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Hamilton Lane Incorporated (HLNE-2.59%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenues to $168,261,000 from $125,264,000 in the same quarter the previous year. This increase was driven by higher management and advisory fees and incentive fees.
Management and advisory fees rose to $126,282,000 from $113,641,000, largely due to increased revenue from specialized funds and customized separate accounts.
Incentive fees increased significantly to $41,176,000 from $11,623,000, primarily due to proceeds realized on the sale of underlying investments in one of the company's specialized funds.
Total expenses for the quarter were $92,539,000, up from $73,870,000 in the previous year. The increase was mainly due to higher compensation and benefits expenses, which rose to $61,905,000 from $49,706,000.
General, administrative, and other expenses also increased to $30,581,000 from $24,152,000, driven by higher third-party commissions and fund reimbursement expenses.
Equity in income of investees was $11,611,000 for the quarter, compared to a loss of $46,000 in the previous year, reflecting larger increases in investment valuations.
Net income attributable to Hamilton Lane Incorporated was $52,972,000, up from $19,506,000 in the previous year. Basic earnings per share of Class A common stock were $1.33, compared to $0.52 in the prior year.
Fee-earning assets under management (AUM) increased to $70.994 billion as of December 31, 2024, from $65.749 billion at the end of the previous fiscal year, driven by contributions from customized separate accounts and specialized funds.
Hamilton Lane reported cash and cash equivalents of $285,553,000 as of December 31, 2024, up from $114,634,000 as of March 31, 2024, reflecting strong operating cash flow and proceeds from financing activities.
The company declared a quarterly dividend of $0.49 per share of Class A common stock, payable on April 4, 2025, to shareholders of record as of March 14, 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Hamilton Lane Incorporated quarterly 10-Q report dated February 4, 2025. To report an error, please email earnings@qz.com.