Hamilton Lane Incorporated (NASDAQ: HLNE) reported a 10% increase in net income attributable to the company for the third fiscal quarter ended Dec. 31, 2025, as assets under management and advisement reached $1.0 trillion.
The private markets asset manager posted total revenue of $198.6 million for the quarter, up 18% from $168.3 million in the prior-year period.
Quarterly Performance
Consolidated net income rose to $92.8 million, representing a 20% increase from $77.5 million a year earlier. Net income attributable to Hamilton Lane Incorporated increased to $58.4 million from $53.0 million in the third quarter of fiscal 2025. Diluted earnings per share for Class A common stock rose to $1.37 from $1.32.
Management and advisory fees, the company’s primary revenue stream, grew 21% year over year to $153.2 million. Incentive fees increased 10% to $45.4 million.
Management and Advisory Fee Breakdown
Within management and advisory fees, revenue from Specialized Funds reached $98.5 million, reflecting a 30% year-over-year increase. Customized Separate Accounts generated $36.1 million in revenue, up 6%. Reporting, Monitoring, Data and Analytics revenue increased 31% to $9.3 million. Advisory revenue declined 15% to $4.8 million.
Nine-Month Results
For the first nine months of fiscal 2026, total revenue rose 10% to $565.4 million from $515.0 million in the prior-year period. Consolidated net income for the nine-month period reached $273.5 million, compared with $240.5 million a year earlier. Net income attributable to the company increased 10% to $183.0 million.
Assets Under Management and Operations
Total assets under management and advisement reached $1.0 trillion as of Dec. 31, 2025. Discretionary assets under management totaled $146.1 billion, an 8% increase year over year, while non-discretionary assets under advisement rose 6% to $871.5 billion. Fee-earning assets under management increased 11% to $79.1 billion.
During the quarter, Hamilton Lane closed its ninth credit-oriented fund and its second infrastructure fund. The firm is currently fundraising for its sixth direct equity fund, third impact fund, and evergreen funds. Closings for the direct equity fund during the quarter totaled $297 million.
Strategic Position and Capital
As of Dec. 31, 2025, Hamilton Lane reported $1.5 billion in unrealized carried interest diversified across more than 3,000 assets and 120 funds. Total investment balance stood at $1.17 billion, including $529 million in fund investments, $426 million in consolidated funds and partnerships, and $215 million in technology-related and other investments. Debt totaled $280 million at quarter-end.
Dividend and Outlook
The company declared a quarterly dividend of $0.54 per share of Class A common stock, payable on April 6, 2026, to shareholders of record as of March 20, 2026. The targeted full-year dividend of $2.16 represents a 10% increase from the prior fiscal year.
Performance Snapshot
Hamilton Lane reported an 18% increase in quarterly revenue and a 10% rise in net income attributable to the company. Specialized funds delivered strong growth, while advisory revenue declined. Assets under management and advisement crossed the $1.0 trillion mark, underscoring continued scale expansion during the quarter.