierarchy. See Note 5 for further information. The carrying amount of cash and cash equivalents, fees receivable, and accounts payable approximate fair value due to the immediate or short-term maturity of these financial instruments. Recent Accounting Pronouncements In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-06 - Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The amendments in this ASU incorporate 14 of the 27 disclosure requirements published in SEC Release No. 33-10532 - Disclosure Update and Simplification into various topics within the Accounting Standards Codification. The amendments represent clarifications to, or technical corrections of, current requirements. For SEC registrants, the effective date for each amendment will be the date on which the SEC removes that related disclosure from its rules. Early adoption is prohibited. The amendments will be applied retrospectively to all prior periods presented in the condensed consolidated financial statements. The Company is currently assessing the impact of the new requirements. In November 2024, the FASB issued ASU 2024-03, Income Statement (Topic 220): Reporting Comprehensive Income - Income-Expense Disaggregation Disclosures, which requires public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the financial statements. The amendments in this ASU will be effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted and is effective on either a prospective basis or retrospective basis. The Company is currently assessing the impact of the new requirements. Segments Financial information, annual operational plans and forecasts are reviewed by the CODM at the consolidated entity level. Consolidated net income is the primary measure of performance used by the CODM to establish objectives and allocate resources, with compensation and benefits being reviewed in more detail as a significant expense. Segment profit and loss is presented in the Condensed Consolidated Statements of Income, with additional detail provided in Note 10 Compensation and Benefits relating to the significant expenses reviewed by the CODM. The measure of segment assets is not regularly presented to the CODM.
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Revenue |
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| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue | 3. Revenue The following tables present revenues disaggregated by product offering, which aligns with the identified performance obligations and the basis for calculating each amount:
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Investments |
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| Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments | 4. Investments Investments consist of the following:
Investments of Consolidated Funds and Partnerships consist of the following:
Equity method investments The Company’s equity method investments in Funds represent its ownership in certain specialized funds and customized separate accounts. The strategies and geographic location of investments vary by Fund. The Company has a 1% interest in substantially all of the Funds. The Company’s other equity method investments represent its ownership in a technology company to develop an AI-powered investment assistant for private markets. Fair value investments The Company’s fair value investments represent investments held by Consolidated Funds and investments in private equity funds and direct credit and equity investments that are held as collateral on the Company’s secured financing. The private equity fund investments can only be redeemed through distributions received from the liquidation of underlying investments of the fund, and the timing of distributions is currently indeterminable. The cost of the assets held as collateral was $4,853 and $5,079 as of June 30, 2025 and March 31, 2025, respectively. Unrealized gains and losses from investments held by Consolidated Funds are recorded in net gain in the Condensed Consolidated Statements of Income. Gains and losses related to fair value assets held as collateral and the secured financing liability are recorded in non-operating gain, net in the Condensed Consolidated Statements of Income. The Company accounts for its secured financing at fair value under the fair value option. The primary reason for electing the fair value option is to mitigate volatility in earnings from using different measurement attributes. The significant input to the fair value of the secured financing is the fair value of the fair value investments delivered as collateral which are estimated using Level 3 inputs with the significant inputs as shown in Note 5 below. The Company recognized a loss of $151 and a gain of $948 on fair value investments held as collateral during the three months ended June 30, 2025 and 2024, respectively, which are recorded in non-operating gain, net. The Company recognized a gain of $151 and a loss of $948 on the secured financing liability during the three months ended June 30, 2025 and 2024, respectively, that are recorded in non-operating gain, net in the Condensed Consolidated Statements of Income. The Company recognized no gain or loss during the three months ended June 30, 2025 and a loss of $7 during the three months ended June 30, 2024 on Level 3 fair value investments held by Consolidated Funds. Gains and losses related to fair value assets held by Consolidated Funds are recorded in net gain in the Condensed Consolidated Statements of Income. Measurement Alternative Investments The following table summarizes the activity related to the Company’s measurement alternative investments:
(1) Net change in unrealized gain consists of fair value adjustments for observable price changes of identical or similar investments. The following table summarizes the cumulative gross unrealized gains and cumulative gross unrealized losses related to the Company’s measurement alternative investments:
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Fair Value Measurements |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements | 5. Fair Value Measurements The following tables summarize the Company’s financial assets and financial liabilities recorded at fair value by fair value hierarchy level:
(1) The fair value amounts presented in this column are intended to permit reconciliation of the fair value hierarchy to the amounts presented in Note 4. (2) Secured financing is recorded within other liabilities in the Condensed Consolidated Balance Sheets. The following tables list information regarding all investments recorded at estimated fair value based upon the NAV:
The investments valued under NAV can only be redeemed through distributions received from the liquidation of the underlying investments, and the timing of distributions is currently indeterminable. The following is a reconciliation of fair value investments for which significant unobservable inputs (Level 3) were used in determining value:
The following is a reconciliation of investments held by our Consolidated Funds and Partnerships for which significant unobservable inputs (Level 3) were used in determining value:
(1) An equity investment was transferred out of Level 3 as a result of utilizing NAV to estimate fair value.
The valuation methodologies, significant unobservable inputs, range of inputs and the weighted average input determined based upon relative fair value of the investments used in recurring Level 3 fair value measurements of assets were as follows, as of June 30, 2025:
For the significant unobservable inputs listed in the table above, a significant increase or decrease in the selected market return would result in a significantly higher or lower fair value measurement, respectively.
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Variable Interest Entities | 6. Variable Interest Entities The Company holds variable interests in entities that are considered VIEs because limited partners lack the ability to remove the general partner or dissolve the entity without cause by simple majority vote (i.e., do not have substantive “kick out” or “liquidation” rights). The Company’s variable interest in such entities is in the form of direct equity interests in the Funds in which it also serves as the general partner or managing member. In the Company’s role as general partner or managing member, it generally considers itself the sponsor of the applicable Funds and makes all investment and operating decisions. The Company consolidates VIEs in which it is determined that the Company is the primary beneficiary. Consolidated Variable Interest Entities The following table presents the assets and liabilities of consolidated VIEs that are included in the Condensed Consolidated Balance Sheets .
Non-consolidated Variable Interest Entities Certain Funds that are VIEs are not consolidated because the Company has determined it is not the primary beneficiary based upon the Company’s equity interest percentage in each of the applicable VIEs. As of June 30, 2025, the total remaining unfunded commitments to the non-consolidated VIEs was $153,651. Investor commitments are the primary source of financing for the non-consolidated VIEs. The maximum exposure to loss represents the potential loss of assets recognized by the Company relating to these non-consolidated VIEs. The Company believes that its maximum exposure to loss is limited because it establishes separate limited liability or limited partnership entities to serve as the general partner or managing member of the Funds. The carrying value of assets and liabilities recognized in the Condensed Consolidated Balance Sheets related to the Company’s interests in these non-consolidated VIEs and the Company’s maximum exposure to loss relating to non-consolidated VIEs were as follows:
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Debt |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | 7. Debt The Company’s debt consisted of the following:
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Equity |
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity | 8. Equity The following table shows a rollforward of the Company’s common stock outstanding since March 31, 2025:
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Equity-Based Compensation |
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| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity-Based Compensation | 9. Equity Based Compensation Restricted Stock Awards A summary of restricted stock activity for the three months ended June 30, 2025 is presented below:
As of June 30, 2025, total unrecognized compensation expense related to restricted stock awards was $49,158. Performance Awards A summary of performance award activity for the three months ended June 30, 2025 is presented below:
As of June 30, 2025, total estimated unrecognized expense related to the unvested performance awards was $131,819.
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Compensation and Benefits |
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| Compensation Related Costs [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Compensation and Benefits | 10. Compensation and Benefits The Company has recorded the following amounts related to compensation and benefits:
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Income Tax |
3 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Income Tax Disclosure [Abstract] | |
| Income Tax | 11. Income Tax The Company’s effective tax rate used for interim periods is based on an estimated annual effective tax rate including the tax effect of items required to be recorded discretely in the interim period in which those items occur. The effective tax rate is dependent on many factors, including the estimated amount of income subject to income tax; therefore, the effective tax rate can vary from period to period. The Company evaluates the realizability of its deferred tax asset on a quarterly basis and adjusts the valuation allowance when it is more likely than not that all or a portion of the deferred tax asset may not be realized. The Company’s effective tax rates were 19.3% and 18.4% for the three months ended June 30, 2025 and 2024, respectively. The effective tax rates were different from the statutory tax rates due to income allocated to NCI. As of June 30, 2025, the Company had no unrecognized tax positions and believes there will be no changes to uncertain tax positions within the next 12 months. In December 2021, the Organization for Economic Co-operation and Development (“OECD”) introduced a 15% global minimum tax under the Pillar Two Global Anti-Base Erosion model rules. Several OECD member countries have enacted tax legislation based on certain elements of these rules that became effective on January 1, 2024. Other jurisdictions have announced the intent to implement these rules, but the rules remain subject to significant negotiation, potential change, and phase-in periods. As of June 30, 2025, the Company is not subject to the Pillar Two model rules and will continue to monitor legislative developments and the potential impact on future periods.
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Earnings per Share |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings per Share | 12. Earnings per Share The following table presents the basic earnings per share (“EPS”) for a share of Class A common stock:
Shares of the Company’s Class B common stock do not share in the earnings or losses attributable to HLI, and, therefore, are not participating shares. As a result, a separate presentation of basic and diluted EPS of Class B common stock under the two-class method has not been included. Shares of the Company’s Class B common stock are, however, considered potentially dilutive to the Class A common stock because the Class B units to which the Class B common stock corresponds are exchangeable for shares of Class A common stock on a one-for-one basis, at which time the share of Class B common stock is surrendered in exchange for a payment of its par value. The following table presents the diluted EPS for a share of Class A common stock:
The adjustments to net income for dilutive shares are based upon the additional income that would be allocated to HLI for the change in its ownership percentage due to the dilutive shares and adjusted for the incremental income tax expense related to the additional allocated income. Net income (loss) recorded by HLI on a standalone basis will determine if the Class B and Class C units are dilutive or antidilutive in each respective period. The following table presents the weighted-average Performance Awards excluded from diluted EPS that would have been antidilutive or for which the market condition has not been achieved as of the period reported:
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Related Party Transactions |
3 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | 13. Related Party Transactions The Company considers its employees, directors, and equity method investments to be related parties. Revenue and Receivables The Company earned management and advisory fees from Funds of $107,486 and $115,048 for the three months ended June 30, 2025 and 2024, respectively. The Company earned incentive fees from Funds of $40,921 and $55,320 for the three months ended June 30, 2025 and 2024, respectively. Fees receivable from the Funds were $136,375 and $156,776 as of June 30, 2025 and March 31, 2025, respectively, and are included in fees receivable in the Condensed Consolidated Balance Sheets.
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Supplemental Cash Flow |
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| Supplemental Cash Flow | 14. Supplemental Cash Flow
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Commitments and Contingencies |
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies | 15. Commitments and Contingencies Litigation In the ordinary course of business, the Company may be subject to various legal, regulatory, and/or administrative proceedings from time to time. Although there can be no assurance of the outcome of such proceedings, in the opinion of management, the Company does not believe it is probable that any pending or, to its knowledge, threatened legal proceeding or claim would individually or in the aggregate materially affect its condensed consolidated financial statements. Incentive Fees The Funds have allocated carried interest still subject to contingencies that did not meet the Company’s criteria for revenue recognition in the amounts of $1,309,480 and $1,260,277, net of amounts attributable to NCI, at June 30, 2025 and March 31, 2025, respectively. If the Company ultimately receives the unrecognized carried interest, a total of $327,370 and $315,069 as of June 30, 2025 and March 31, 2025, respectively, would potentially be payable to certain employees and third parties pursuant to compensation arrangements related to carried interest profit-sharing plans. Such amounts have not been recorded in the Condensed Consolidated Balance Sheets or Condensed Consolidated Statements of Income as the payment is not yet probable. Leases The Company’s leases consist primarily of operating leases for office space and office equipment in various locations around the world. Some leases have the option to extend for an additional term or terminate early. Short-term lease costs are not material. The following table shows lease costs and other supplemental information related to the Company’s operating leases:
As of June 30, 2025, the maturities of operating lease liabilities were as follows:
Commitments The Company serves as the investment manager of the Funds. The general partner or managing member of each Fund is generally a separate subsidiary of the Company and has agreed to invest funds on the same basis as the limited partners in most instances. The Company’s aggregate unfunded commitment to the Funds was $264,668 and $312,215 as of June 30, 2025 and March 31, 2025, respectively. In connection with certain of the Company’s strategic technology investments, a percentage of realized gains will be paid to one of our Co-CEOs for overseeing the initial investments and up to 15% may be paid as a discretionary bonus to other employees as those gains are realized. The Company has an unrealized net gain on strategic investments of $34,221 as of June 30, 2025. The Company offers an Employee Investment Program (“EIP”) through which certain employees are able to invest directly into certain Company managed Funds as individual limited partners (“LPs”). The employees also have an option to enter into a loan agreement with the Company or a third-party lender to fund committed capital. The loan is collateralized by the underlying LP’s interest in the fund and return of capital distributions are utilized to pay the outstanding loan balance. The Company entered into a separate agreement with the third-party lender to backstop the employee’s performance under the loan with a commitment to purchase the LP interest from the lender at the greater of fair value or the outstanding balance of the loan in the event of a default by the employee. As of June 30, 2025, the total amount of outstanding loans at the third-party lender under the EIP was $1,196, and the Company believes the risk of default by an employee to be remote.
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Subsequent Events |
3 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | 16. Subsequent Events On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law in the United States. The OBBBA contains several provisions revising the U.S. federal corporate income tax by, among other things, extending many expiring provisions from the Tax Cuts and Jobs Act of 2017, modifying the international tax framework, and restoring favorable tax treatment for certain business provisions. We are still evaluating the impact of these provisions on our financial statements. Dividend Declared On August 5, 2025, the Company announced a quarterly dividend of $0.54 per share of Class A common stock to record holders at the close of business on September 19, 2025. The payment date will be October 6, 2025.
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Insider Trading Arrangements |
3 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accounting Policies (Policies) |
3 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Accounting Policies [Abstract] | |
| Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information including the accounts of the Company, its wholly owned subsidiaries, and entities that the Company controls, for which all intercompany transactions and balances have been eliminated in consolidation. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Management believes it has made all necessary adjustments (which consisted of only normal recurring items) so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing the condensed consolidated financial statements are reasonable and prudent. Results of operations for the three months ended June 30, 2025 are not necessarily indicative of the results that may be expected for the year ending March 31, 2026. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in HLI’s Annual Report on Form 10-K for the fiscal year ended March 31, 2025.
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| Consolidation | Consolidation 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. The Consolidated Funds and Partnerships are included in the Company’s consolidated financial statements. The portion of the Consolidated Funds and Partnerships owned by third parties is presented as non-controlling interests in the Condensed Consolidated Balance Sheets and income attributable to non-controlling interests in the Condensed Consolidated Statements of Income. The assets of the Partnerships represent investments in Funds and the assets of the Consolidated Funds generally represent cash and investments. The assets may only be used to settle obligations of the respective Consolidated Fund or Partnership, if any. In addition, there is no recourse to the Company for the consolidated liabilities, except for certain entities in which there could be a clawback of previously distributed carried interest. Once the Company no longer qualifies as the primary beneficiary or holds a majority voting interest, it deconsolidates all the assets and liabilities of the respective Partnership or Fund from the Condensed Consolidated Balance Sheets and records any remaining interest in the entity using the equity method within investments in the Condensed Consolidated Balance Sheets. At each reporting date, the Company determines whether any reconsideration events have occurred that require it to revisit the consolidation analysis and will consolidate or deconsolidate accordingly.
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| Accounting for Differing Fiscal Periods | Accounting for Differing Fiscal Periods The Funds primarily have a fiscal year end as of December 31, and the Company accounts for its investments in the Funds using a three-month lag due to the timing of financial information received from the investments held by the Funds. The Funds primarily invest in private equity funds, which generally require at least 90 days following the calendar year end to present audited financial statements. The results of the Consolidated Funds are reported on a three-month lag, due to the timing of the receipt of related financial statements. The Company records its share of capital contributions to and distributions from the Funds in investments in the Condensed Consolidated Balance Sheets during the three-month lag period. The Company’s revenue earned from Funds, including both management and advisory fee revenue and incentive fee revenue, is not accounted for on a lag.
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| Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company utilizes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach, and cost approach). The levels of the hierarchy are described below: •Level 1: Values are determined using quoted market prices for identical financial instruments in an active market. •Level 2: Values are determined using quoted prices for similar financial instruments and valuation models whose inputs are observable. •Level 3: Values are determined using pricing models that use significant inputs that are primarily unobservable, discounted cash flow methodologies or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. The Company uses these levels of hierarchy to measure the fair value of certain financial instruments on a recurring basis, such as for investments; on a non-recurring basis, such as for acquisitions and impairment testing; for disclosure purposes, such as for long-term debt; and for other applications, as discussed in their respective notes. Categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. For a portion of our investments, net asset value per share (“NAV”) (or its equivalent) is utilized to measure fair value. These investments are considered investment companies, or are the equivalent of investment companies, as they carry all investments at fair value, with unrealized gains and losses resulting from changes in fair value reflected in earnings. Investments valued using NAV are excluded from the fair value hierarchy. See Note 5 for further information. The carrying amount of cash and cash equivalents, fees receivable, and accounts payable approximate fair value due to the immediate or short-term maturity of these financial instruments.
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| Recent Accounting Pronouncements | Recent Accounting Pronouncements In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-06 - Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The amendments in this ASU incorporate 14 of the 27 disclosure requirements published in SEC Release No. 33-10532 - Disclosure Update and Simplification into various topics within the Accounting Standards Codification. The amendments represent clarifications to, or technical corrections of, current requirements. For SEC registrants, the effective date for each amendment will be the date on which the SEC removes that related disclosure from its rules. Early adoption is prohibited. The amendments will be applied retrospectively to all prior periods presented in the condensed consolidated financial statements. The Company is currently assessing the impact of the new requirements. In November 2024, the FASB issued ASU 2024-03, Income Statement (Topic 220): Reporting Comprehensive Income - Income-Expense Disaggregation Disclosures, which requires public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the financial statements. The amendments in this ASU will be effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted and is effective on either a prospective basis or retrospective basis. The Company is currently assessing the impact of the new requirements.
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| Segments | Segments Financial information, annual operational plans and forecasts are reviewed by the CODM at the consolidated entity level. Consolidated net income is the primary measure of performance used by the CODM to establish objectives and allocate resources, with compensation and benefits being reviewed in more detail as a significant expense. Segment profit and loss is presented in the Condensed Consolidated Statements of Income, with additional detail provided in Note 10 Compensation and Benefits relating to the significant expenses reviewed by the CODM. The measure of segment assets is not regularly presented to the CODM.
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Revenue (Tables) |
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Disaggregation of Revenue | The following tables present revenues disaggregated by product offering, which aligns with the identified performance obligations and the basis for calculating each amount:
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Investments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Investment | Investments consist of the following:
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| Schedule of Variable Interest Entities | Investments of Consolidated Funds and Partnerships consist of the following:
The carrying value of assets and liabilities recognized in the Condensed Consolidated Balance Sheets related to the Company’s interests in these non-consolidated VIEs and the Company’s maximum exposure to loss relating to non-consolidated VIEs were as follows:
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| Schedule of Equity Securities without Readily Determinable Fair Value | The following table summarizes the activity related to the Company’s measurement alternative investments:
(1) Net change in unrealized gain consists of fair value adjustments for observable price changes of identical or similar investments.
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| Schedule of Cumulative Gross Unrealized Gains(Loss) | The following table summarizes the cumulative gross unrealized gains and cumulative gross unrealized losses related to the Company’s measurement alternative investments:
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Fair Value Measurement (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Financial Assets and Liabilities | The following tables summarize the Company’s financial assets and financial liabilities recorded at fair value by fair value hierarchy level:
(1) The fair value amounts presented in this column are intended to permit reconciliation of the fair value hierarchy to the amounts presented in Note 4. (2) Secured financing is recorded within other liabilities in the Condensed Consolidated Balance Sheets.
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| Schedule of Estimated Fair Value Based Upon The Net Asset Value | The following tables list information regarding all investments recorded at estimated fair value based upon the NAV:
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| Schedule of Reconciliation of Other Investments | The following is a reconciliation of fair value investments for which significant unobservable inputs (Level 3) were used in determining value:
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| Schedule of Reconciliation of Investments Held by Consolidated Funds | The following is a reconciliation of investments held by our Consolidated Funds and Partnerships for which significant unobservable inputs (Level 3) were used in determining value:
(1) An equity investment was transferred out of Level 3 as a result of utilizing NAV to estimate fair value.
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| Schedule of Assumptions Used | The valuation methodologies, significant unobservable inputs, range of inputs and the weighted average input determined based upon relative fair value of the investments used in recurring Level 3 fair value measurements of assets were as follows, as of June 30, 2025:
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Variable Interest Entities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Variable Interest Entities | Investments of Consolidated Funds and Partnerships consist of the following:
The carrying value of assets and liabilities recognized in the Condensed Consolidated Balance Sheets related to the Company’s interests in these non-consolidated VIEs and the Company’s maximum exposure to loss relating to non-consolidated VIEs were as follows:
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Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Debt | The Company’s debt consisted of the following:
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Equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Rollforward of Common Stock | The following table shows a rollforward of the Company’s common stock outstanding since March 31, 2025:
|
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Equity-Based Compensation (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Restricted Stock Activity | A summary of restricted stock activity for the three months ended June 30, 2025 is presented below:
|
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| Schedule of Performance Units Activity |
|
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Compensation and Benefits (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Compensation Related Costs [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Compensation and Benefits | The Company has recorded the following amounts related to compensation and benefits:
|
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Earnings per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Basic Earnings Per Share | The following table presents the basic earnings per share (“EPS”) for a share of Class A common stock:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Diluted Earnings Per Share | The following table presents the diluted EPS for a share of Class A common stock:
The adjustments to net income for dilutive shares are based upon the additional income that would be allocated to HLI for the change in its ownership percentage due to the dilutive shares and adjusted for the incremental income tax expense related to the additional allocated income. Net income (loss) recorded by HLI on a standalone basis will determine if the Class B and Class C units are dilutive or antidilutive in each respective period.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Weighted-Average Shares Excluded from Calculation of Diluted Earnings Per Share | The following table presents the weighted-average Performance Awards excluded from diluted EPS that would have been antidilutive or for which the market condition has not been achieved as of the period reported:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Supplemental Cash Flow Disclosures |
|
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Commitments and Contingencies (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Lease Supplemental Cash Flow Information, Term and Discount Rate | The following table shows lease costs and other supplemental information related to the Company’s operating leases:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Operating Lease Liability Maturities | As of June 30, 2025, the maturities of operating lease liabilities were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization - Narrative (Details) |
Jun. 30, 2025 |
Mar. 31, 2025 |
|---|---|---|
| Hamilton Lane Advisors, L.L.C. | ||
| Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
| Percent of economic interest held | 76.60% | 76.60% |
Investments - Schedule of Investments (Details) - USD ($) $ in Thousands |
Jun. 30, 2025 |
Mar. 31, 2025 |
Jun. 30, 2024 |
Mar. 31, 2024 |
|---|---|---|---|---|
| Schedule of Equity Method Investments [Line Items] | ||||
| Fair value investments | $ 11,825 | $ 12,190 | ||
| Measurement alternative investments | 198,555 | 198,142 | $ 188,922 | $ 175,522 |
| Total Investments | 674,453 | 664,354 | ||
| Equity method investments in Funds | ||||
| Schedule of Equity Method Investments [Line Items] | ||||
| Equity method investments | 463,938 | 453,636 | ||
| Other equity method investments | ||||
| Schedule of Equity Method Investments [Line Items] | ||||
| Equity method investments | $ 135 | $ 386 |
Investments - Schedule of Variable Interest Entities (Details) - Consolidated VIEs - USD ($) $ in Thousands |
Jun. 30, 2025 |
Mar. 31, 2025 |
|---|---|---|
| Schedule of Equity Method Investments [Line Items] | ||
| Equity method investments in Funds | $ 20,256 | $ 19,292 |
| Fair value investments | 167,819 | 77,408 |
| Total Investments of Consolidated Funds and Partnerships | $ 188,075 | $ 96,700 |
Investments - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Mar. 31, 2025 |
|
| Schedule of Equity Method Investments [Line Items] | |||
| Gain (loss) on other investments | $ 413 | $ 8,739 | |
| Unrealized gain (loss) on secured borrowings, fair value adjustment | (948) | ||
| Net gain (loss) | (151) | 948 | |
| Consolidated Funds | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Net gain (loss) | 0 | (7) | |
| Reported Value Measurement | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Fair value investments | $ 4,853 | $ 5,079 | |
| Equity method investments in Funds | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Percent interest in partnerships | 1.00% | ||
| Investment, Held As Collateral | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Gain (loss) on other investments | $ (151) | $ 948 | |
| Unrealized gain (loss) on secured borrowings, fair value adjustment | $ 151 | ||
Investments - Schedule of Equity Securities without Readily Determinable Fair Value (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Carrying amount beginning of the period | $ 198,142 | $ 175,522 |
| Purchases | 0 | 5,001 |
| Sales / return of capital | 0 | 0 |
| Net change in unrealized gain | 413 | 8,399 |
| Net realized loss | 0 | 0 |
| Carrying amount, end of period | $ 198,555 | $ 188,922 |
Investments - Schedule of Cumulative Gross Unrealized Gains(Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
|---|---|---|
Jun. 30, 2025 |
Mar. 31, 2025 |
|
| Equity Method Investments and Joint Ventures [Abstract] | ||
| Cumulative gross unrealized gains | $ 79,415 | $ 79,002 |
| Cumulative gross unrealized losses | $ (43,289) | $ (43,289) |
Fair Value Measurement - Schedule of Estimated Fair Value Based Upon the Net Asset Value (Details) - NAV $ in Thousands |
Jun. 30, 2025
USD ($)
|
|---|---|
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
| Fair value investments | $ 109,570 |
| Unfunded Commitment | 21,937 |
| Direct/Co-Investment Funds | |
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
| Fair value investments | 20,916 |
| Unfunded Commitment | 2,142 |
| Secondary Funds | |
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
| Fair value investments | 88,654 |
| Unfunded Commitment | $ 19,795 |
Variable Interest Entities - Schedule of Unconsolidated VIEs (Details) - USD ($) $ in Thousands |
Jun. 30, 2025 |
Mar. 31, 2025 |
|---|---|---|
| Variable Interest Entity [Line Items] | ||
| Investments | $ 674,453 | $ 664,354 |
| Fees receivable | 158,061 | 181,411 |
| Total assets | 1,802,038 | 1,690,355 |
| Total liabilities | 806,992 | 766,460 |
| Consolidated VIEs | ||
| Variable Interest Entity [Line Items] | ||
| Cash and cash equivalents | 36,679 | 48,112 |
| Investments | 178,566 | 96,700 |
| Other assets | 153 | 460 |
| Total assets | 215,398 | 145,272 |
| Other liabilities | 1,162 | 922 |
| Total liabilities | 1,162 | 922 |
| Non-consolidated VIEs | ||
| Variable Interest Entity [Line Items] | ||
| Investments | 252,529 | 256,350 |
| Fees receivable | 57,201 | 48,601 |
| Total assets | 315,903 | 309,674 |
| Less: Non-controlling interests | (2,331) | (2,497) |
| Maximum exposure to loss | 313,572 | 307,177 |
| Unfunded commitments | 153,651 | |
| Non-consolidated VIEs | Related Party | ||
| Variable Interest Entity [Line Items] | ||
| Due from related parties | $ 6,173 | $ 4,723 |
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands |
Jun. 30, 2025 |
Mar. 31, 2025 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Principal Outstanding | $ 291,250 | $ 293,125 |
| Carrying Value | 288,582 | 290,303 |
| Line of Credit | Term Loan | ||
| Debt Instrument [Line Items] | ||
| Principal Outstanding | 91,250 | 93,125 |
| Carrying Value | $ 90,883 | $ 92,736 |
| Interest Rate | 6.25% | 6.25% |
| Line of Credit | 2020 Multi-Draw Facility | ||
| Debt Instrument [Line Items] | ||
| Principal Outstanding | $ 100,000 | $ 100,000 |
| Carrying Value | $ 99,707 | $ 99,691 |
| Interest Rate | 3.50% | 3.50% |
| Senior Notes | Senior Notes | ||
| Debt Instrument [Line Items] | ||
| Principal Outstanding | $ 100,000 | $ 100,000 |
| Carrying Value | $ 97,992 | $ 97,876 |
| Interest Rate | 5.28% | 5.28% |
Equity - Schedule of Rollforward of Common Stock (Details) |
3 Months Ended |
|---|---|
|
Jun. 30, 2025
shares
| |
| Class A Common Stock | |
| Common Stock, Shares Outstanding [Roll Forward] | |
| Outstanding, beginning of period (in shares) | 43,497,538 |
| Shares issued pursuant to Employee Share Purchase Plan (in shares) | 6,760 |
| Forfeitures (in shares) | (3,010) |
| Shares repurchased for employee tax withholdings (in shares) | (18) |
| Outstanding, end of period (in shares) | 43,501,270 |
| Class B Common Stock | |
| Common Stock, Shares Outstanding [Roll Forward] | |
| Outstanding, beginning of period (in shares) | 12,178,412 |
| Shares issued pursuant to Employee Share Purchase Plan (in shares) | 0 |
| Forfeitures (in shares) | 0 |
| Shares repurchased for employee tax withholdings (in shares) | 0 |
| Outstanding, end of period (in shares) | 12,178,412 |
Equity-Based Compensation - Narrative (Details) $ in Thousands |
Jun. 30, 2025
USD ($)
|
|---|---|
| Restricted Stock | |
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
| Total unrecognized compensation expense | $ 49,158 |
| Performance Shares | |
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
| Total unrecognized compensation expense | $ 131,819 |
Compensation and Benefits - Schedule of Compensation and Benefits (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Compensation Related Costs [Abstract] | ||
| Base compensation and benefits | $ 53,515 | $ 61,020 |
| Incentive fee compensation | 3,242 | 14,192 |
| Equity-based compensation | 12,799 | 3,223 |
| Total compensation and benefits | $ 69,556 | $ 78,435 |
Income Tax (Details) - USD ($) |
3 Months Ended | |
|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Income Tax Disclosure [Abstract] | ||
| Effective tax rate | 19.30% | 18.40% |
| Unrecognized tax positions | $ 0 | |
Earnings per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Class of Stock [Line Items] | ||
| Net income attributable to HLI | $ 53,745 | $ 58,964 |
| Class A Common Stock | ||
| Class of Stock [Line Items] | ||
| Net income attributable to HLI | $ 53,745 | $ 58,964 |
| Weighted Average Shares (in shares) | 41,374,860 | 39,695,677 |
| Basic EPS of Class A common stock (in dollars per share) | $ 1.30 | $ 1.49 |
Earnings per Share - Narrative (Details) |
Jun. 30, 2025 |
|---|---|
| Class B Common Stock | |
| Class of Stock [Line Items] | |
| Common stock, conversion ratio | 1 |
Earnings per Share - Antidilutive Shares (Details) - shares |
3 Months Ended | |
|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Class A Common Stock | Performance Shares | ||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
| Performance Awards (in shares) | 1,298,878 | 476,106 |
Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Mar. 31, 2025 |
|
| Related Party Transaction [Line Items] | |||
| Revenues | $ 175,958 | $ 196,731 | |
| Fees receivable | 158,061 | $ 181,411 | |
| General Partnerships | |||
| Related Party Transaction [Line Items] | |||
| Fees receivable | 136,375 | $ 156,776 | |
| Management and advisory fees | |||
| Related Party Transaction [Line Items] | |||
| Revenues | 133,696 | 139,962 | |
| Management and advisory fees | General Partnerships | |||
| Related Party Transaction [Line Items] | |||
| Revenues | 107,486 | 115,048 | |
| Incentive fees | General Partnerships | |||
| Related Party Transaction [Line Items] | |||
| Revenues | $ 40,921 | $ 55,320 | |
Supplemental Cash Flow - Schedule of Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Mar. 31, 2025 |
|
| Non-cash operating activities: | |||
| Establishment of lease liability in exchange for right of use asset | $ 0 | $ 1,484 | |
| Non-cash investing activities: | |||
| Investments purchased by Consolidated Fund | 0 | 8,200 | |
| Non-cash financing activities: | |||
| Dividends declared but not paid | 22,342 | 19,451 | $ 20,233 |
| Member distributions declared but not paid | $ 23,845 | $ 21,638 | |
Commitments and Contingencies - Incentive Fees (Details) - USD ($) $ in Thousands |
Jun. 30, 2025 |
Mar. 31, 2025 |
|---|---|---|
| Commitments and Contingencies Disclosure [Abstract] | ||
| Carried interest still subject to contingencies | $ 1,309,480 | $ 1,260,277 |
| Incentive fees, unrecorded estimate | $ 327,370 | $ 315,069 |
Commitments and Contingencies - Commitments (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Mar. 31, 2025 |
|
| Loss Contingencies [Line Items] | |||
| Other commitment | $ 264,668 | $ 312,215 | |
| Accrued discretionary bonus | 15.00% | ||
| Net (loss) gain | $ 413 | $ 8,739 | |
| Employee loans outstanding | 1,196 | ||
| Valued Under Measurement Alternative | |||
| Loss Contingencies [Line Items] | |||
| Net (loss) gain | $ 34,221 | ||
Commitments and Contingencies - Schedule of Lease Cost, Cash Flows, and Other Supplemental Cash Flow Information Regarding Leases (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Commitments and Contingencies Disclosure [Abstract] | ||
| Operating lease costs | $ 2,324 | $ 2,206 |
| Variable lease costs | 524 | 407 |
| Cash paid for amounts included in the measurement of operating lease liabilities | $ 2,277 | $ 2,233 |
| Weighted average remaining lease term (in years) | 11 years 3 months 18 days | 11 years 7 months 6 days |
| Weighted average discount rate | 3.50% | 3.50% |
Commitments and Contingencies - Schedule of Maturity of Operating Lease Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2025 |
Mar. 31, 2025 |
|---|---|---|
| Commitments and Contingencies Disclosure [Abstract] | ||
| Remainder of FY2026 | $ 7,049 | |
| FY2027 | 9,269 | |
| FY2028 | 8,571 | |
| FY2029 | 7,724 | |
| FY2030 | 7,299 | |
| Thereafter | 53,514 | |
| Total lease payments | 93,426 | |
| Less: imputed interest | (16,516) | |
| Total operating lease liabilities | $ 76,910 | $ 78,017 |
Subsequent Events (Details) - Class A Common Stock - $ / shares |
3 Months Ended | ||
|---|---|---|---|
Aug. 05, 2025 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Subsequent Event [Line Items] | |||
| Dividends declared per share of Class A common stock (in dollars per share) | $ 0.54 | $ 0.49 | |
| Subsequent Event | |||
| Subsequent Event [Line Items] | |||
| Dividends declared per share of Class A common stock (in dollars per share) | $ 0.54 | ||
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