Hamilton Lane INC
For the period ended Mar 31, 2026. Filed May 21, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2026 · Filed May 21, 2026
HLNE$96.38+0.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Year Ended March 31, | |||
|---|---|---|---|
| 2026 | 2025 | 2024 | |
| Operating activities: | |||
| Net income | $387,720 | $313,768 | $227,207 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 9,878 | 9,285 | 8,186 |
| Change in deferred income taxes | 28,424 | 12,081 | 16,697 |
| Change in payable to related parties pursuant to tax receivable agreement | (3,503) | 2,122 | 318 |
| Equity-based compensation | 50,867 | 31,407 | 12,133 |
| Equity‑based consideration payable to customer | 281 | — | — |
| Equity in income of investees | (51,923) | (29,016) | (34,893) |
| Net realized (gain) loss on sale of investments | — | (654) | 288 |
| Fair value adjustment of other investments | (413) | (10,147) | 333 |
| Proceeds received from Funds | 35,102 | 47,250 | 28,254 |
| Non-cash lease expense | 9,570 | 9,007 | 8,696 |
| Other | 2,866 | 1,211 | 706 |
| Changes in operating assets and liabilities: | |||
| Fees receivable | 29,587 | (73,120) | (61,151) |
| Prepaid expenses | (2,525) | (185) | (1,256) |
| Due from related parties | (7,614) | (8,067) | (528) |
| Other assets | (608) | 39 | 15,344 |
| Accounts payable | 190 | 964 | (54) |
| Accrued compensation and benefits | 35,598 | 12,577 | 11,789 |
| Lease liability | (9,518) | (9,012) | (8,578) |
| Other liabilities | (7,254) | 19,016 | 2,503 |
| Consolidated Funds and Partnerships: | |||
| Cash relinquished from deconsolidation of fund | — | (12,173) | (101,712) |
| Net gain on investments | (84,758) | (10,848) | (1,406) |
| Equity in income of investees | (1,509) | (1,613) | (1,598) |
| Change in other assets and liabilities | 4,459 | (3,072) | (426) |
| Net cash provided by operating activities | $424,917 | $300,820 | $120,852 |
| Investing activities: | |||
| Purchase of furniture, fixtures and equipment | (5,844) | (12,156) | (11,073) |
| Purchase of investments and convertible notes | (15,000) | (12,692) | (14,352) |
| Proceeds from sale of investments | — | 6,948 | 1,343 |
| Net proceeds from sale of Consolidated Fund | 22,135 | — | — |
| Proceeds from sale of intangible assets | — | 2,078 | 3,305 |
| Distributions received from Funds | 12,014 | 22,696 | 14,147 |
| Contributions to Funds | (96,739) | (58,408) | (57,722) |
| Consolidated Funds and Partnerships: | |||
| Purchase of investments | (434,835) | (78,142) | (57,832) |
| Distributions received from investments | 23,447 | — | — |
| Cash from consolidating funds | — | 12,100 | — |
| Net cash used in investing activities | $(494,822) | $(117,576) | $(122,184) |
| Year Ended March 31, | |||
|---|---|---|---|
| 2026 | 2025 | 2024 | |
| Financing activities: | |||
| Proceeds from offering | $55,484 | $248,403 | $201,671 |
| Purchase of membership interests | (55,484) | (248,403) | (201,671) |
| Borrowings of debt, net of deferred financing costs | — | 97,658 | — |
| Repayments of long term debt | (12,500) | (3,750) | (2,500) |
| Draw-down of revolver | — | — | 10,000 |
| Repayment of revolver | — | — | (25,000) |
| Shares repurchased and retired | (19,986) | — | — |
| Repurchase of Class B common stock | — | (2) | (2) |
| Repurchase of Class A common stock for employee tax withholding | (4,613) | (5,468) | (3,507) |
| Proceeds received from issuance of shares under Employee Share Purchase Plan | 3,124 | 2,797 | 2,253 |
| Payments to related parties pursuant to the tax receivable agreement | (12,000) | (11,924) | (11,123) |
| Dividends paid | (87,711) | (75,997) | (65,406) |
| Members’ distributions paid | (54,125) | (43,803) | (43,872) |
| Consolidated Funds and Partnerships: | |||
| Contributions from non-controlling interests in Consolidated Funds and Partnerships | 344,176 | 21,551 | 143,694 |
| Distributions to non-controlling interests in Consolidated Funds and Partnerships | (588) | (219) | (138) |
| Net cash provided by (used in) financing activities | $155,777 | $(19,157) | $4,399 |
| Effect of exchange rate changes on cash and cash equivalents | 2,428 | (102) | — |
| Increase in cash and cash equivalents, restricted cash, and cash and cash equivalents held at Consolidated Funds and Partnerships | 88,300 | 163,985 | 3,067 |
| Cash and cash equivalents, restricted cash, and cash and cash equivalents held at Consolidated Funds and Partnerships at beginning of the year | 283,604 | 119,619 | 116,552 |
| Cash and cash equivalents, restricted cash, and cash and cash equivalents held at Consolidated Funds and Partnerships at end of the year | $371,904 | $283,604 | $119,619 |
| Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash and Cash Equivalents Held at Consolidated Funds and Partnerships to the Consolidated Balance Sheets: | |||
|---|---|---|---|
| Cash and cash equivalents | $360,955 | $229,161 | $114,634 |
| Restricted cash | 8,008 | 6,331 | 4,985 |
| Cash and cash equivalents held at Consolidated Funds and Partnerships | 2,941 | 48,112 | — |
| Total cash and cash equivalents, restricted cash, and cash and cash equivalents held at Consolidated Funds and Partnerships | $371,904 | $283,604 | $119,619 |
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