Hamilton Lane Fiscal Q2 Non-GAAP EPS Rises 28.6% to $1.98 on Fee Growth
Hamilton Lane's fiscal second-quarter non-GAAP EPS rose 28.6% to $1.98, driven by growth in management fees, and the private markets firm declared a $0.60 quarterly dividend in line with a $2.40 full-year target.
Total revenue increased 7.1% to $204.4 million from $190.9 million for the quarter ended Sept. 30, according to the results Hamilton Lane filed with an 8-K on Tuesday. Management and advisory fees grew 15.4% to $164.0 million, while incentive fees fell 9.3% to $40.4 million. GAAP net income attributable to the company rose 9.3% to $77.5 million, and diluted EPS increased 10.7% to $1.87 from $1.69.
Fee related earnings, a measure of recurring profit, climbed 17.8% to $90.8 million, lifting the fee related earnings margin to 51% from 49%. Adjusted net income rose to $106.1 million from $84.1 million, and adjusted EBITDA increased to $111.7 million from $100.8 million.
Specialized funds drive fees
Management and advisory fees from specialized funds rose 22% to $109.7 million, while fees from customized separate accounts slipped 5% to $34.0 million. Specialized funds made up 67% of management and advisory fees over the first six months of the fiscal year.
Fee-earning assets under management grew 12.4% to $85.9 billion from $76.4 billion. Specialized fund fee-earning assets rose 25% to $44.5 billion, helped by a $1.3 billion closing for a secondary fund in the quarter. Total assets under management reached $150.8 billion, up 3.7%, and combined assets under management and advisement rose 7.4% to $1.08 trillion.
Carry and balance sheet
Unrealized carried interest stood at $1.59 billion on Sept. 30, up from $1.43 billion a year earlier, spread across more than 3,000 assets and over 120 funds. The firm reported $269 million of debt at quarter-end and repurchased $50 million of stock in the first half of the fiscal year.
For the first six months, revenue rose 30.8% to $479.8 million as incentive fees jumped to $154.4 million from $86.8 million.
Dividend
The $0.60 per share dividend on Class A common stock is payable Jan. 7, 2027, to holders of record on Dec. 21, 2026. The company said its $2.40 target full-year dividend is an increase over the prior fiscal year.
By the numbers
- Total revenue: $204.4 million, up 7.1%
- Non-GAAP EPS: $1.98, up 28.6%
- GAAP diluted EPS: $1.87, up 10.7%
- Fee related earnings: $90.8 million, up 17.8%
- Fee-earning AUM: $85.9 billion, up 12.4%
- Quarterly dividend: $0.60 per share
Sources
- Hamilton Lane Form 8-K with second-quarter fiscal 2027 results, filed Nov. 3, 2026 (accession 0001433642-26-000053)
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