Hamilton Lane INCHLNE

Hamilton Lane INC Revenue Disclosure

10-KFiled May 21, 20262 min read
3. Revenue
The following tables present revenues disaggregated by product offering, which aligns with the identified performance obligations and the basis for calculating each amount:
Year Ended March 31,
Management and advisory fees202620252024
Specialized funds$374,405 $315,214 $261,012 
Customized separate accounts141,535 134,400 128,826 
Advisory20,473 22,806 24,229 
Reporting, monitoring, data and analytics35,766 29,244 24,711 
Distribution management2,170 2,619 5,054 
Fund reimbursement revenue9,867 9,581 8,104 
Total management and advisory fees$584,216 $513,864 $451,936 
Year Ended March 31,
Incentive fees202620252024
Specialized funds146,293 182,092 89,988 
Customized separate accounts24,282 16,204 11,918 
Consolidated Funds and Partnerships
Specialized funds4,202 803 — 
Total incentive fees$174,777 $199,099 $101,906 
Strategic Partnership
On November 2, 2025, the Company entered into a long-term strategic partnership (the “Guardian Transaction”) with The Guardian Life Insurance Company of America (“Guardian”). Through this partnership, the Company will oversee Guardian’s existing private equity portfolio and future commitments to private equity for the next 10 years. On December 31, 2025, the Company issued a warrant related to a maximum of 400,000 shares of its Class A common stock (the “Warrant”) to Guardian in a private placement transaction.
On December 31, 2025, the Company recognized an asset of $8,367 recorded in other assets in the Consolidated Balance Sheets, associated with the Warrant shares that were vested and exercisable upon issuance, subject to clawback provisions. The asset, along with the remaining grant date fair value of the Warrant, will be recognized as a reduction of management fee revenue over the contract performance period as the Company provides the related asset management services.
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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

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.

Other Available Disclosures

Income TaxesEarnings Per ShareFair ValuePP&EDebtCommitmentsStock CompensationNew StandardsPay vs Performance