Hamilton Lane INCHLNE

Hamilton Lane INC Debt Disclosure

10-KFiled May 21, 20263 min read
8. Debt
The Company’s debt consisted of the following:
As of March 31,
20262025
Principal OutstandingCarrying ValueInterest RatePrincipal OutstandingCarrying ValueInterest Rate
Term Loan$84,375 $84,076 5.50 %$93,125 $92,736 6.25 %
2020 Multi-Draw Facility96,250 96,005 3.50 %100,000 99,691 3.50 %
Senior Notes100,000 98,339 5.28 %100,000 97,876 5.28 %
Total Debt$280,625 $278,420 $293,125 $290,303 
On October 1, 2025, the Company amended its existing 2022 Multi-Draw Term Loan Agreement (as amended, the “2022 Multi-Draw Facility”) with JPMorgan Chase Bank, N.A. (“JPMorgan”). The amendment included a decrease in the aggregate principal amount available to be borrowed from $75,000 to $50,000, modified dates related to principal and interest payments and revised interest rates for borrowings to the greater of the prime rate minus 1.35% or 3.00%. The 2022 Multi-Draw Facility matures on October 1, 2029. As of March 31, 2026 the Company had no outstanding balance under the 2022 Multi-Draw Term Facility
The Term Loan and Security Agreement (as amended, the “Term Loan”) has an $87,500 borrowing capacity, a maturity date of July 1, 2029, and an interest rate of a floating per annum rate equal to the prime rate minus 1.25% subject to a floor of 3.00%. The Revolving Loan and Security Agreement (as amended, the “Revolving Loan Agreement”) has a $50,000 borrowing capacity, a maturity date of October 6, 2027, and an interest rate of a floating per annum rate equal to the prime rate minus 1.50% subject to a floor of 2.25%, the Company has no outstanding balance under the Revolving Loan Agreement. The 2020 Multi-Draw Term Loan and Security Agreement (as amended, the “2020 Multi-Draw Facility”) provides for a term loan in the aggregate principal amount of $100,000, has a maturity date of April 1, 2030, and the interest rate is a fixed per annum rate of 3.50%.
On October 8, 2024, HLA issued $100,000 aggregate principal amount of its 5.28% Senior Notes due October 15, 2029 (the “Senior Notes”), pursuant to a Note Purchase Agreement (the “Note Purchase Agreement”), among HLA and the institutional purchasers party thereto in a private placement transaction. Interest on the Senior Notes is payable semi-annually in arrears, commencing on April 15, 2025. Interest on the Senior Notes accrues from and including October 8, 2024.
The aggregate minimum principal payments on the Company’s outstanding debt are due as follows:
For the fiscal year ending March 31,
2027$21,875 
202832,500 
202955,000 
2030158,750 
203112,500 
Thereafter— 
Total$280,625 
The carrying value of the Company’s Term Loan as of each of March 31, 2026 and 2025 approximated fair value. The 2020 multi-draw facility had an estimated fair value of $91,768 and $99,305 as of each of March 31, 2026 and 2025, respectively. The Company’s Senior Notes had an estimated fair value of $94,641 and $99,222 as of each of March 31, 2026 and 2025, respectively. The estimated fair value of debt is based on then-current market rates for similar debt instruments and is classified as Level 2 within the fair value hierarchy.
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Historical Timeline

Fiscal YearFiled
2026May 21, 2026Showing above
2025May 30, 2025
2024May 23, 2024
2023May 25, 2023
2022May 26, 2022
2021May 27, 2021
2020May 28, 2020
2019May 30, 2019
2018Jun 14, 2018

About Debt Disclosures

Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.

Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.

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