HAMILTON LANE INCORPORATED REPORTS SECOND QUARTER FISCAL 2027 RESULTS
Hamilton Lane INC (HLNE) filed an SEC Form 8-K — Results of Operations and Financial Condition. HAMILTON LANE INCORPORATED REPORTS SECOND QUARTER FISCAL 2027 RESULTS CONSHOHOCKEN, PENN. – November 3, 2026 – Leading private markets asset management firm Hamilton Lane Incorporated (Nasdaq: HLNE) today reported its results for the second fiscal quarter ended September 30, 2026
How this was made
The 30-second read
Why it matters
The earnings release provides fresh financial metrics and a dividend hike, offering traders a basis for short-term positioning.
Market read
The report adds new data for a major asset manager, influencing its stock and sector sentiment.
What to watch
Potential pressure from rising interest rates on private market valuations.
Hamilton Lane Incorporated reported second quarter fiscal 2027 total revenues of $204,430, up 7%, with GAAP net income attributable to Hamilton Lane Incorporated of $77,486, up 9%, and declared a $0.60 quarterly dividend.
Management and advisory fees, fee-related earnings, adjusted net income and non-GAAP EPS increased, while quarterly incentive fees and total incentive-related revenue declined from the prior-year quarter. Six-month results were materially stronger, supported by incentive fees and management and advisory fee growth.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenues, three months ended September 30, 2026GAAP | $204.4M | – | 7 % |
| Management and advisory fees, three months ended September 30, 2026GAAP | $164.0M | – | 15 % |
| Incentive fees, three months ended September 30, 2026GAAP | $40.40M | – | (9) % |
| Consolidated Funds and Partnerships incentive fees, three months ended September 30, 2026GAAP | — | – | (100) % |
| Total expenses, three months ended September 30, 2026GAAP | $118.1M | – | 6 % |
| Compensation and benefits, three months ended September 30, 2026GAAP | $77.47M | – | 1 % |
| General, administrative and other, three months ended September 30, 2026GAAP | $38.04M | – | 13 % |
| Income before income taxes, three months ended September 30, 2026GAAP | $178.6M | – | 52 % |
| Income tax expense, three months ended September 30, 2026GAAP | $29.68M | – | 112 % |
| Net income, three months ended September 30, 2026GAAP | $148.9M | – | 44 % |
| Net income attributable to Hamilton Lane Incorporated, three months ended September 30, 2026GAAP | $77.49M | – | 9 % |
| Basic earnings per share of Class A common stock, three months ended September 30, 2026GAAP | $1.88 | – | 10 % |
| Diluted earnings per share of Class A common stock, three months ended September 30, 2026GAAP | $1.87 | – | 11 % |
| Fee related management and advisory fees, three months ended September 30, 2026non-GAAP | $167.4M | – | 18 % |
| Fee related performance revenues, three months ended September 30, 2026non-GAAP | $11.01M | – | (32) % |
| Total fee related revenues, three months ended September 30, 2026non-GAAP | $178,394 | – | 13 % |
| Fee Related Earnings, three months ended September 30, 2026non-GAAP | $90.78M | – | 18 % |
| Fee Related Earnings Margin, three months ended September 30, 2026non-GAAP | 51 % | – | – |
| Adjusted net income, three months ended September 30, 2026non-GAAP | $106.1M | – | 26 % |
| Non-GAAP earnings per share, three months ended September 30, 2026non-GAAP | $1.98 | – | 29 % |
| Adjusted EBITDA, three months ended September 30, 2026non-GAAP | $111.7M | – | 11 % |
| Total revenues, six months ended September 30, 2026GAAP | $479,761 | – | 31 % |
| Management and advisory fees, six months ended September 30, 2026GAAP | $325,396 | – | 18 % |
| Incentive fees, six months ended September 30, 2026GAAP | $154.4M | – | 78 % |
| Total expenses, six months ended September 30, 2026GAAP | $266,969 | – | 27 % |
| Income before income taxes, six months ended September 30, 2026GAAP | $328,570 | – | 54 % |
| Net income, six months ended September 30, 2026GAAP | $273.8M | – | 52 % |
| Net income attributable to Hamilton Lane Incorporated, six months ended September 30, 2026GAAP | $157.9M | – | 27 % |
| Diluted earnings per share of Class A common stock, six months ended September 30, 2026GAAP | $3.80 | – | 28 % |
| Fee Related Earnings, six months ended September 30, 2026non-GAAP | $215.2M | – | 34 % |
| Fee Related Earnings Margin, six months ended September 30, 2026non-GAAP | 52 % | – | – |
| Adjusted net income, six months ended September 30, 2026non-GAAP | $210.7M | – | 35 % |
| Non-GAAP earnings per share, six months ended September 30, 2026non-GAAP | $3.91 | – | 37 % |
| Adjusted EBITDA, six months ended September 30, 2026non-GAAP | $265.9M | – | 35 % |
| Assets under management, as of September 30, 2026other | $150.8B | 3 % | 4 % |
| Assets under advisement, as of September 30, 2026other | $929.1B | 2 % | 8 % |
| Total assets under management / advisement, as of September 30, 2026other | $1,079,857 | 2 % | 7 % |
| Total fee-earning assets under management, end of period September 30, 2026other | $85,926 | 3 % | 12 % |
| Total allocated carried interest, as of September 30, 2026other | $1,589,534 | 10 % | 11 % |
| Net cash provided by operating activities, six months ended September 30, 2026GAAP | $105.2M | – | – |
| Net cash used in investing activities, six months ended September 30, 2026GAAP | −$370.6M | – | – |
| Net cash provided by financing activities, six months ended September 30, 2026GAAP | $241.9M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Specialized funds management and advisory fees, three months ended September 30, 2026The filing cites closings during Q2 FY27 of a $1.3B secondary fund and fundraising across the seventh secondary fund, third impact fund, second venture capital fund and evergreen funds. | $109,676 | – | 22 % |
| Customized separate accounts management and advisory fees, three months ended September 30, 2026The filing cites new client wins and client re-ups, alongside a $0.7 billion year-over-year increase in FEAUM. | $34,037 | – | (5) % |
| Reporting, monitoring, data and analytics management and advisory fees, three months ended September 30, 2026No specific revenue driver was provided. | $9,704 | – | 12 % |
| Advisory management and advisory fees, three months ended September 30, 2026No specific revenue driver was provided. | $4,498 | – | (17) % |
| Fund reimbursement revenue, three months ended September 30, 2026No specific revenue driver was provided. | $4,409 | – | 124 % |
| Distribution management revenue, three months ended September 30, 2026No specific revenue driver was provided. | $1,705 | – | 277 % |
| Direct equity funds incentive fees, three months ended September 30, 2026No specific revenue driver was provided. | $6,961 | – | (40) % |
| Secondary funds incentive fees, three months ended September 30, 2026No specific revenue driver was provided. | $4,435 | – | N/A |
| Direct credit funds incentive fees, three months ended September 30, 2026No specific revenue driver was provided. | $5,486 | – | (6) % |
| Evergreen funds incentive fees, three months ended September 30, 2026No specific revenue driver was provided. | $13,458 | – | (21) % |
| Other specialized funds incentive fees, three months ended September 30, 2026No specific revenue driver was provided. | $1,694 | – | 37 % |
| Customized separate accounts incentive fees, three months ended September 30, 2026No specific revenue driver was provided. | $8,367 | – | (36) % |
Capital returns
- Declared a quarterly dividend of $0.60 per share of Class A common stock to record holders at the close of business on December 21, 2026, payable on January 7, 2027.
- The target full-year dividend of $2.40 represents an 11% increase from the prior fiscal year dividend.
- Shares repurchased and retired were $(50,000) for the six months ended September 30, 2026.
- Dividends paid were $(47,212) for the six months ended September 30, 2026.
What drove it
- Management and advisory fees increased 15 % in the quarter and 18 % in the six-month period.
- Fee related management and advisory fees increased 18 % in the quarter and 20 % in the six-month period.
- Total fee-earning assets under management increased 12 % year over year to $85,926, led by specialized funds, whose end-of-period balance increased 25 % to $44,466.
- Six-month incentive fees increased 78 % to $154,365, with evergreen funds incentive fees increasing 102 % to $100,207.
- Total allocated carried interest increased 11 % year over year and 10 % sequentially to $1,589,534.
- Quarterly non-operating gain, net was $16,260, compared with $35 in the prior-year quarter, and quarterly net gain on investments was $49,978, compared with $17,927.
Concerns
- Quarterly incentive fees declined 9 % to $40,401, and fee related performance revenues declined 32 % to $11,014.
- Several quarterly incentive-fee categories declined: direct equity funds declined 40 %, direct credit funds declined 6 %, evergreen funds declined 21 %, and customized separate accounts declined 36 %.
- Customized separate accounts management and advisory fees declined 5 % in the quarter, while advisory management and advisory fees declined 17 %.
- The filing states that timing of realizations is unpredictable and describes carried interest distributions as unpredictable and sporadic.
- Net cash provided by operating activities was $105,225 for the six months ended September 30, 2026, compared with $247,830 in the prior-year period.
What to watch
- Management and advisory fee growth, particularly specialized funds and customized separate accounts.
- The pace and mix of incentive-fee realizations, given $1,589,534 of total allocated carried interest and the filing's statement that realization timing is unpredictable.
- Fundraising progress in the secondary, impact, venture capital and evergreen funds identified as in market.
- Fee-earning assets under management growth, contributions and distributions.
- Operating cash flow and contributions to funds.
Balance sheet and cash flow
- Cash and cash equivalents were $336,187 as of September 30, 2026, compared with $360,955 as of March 31, 2026.
- Investments were $854,642 as of September 30, 2026, compared with $774,443 as of March 31, 2026.
- Assets of Consolidated Funds and Partnerships investments were $831,053 as of September 30, 2026, compared with $526,078 as of March 31, 2026.
- Debt was $268,728 as of September 30, 2026, compared with $278,420 as of March 31, 2026.
- Total assets were $2,735,989 and total liabilities were $807,554 as of September 30, 2026.
- Net cash provided by operating activities was $105,225 for the six months ended September 30, 2026, compared with $247,830 in the prior-year period.
- Contributions to Funds were $(109,822) and Consolidated Funds and Partnerships investing cash flow was $(280,755) for the six months ended September 30, 2026.
Analysis
Hamilton Lane reported a solid fiscal second quarter. Total revenues increased 7 % to $204,430, as a 15 % increase in management and advisory fees to $164,029 more than offset lower incentive-fee activity. Net income attributable to Hamilton Lane Incorporated increased 9 % to $77,486, while diluted GAAP earnings per share increased 11 % to $1.87. The quarter also included a $16,260 non-operating gain, net, compared with $35 in the prior-year quarter, and net gain on investments of $49,978, compared with $17,927.
The recurring fee base continued to expand. Fee related management and advisory fees increased 18 % to $167,380, total fee related revenues increased 13 % to $178,394, and Fee Related Earnings increased 18 % to $90,781. The Fee Related Earnings Margin was 51 %, compared with 49 % in the prior-year quarter. Adjusted net income increased 26 % to $106,145, non-GAAP earnings per share increased 29 % to $1.98, and Adjusted EBITDA increased 11 % to $111,706.
Underlying asset measures supported the management-fee trajectory. Assets under management increased 4 % year over year to $150,776, assets under advisement increased 8 % to $929,081, and total fee-earning assets under management increased 12 % to $85,926. Specialized funds drove fee-earning AUM growth, with their ending balance increasing 25 % year over year to $44,466. Specialized funds management and advisory fees increased 22 % in the quarter to $109,676, while customized separate accounts management and advisory fees declined 5 % to $34,037.
Incentive fees were mixed across periods. Quarterly incentive fees declined 9 % to $40,401, with declines in direct equity funds, direct credit funds, evergreen funds and customized separate accounts. In contrast, six-month incentive fees increased 78 % to $154,365, including a 102 % increase in evergreen-fund incentive fees to $100,207. Total allocated carried interest reached $1,589,534, up 11 % year over year and 10 % sequentially. The filing states that timing of realizations is unpredictable.
Capital allocation included a declared $0.60 quarterly dividend, with a target full-year dividend of $2.40, and $(50,000) of shares repurchased and retired in the six-month period. Cash and cash equivalents were $336,187, debt was $268,728, and investments were $854,642 as of September 30, 2026. Operating cash flow was $105,225 for the six months ended September 30, 2026, compared with $247,830 in the prior-year period, while contributions to funds were $(109,822). The filing provided no financial outlook guidance.
Not in the filing
stated, not guessed- Forward revenue guidance
- Forward gross margin guidance
- Forward operating expense guidance
- Forward tax-rate guidance
- Prior guidance for comparison
- GAAP gross margin
- GAAP operating income
- Free cash flow
- Named executive quotations
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Hamilton Lane is a large private markets investment firm with $1.1T AUM, reporting quarterly financials and a dividend increase.
Ticker impact
Hamilton Lane reported its Q2 fiscal 2027 results, including revenue, expenses, and dividend declaration.
neutral as market prices in earnings that are in line with expectations
The earnings release provides fresh data but no surprise guidance; investors may hold positions pending market reaction.
Market effects
Private markets asset management sector may see modest interest due to dividend increase.
North American markets may react slightly to the dividend news.
Limited global impact; primarily relevant to investors in private market managers.
Counterpoint
If investors expect higher growth, the modest earnings could trigger a sell-off.
Key entities
- CompanyHamilton Lane
Private markets asset manager reporting Q2 results.
