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- **$1 Trillion Asset Milestone**: Total footprint crosses $1T, driven by 11% AUM growth to $145B.
- **Guardian Partnership**: $5B portfolio management + $5B+ capital deployment over 10 years, with Evergreen seed capital and revenue share incentives.
- **Evergreen Dominance**: 11 funds, $14.3B AUM (+100% YoY), with 34% of AUM in higher-fee products.
- **Tech Expansion**: Bloomberg Terminal integration, Securitize SPAC, and Novata sustainability platform growth.
- **Financial Strength**: 23% fee-related revenue growth, 50% FRE margin, and $1.4B unrealized carry balance.
- **Private Credit Resilience**: 1% default rate vs. 10% during GFC, with private credit outperforming public markets historically.

**【Management Opening Remarks】**
- Total asset footprint reached $1 trillion (6% YoY growth), with AUM at $145 billion (+11% YoY) and AUA at $860 billion (+5% YoY). 
- FYTD GAAP EPS of $2.98 and Non-GAAP EPS of $2.86, with a $0.54 dividend declared (10% increase YoY). 
- Fee-related revenue grew 23% YoY to $321.6 million, driven by Evergreen funds and performance fees.

**【CEO Commentary】**
- **Guardian Life Partnership**: $5 billion existing portfolio management and $500M/yr capital commitment for 10 years, with $250M seed capital for Evergreen expansion. Includes equity warrants and revenue share incentives.
- **Evergreen Platform Growth**: $14.3B AUM (+100% YoY), with $1.6B Q2 inflows. 11 funds now in suite, targeting $500M+ AUM within 12 months for new products.
- **Strategic Tech Initiatives**: 
  - Bloomberg partnership to distribute private market indices via Terminal.
  - Securitize SPAC transaction expected to yield >2x return on $25M investment.
  - Novata acquisition of Atlas Metrics to expand sustainability data solutions.
- **Private Credit Outlook**: Default rate at 1% (vs. 2.5% historical avg.), with private credit outperforming public markets historically.

**【CFO Financial Commentary】**
- FYTD management fees up 6% YoY ($20.7M retro fees in prior year vs. $0.8M now). 
- Specialized fund revenue +8% YoY, driven by Evergreen AUM growth. 
- Total expenses +11% YoY, with 70% of G&A growth tied to revenue-related costs.
- FRE margin improved to 50% (vs. 46% prior year), supported by $91M incentive fees.
- Unrealized carry balance at $1.4B (+14% YoY).
- Guardian deal: <1% dilution from warrants, with fees to scale as capital deploys.

**【Q&A Highlights】**
- **Guardian Deal Economics**: $500M/yr capital deployment will generate management fees on Evergreen funds (15-20bp) and SMA fees (20-30bp). Initial impact modest, scaling over 10 years.
- **SMA Pipeline**: $ billions in uncontracted deals, with focus on Evergreen solutions (34% AUM mix vs. 20% 2 years ago).
- **Fee Holidays**: 12-18 month fee holidays for new Evergreen funds, with $1B AUM currently in holiday period.
- **Expense Impact**: Guardian team transition minimal cost impact, as hires offset by existing open roles.
- **Evergreen Fee Rate**: Blended rate rising as higher-fee products (Evergreen, secondaries) grow to 45% of AUM (vs. 30% 2 years ago).

Hamilton Lane Incorporated (HLNE) Q2 2026 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

HLNE

HLNE fundamentals

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