{"url_path":"/sec/hlne/10-k/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-K","doc_date":"2026-05-21","source_url":"https://www.sec.gov/Archives/edgar/data/1433642/0001433642-26-000019-index.html","accession_number":"0001433642-26-000019","cik":"0001433642","ticker":"HLNE","issuer_name":"Hamilton Lane INC","edgar_url":"https://www.sec.gov/Archives/edgar/data/1433642/0001433642-26-000019-index.html","primary_entity_key":"0001433642","primary_entity_name":"Hamilton Lane INC"},"word_count":2947,"has_tables":true,"body_markdown":"hlne-20260331\n0001433642false2026FYhttp://fasb.org/us-gaap/2025#NetIncomeLosshttp://fasb.org/us-gaap/2025#NetIncomeLossP4Yiso4217:USDxbrli:sharesiso4217:USDxbrli:sharesxbrli:purehlne:segmenthlne:classhlne:vote00014336422025-04-012026-03-3100014336422025-09-300001433642us-gaap:CommonClassAMember2026-05-190001433642us-gaap:CommonClassBMember2026-05-190001433642srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember2026-03-310001433642srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember2025-03-3100014336422026-03-3100014336422025-03-310001433642us-gaap:RelatedPartyMember2026-03-310001433642us-gaap:RelatedPartyMember2025-03-310001433642hlne:ConsolidatedFundsAndPartnershipsMember2026-03-310001433642hlne:ConsolidatedFundsAndPartnershipsMember2025-03-310001433642us-gaap:CommonClassAMember2026-03-310001433642us-gaap:CommonClassAMember2025-03-310001433642us-gaap:CommonClassBMember2026-03-310001433642us-gaap:CommonClassBMember2025-03-310001433642srt:SubsidiariesMember2026-03-310001433642srt:SubsidiariesMember2025-03-310001433642srt:SubsidiaryIssuerMember2026-03-310001433642srt:SubsidiaryIssuerMember2025-03-310001433642hlne:ManagementAndAdvisoryFeeRevenueMember2025-04-012026-03-310001433642hlne:ManagementAndAdvisoryFeeRevenueMember2024-04-012025-03-310001433642hlne:ManagementAndAdvisoryFeeRevenueMember2023-04-012024-03-310001433642hlne:IncentiveFeeRevenueMembersrt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember2025-04-012026-03-310001433642hlne:IncentiveFeeRevenueMembersrt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember2024-04-012025-03-310001433642hlne:IncentiveFeeRevenueMembersrt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember2023-04-012024-03-310001433642hlne:IncentiveFeeRevenueMemberhlne:ConsolidatedFundsAndPartnershipsMember2025-04-012026-03-310001433642hlne:IncentiveFeeRevenueMemberhlne:ConsolidatedFundsAndPartnershipsMember2024-04-012025-03-310001433642hlne:IncentiveFeeRevenueMemberhlne:ConsolidatedFundsAndPartnershipsMember2023-04-012024-03-3100014336422024-04-012025-03-3100014336422023-04-012024-03-310001433642srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember2025-04-012026-03-310001433642srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember2024-04-012025-03-310001433642srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember2023-04-012024-03-310001433642hlne:ConsolidatedFundsAndPartnershipsMember2025-04-012026-03-310001433642hlne:ConsolidatedFundsAndPartnershipsMember2024-04-012025-03-310001433642hlne:ConsolidatedFundsAndPartnershipsMember2023-04-012024-03-310001433642srt:SubsidiaryIssuerMember2025-04-012026-03-310001433642srt:SubsidiaryIssuerMember2024-04-012025-03-310001433642srt:SubsidiaryIssuerMember2023-04-012024-03-310001433642us-gaap:CommonClassAMember2025-04-012026-03-310001433642us-gaap:CommonClassAMember2024-04-012025-03-310001433642us-gaap:CommonClassAMember2023-04-012024-03-310001433642us-gaap:CommonClassAMemberus-gaap:CommonStockMember2023-03-310001433642us-gaap:CommonClassBMemberus-gaap:CommonStockMember2023-03-310001433642us-gaap:AdditionalPaidInCapitalMember2023-03-310001433642us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310001433642us-gaap:RetainedEarningsMember2023-03-310001433642hlne:ConsolidatedFundsAndPartnershipsMemberus-gaap:NoncontrollingInterestMember2023-03-310001433642srt:SubsidiariesMemberus-gaap:NoncontrollingInterestMember2023-03-3100014336422023-03-310001433642us-gaap:RetainedEarningsMember2023-04-012024-03-310001433642hlne:ConsolidatedFundsAndPartnershipsMemberus-gaap:NoncontrollingInterestMember2023-04-012024-03-310001433642srt:SubsidiariesMemberus-gaap:NoncontrollingInterestMember2023-04-012024-03-310001433642us-gaap:AdditionalPaidInCapitalMember2023-04-012024-03-310001433642us-gaap:CommonClassAMemberus-gaap:CommonStockMember2023-04-012024-03-310001433642us-gaap:CommonClassBMemberus-gaap:CommonStockMember2023-04-012024-03-310001433642us-gaap:CommonClassAMemberus-gaap:CommonStockMember2024-03-310001433642us-gaap:CommonClassBMemberus-gaap:CommonStockMember2024-03-310001433642us-gaap:AdditionalPaidInCapitalMember2024-03-310001433642us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310001433642us-gaap:RetainedEarningsMember2024-03-310001433642hlne:ConsolidatedFundsAndPartnershipsMemberus-gaap:NoncontrollingInterestMember2024-03-310001433642srt:SubsidiariesMemberus-gaap:NoncontrollingInterestMember2024-03-3100014336422024-03-310001433642us-gaap:RetainedEarningsMember2024-04-012025-03-310001433642hlne:ConsolidatedFundsAndPartnershipsMemberus-gaap:NoncontrollingInterestMember2024-04-012025-03-310001433642srt:SubsidiariesMemberus-gaap:NoncontrollingInterestMember2024-04-012025-03-310001433642us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-04-012025-03-310001433642us-gaap:AdditionalPaidInCapitalMember2024-04-012025-03-310001433642us-gaap:CommonClassAMemberus-gaap:CommonStockMember2024-04-012025-03-310001433642us-gaap:CommonClassBMemberus-gaap:CommonStockMember2024-04-012025-03-310001433642us-gaap:CommonClassAMemberus-gaap:CommonStockMember2025-03-310001433642us-gaap:CommonClassBMemberus-gaap:CommonStockMember2025-03-310001433642us-gaap:AdditionalPaidInCapitalMember2025-03-310001433642us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310001433642us-gaap:RetainedEarningsMember2025-03-310001433642hlne:ConsolidatedFundsAndPartnershipsMemberus-gaap:NoncontrollingInterestMember2025-03-310001433642srt:SubsidiariesMemberus-gaap:NoncontrollingInterestMember2025-03-310001433642us-gaap:RetainedEarningsMember2025-04-012026-03-310001433642hlne:ConsolidatedFundsAndPartnershipsMemberus-gaap:NoncontrollingInterestMember2025-04-012026-03-310001433642srt:SubsidiariesMemberus-gaap:NoncontrollingInterestMember2025-04-012026-03-310001433642us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-04-012026-03-310001433642us-gaap:AdditionalPaidInCapitalMember2025-04-012026-03-310001433642us-gaap:CommonClassAMemberus-gaap:CommonStockMember2025-04-012026-03-310001433642us-gaap:CommonClassAMemberus-gaap:CommonStockMember2026-03-310001433642us-gaap:CommonClassBMemberus-gaap:CommonStockMember2026-03-310001433642us-gaap:AdditionalPaidInCapitalMember2026-03-310001433642us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-03-310001433642us-gaap:RetainedEarningsMember2026-03-310001433642hlne:ConsolidatedFundsAndPartnershipsMemberus-gaap:NoncontrollingInterestMember2026-03-310001433642srt:SubsidiariesMemberus-gaap:NoncontrollingInterestMember2026-03-310001433642us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-04-012026-03-310001433642us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-04-012025-03-310001433642us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-04-012024-03-310001433642us-gaap:CommonClassBMember2025-04-012026-03-310001433642us-gaap:CommonClassBMember2024-04-012025-03-310001433642us-gaap:CommonClassBMember2023-04-012024-03-310001433642srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember2024-03-310001433642hlne:ConsolidatedFundsAndPartnershipsMember2024-03-310001433642hlne:HamiltonLaneAdvisorsL.L.C.Member2026-03-310001433642hlne:HamiltonLaneAdvisorsL.L.C.Member2025-03-310001433642srt:MinimumMemberus-gaap:ComputerEquipmentMember2026-03-310001433642srt:MaximumMemberus-gaap:ComputerEquipmentMember2026-03-310001433642us-gaap:FurnitureAndFixturesMember2026-03-310001433642us-gaap:OfficeEquipmentMember2026-03-310001433642srt:MinimumMemberus-gaap:CustomerRelationshipsMember2026-03-310001433642srt:MaximumMemberus-gaap:CustomerRelationshipsMember2026-03-3100014336422025-12-310001433642us-gaap:LoansReceivableMember2026-03-310001433642us-gaap:LoansReceivableMember2025-03-310001433642srt:MinimumMember2025-04-012026-03-310001433642srt:MaximumMember2025-04-012026-03-310001433642hlne:TaxReceivableAgreementMemberhlne:ShareholdersAndMembersMember2025-04-012026-03-310001433642country:US2025-04-012026-03-310001433642country:US2024-04-012025-03-310001433642country:US2023-04-012024-03-310001433642us-gaap:NonUsMember2025-04-012026-03-310001433642us-gaap:NonUsMember2024-04-012025-03-310001433642us-gaap:NonUsMember2023-04-012024-03-310001433642hlne:EvergreenFundOneMemberus-gaap:ProductConcentrationRiskMemberus-gaap:SalesRevenueNetMember2025-04-012026-03-310001433642hlne:EvergreenFundTwoMemberus-gaap:ProductConcentrationRiskMemberus-gaap:SalesRevenueNetMember2024-04-012025-03-310001433642hlne:EvergreenFundOneMemberus-gaap:ProductConcentrationRiskMemberus-gaap:SalesRevenueNetMember2024-04-012025-03-310001433642hlne:ManagementAndAdvisoryFeeRevenueSpecializedFundsMember2025-04-012026-03-310001433642hlne:ManagementAndAdvisoryFeeRevenueSpecializedFundsMember2024-04-012025-03-310001433642hlne:ManagementAndAdvisoryFeeRevenueSpecializedFundsMember2023-04-012024-03-310001433642hlne:ManagementAndAdvisoryFeeRevenueCustomizedSeparateAccountsMember2025-04-012026-03-310001433642hlne:ManagementAndAdvisoryFeeRevenueCustomizedSeparateAccountsMember2024-04-012025-03-310001433642hlne:ManagementAndAdvisoryFeeRevenueCustomizedSeparateAccountsMember2023-04-012024-03-310001433642hlne:ManagementAndAdvisoryFeeRevenueAdvisoryMember2025-04-012026-03-310001433642hlne:ManagementAndAdvisoryFeeRevenueAdvisoryMember2024-04-012025-03-310001433642hlne:ManagementAndAdvisoryFeeRevenueAdvisoryMember2023-04-012024-03-310001433642hlne:ManagementAndAdvisoryFeeRevenueReportingAndOtherMember2025-04-012026-03-310001433642hlne:ManagementAndAdvisoryFeeRevenueReportingAndOtherMember2024-04-012025-03-310001433642hlne:ManagementAndAdvisoryFeeRevenueReportingAndOtherMember2023-04-012024-03-310001433642hlne:ManagementAndAdvisoryFeeRevenueDistributionManagementMember2025-04-012026-03-310001433642hlne:ManagementAndAdvisoryFeeRevenueDistributionManagementMember2024-04-012025-03-310001433642hlne:ManagementAndAdvisoryFeeRevenueDistributionManagementMember2023-04-012024-03-310001433642hlne:ManagementAndAdvisoryFeeRevenueFundReimbursementRevenueMember2025-04-012026-03-310001433642hlne:ManagementAndAdvisoryFeeRevenueFundReimbursementRevenueMember2024-04-012025-03-310001433642hlne:ManagementAndAdvisoryFeeRevenueFundReimbursementRevenueMember2023-04-012024-03-310001433642hlne:IncentiveFeeRevenueSpecializedFundsMember2025-04-012026-03-310001433642hlne:IncentiveFeeRevenueSpecializedFundsMember2024-04-012025-03-310001433642hlne:IncentiveFeeRevenueSpecializedFundsMember2023-04-012024-03-310001433642hlne:IncentiveFeeRevenueCustomizedSeparateAccountsMember2025-04-012026-03-310001433642hlne:IncentiveFeeRevenueCustomizedSeparateAccountsMember2024-04-012025-03-310001433642hlne:IncentiveFeeRevenueCustomizedSeparateAccountsMember2023-04-012024-03-310001433642hlne:IncentiveFeeRevenueSpecializedFundsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-04-012026-03-310001433642hlne:IncentiveFeeRevenueSpecializedFundsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-04-012025-03-310001433642hlne:IncentiveFeeRevenueSpecializedFundsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-04-012024-03-310001433642hlne:IncentiveFeeRevenueIncludingConsolidatedVIEsMember2025-04-012026-03-310001433642hlne:IncentiveFeeRevenueIncludingConsolidatedVIEsMember2024-04-012025-03-310001433642hlne:IncentiveFeeRevenueIncludingConsolidatedVIEsMember2023-04-012024-03-310001433642hlne:TheGuardianLifeInsuranceCompanyMember2025-11-022025-11-020001433642hlne:TheGuardianLifeInsuranceCompanyMember2025-11-0200014336422025-12-312025-12-310001433642hlne:PartnershipsMember2026-03-310001433642hlne:PartnershipsMember2025-03-310001433642hlne:OtherEquityMethodInvestmentsMember2026-03-310001433642hlne:OtherEquityMethodInvestmentsMember2025-03-310001433642us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2026-03-310001433642us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-03-310001433642hlne:PartnershipsMemberhlne:PrimaryFundsMember2026-03-310001433642hlne:PartnershipsMemberhlne:PrimaryFundsMember2025-03-310001433642hlne:PartnershipsMemberhlne:SecondaryFundsMember2026-03-310001433642hlne:PartnershipsMemberhlne:SecondaryFundsMember2025-03-310001433642hlne:PartnershipsMemberhlne:DirectCoInvestmentFundsMember2026-03-310001433642hlne:PartnershipsMemberhlne:DirectCoInvestmentFundsMember2025-03-310001433642hlne:PartnershipsMemberhlne:CustomizedSeparateAccountsMember2026-03-310001433642hlne:PartnershipsMemberhlne:CustomizedSeparateAccountsMember2025-03-310001433642hlne:PartnershipsMemberhlne:EvergreenFundsMember2026-03-310001433642hlne:PartnershipsMemberhlne:EvergreenFundsMember2025-03-310001433642hlne:PartnershipsMember2026-03-310001433642hlne:PartnershipsMember2025-03-310001433642hlne:PartnershipsMember2025-04-012026-03-310001433642hlne:PartnershipsMember2024-04-012025-03-310001433642hlne:PartnershipsMember2023-04-012024-03-310001433642hlne:ConsolidatedFundsMemberus-gaap:FairValueInputsLevel1Member2026-03-310001433642hlne:ConsolidatedFundsMemberus-gaap:FairValueInputsLevel2Member2026-03-310001433642hlne:ConsolidatedFundsMemberus-gaap:FairValueInputsLevel3Member2026-03-310001433642hlne:ConsolidatedFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2026-03-310001433642hlne:ConsolidatedFundsMember2026-03-310001433642us-gaap:FairValueInputsLevel1Member2026-03-310001433642us-gaap:FairValueInputsLevel2Member2026-03-310001433642us-gaap:FairValueInputsLevel3Member2026-03-310001433642us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2026-03-310001433642srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:FairValueInputsLevel1Member2025-03-310001433642srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:FairValueInputsLevel2Member2025-03-310001433642srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:FairValueInputsLevel3Member2025-03-310001433642srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-03-310001433642hlne:ConsolidatedFundsMemberus-gaap:FairValueInputsLevel1Member2025-03-310001433642hlne:ConsolidatedFundsMemberus-gaap:FairValueInputsLevel2Member2025-03-310001433642hlne:ConsolidatedFundsMemberus-gaap:FairValueInputsLevel3Member2025-03-310001433642hlne:ConsolidatedFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-03-310001433642hlne:ConsolidatedFundsMember2025-03-310001433642us-gaap:FairValueInputsLevel1Member2025-03-310001433642us-gaap:FairValueInputsLevel2Member2025-03-310001433642us-gaap:FairValueInputsLevel3Member2025-03-310001433642us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-03-310001433642hlne:DirectCoInvestmentFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2026-03-310001433642hlne:DirectCoInvestmentFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-03-310001433642hlne:SecondaryFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2026-03-310001433642hlne:SecondaryFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-03-310001433642us-gaap:PrivateEquityFundsMember2024-03-310001433642hlne:DirectEquityCoInvestmentsMember2024-03-310001433642us-gaap:PrivateEquityFundsMember2024-04-012025-03-310001433642hlne:DirectEquityCoInvestmentsMember2024-04-012025-03-310001433642us-gaap:PrivateEquityFundsMemberus-gaap:FairValueInputsLevel3Member2024-04-012025-03-310001433642hlne:DirectEquityCoInvestmentsMemberus-gaap:FairValueInputsLevel3Member2024-04-012025-03-310001433642us-gaap:FairValueInputsLevel3Member2024-04-012025-03-310001433642us-gaap:PrivateEquityFundsMember2025-03-310001433642hlne:DirectEquityCoInvestmentsMember2025-03-310001433642us-gaap:PrivateEquityFundsMember2025-04-012026-03-310001433642hlne:DirectEquityCoInvestmentsMember2025-04-012026-03-310001433642us-gaap:PrivateEquityFundsMember2026-03-310001433642hlne:DirectEquityCoInvestmentsMember2026-03-310001433642hlne:ConsolidatedFundsMember2024-03-310001433642hlne:ConsolidatedFundsMember2024-04-012025-03-310001433642hlne:ConsolidatedFundsMember2025-04-012026-03-310001433642hlne:DirectEquityCoInvestmentsMemberhlne:ConsolidatedFundsMemberhlne:RecentPrecedentTransactionsMember2026-03-310001433642hlne:ValuationTechniqueAdjustedNetAssetValueMemberus-gaap:PrivateEquityFundsMember2025-03-310001433642us-gaap:PrivateEquityFundsMemberhlne:ValuationTechniqueAdjustedNetAssetValueMembersrt:MinimumMemberhlne:MeasurementInputSelectedMarketReturnMember2025-03-310001433642us-gaap:PrivateEquityFundsMemberhlne:ValuationTechniqueAdjustedNetAssetValueMembersrt:MaximumMemberhlne:MeasurementInputSelectedMarketReturnMember2025-03-310001433642us-gaap:PrivateEquityFundsMemberhlne:ValuationTechniqueAdjustedNetAssetValueMembersrt:WeightedAverageMemberhlne:MeasurementInputSelectedMarketReturnMember2025-03-310001433642hlne:ValuationTechniqueAdjustedNetAssetValueMemberhlne:DirectEquityCoInvestmentsMember2025-03-310001433642hlne:DirectEquityCoInvestmentsMemberhlne:ValuationTechniqueAdjustedNetAssetValueMemberhlne:MeasurementInputSelectedMarketReturnMember2025-03-310001433642hlne:DirectEquityCoInvestmentsMemberhlne:ValuationTechniqueAdjustedNetAssetValueMembersrt:WeightedAverageMemberhlne:MeasurementInputSelectedMarketReturnMember2025-03-310001433642hlne:DirectEquityCoInvestmentsMemberhlne:ConsolidatedFundsMemberhlne:RecentPrecedentTransactionsMember2025-03-310001433642us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2026-03-310001433642us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-03-310001433642us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:RelatedPartyMember2026-03-310001433642us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:RelatedPartyMember2025-03-310001433642us-gaap:ComputerEquipmentMember2026-03-310001433642us-gaap:ComputerEquipmentMember2025-03-310001433642us-gaap:FurnitureAndFixturesMember2025-03-310001433642us-gaap:LeaseholdImprovementsMember2026-03-310001433642us-gaap:LeaseholdImprovementsMember2025-03-310001433642us-gaap:OfficeEquipmentMember2025-03-310001433642hlne:TermLoanAgreementMemberus-gaap:LineOfCreditMember2026-03-310001433642hlne:TermLoanAgreementMemberus-gaap:LineOfCreditMember2025-03-310001433642hlne:A2020MultiDrawFacilityMemberus-gaap:LineOfCreditMember2026-03-310001433642hlne:A2020MultiDrawFacilityMemberus-gaap:LineOfCreditMember2025-03-310001433642us-gaap:SeniorNotesMember2026-03-310001433642us-gaap:SeniorNotesMember2025-03-310001433642hlne:A2022MultiDrawFacilityMember2025-09-300001433642hlne:A2022MultiDrawFacilityMember2025-10-010001433642hlne:A2022MultiDrawFacilityMember2025-10-012025-10-010001433642hlne:A2022MultiDrawFacilityMember2026-03-310001433642hlne:TermLoanAgreementMemberus-gaap:LineOfCreditMember2025-04-012026-03-310001433642us-gaap:RevolvingCreditFacilityMemberhlne:RevolvingLoanAgreementMemberus-gaap:LineOfCreditMember2026-03-310001433642us-gaap:RevolvingCreditFacilityMemberhlne:RevolvingLoanAgreementMemberus-gaap:LineOfCreditMember2025-04-012026-03-310001433642hlne:PrivatePlacementNotesMemberus-gaap:SeniorNotesMember2026-03-310001433642hlne:PrivatePlacementNotesMemberus-gaap:SeniorNotesMember2025-03-310001433642us-gaap:CommonClassAMember2023-03-310001433642us-gaap:CommonClassBMember2023-03-310001433642us-gaap:CommonClassAMember2024-03-310001433642us-gaap:CommonClassBMember2024-03-310001433642hlne:SharesRepurchasesMemberus-gaap:CommonClassAMember2026-01-012026-03-310001433642hlne:SharesRepurchasesMemberus-gaap:CommonClassAMember2026-03-122026-03-120001433642hlne:ExcessDistributionOfRequiredTaxDistributionsMember2025-04-012026-03-310001433642hlne:ExcessDistributionOfRequiredTaxDistributionsMember2024-04-012025-03-310001433642hlne:ExcessDistributionOfRequiredTaxDistributionsMember2023-04-012024-03-310001433642us-gaap:CommonClassAMemberhlne:September2025OfferingMember2025-09-012025-09-300001433642us-gaap:CommonClassAMemberhlne:September2025OfferingMember2025-09-300001433642us-gaap:CommonClassAMemberhlne:September2025OfferingCurrentStockholderIssuanceMember2025-09-012025-09-300001433642us-gaap:CommonClassAMemberhlne:September2025OfferingNewIssuanceMember2025-09-012025-09-300001433642us-gaap:CommonClassBMemberus-gaap:MemberUnitsMember2025-09-012025-09-300001433642us-gaap:CommonClassCMemberus-gaap:MemberUnitsMember2025-09-012025-09-300001433642us-gaap:CommonClassAMemberhlne:February2025OfferingMember2025-02-012025-02-280001433642us-gaap:CommonClassAMemberhlne:February2025OfferingMember2025-02-280001433642us-gaap:CommonClassAMemberhlne:February2025OfferingCurrentStockholderIssuanceMember2025-02-012025-02-280001433642us-gaap:CommonClassAMemberhlne:February2025OfferingNewIssuanceMember2025-02-012025-02-280001433642us-gaap:CommonClassBMemberus-gaap:MemberUnitsMember2025-02-012025-02-280001433642us-gaap:CommonClassCMemberus-gaap:MemberUnitsMember2025-02-012025-02-280001433642us-gaap:CommonClassAMemberhlne:March2024OfferingMember2024-03-012024-03-310001433642us-gaap:CommonClassAMemberhlne:March2024OfferingMember2024-03-310001433642us-gaap:CommonClassAMemberhlne:March2024OfferingCurrentStockholderIssuanceMember2024-03-012024-03-310001433642us-gaap:CommonClassAMemberhlne:March2024OfferingNewIssuanceMember2024-03-012024-03-310001433642us-gaap:CommonClassBMemberus-gaap:MemberUnitsMember2024-03-012024-03-310001433642us-gaap:CommonClassCMemberus-gaap:MemberUnitsMember2024-03-012024-03-310001433642us-gaap:WarrantMemberus-gaap:CommonClassAMember2026-03-310001433642us-gaap:WarrantMemberus-gaap:CommonClassAMember2025-11-022025-11-020001433642us-gaap:WarrantMemberus-gaap:CommonClassAMember2025-11-020001433642us-gaap:WarrantMember2026-03-310001433642us-gaap:WarrantMember2025-04-012026-03-310001433642us-gaap:EmployeeStockOptionMemberhlne:AwardExpirationPeriodOneMember2025-04-012026-03-310001433642us-gaap:EmployeeStockOptionMemberhlne:AwardExpirationPeriodTwoMember2025-04-012026-03-310001433642us-gaap:EmployeeStockOptionMemberhlne:AwardExpirationPeriodThreeMember2025-04-012026-03-310001433642hlne:HamiltonLaneIncorporatedEmployeeStockPurchasePlanMember2018-09-062018-09-060001433642hlne:HamiltonLaneIncorporatedEmployeeStockPurchasePlanMember2019-01-010001433642hlne:HamiltonLaneIncorporatedEmployeeStockPurchasePlanMember2026-03-310001433642us-gaap:RestrictedStockMember2025-04-012026-03-310001433642us-gaap:RestrictedStockMember2025-03-310001433642us-gaap:RestrictedStockMember2026-03-310001433642us-gaap:RestrictedStockMember2024-04-012025-03-310001433642us-gaap:RestrictedStockMember2023-04-012024-03-310001433642us-gaap:PerformanceSharesMember2025-09-162025-09-160001433642us-gaap:PerformanceSharesMember2024-09-162024-09-160001433642us-gaap:PerformanceSharesMember2024-09-160001433642us-gaap:PerformanceSharesMember2025-03-310001433642us-gaap:PerformanceSharesMember2025-04-012026-03-310001433642us-gaap:PerformanceSharesMember2026-03-310001433642us-gaap:ForeignTaxJurisdictionOtherMember2025-04-012026-03-310001433642hlne:DeferredTaxAssetFebruary2025OfferingMember2025-09-300001433642us-gaap:RelatedPartyMemberhlne:DeferredTaxAssetFebruary2025OfferingMemberhlne:TaxReceivableAgreementMember2025-09-3000014336422025-09-012025-09-300001433642hlne:TaxReceivableAgreementMemberus-gaap:RelatedPartyMember2026-03-310001433642hlne:TaxReceivableAgreementMemberus-gaap:RelatedPartyMember2025-03-310001433642hlne:TaxReceivableAgreementMemberhlne:ShareholdersAndMembersMember2024-04-012025-03-310001433642hlne:TaxReceivableAgreementMemberhlne:ShareholdersAndMembersMember2026-03-310001433642hlne:RestrictedStockAndPerformanceAwardsMemberus-gaap:CommonClassAMember2025-04-012026-03-310001433642hlne:RestrictedStockAndPerformanceAwardsMemberus-gaap:CommonClassAMember2024-04-012025-03-310001433642hlne:RestrictedStockAndPerformanceAwardsMemberus-gaap:CommonClassAMember2023-04-012024-03-310001433642hlne:ClassBAndClassCUnitsMemberus-gaap:CommonClassAMember2025-04-012026-03-310001433642hlne:ClassBAndClassCUnitsMemberus-gaap:CommonClassAMember2024-04-012025-03-310001433642hlne:ClassBAndClassCUnitsMemberus-gaap:CommonClassAMember2023-04-012024-03-310001433642us-gaap:PerformanceSharesMemberus-gaap:CommonClassAMember2025-04-012026-03-310001433642us-gaap:PerformanceSharesMemberus-gaap:CommonClassAMember2024-04-012025-03-310001433642us-gaap:PerformanceSharesMemberus-gaap:CommonClassAMember2023-04-012024-03-310001433642us-gaap:WarrantMember2025-04-012026-03-310001433642us-gaap:WarrantMember2024-04-012025-03-310001433642us-gaap:WarrantMember2023-04-012024-03-310001433642hlne:ClassBandClassCUnitsofHamiltonLaneAdvisorsL.L.C.Member2025-04-012026-03-310001433642hlne:ClassBandClassCUnitsofHamiltonLaneAdvisorsL.L.C.Member2024-04-012025-03-310001433642hlne:ClassBandClassCUnitsofHamiltonLaneAdvisorsL.L.C.Member2023-04-012024-03-310001433642hlne:ManagementAndAdvisoryFeeRevenueMemberhlne:PartnershipsOfSubsidiaryMember2025-04-012026-03-310001433642hlne:ManagementAndAdvisoryFeeRevenueMemberhlne:PartnershipsOfSubsidiaryMember2024-04-012025-03-310001433642hlne:ManagementAndAdvisoryFeeRevenueMemberhlne:PartnershipsOfSubsidiaryMember2023-04-012024-03-310001433642hlne:IncentiveFeeRevenueMemberhlne:PartnershipsOfSubsidiaryMember2025-04-012026-03-310001433642hlne:IncentiveFeeRevenueMemberhlne:PartnershipsOfSubsidiaryMember2024-04-012025-03-310001433642hlne:IncentiveFeeRevenueMemberhlne:PartnershipsOfSubsidiaryMember2023-04-012024-03-310001433642hlne:PartnershipsOfSubsidiaryMember2026-03-310001433642hlne:PartnershipsOfSubsidiaryMember2025-03-310001433642us-gaap:DiscontinuedOperationsDisposedOfBySaleMembersrt:AffiliatedEntityMember2025-10-230001433642srt:MinimumMember2026-03-310001433642srt:MaximumMember2026-03-310001433642hlne:ValuedUnderMeasurementAlternativeMember2025-04-012026-03-310001433642us-gaap:CommonClassAMemberus-gaap:SubsequentEventMember2026-05-212026-05-210001433642us-gaap:CommonClassAMemberus-gaap:SubsequentEventMember2026-05-2100014336422026-01-012026-03-31\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nFORM 10-K\n\n☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the fiscal year ended March 31, 2026\n\nor\n\n☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from _______________________ to ___________________________\n\nCommission file number 001-38021\n\nHAMILTON LANE INCORPORATED\n\n(Exact name of Registrant as specified in its charter)\n\nDelaware26-2482738\n\n(State or other jurisdiction of\nincorporation or organization)(I.R.S. Employer\nIdentification No.)\n\n110 Washington Street,Suite 1300\n\nConshohocken,PA19428\n\n(Address of principal executive offices)(Zip Code)\n\n(610) 934-2222\n\n(Registrant’s telephone number, including area code)\n\nNot Applicable\n\n(Former name, former address and former fiscal year, if changed since last report)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each classTrading Symbol(s)Name of each exchange on which registered\n\nClass A Common Stock, $0.001 par value per shareHLNEThe Nasdaq Stock Market LLC\n\nSecurities registered pursuant to Section 12(g) of the Act: None\n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes x No ¨ \n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ¨ No x \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer\nx\n\nAccelerated filer\n☐\n\nNon-accelerated filer  \n☐\nSmaller reporting company\n☐\n\nEmerging growth company\n☐\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨\n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. x\n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ¨\n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ¨\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No x \n\nThe aggregate market value of Class A common stock held by non-affiliates of the registrant on September 30, 2025, based on the closing price of $134.79 as reported by the Nasdaq Stock Market, was approximately $5,470.9 million.\n\nAs of May 19, 2026, there were 43,697,364 shares of the registrant’s Class A common stock and 11,836,450 shares of the registrant’s Class B common stock outstanding.\n\nDOCUMENTS INCORPORATED BY REFERENCE\n\nPart III of this Form 10-K incorporates by reference information from the registrant’s definitive proxy statement related to the 2026 annual meeting of stockholders.\n\nTable of Contents\n\nPage\n\n[PART I](#i913f3c0a64f74dba8d1edf1bb48a1694_13)\n\n[Item 1. Business](#i913f3c0a64f74dba8d1edf1bb48a1694_16)\n\n[7](#i913f3c0a64f74dba8d1edf1bb48a1694_16)\n\n[Item 1A. Risk Factors](#i913f3c0a64f74dba8d1edf1bb48a1694_82)\n\n[32](#i913f3c0a64f74dba8d1edf1bb48a1694_82)\n\n[Item 1B. Unresolved Staff Comments](#i913f3c0a64f74dba8d1edf1bb48a1694_94)\n\n[76](#i913f3c0a64f74dba8d1edf1bb48a1694_94)\n\n[Item 1C. Cybersecurity](#i913f3c0a64f74dba8d1edf1bb48a1694_97)\n\n[76](#i913f3c0a64f74dba8d1edf1bb48a1694_97)\n\n[Item 2. Properties](#i913f3c0a64f74dba8d1edf1bb48a1694_100)\n\n[79](#i913f3c0a64f74dba8d1edf1bb48a1694_100)\n\n[Item 3. Legal Proceedings](#i913f3c0a64f74dba8d1edf1bb48a1694_103)\n\n[79](#i913f3c0a64f74dba8d1edf1bb48a1694_103)\n\n[Item 4. Mine Safety Disclosures](#i913f3c0a64f74dba8d1edf1bb48a1694_106)\n\n[79](#i913f3c0a64f74dba8d1edf1bb48a1694_106)\n\n[PART II](#i913f3c0a64f74dba8d1edf1bb48a1694_109)\n\n[Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#i913f3c0a64f74dba8d1edf1bb48a1694_112)\n\n[80](#i913f3c0a64f74dba8d1edf1bb48a1694_112)\n\n[Item 6. [Reserved]](#i913f3c0a64f74dba8d1edf1bb48a1694_115)\n\n[82](#i913f3c0a64f74dba8d1edf1bb48a1694_115)\n\n[Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations](#i913f3c0a64f74dba8d1edf1bb48a1694_118)\n\n[83](#i913f3c0a64f74dba8d1edf1bb48a1694_118)\n\n[Item 7A. Quantitative and Qualitative Disclosures about Market Risk](#i913f3c0a64f74dba8d1edf1bb48a1694_157)\n\n[112](#i913f3c0a64f74dba8d1edf1bb48a1694_157)\n\n[Item 8. Consolidated Financial Statements and Supplementary Data](#i913f3c0a64f74dba8d1edf1bb48a1694_160)\n\n[115](#i913f3c0a64f74dba8d1edf1bb48a1694_160)\n\n[Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#i913f3c0a64f74dba8d1edf1bb48a1694_247)\n\n[159](#i913f3c0a64f74dba8d1edf1bb48a1694_247)\n\n[Item 9A. Controls and Procedures](#i913f3c0a64f74dba8d1edf1bb48a1694_250)\n\n[159](#i913f3c0a64f74dba8d1edf1bb48a1694_250)\n\n[Item 9B. Other Information](#i913f3c0a64f74dba8d1edf1bb48a1694_253)\n\n[159](#i913f3c0a64f74dba8d1edf1bb48a1694_253)\n\n[Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#i913f3c0a64f74dba8d1edf1bb48a1694_256)\n\n[160](#i913f3c0a64f74dba8d1edf1bb48a1694_256)\n\n[PART III](#i913f3c0a64f74dba8d1edf1bb48a1694_259)\n\n[Item 10. Directors, Executive Officers and Corporate Governance](#i913f3c0a64f74dba8d1edf1bb48a1694_262)\n\n[161](#i913f3c0a64f74dba8d1edf1bb48a1694_262)\n\n[Item 11. Executive Compensation](#i913f3c0a64f74dba8d1edf1bb48a1694_265)\n\n[161](#i913f3c0a64f74dba8d1edf1bb48a1694_265)\n\n[Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#i913f3c0a64f74dba8d1edf1bb48a1694_268)\n\n[161](#i913f3c0a64f74dba8d1edf1bb48a1694_268)\n\n[Item 13. Certain Relationships and Related Transactions, and Director Independence](#i913f3c0a64f74dba8d1edf1bb48a1694_271)\n\n[161](#i913f3c0a64f74dba8d1edf1bb48a1694_271)\n\n[Item 14. Principal Accountant Fees and Services](#i913f3c0a64f74dba8d1edf1bb48a1694_274)\n\n[161](#i913f3c0a64f74dba8d1edf1bb48a1694_274)\n\n[PART IV](#i913f3c0a64f74dba8d1edf1bb48a1694_277)\n\n[Item 15. Exhibits and Financial Statement Schedules](#i913f3c0a64f74dba8d1edf1bb48a1694_280)\n\n[162](#i913f3c0a64f74dba8d1edf1bb48a1694_280)\n\n[Item 16. Form 10-K Summary](#i913f3c0a64f74dba8d1edf1bb48a1694_283)\n\n[162](#i913f3c0a64f74dba8d1edf1bb48a1694_283)\n\n[Signatures](#i913f3c0a64f74dba8d1edf1bb48a1694_289)\n\n[168](#i913f3c0a64f74dba8d1edf1bb48a1694_289)\n\nl\n\nThis Annual Report on Form 10-K (“Form 10-K”) includes certain information regarding the historical performance of our specialized funds and customized separate accounts. An investment in shares of our Class A common stock is not an investment in our specialized funds or customized separate accounts. In considering the performance information relating to our specialized funds and customized separate accounts contained herein, current and prospective Class A common stockholders should bear in mind that the performance of our specialized funds and customized separate accounts is not indicative of the possible performance of shares of our Class A common stock and is also not necessarily indicative of the future results of our specialized funds or customized separate accounts, even if fund investments were in fact liquidated on the dates indicated, and there can be no assurance that our specialized funds or customized separate accounts will continue to achieve, or that future specialized funds and customized separate accounts will achieve, comparable results. Please note that nothing in this Form 10-K represents an offer to sell, or a solicitation of an offer to purchase, interests in any of Hamilton Lane’s products.\n\nWe own or have a license to the trademarks, service marks or trade names that we use in connection with the operation of our business. In addition, our trade names, logos and website names and URL addresses are owned by us or have been licensed to us. We also own or have a license to the copyrights that protect the content of our solutions. Solely for convenience, the trademarks, service marks, trade names and copyrights referred to in this Form 10-K are listed without the ©, ® and ™ symbols, but we will assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensors to these trademarks, service marks, trade names and copyrights.\n\nThis Form 10-K may include trademarks, service marks or trade names of other companies. Our use or display of other parties’ trademarks, service marks, trade names or products is not intended to, and does not imply a relationship with, or endorsement or sponsorship of us by, the trademark, service mark or trade name owners.\n\nUnless otherwise indicated or the context otherwise requires, all references in this Form 10-K to “we,” “us,” “our,” the “Company,” “Hamilton Lane” and similar terms refer to Hamilton Lane Incorporated and its consolidated subsidiaries. As used in this Form 10-K, (i) the term “HLA” refers to Hamilton Lane Advisors, L.L.C. and (ii) the terms “Hamilton Lane Incorporated” and “HLI” refer solely to Hamilton Lane Incorporated, a Delaware corporation, and not to any of its subsidiaries.\n\nAvailable Information\n\nOur website is located at www.hamiltonlane.com, and the Shareholders page of our website is located at https://shareholders.hamiltonlane.com. We are subject to the informational requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and file or furnish reports, proxy statements and other information with the Securities and Exchange Commission (the “SEC”). Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, proxy statements, statements of changes in beneficial ownership and amendments to those reports are available for free on the Shareholders page of our website as soon as reasonably practicable after we electronically file them with, or furnish them to, the SEC. We also make certain corporate governance documents available on the Shareholders page of our website, including board committee charters and our code of conduct and ethics. In addition, the SEC maintains a website (www.sec.gov) that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC.\n\n2\n\nWe webcast our earnings calls and certain events we participate in or host with members of the investment community on the Shareholders page of our website. We may use our website (www.hamiltonlane.com), including pages therein related to our various strategies and funds, and LinkedIn account as channels of distribution of Company information. The information we post through these channels may be deemed material. Accordingly, investors should monitor these channels, in addition to following our press releases, SEC filings and public conference calls and webcasts. Additionally, we provide notifications of news or announcements regarding our financial performance, including SEC filings, investor events, press and earnings releases as part of the Shareholders page of our website. Investors and others can receive notifications of new information posted on the Shareholders page of our website in real time by subscribing to email alerts.\n\nThe contents of our website are not incorporated by reference into this Form 10-K or in any other report or document we file with the SEC, and any references to our website are intended to be inactive textual references only.\n\n3\n\nCautionary Note Regarding Forward-Looking Information\n\nSome of the statements in this Form 10-K may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), Section 21E of the Exchange Act, and the Private Securities Litigation Reform Act of 1995. Words such as “will”, “expect”, “believe”, “estimate”, “continue”, “anticipate”, “intend”, “plan” and similar expressions, or the negative version of these words or other comparable words, are intended to identify these forward-looking statements. Forward-looking statements discuss management’s current expectations and projections relating to our financial position, results of operations, plans, objectives, future performance and business. All forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause actual results to be materially different, including, risks relating to: the historical performance of our investments may not be indicative of future results or future returns on our Class A common stock; our ability to identify suitable investment opportunities for our clients; the impact of any poorly performing investments on our investment management revenue and earnings as well as our ability to raise capital; intense competition in our industry, including competition for access to investments and for customized separate account and advisory clients; customized separate account and advisory account fee revenue not being a long-term contracted source of revenue; our ability to appropriately deal with conflicts of interest; our ability to retain our senior management team and attract additional qualified investment professionals; our ability to expand our business and formulate new business strategies; the impact of declines in the pace or size of fundraising or investments made by us on behalf of our specialized funds or customized separate accounts; our ability to manage our obligations under our debt agreements and the dependence on leverage by certain funds, customized separate accounts and portfolio companies; our ability to comply with the investment guidelines set by our clients; the impact of misconduct by our employees, advisors or third-party service providers; the unpredictable and sporadic timing at which we receive carried interest distributions; the exercise of redemption or repurchase rights by investors in certain of our funds; the subjectivity of valuation methodologies; our investments may be in relatively high-risk, illiquid assets; extensive government regulation, compliance failures and changes in law or regulation could adversely affect us; our ability to maintain our desired fee structure; failure to maintain the security of our information technology networks, or those of our third-party service providers, or data security breaches; volatile market, economic and geopolitical conditions or catastrophic events, which can adversely affect our fundraising, our business and the investments made by our funds or accounts; and our only material asset is our interest in Hamilton Lane Advisors, L.L.C., and we are accordingly dependent upon distributions from such entity to pay dividends, taxes and other expenses.\n\nThe foregoing list of factors is not exhaustive and should be read in conjunction with the other cautionary statements that are included herein and in our other periodic filings. For more information regarding these risks and uncertainties as well as additional risks that we face, you should refer to the “Summary of Risk Factors” below and the more detailed discussion of our Risk Factors included in Part I, Item 1A of this Form 10-K and in our subsequent reports filed from time to time with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov. The forward-looking statements included in this Form 10-K are made only as of the date we filed this report. We undertake no obligation to update or revise any forward-looking statement as a result of new information or future events, except as otherwise required by law.\n\n4\n\nSummary of Risk Factors\n\nThe following is a summary of the principal risk factors associated with investing in our Class A common stock. You should read this summary in conjunction with the more detailed description of these risks in Part I, Item 1A of this report under the heading “Risk Factors” and in other filings that we make from time to time with the SEC.\n\nWe are subject to risks related to our business, including risks related to:\n\n•historical investment performance not being indicative of future results or returns;\n\n•the identification and availability of suitable investment opportunities;\n\n•the impact of any poor investments on our revenue and fundraising efforts;\n\n•competition for investment funds and investments;\n\n•conflicts of interest;\n\n•retaining our senior management team and recruiting other qualified professionals;\n\n•expanding our business, formulating new business strategies, entering into new geographic markets and strategic partnerships and integrating acquired businesses with ours;\n\n•declines in the pace or size of fundraising or investments made by us;\n\n•our use of leverage and the dependence on leverage by certain funds, customized separate accounts and portfolio companies and exposure to the credit risks of financial institutions;\n\n•investors not satisfying their contractual obligations to fund capital calls;\n\n•our failure to comply with investment guidelines;\n\n•misconduct by our employees, advisors or third-party service providers;\n\n•the variability at which we receive distributions of carried interest;\n\n•the redemption or repurchase rights of investors in certain of our funds, including the impact of the imposition by us of any limitations on redemptions or repurchases;\n\n•the subjectiveness of valuation methodologies;\n\n•investments in relatively high-risk, illiquid assets;\n\n•the business, regulatory, legal and other complexities of investment opportunities;\n\n•undiversified investments;\n\n•investments in funds and companies that we do not control;\n\n•investments that rank junior to investments made by other investors;\n\n•our ability to sustain the growth of our business;\n\n•our ability to maintain our desired fee structure;\n\n•our compliance with additional regulatory requirements;\n\n•our risk management strategies and procedures;\n\n•limitations in our due diligence process;\n\n•our use of technology to collect and analyze data;\n\n•operational risks;\n\n•the security of our information technology networks and those of our third-party service providers;\n\n•compliance with data security and privacy laws and regulations;\n\n•technological developments in artificial intelligence (“AI”);\n\n•our ability to obtain, maintain, protect and enforce our intellectual property;\n\n•claims for damages and negative publicity;\n\n•our business operations outside of the United States; and\n\n•our commitments and disclosures regarding sustainability, responsible investing and related matters.\n\nWe are subject to risks related to our industry, including risks related to:\n\n•intense competition in the investment management industry;\n\n5\n\n•difficult or volatile market, geopolitical and economic conditions or the occurrence of catastrophic events;\n\n•extensive government regulation of our business by the United States and other jurisdictions;\n\n•federal, state and foreign anti-corruption and sanctions laws;\n\n•regulation of investment advisors internationally; and\n\n•regulator and investor expectations and legislation regarding sustainability, responsible investing and related matters.\n\nWe are subject to risks related to our organizational structure, including risks related to:\n\n•our status as a “controlled company” within the meaning of the Nasdaq listing standards;\n\n•our dependence on distributions from HLA to pay dividends, taxes and other expenses;\n\n•challenges by regulators with respect to our tax treatment;\n\n•our obligations to make distributions to current and former members of HLA;\n\n•potential conflicts of interest between members of management who hold most of their economic interest in HLA through other entities and holders of our Class A common stock;\n\n•the disparity in voting rights between the classes of our common stock;\n\n•the sale of a large number of shares of our Class A common stock or the perception that such sales could occur;\n\n•our ability to pay dividends;\n\n•anti-takeover provisions in our charter documents and under Delaware law;\n\n•our certificate of incorporation’s designation of the Court of Chancery in the State of Delaware as the exclusive venue for certain types of lawsuits;\n\n•being deemed an “investment company”; and\n\n•the potential assignment of our investment advisory agreements upon a change of control.\n\n6\n\nPART I"}