QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||||||||||||||
(Address of principal executive offices) | (Zip Code) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||||||||
x | Accelerated filer | ☐ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company |
Page | |||||
June 30, | March 31, | ||||||||||
2021 | 2021 | ||||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Fees receivable | |||||||||||
Prepaid expenses | |||||||||||
Due from related parties | |||||||||||
Furniture, fixtures and equipment, net | |||||||||||
Lease right-of-use assets, net | |||||||||||
Investments | |||||||||||
Deferred income taxes | |||||||||||
Other assets | |||||||||||
Assets of consolidated variable interest entities: | |||||||||||
Cash and cash equivalents | |||||||||||
Investments held in trust | |||||||||||
Investments | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities, redeemable non-controlling interests and equity | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued compensation and benefits | |||||||||||
Accrued members’ distributions | |||||||||||
Accrued dividend | |||||||||||
Debt | |||||||||||
Payable to related parties pursuant to tax receivable agreement | |||||||||||
Lease liabilities | |||||||||||
Other liabilities (includes $ | |||||||||||
Liabilities of consolidated variable interest entities: | |||||||||||
Other liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 16) | |||||||||||
Redeemable non-controlling interests | |||||||||||
Preferred stock, $ | |||||||||||
Class A common stock, $ | |||||||||||
Class B common stock, $ | |||||||||||
Additional paid-in-capital | |||||||||||
Retained earnings | |||||||||||
Total Hamilton Lane Incorporated stockholders’ equity | |||||||||||
Non-controlling interests in general partnerships | |||||||||||
Non-controlling interests in Hamilton Lane Advisors, L.L.C. | |||||||||||
Total equity | |||||||||||
Total liabilities, redeemable non-controlling interests and equity | $ | $ |
Three Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Revenues | |||||||||||
Management and advisory fees | $ | $ | |||||||||
Incentive fees | |||||||||||
Consolidated variable interest entities related: | |||||||||||
Incentive fees | |||||||||||
Total revenues | |||||||||||
Expenses | |||||||||||
Compensation and benefits | |||||||||||
General, administrative and other | |||||||||||
Consolidated variable interest entities related: | |||||||||||
General, administrative and other | |||||||||||
Total expenses | |||||||||||
Other income (expense) | |||||||||||
Equity in income (loss) of investees | ( | ||||||||||
Interest expense | ( | ( | |||||||||
Interest income | |||||||||||
Non-operating income (expense) | ( | ||||||||||
Consolidated variable interest entities related: | |||||||||||
Equity in income (loss) of investees | ( | ||||||||||
Unrealized loss | ( | ||||||||||
Total other income (expense) | ( | ||||||||||
Income before income taxes | |||||||||||
Income tax expense | |||||||||||
Net income | |||||||||||
Less: Income (loss) attributable to non-controlling interests in general partnerships | ( | ||||||||||
Less: Income attributable to non-controlling interests in Hamilton Lane Advisors, L.L.C. | |||||||||||
Less: (Loss) attributable to redeemable non-controlling interests in Hamilton Lane Alliance Holdings I, Inc. | ( | ||||||||||
Net income attributable to Hamilton Lane Incorporated | $ | $ | |||||||||
Basic earnings per share of Class A common stock | $ | $ | |||||||||
Diluted earnings per share of Class A common stock | $ | $ | |||||||||
Dividends declared per share of Class A common stock | $ | $ |
Three Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Net income | $ | $ | |||||||||
Other comprehensive income (loss), net of tax | |||||||||||
Foreign currency translation | ( | ||||||||||
Total other comprehensive income (loss), net of tax | ( | ||||||||||
Comprehensive income | |||||||||||
Less: | |||||||||||
Comprehensive income (loss) attributable to non-controlling interests in general partnerships | ( | ||||||||||
Comprehensive income attributable to non-controlling interests in Hamilton Lane Advisors, L.L.C. | |||||||||||
Comprehensive (loss) attributable to redeemable non-controlling interests in Hamilton Lane Alliance Holdings I, Inc. | ( | ||||||||||
Total comprehensive income attributable to Hamilton Lane Incorporated | $ | $ |
5 |
Class A Common Stock | Class B Common Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Non-Controlling Interests in General Partnerships | Non-Controlling Interests in Hamilton Lane Advisors, L.L.C. | Total Equity | ||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Equity-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Repurchase of Class A shares for employee tax withholding | — | — | ( | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Capital contributions from non-controlling interests, net | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Member distributions | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
Employee Share Purchase Plan share issuance | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Accretion of redeemable non-controlling interest | — | — | ( | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | $ | $ | $ | $ | $ | $ | $ |
Class A Common Stock | Class B Common Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Income | Non-Controlling Interests in General Partnerships | Non-Controlling Interests in Hamilton Lane Advisors, L.L.C. | Total Equity | ||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | $ | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | ( | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
Equity-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Deferred tax adjustment | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Capital distributions to non-controlling interests, net | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Member distributions | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
Secondary offerings | ( | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Employee Share Purchase Plan share issuance | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Equity reallocation between controlling and non-controlling interests | — | — | ( | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | $ | $ | ( | $ | $ | $ |
6 |
Three Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Change in deferred income taxes | ( | ||||||||||
Change in payable to related parties pursuant to tax receivable agreement | ( | ||||||||||
Equity-based compensation | |||||||||||
Equity in (income) loss of investees | ( | ||||||||||
Fair value adjustment of other investment | ( | ||||||||||
Proceeds received from investments | |||||||||||
Non-cash lease expense | |||||||||||
Other | ( | ||||||||||
Changes in operating assets and liabilities: | |||||||||||
Fees receivable | |||||||||||
Prepaid expenses | |||||||||||
Due from related parties | |||||||||||
Other assets | ( | ||||||||||
Accounts payable | ( | ||||||||||
Accrued compensation and benefits | |||||||||||
Lease liability | ( | ||||||||||
Other liabilities | ( | ( | |||||||||
Consolidated variable interest entities related: | |||||||||||
Unrealized loss on warrants measured at fair value | |||||||||||
Equity in (income) loss of investees | ( | ||||||||||
Other assets and liabilities | |||||||||||
Net cash provided by operating activities | |||||||||||
Investing activities: | |||||||||||
Purchase of furniture, fixtures and equipment | ( | ( | |||||||||
Purchase of other investments | ( | ||||||||||
Cash paid for acquisition of business | ( | ||||||||||
Distribution from investment valued under the measurement alternative | |||||||||||
Distributions received from investments | |||||||||||
Contributions to investments | ( | ( | |||||||||
Net cash used in investing activities | ( | ( | |||||||||
Financing activities: | |||||||||||
Proceeds from offerings | |||||||||||
Purchase of membership interests | ( | ||||||||||
Repayments of debt | ( | ||||||||||
Repayment of revolver | ( | ||||||||||
Repurchase of Class B common stock | ( | ||||||||||
Repurchase of Class A shares for employee tax withholding | ( | ||||||||||
Proceeds received from issuance of shares under Employee Share Purchase Plan | |||||||||||
Payments to related parties, pursuant to tax receivable agreement | ( | ||||||||||
Dividends paid | ( | ( | |||||||||
Other | ( | ||||||||||
Members’ distributions paid | ( | ( | |||||||||
Consolidated variable interest entities related: | |||||||||||
Contributions from non-controlling interest in general partnerships | |||||||||||
Distributions to non-controlling interest in general partnerships | ( | ( | |||||||||
Net cash used in financing activities | ( | ( | |||||||||
Effect of exchange rate changes on cash and cash equivalents | ( | ||||||||||
(Decrease) increase in cash, cash equivalents, and restricted cash | ( | ||||||||||
Cash, cash equivalents, and restricted cash at beginning of the period | |||||||||||
Cash, cash equivalents, and restricted cash at end of the period | $ | $ |
7 |
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities to the Consolidated Statements of Financial Condition: | |||||||||||
Three Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Cash and cash equivalents held at consolidated variable interest entities | |||||||||||
Total cash and cash equivalents, restricted cash, and cash and cash equivalents held at consolidated variable interest entities | $ | $ |
8 |
9 |
Three Months Ended June 30, | |||||||||||
Management and advisory fees | 2021 | 2020 | |||||||||
Specialized funds | $ | $ | |||||||||
Customized separate accounts | |||||||||||
Advisory | |||||||||||
Reporting and other | |||||||||||
Distribution management | |||||||||||
Fund reimbursement revenue | |||||||||||
Total management and advisory fees | $ | $ |
Three Months Ended June 30, | |||||||||||
Incentive fees | 2021 | 2020 | |||||||||
Specialized funds | $ | $ | |||||||||
Customized separate accounts | |||||||||||
Consolidated variable interest related: | |||||||||||
Specialized funds | |||||||||||
Total incentive fees | $ | $ |
11 |
June 30, | March 31, | ||||||||||
2021 | 2021 | ||||||||||
Equity method investments in Partnerships | $ | $ | |||||||||
Other equity method investments | |||||||||||
Other investments | |||||||||||
Investments valued under the measurement alternative | |||||||||||
Total Investments | $ | $ |
12 |
As of June 30, 2021 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Amortized Cost | |||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Other investments | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Investments held in trust | |||||||||||||||||||||||||||||
Total financial assets | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||||||
Warrant liability(1) | $ | $ | $ | $ | |||||||||||||||||||||||||
Secured financing(2) | |||||||||||||||||||||||||||||
Total financial liabilities | $ | $ | $ | $ | |||||||||||||||||||||||||
As of March 31, 2021 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Amortized Cost | |||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Other investments | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Investments held in trust | |||||||||||||||||||||||||||||
Total financial assets | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||||||
Warrant liability(1) | $ | $ | $ | $ | |||||||||||||||||||||||||
Secured financing(2) | |||||||||||||||||||||||||||||
Total financial liabilities | $ | $ | $ | $ |
13 |
Private equity funds | Direct credit co-investments | Direct equity co-investments | Publicly traded equity security | Total other investments | |||||||||||||||||||||||||
Balance as of March 31, 2021 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Contributions | |||||||||||||||||||||||||||||
Distributions | ( | ( | ( | ||||||||||||||||||||||||||
Net gain | |||||||||||||||||||||||||||||
Transfer in/(out) | |||||||||||||||||||||||||||||
Balance as of June 30, 2021 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Private equity funds | Direct credit co-investments | Direct equity co-investments | Total other investments | ||||||||||||||||||||
Balance as of March 31, 2020 | $ | $ | $ | $ | |||||||||||||||||||
Contributions | |||||||||||||||||||||||
Distributions | ( | ( | ( | ||||||||||||||||||||
Net gain | |||||||||||||||||||||||
Balance as of June 30, 2020 | $ | $ | $ | $ |
Significant | |||||||||||||||||||||||||||||||||||
Fair | Valuation | Unobservable | Weighted | ||||||||||||||||||||||||||||||||
Value | Methodology | Inputs | Range | Average | |||||||||||||||||||||||||||||||
Other investments: | |||||||||||||||||||||||||||||||||||
Private equity funds | $ | Adjusted net asset value | Selected market return | - | |||||||||||||||||||||||||||||||
Direct credit co-investments | $ | Discounted cash flow | Market yield | - | |||||||||||||||||||||||||||||||
Direct equity co-investments | $ | Market approach | EBITDA multiple | - | |||||||||||||||||||||||||||||||
Market approach | Equity multiple | ||||||||||||||||||||||||||||||||||
Publicly traded equity security | $ | Market approach | Illiquidity discount |
14 |
15 |
June 30, | March 31, | ||||||||||
2021 | 2021 | ||||||||||
Investments | $ | $ | |||||||||
Fees receivable | |||||||||||
Due from related parties | |||||||||||
Total VIE Assets | |||||||||||
Non-controlling interests | ( | ( | |||||||||
Maximum exposure to loss | $ | $ |
As of June 30, 2021 | As of March 31, 2021 | ||||||||||||||||||||||
Principal Outstanding | Carrying Value | Interest Rate | Principal Outstanding | Carrying Value | Interest Rate | ||||||||||||||||||
Term Loan | $ | $ | % | $ | $ | % | |||||||||||||||||
Multi-Draw Facility | % | % | |||||||||||||||||||||
Revolver | % | % | |||||||||||||||||||||
Total Debt | $ | $ | $ | $ |
16 |
Class A Common Stock | Class B Common Stock | ||||||||||
March 31, 2021 | |||||||||||
Forfeitures | ( | ||||||||||
Shares repurchased for employee tax withholdings | ( | ||||||||||
Restricted stock granted | |||||||||||
Shares issued pursuant to Employee Share Purchase Plan | |||||||||||
June 30, 2021 |
17 |
Total Unvested | Weighted- Average Grant-Date Fair Value of Award | ||||||||||
March 31, 2021 | $ | ||||||||||
Granted | $ | ||||||||||
Vested | ( | $ | |||||||||
Forfeited | ( | $ | |||||||||
June 30, 2021 | $ |
Three Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Base compensation and benefits | $ | $ | |||||||||
Incentive fee compensation | |||||||||||
Equity-based compensation | |||||||||||
Total compensation and benefits | $ | $ |
18 |
Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||
Net income attributable to HLI | Weighted-Average Shares | Per share amount | Net income attributable to HLI | Weighted-Average Shares | Per share amount | ||||||||||||||||||||||||||||||
Basic EPS of Class A common stock | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Adjustment to net income: | |||||||||||||||||||||||||||||||||||
Assumed vesting of employee awards | |||||||||||||||||||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||||||||||||||
Assumed vesting of employee awards | |||||||||||||||||||||||||||||||||||
Diluted EPS of Class A common stock | $ | $ | $ | $ |
19 |
Three Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Non-cash financing activities: | |||||||||||
Dividends declared but not paid | $ | $ | |||||||||
Member distributions declared but not paid | $ | $ | |||||||||
Establishment of net deferred tax assets related to offerings | $ | $ |
20 |
Three Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Operating lease costs | $ | $ | |||||||||
Variable lease costs | $ | $ | |||||||||
Cash paid for amounts included in the measurement of operating lease liabilities | $ | $ | |||||||||
Weighted average remaining lease term (in years) | |||||||||||
Weighted average discount rate | % | % |
Remainder of FY2021 | $ | ||||
FY2022 | |||||
FY2023 | |||||
FY2024 | |||||
FY2025 | |||||
Thereafter | |||||
Total lease payments | |||||
Less: imputed interest | ( | ||||
Total operating lease liabilities | $ |
21 |
Three Months Ended June 30, | ||||||||||||||
($ in thousands) | 2021 | 2020 | ||||||||||||
Revenues | ||||||||||||||
Management and advisory fees | $ | 73,884 | $ | 67,267 | ||||||||||
Incentive fees | 2,364 | 2,244 | ||||||||||||
Consolidated variable interest entities related: | ||||||||||||||
Incentive fees | 2,747 | 233 | ||||||||||||
Total revenues | 78,995 | 69,744 | ||||||||||||
Expenses | ||||||||||||||
Compensation and benefits | 26,732 | 30,351 | ||||||||||||
General, administrative and other | 16,154 | 10,560 | ||||||||||||
Consolidated variable interest entities related: | ||||||||||||||
General, administrative and other | 359 | — | ||||||||||||
Total expenses | 43,245 | 40,911 | ||||||||||||
Other income (expense) | ||||||||||||||
Equity in income (loss) of investees | 20,049 | (17,045) | ||||||||||||
Interest expense | (1,165) | (487) | ||||||||||||
Interest income | 423 | 24 | ||||||||||||
Non-operating income (expense) | 3,603 | (275) | ||||||||||||
Consolidated variable interest entities related: | ||||||||||||||
Equity in income (loss) of investees | 229 | (4,158) | ||||||||||||
Unrealized loss | (2,244) | — | ||||||||||||
Total other income (expense) | 20,895 | (21,941) | ||||||||||||
Income before income taxes | 56,645 | 6,892 | ||||||||||||
Income tax expense | 11,964 | 1,924 | ||||||||||||
Net income | 44,681 | 4,968 | ||||||||||||
Less: Income (loss) attributable to non-controlling interests in general partnerships | 213 | (2,010) | ||||||||||||
Less: Income attributable to non-controlling interests in Hamilton Lane Advisors, L.L.C. | 19,296 | 3,732 | ||||||||||||
Less: (Loss) attributable to redeemable non-controlling interests in Hamilton Lane Alliance Holdings I, Inc. | (2,996) | — | ||||||||||||
Net income attributable to Hamilton Lane Incorporated | $ | 28,168 | $ | 3,246 |
Three Months Ended June 30, | |||||||||||
($ in thousands) | 2021 | 2020 | |||||||||
Management and advisory fees | |||||||||||
Specialized funds | $ | 33,388 | $ | 32,231 | |||||||
Customized separate accounts | 24,500 | 23,515 | |||||||||
Advisory | 6,366 | 6,765 | |||||||||
Reporting and other | 5,282 | 2,836 | |||||||||
Distribution management | 4,121 | 1,727 | |||||||||
Fund reimbursement revenue | 227 | 193 | |||||||||
Total management and advisory fees | 73,884 | 67,267 | |||||||||
Incentive fees | 5,111 | 2,477 | |||||||||
Total revenues | $ | 78,995 | $ | 69,744 |
Three Months Ended June 30, | |||||||||||
($ in thousands) | 2021 | 2020 | |||||||||
Equity in income (loss) of investees | |||||||||||
Primary funds | $ | 1,828 | $ | (3,006) | |||||||
Direct/co-investment funds | 7,654 | (9,527) | |||||||||
Secondary funds | 2,483 | (2,162) | |||||||||
Customized separate accounts | 7,293 | (6,027) | |||||||||
Other equity method investments | 1,020 | (481) | |||||||||
Total equity in income (loss) of investees | $ | 20,278 | $ | (21,203) |
Three Months Ended June 30, | Three Months Ended June 30, | |||||||||||||||||||||||||
($ in millions) | 2021 | 2020 | ||||||||||||||||||||||||
Customized Separate Accounts | Specialized Funds | Total | Customized Separate Accounts | Specialized Funds | Total | |||||||||||||||||||||
Balance, beginning of period | $ | 25,664 | $ | 16,341 | $ | 42,005 | $ | 24,545 | $ | 14,118 | $ | 38,663 | ||||||||||||||
Contributions (1) | 1,573 | 936 | 2,509 | 1,009 | 791 | 1,800 | ||||||||||||||||||||
Distributions (2) | (1,007) | (941) | (1,948) | (1,110) | (195) | (1,305) | ||||||||||||||||||||
Foreign exchange, market value and other (3) | 147 | 48 | 195 | (158) | 6 | (152) | ||||||||||||||||||||
Balance, end of period | $ | 26,377 | $ | 16,384 | $ | 42,761 | $ | 24,286 | $ | 14,720 | $ | 39,006 |
Three Months Ended June 30, | ||||||||||||||
($ in thousands) | 2021 | 2020 | ||||||||||||
Net income attributable to Hamilton Lane Incorporated | $ | 28,168 | $ | 3,246 | ||||||||||
Income (loss) attributable to non-controlling interests in general partnerships | 213 | (2,010) | ||||||||||||
Income attributable to non-controlling interests in Hamilton Lane Advisors, L.L.C. | 19,296 | 3,732 | ||||||||||||
Loss attributable to non-controlling interests in Hamilton Lane Alliance Holdings I, Inc. | (2,996) | — | ||||||||||||
Incentive fees | (5,111) | (2,477) | ||||||||||||
Incentive fee related compensation (1) | 2,383 | 1,173 | ||||||||||||
SPAC related general, administrative and other expenses | 359 | — | ||||||||||||
Interest income | (423) | (24) | ||||||||||||
Interest expense | 1,165 | 487 | ||||||||||||
Income tax expense | 11,964 | 1,924 | ||||||||||||
Equity in (income) loss of investees | (20,278) | 21,203 | ||||||||||||
Non-operating (income) expense | (1,359) | 275 | ||||||||||||
Fee Related Earnings | $ | 33,381 | $ | 27,529 | ||||||||||
Depreciation and amortization | 1,378 | 1,004 | ||||||||||||
Equity-based compensation | 2,341 | 1,748 | ||||||||||||
Incentive fees | 5,111 | 2,477 | ||||||||||||
Incentive fees attributable to non-controlling interests | (95) | (8) | ||||||||||||
Incentive fee related compensation (1) | (2,383) | (1,173) | ||||||||||||
Interest income | 423 | 24 | ||||||||||||
Adjusted EBITDA | $ | 40,156 | $ | 31,601 |
Three Months Ended June 30, | ||||||||||||||
(in thousands, except share and per-share amounts) | 2021 | 2020 | ||||||||||||
Net income attributable to Hamilton Lane Incorporated | $ | 28,168 | $ | 3,246 | ||||||||||
Income attributable to non-controlling interests in Hamilton Lane Advisors, L.L.C. | 19,296 | 3,732 | ||||||||||||
Income tax expense | 11,964 | 1,924 | ||||||||||||
Adjusted pre-tax net income | 59,428 | 8,902 | ||||||||||||
Adjusted income taxes (1) | (14,144) | (2,110) | ||||||||||||
Adjusted net income | $ | 45,284 | $ | 6,792 | ||||||||||
Weighted-average shares of Class A common stock outstanding - diluted | 36,128,994 | 30,440,152 | ||||||||||||
Exchange of Class B and Class C units in HLA (2) | 17,553,234 | 23,133,418 | ||||||||||||
Adjusted shares outstanding | 53,682,228 | 53,573,570 | ||||||||||||
Non-GAAP earnings per share | $ | 0.84 | $ | 0.13 | ||||||||||
Fund | Vintage year | Fund size ($M) | Realized Capital invested ($M) | Realized Gross multiple | Realized Gross IRR (%) | Realized Gross Spread vs. S&P 500 PME | Realized Gross Spread vs. MSCI World PME | ||||||||||||||||
Primaries (Diversified) | |||||||||||||||||||||||
PEF I | 1998 | 122 | 117 | 1.3 | 5.4% | 378 bps | 322 bps | ||||||||||||||||
PEF IV | 2000 | 250 | 238 | 1.7 | 16.2% | 1,302 bps | 1,170 bps | ||||||||||||||||
PEF V | 2003 | 135 | 133 | 1.7 | 14.2% | 841 bps | 950 bps | ||||||||||||||||
PEF VI | 2007 | 494 | 498 | 1.7 | 12.1% | 106 bps | 442 bps | ||||||||||||||||
PEF VII | 2010 | 262 | 245 | 1.7 | 15.3% | 97 bps | 498 bps | ||||||||||||||||
PEF VIII | 2012 | 427 | 117 | 1.5 | 14.8% | 115 bps | 471 bps | ||||||||||||||||
PEF IX | 2015 | 517 | 39 | 3.0 | 44.2% | 2,871 bps | 3,183 bps | ||||||||||||||||
PEF X | 2018 | 278 | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||
Secondaries | |||||||||||||||||||||||
Pre-Fund | - | - | 362 | 1.5 | 17.1% | 1,329 bps | 1,172 bps | ||||||||||||||||
Secondary Fund I | 2005 | 360 | 353 | 1.2 | 5.2% | 113 bps | 341 bps | ||||||||||||||||
Secondary Fund II | 2008 | 591 | 596 | 1.5 | 19.9% | 460 bps | 877 bps | ||||||||||||||||
Secondary Fund III | 2012 | 909 | 648 | 1.6 | 19.1% | 542 bps | 931 bps | ||||||||||||||||
Secondary Fund IV | 2016 | 1,916 | 214 | 2.2 | 40.5% | 2,483 bps | 2,796 bps | ||||||||||||||||
Secondary Fund V | 2019 | 3,929 | 20 | 1.9 | 158.1% | 12,823 bps | 12,977 bps | ||||||||||||||||
Co-investments | |||||||||||||||||||||||
Pre-Fund | - | - | 244 | 1.9 | 21.3% | 1,655 bps | 1,600 bps | ||||||||||||||||
Co-Investment Fund | 2005 | 604 | 561 | 1.0 | 0.2% | (554) bps | (304) bps | ||||||||||||||||
Co-Investment Fund II | 2008 | 1,195 | 849 | 2.5 | 21.5% | 915 bps | 1,292 bps | ||||||||||||||||
Co-Investment Fund III | 2014 | 1,243 | 408 | 2.5 | 37.4% | 2,325 bps | 2,661 bps | ||||||||||||||||
Co-Investment Fund IV | 2018 | 1,698 | 98 | 2.5 | 49.7% | 3,378 bps | 3,744 bps | ||||||||||||||||
Fund | Vintage year | Fund size ($M) | Realized Capital invested ($M) | Realized Gross multiple | Realized Gross IRR (%) | Realized Gross Spread vs. CS HY II PME | Realized Gross Spread vs. CS LL PME | ||||||||||||||||
Strategic Opportunities (Tail-end secondaries and credit) | |||||||||||||||||||||||
Strat Opps 2015 | 2015 | 71 | 52 | 1.3 | 17.3% | 759 bps | 1,126 bps | ||||||||||||||||
Strat Opps 2016 | 2016 | 214 | 134 | 1.3 | 18.5% | 1,104 bps | 1,327 bps | ||||||||||||||||
Strat Opps 2017 | 2017 | 435 | 275 | 1.3 | 16.2% | 1,166 bps | 1,234 bps | ||||||||||||||||
Strat Opps 2018 | 2018 | 889 | 345 | 1.2 | 15.0% | 1,149 bps | 1,398 bps | ||||||||||||||||
Strat Opps 2019 | 2019 | 762 | 116 | 1.2 | 16.2% | 1,107 bps | 1,262 bps | ||||||||||||||||
Strat Opps 2020 | 2021 | 898 | N/A | N/A | N/A | N/A | N/A |
Fund | Vintage year | Fund size ($M) | Capital invested ($M) | Gross multiple | Net Multiple | Gross IRR (%) | Net IRR (%) | Gross Spread vs. S&P 500 PME | Net Spread vs. S&P 500 PME | Gross Spread vs. MSCI World PME | Net Spread vs. MSCI World PME | ||||||||||||||||||||||||
Primaries (Diversified) | |||||||||||||||||||||||||||||||||||
PEF I | 1998 | 122 | 117 | 1.3 | 1.2 | 5.4% | 2.5% | 378 bps | 76 bps | 322 bps | 16 bps | ||||||||||||||||||||||||
PEF IV | 2000 | 250 | 238 | 1.7 | 1.5 | 16.2% | 11.2% | 1,302 bps | 828 bps | 1,170 bps | 708 bps | ||||||||||||||||||||||||
PEF V | 2003 | 135 | 133 | 1.7 | 1.6 | 14.2% | 9.6% | 841 bps | 362 bps | 950 bps | 466 bps | ||||||||||||||||||||||||
PEF VI | 2007 | 494 | 513 | 1.6 | 1.6 | 11.7% | 8.8% | 61 bps | (184) bps | 396 bps | 145 bps | ||||||||||||||||||||||||
PEF VII | 2010 | 262 | 286 | 1.6 | 1.6 | 13.3% | 9.4% | (97) bps | (475) bps | 300 bps | (84) bps | ||||||||||||||||||||||||
PEF VIII | 2012 | 427 | 414 | 1.4 | 1.4 | 10.2% | 7.5% | (406) bps | (681) bps | (73) bps | (347) bps | ||||||||||||||||||||||||
PEF IX | 2015 | 517 | 465 | 1.7 | 1.7 | 21.1% | 19.2% | 494 bps | 279 bps | 809 bps | 591 bps | ||||||||||||||||||||||||
PEF X | 2018 | 278 | 142 | 1.3 | 1.2 | 21.5% | 16.4% | (79) bps | (815) bps | 219 bps | (536) bps | ||||||||||||||||||||||||
Secondaries | |||||||||||||||||||||||||||||||||||
Pre-Fund | - | - | 362 | 1.5 | N/A | 17.1% | N/A | 1,329 bps | N/A | 1,172 bps | N/A | ||||||||||||||||||||||||
Secondary Fund I | 2005 | 360 | 353 | 1.2 | 1.2 | 5.2% | 3.8% | 113 bps | (63) bps | 341 bps | 157 bps | ||||||||||||||||||||||||
Secondary Fund II | 2008 | 591 | 596 | 1.5 | 1.4 | 19.9% | 13.6% | 460 bps | (182) bps | 877 bps | 223 bps | ||||||||||||||||||||||||
Secondary Fund III | 2012 | 909 | 831 | 1.4 | 1.4 | 14.3% | 12.0% | 63 bps | (193) bps | 448 bps | 197 bps | ||||||||||||||||||||||||
Secondary Fund IV | 2016 | 1,916 | 2,007 | 1.5 | 1.5 | 22.1% | 23.0% | 447 bps | 540 bps | 776 bps | 864 bps | ||||||||||||||||||||||||
Secondary Fund V | 2019 | 3,929 | 1,216 | 1.4 | 1.5 | 61.7% | 93.9% | 3,485 bps | 5,413 bps | 3,785 bps | 5,540 bps | ||||||||||||||||||||||||
Co-investments | |||||||||||||||||||||||||||||||||||
Pre-Fund | - | - | 244 | 1.9 | N/A | 21.3% | N/A | 1,655 bps | N/A | 1,600 bps | N/A | ||||||||||||||||||||||||
Co-Investment Fund | 2005 | 604 | 577 | 1.0 | 0.9 | 0.2% | (1.3)% | (570) bps | (746) bps | (319) bps | (501) bps | ||||||||||||||||||||||||
Co-Investment Fund II | 2008 | 1,195 | 1,147 | 2.0 | 1.8 | 17.9% | 14.2% | 555 bps | 167 bps | 935 bps | 542 bps | ||||||||||||||||||||||||
Co-Investment Fund III | 2014 | 1,243 | 1,261 | 2.1 | 1.8 | 22.0% | 18.6% | 719 bps | 389 bps | 1,050 bps | 714 bps | ||||||||||||||||||||||||
Co-Investment Fund IV | 2018 | 1,698 | 1,438 | 1.6 | 1.5 | 30.7% | 29.9% | 1,003 bps | 751 bps | 1,290 bps | 1,022 bps | ||||||||||||||||||||||||
Fund | Vintage year | Fund size ($M) | Capital invested ($M) | Gross multiple | Net Multiple | Gross IRR (%) | Net IRR (%) | Gross Spread vs. CS HY II PME | Net Spread vs. CS HY II PME | Gross Spread vs. CS LL PME | Net Spread vs. CS LL PME | ||||||||||||||||||||||||
Strategic Opportunities (Tail-end secondaries and credit) | |||||||||||||||||||||||||||||||||||
Strat Opps 2015 | 2015 | 71 | 68 | 1.3 | 1.2 | 14.0% | 10.7% | 534 bps | 209 bps | 850 bps | 519 bps | ||||||||||||||||||||||||
Strat Opps 2016 | 2016 | 214 | 214 | 1.3 | 1.2 | 12.4% | 9.9% | 571 bps | 330 bps | 758 bps | 517 bps | ||||||||||||||||||||||||
Strat Opps 2017 | 2017 | 435 | 447 | 1.3 | 1.2 | 12.8% | 10.2% | 773 bps | 502 bps | 878 bps | 622 bps | ||||||||||||||||||||||||
Strat Opps 2018 | 2018 | 889 | 844 | 1.2 | 1.2 | 11.6% | 9.6% | 616 bps | 365 bps | 851 bps | 602 bps | ||||||||||||||||||||||||
Stat Opps 2019 | 2019 | 762 | 633 | 1.1 | 1.1 | 12.7% | 10.6% | 450 bps | (59) bps | 625 bps | 98 bps | ||||||||||||||||||||||||
Stat Opps 2020 | 2021 | 898 | 50 | 1.0 | 1.0 | 2.9% | N/A | (377) bps | N/A | 291 bps | N/A |
Three Months Ended June 30, | |||||||||||
($ in thousands) | 2021 | 2020 | |||||||||
Net cash provided by operating activities | $ | 32,389 | $ | 47,455 | |||||||
Net cash used in investing activities | (4,431) | (6,074) | |||||||||
Net cash used in financing activities | (42,087) | (20,343) |
43 |
Period | Total Number of Shares Purchased(1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs(2) | ||||||||||||||||||||||
April 1-30, 2021 | — | $ | — | — | $ | 50,000,000 | ||||||||||||||||||||
May 1-31, 2021 | — | $ | — | — | $ | 50,000,000 | ||||||||||||||||||||
June 1-30, 2021 | 5,891 | $ | 91.32 | — | $ | 50,000,000 | ||||||||||||||||||||
Total | 5,891 | $ | 91.32 | — | $ | 50,000,000 |
Incorporated By Reference | Filed Herewith | ||||||||||||||||||||||
Exhibit No. | Description of Exhibit | Form | Exhibit | Filing Date | File No. | ||||||||||||||||||
8-K | 3.1 | 3/10/17 | 001-38021 | ||||||||||||||||||||
10-K | 3.2 | 6/27/17 | 001-38021 | ||||||||||||||||||||
8-K | 10.1 | 4/27/21 | 001-38021 | ||||||||||||||||||||
8-K | 10.2 | 4/27/21 | 001-38021 | ||||||||||||||||||||
X | |||||||||||||||||||||||
X | |||||||||||||||||||||||
32‡ | |||||||||||||||||||||||
101 | The following financial information from our Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 formatted in Inline XBRL (Extensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets; (ii) the Condensed Consolidated Statements of Income; (iii) the Condensed Consolidated Statements of Comprehensive Income; (iv) the Condensed Consolidated Statements of Stockholders’ Equity; (v) the Condensed Consolidated Statements of Cash Flows; and (vi) Notes to Condensed Consolidated Financial Statements. | X | |||||||||||||||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | X |
45 |
HAMILTON LANE INCORPORATED | |||||
By: | /s/ Atul Varma | ||||
Name: Atul Varma | |||||
Title: Chief Financial Officer and Treasurer | |||||
By: | /s/ Michael Donohue | ||||
Name: Michael Donohue | |||||
Title: Managing Director and Controller |
Date: | August 3, 2021 | ||||
/s/ Mario L. Giannini | |||||
Mario L. Giannini | |||||
Chief Executive Officer |
Date: | August 3, 2021 | ||||
/s/ Atul Varma | |||||
Atul Varma | |||||
Chief Financial Officer |
/s/ Mario L. Giannini | ||
Mario L. Giannini | ||
Chief Executive Officer |
/s/ Atul Varma | ||
Atul Varma | ||
Chief Financial Officer |
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Mar. 31, 2021 |
---|---|---|
Class of Stock [Line Items] | ||
Other liabilities, fair value | $ 17,538 | $ 17,381 |
Preferred stock, par value (in USD per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common Class A | ||
Class of Stock [Line Items] | ||
Common stock, par value (in USD per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares issued (in shares) | 36,290,015 | 36,290,183 |
Common stock, shares outstanding (in shares) | 36,290,015 | 36,290,183 |
Common Class B | ||
Class of Stock [Line Items] | ||
Common stock, par value (in USD per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 16,739,846 | |
Common stock, shares outstanding (in shares) | 16,739,846 | 16,739,846 |
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Net income | $ 44,681 | $ 4,968 |
Other comprehensive income (loss), net of tax | ||
Foreign currency translation | 0 | (10) |
Total other comprehensive income (loss), net of tax | 0 | (10) |
Comprehensive income | 44,681 | 4,958 |
Less: | ||
Total comprehensive income attributable to Hamilton Lane Incorporated | 28,168 | 3,240 |
General Partnerships | ||
Less: | ||
Comprehensive (loss) income attributable to non-controlling interests | 213 | (2,010) |
Hamilton Lane Advisors, L.L.C. | ||
Less: | ||
Comprehensive (loss) income attributable to non-controlling interests | 19,296 | 3,728 |
Hamilton Lane Alliance Holdings I, Inc. | ||
Less: | ||
Comprehensive (loss) income attributable to non-controlling interests | $ (2,996) | $ 0 |
Condensed Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands |
Total |
Common Stock
Class A Common Stock
|
Common Stock
Class B Common Stock
|
Additional Paid in Capital |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
General Partnerships
Noncontrolling Interests
|
Hamilton Lane Advisors, L.L.C. |
Hamilton Lane Advisors, L.L.C.
Noncontrolling Interests
|
---|---|---|---|---|---|---|---|---|---|
Beginning balance at Mar. 31, 2020 | $ 237,401 | $ 30 | $ 22 | $ 107,727 | $ 47,090 | $ (78) | $ 4,853 | $ 77,757 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 4,968 | 3,246 | (2,010) | 3,732 | |||||
Equity-based compensation | 1,758 | 997 | 761 | ||||||
Dividends declared | (10,102) | (10,102) | |||||||
Member distributions | (9,967) | (9,967) | |||||||
Employee Share Purchase Plan share issuance | 339 | 192 | 147 | ||||||
Other comprehensive loss | (10) | (6) | (4) | ||||||
Deferred tax adjustment | 8,414 | 8,414 | |||||||
Capital distributions to non-controlling interests, net | (188) | (188) | |||||||
Secondary offerings | (2) | 3 | (2) | 9,522 | $ (9,525) | ||||
Equity reallocation between controlling and non-controlling interests | 0 | (267) | 267 | ||||||
Ending balance at Jun. 30, 2020 | 232,611 | 33 | 20 | 126,585 | 40,234 | (84) | 2,655 | 63,168 | |
Beginning balance at Mar. 31, 2021 | 314,201 | 36 | 17 | 150,564 | 87,512 | 0 | 2,211 | 73,861 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 47,677 | 28,168 | 213 | 19,296 | |||||
Equity-based compensation | 2,341 | 1,573 | 768 | ||||||
Repurchase of Class A shares for employee tax withholding | (68) | (46) | (22) | ||||||
Dividends declared | (12,600) | (12,600) | |||||||
Capital contributions from non-controlling interests, net | 137 | 137 | |||||||
Member distributions | (9,665) | (9,665) | |||||||
Employee Share Purchase Plan share issuance | 397 | 267 | 130 | ||||||
Accretion of redeemable non-controlling interest | (2,996) | (2,013) | $ (983) | ||||||
Other comprehensive loss | 0 | ||||||||
Ending balance at Jun. 30, 2021 | $ 339,424 | $ 36 | $ 17 | $ 150,345 | $ 103,080 | $ 0 | $ 2,561 | $ 83,385 |
Organization |
3 Months Ended |
---|---|
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Hamilton Lane Incorporated (“HLI”) is a holding company whose principal asset is a controlling equity interest in Hamilton Lane Advisors, L.L.C. (“HLA”). As the sole managing member of HLA, HLI operates and controls all of the business and affairs of HLA, and through HLA, conducts its business. As a result, HLI consolidates HLA’s financial results and reports a non-controlling interest related to the portion of HLA units not owned by HLI. The assets and liabilities of HLA represent substantially all of HLI’s consolidated assets and liabilities with the exception of certain cash, certain deferred tax assets and liabilities, payable to related parties pursuant to a tax receivable agreement, and dividends payable. Unless otherwise specified, “the Company” refers to the consolidated entity of HLI, HLA and subsidiaries throughout the remainder of these notes. As of June 30, 2021 and March 31, 2021, HLI held approximately 67.2% and 67.2%, respectively, of the economic interest in HLA. As future exchanges of HLA units occur pursuant to the exchange agreement in place with HLA’s members, the economic interest in HLA held by HLI will increase. HLA is a registered investment advisor with the United States Securities and Exchange Commission (“SEC”), providing asset management and advisory services, primarily to institutional investors, to design, build and manage private markets portfolios. HLA sponsors the formation, and/or serves as the general partner or managing member, of various limited partnerships or limited liability companies consisting of specialized funds and certain single client separate account entities (“Partnerships”) that acquire interests in third-party managed investment funds that make private equity and equity-related investments. The Partnerships may also make direct co-investments, including investments in debt, equity, and other equity-based instruments. HLA, which includes certain subsidiaries that serve as the general partner or managing member of substantially all of the Partnerships, may invest its own capital in the Partnerships and generally makes all investment and operating decisions for the Partnerships. HLA operates several wholly-owned entities through which it conducts its foreign operations.
|
Summary of Significant Accounting Policies |
3 Months Ended |
---|---|
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Management believes it has made all necessary adjustments (which consisted of only normal recurring items) so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing the condensed consolidated financial statements are reasonable and prudent. Results of operations for the three months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending March 31, 2022. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in HLI’s Annual Report on Form 10-K for the fiscal year ended March 31, 2021. COVID-19 In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (“COVID-19”) a global pandemic, which has resulted in significant disruption and uncertainty in the global economic markets. Given the amount of uncertainty regarding the scope and duration of the COVID-19 pandemic, it is currently not possible to predict the precise impact it will have on the Company’s financial statements. In addition, certain impacts may not be reported in the current quarter due to the Company’s investments in partnerships and unrealized carried interest amounts, which are reported on a three-month lag, as discussed below in “Accounting for Differing Fiscal Periods”. Accounting for Differing Fiscal Periods The Partnerships primarily have a fiscal year end as of December 31, and the Company accounts for its investments in the Partnerships using a three-month lag due to the timing of financial information received from the investments held by the Partnerships. The Partnerships primarily invest in private equity funds, which generally require at least 90 days following the calendar year end to present audited financial statements. The Company records its share of capital contributions to and distributions from the Partnerships in investments in the Condensed Consolidated Balance Sheets during the three-month lag period. Fair Value of Financial Instruments The Company utilizes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach, and cost approach). The levels of the hierarchy are described below: •Level 1: Values are determined using quoted market prices for identical financial instruments in an active market. •Level 2: Values are determined using quoted prices for similar financial instruments and valuation models whose inputs are observable. •Level 3: Values are determined using pricing models that use significant inputs that are primarily unobservable, discounted cash flow methodologies or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. The carrying amount of cash and cash equivalents, fees receivable, and accounts payable approximate fair value due to the immediate or short-term maturity of these financial instruments. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation.
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Revenue |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue The following table presents revenues disaggregated by product offering, which aligns with the identified performance obligations and the basis for calculating each amount:
Cost to obtain contracts The Company incurs incremental costs related to sales commissions paid to certain employees directly related to customized separate account contracts. These incremental costs are capitalized and amortized over the expected contract length proportionately to the management fee revenue expected to be recognized in each year as a percentage of the total expected revenue for the contract. The contract asset related to the cost to obtain contracts was $979 and $964 as of June 30, 2021 and March 31, 2021, respectively, and is included in other assets in the Condensed Consolidated Balance Sheets. Amortization expense related to this contract asset was $129 and $128 for the three months ended June 30, 2021 and 2020, respectively, and is included in compensation and benefits in the Condensed Consolidated Statements of Income.
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Investments |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments Investments consist of the following:
Equity method investments The Company’s equity method investments in Partnerships represent its ownership in certain specialized funds and customized separate accounts. The strategies and geographic location of investments within the Partnerships vary by fund. The Company has a 1% interest in substantially all of the Partnerships. The Company’s other equity method investments represent its ownership in a technology company that provides benchmarking and analytics of private equity data and its ownership in a joint venture that automates the collection of fund and underlying portfolio company data from general partners. The Company recognized an equity method income (loss) related to its investments in Partnerships and other equity method investments of $20,049 and $(17,045) for the three months ended June 30, 2021 and 2020, respectively. Other investments The Company’s other investments represent a publicly traded security and investments in private equity funds and direct credit and equity co-investments that are held as collateral on the Company’s secured financing. The private equity fund investments can only be redeemed through distributions received from the liquidation of underlying investments of the fund, and the timing of distributions is currently indeterminable. The direct credit co-investments are debt securities classified as trading securities. The direct equity co-investments and private equity funds are measured at fair value with unrealized holding gains and losses included in earnings. The Company accounts for its secured financing at fair value under the fair value option. The primary reason for electing the fair value option is to mitigate volatility in earnings from using different measurement attributes. The significant input to the fair value of the secured financing is the fair value of the other investments delivered as collateral which are estimated using Level 3 inputs with the significant inputs as shown below. The Company recognized a gain on other investments held as collateral of $814 and $3,653 during the three months ended June 30, 2021 and 2020, respectively, that are recorded in other non-operating income. The Company recognized a loss on the secured financing liability of $814 and $3,653 during the three months ended June 30, 2021 and 2020, respectively, that are recorded in other non-operating income in the Condensed Consolidated Statement of Income. Investments valued under the measurement alternativeDuring the quarter ended June 30, 2021, an investment held by the Company and valued under the measurement alternative launched an initial public offering (“IPO”) and began trading on a public exchange. As part of the IPO, the Company agreed to a lockup restriction on selling or transferring the security for a period of 180 days. As the investment has a readily determinable fair value at the end of each reporting period, it no longer qualifies to be recorded under the measurement alternative. At each reporting period going forward, the investment will be recorded at fair value with changes in value recorded to net income. The Company reclassified the investment into other investments and transferred it into Level 3 of the fair value hierarchy based upon the lockup restrictions. The Company recorded an unrealized gain of $3,455 that was recorded in other non-operating income in the Condensed Consolidated Statement of Income for the three months ended June 30, 2021.
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Fair Value Measurement |
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement | Fair Value Measurement The following tables summarize the Company’s financial assets and financial liabilities recorded at fair value by fair value hierarchy level:
(1) Warrant liability is recorded within other liabilities of consolidated variable interests in the Condensed Consolidated Balance Sheet. (2) Secured financing is recorded within other liabilities in the Condensed Consolidated Balance Sheet. The following is a reconciliation of other investments for which significant unobservable inputs (Level 3) were used in determining fair value:
The valuation methodologies, significant unobservable inputs, range of inputs and the weighted average input determined based upon relative fair value of the investments used in recurring Level 3 fair value measurements of financial assets were as follows, as of June 30, 2021:
For the significant unobservable inputs listed in the table above: (1) a significant increase or decrease in the selected market return would result in a significantly higher or lower fair value measurement, respectively; (2) a significant increase or decrease in the market yield would result in a significantly lower or higher fair value measurement, respectively; (3) a significant increase or decrease in the selected multiple would result in a significantly higher or lower fair value measurement, respectively; and (4) a significant increase or decrease in the illiquidity discount would result in a significantly lower or higher fair value measurement, respectively.
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Acquisitions |
3 Months Ended |
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Jun. 30, 2021 | |
Business Combinations [Abstract] | |
Acquisitions | AcquisitionsOn April 1, 2021, the Company acquired substantially all the assets of 361 Capital, LLC for a total aggregate cash amount of $13,096, of which $10,096 was paid on the closing date of the acquisition. The remaining $3,000 will be paid in two equal installments on the first and second anniversaries of the closing. The purchase price based upon the fair value of consideration transferred at the date of acquisition is $12,946. The Company recorded $7,145 of definite lived intangible assets related primarily to the acquired investment management contracts, which will be amortized over seven years, and $5,623 of goodwill, which are both recorded in other assets in the Condensed Consolidated Balance Sheets. The remaining assets acquired and liabilities assumed are not material to the condensed consolidated financial statements. Revenue and net income attributable to the acquisition of 361 Capital, LLC were not material for the three months ended June 30, 2021 and 2020, and as such, pro forma information related to this acquisition is not presented. |
Variable Interest Entities |
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities | Variable Interest Entities The Company consolidates certain VIEs in which it is determined that the Company is the primary beneficiary. Consolidated Variable Interest Entities The Company consolidates general partner entities of certain Partnerships, which are not wholly-owned by the Company. The total assets of the consolidated general partner entities are $5,942 and $4,787 as of June 30, 2021 and March 31, 2021, respectively, and are recorded in investments of consolidated variable interest entities in the Condensed Consolidated Balance Sheets. The consolidated general partner entities had no liabilities as of June 30, 2021 and March 31, 2021. The assets of the consolidated general partner entities represent equity method-investments in direct/co-investment funds and customized separate accounts and may only be used to settle obligations of the consolidated general partner entities, if any. In addition, there is no recourse to the Company for the consolidated general partner entities’ liabilities, except for certain entities in which there could be a clawback of previously distributed carried interest. The Company sponsored and consolidates Hamilton Lane Alliance Holdings I, Inc. (“HLAH”) through HL Alliance Holdings Sponsor LLC, an indirect wholly-owned subsidiary of the Company. On January 15, 2021, HLAH completed an IPO raising total gross proceeds of $276,000 which were placed in a trust and can only be utilized for funding a business combination or the redemption of Class A shares of HLAH. In a private placement concurrent with the IPO, HLAH sold warrants to HL Alliance Holdings Sponsor LLC for gross proceeds of $7,520 which were used by HLAH to pay the offering costs and also to provide working capital. The total assets of HLAH were $277,128 and $277,528 as of June 30, 2021 and March 31, 2021, respectively. The total liabilities of HLAH were $19,497 and $17,310 as of June 30, 2021 and March 31, 2021, respectively. The assets of HLAH held outside of the trust can only be used to settle obligations of HLAH, and there is no recourse to the Company for HLAH’s liabilities. All warrants and Class B common stock of HLAH held by the Company are eliminated in consolidation. Nonconsolidated Variable Interest Entities The Company holds variable interests in certain Partnerships that are VIEs, which are not consolidated, as it is determined that the Company is not the primary beneficiary based upon the Company’s equity interest percentage in each of the VIEs. Certain Partnerships are considered VIEs because limited partners lack the ability to remove the general partner or dissolve the entity without cause, by simple majority vote (i.e. do not have substantive “kick out” or “liquidation” rights). The Company’s involvement with such entities is in the form of direct equity interests in, and fee arrangements with, the Partnerships in which it also serves as the general partner or managing member. In the Company’s role as general partner or managing member, it generally considers itself the sponsor of the applicable Partnership and makes all investment and operating decisions. As of June 30, 2021, the total commitments and remaining unfunded commitments from the limited partners and general partners to the unconsolidated VIEs are $24,144,410 and $9,386,316, respectively. These commitments are the primary source of financing for the unconsolidated VIEs. The maximum exposure to loss represents the potential loss of assets recognized by the Company relating to these unconsolidated entities. The Company believes that its maximum exposure to loss is limited because it establishes separate limited partnerships or limited liability companies to serve as the general partner or managing member of the Partnerships. The carrying amount of assets and liabilities recognized in the Condensed Consolidated Balance Sheet related to the Company’s interests in these non-consolidated VIEs and the Company’s maximum exposure to loss relating to non-consolidated VIEs were as follows:
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Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt The Company’s debt consisted of the following:
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Equity |
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | Equity The following table shows a rollforward of the Company’s common stock outstanding since March 31, 2021:
June 2020 Offering In June 2020, the Company and certain selling stockholders completed a registered offering of an aggregate of 2,995,757 shares of Class A common stock at a price to the underwriters of $70.09 per share (the “June 2020 Offering”). The shares sold consisted of 71,242 shares held by the selling stockholders and 2,924,515 shares newly issued by the Company. The Company received approximately $204,979 in net proceeds from the sale of its shares and used all of the proceeds to settle exchanges by certain members of HLA of a total of 2,271,636 Class B units and 652,879 Class C units. In connection with the exchange of the Class B units, the Company also repurchased for par value and canceled a corresponding number of shares of Class B common stock. The Company did not receive any proceeds from the sale of shares by the selling stockholders.
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Equity-Based Compensation |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity-Based Compensation | Equity-Based CompensationA summary of restricted stock activity for the three months ended June 30, 2021 is presented below:
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Compensation and Benefits |
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation Related Costs [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Benefits | Compensation and BenefitsThe Company has recorded the following amounts related to compensation and benefits:
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Income Taxes |
3 Months Ended |
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Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company’s effective tax rate used for interim periods is based on an estimated annual effective tax rate including the tax effect of items required to be recorded discretely in the interim period in which those items occur. The effective tax rate is dependent on many factors, including the estimated amount of income subject to income tax; therefore, the effective tax rate can vary from period to period. The Company evaluates the realizability of its deferred tax asset on a quarterly basis and adjusts the valuation allowance when it is more likely than not that all or a portion of the deferred tax asset may not be realized. The Company’s effective tax rate was 21.1% and 27.9% for the three months ended June 30, 2021 and 2020, respectively. The effective tax rates were different from the statutory rates due to the portion of income allocated to the non-controlling entities, and valuation allowance recorded against deferred tax assets recorded in the periods. As of June 30, 2021, the Company had no unrecognized tax positions and believes there will be no changes to uncertain tax positions within the next 12 months.
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Earnings per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Share | Earnings per Share Shares of the Company’s Class B common stock do not share in the earnings or losses attributable to HLI, and, therefore, are not participating securities. As a result, a separate presentation of basic and diluted earnings per share of Class B common stock under the two-class method has not been included. Shares of the Company’s Class B common stock are, however, considered potentially dilutive to the Class A common stock because the Class B units to which the Class B common stock corresponds are exchangeable for shares of Class A common stock on a one-for-one basis, at which time the share of Class B common stock is surrendered in exchange for a payment of its par value. The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock:
The calculations of diluted earnings per share exclude 17,553,234 outstanding Class B and Class C units of HLA for the three months ended June 30, 2021 and 21,044,479 outstanding Class B and Class C units of HLA for the three months ended June 30, 2020, which are exchangeable into Class A common stock under the “if-converted” method, because the inclusion of such shares would be antidilutive.
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Related-Party Transactions |
3 Months Ended |
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Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Related-Party Transactions The Company considers its employees, directors, and equity method investments to be related parties. Revenue and Receivables The Company has investment management agreements with various specialized funds and customized separate accounts that it manages. The Company earned management and advisory fees from Partnerships of $46,422 and $44,249 for the three months ended June 30, 2021 and 2020, respectively, and earned incentive fees from Partnerships of $4,575 and $2,355 for the three months ended June 30, 2021 and 2020, respectively. Fees receivable from the Partnerships were $14,019 and $14,814 as of June 30, 2021 and March 31, 2021, respectively, and are included in fees receivable in the Condensed Consolidated Balance Sheets. Expenses and Payables The Company maintains a service agreement with its joint venture pursuant to which it had expenses of $1,020 and $960 for the three months ended June 30, 2021 and 2020, respectively, that are included in general, administrative and other expenses in the Condensed Consolidated Statements of Income. The Company also has a payable to the joint venture of $346 and $325 as of June 30, 2021 and March 31, 2021, respectively, which is included in other liabilities in the Condensed Consolidated Balance Sheets.
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Supplemental Cash Flow Information |
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information | Supplemental Cash Flow Information
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Litigation In the ordinary course of business, the Company may be subject to various legal, regulatory, and/or administrative proceedings from time to time. Although there can be no assurance of the outcome of such proceedings, in the opinion of management, the Company does not believe it is probable that any pending or, to its knowledge, threatened legal proceeding or claim would individually or in the aggregate materially affect its condensed consolidated financial statements. Incentive Fees The Partnerships have allocated carried interest still subject to contingencies and did not meet the Company’s criteria for recognition in the amounts of $808,756 and $648,772, net of amounts attributable to non-controlling interests, at June 30, 2021 and March 31, 2021, respectively. If the Company ultimately receives the unrecognized carried interest, a total of $202,189 and $162,193 as of June 30, 2021 and March 31, 2021, respectively, would potentially be payable to certain employees and third parties pursuant to compensation arrangements related to carried interest profit-sharing plans. Such amounts have not been recorded in the Condensed Consolidated Balance Sheets or Condensed Consolidated Statements of Income as the payment is not yet probable. Commitments The Company serves as the investment manager of the Partnerships. The general partner or managing member of each Partnership is generally a separate subsidiary of the Company and has agreed to invest funds on the same basis as the limited partners in most instances. The Company’s aggregate unfunded commitment to the Partnerships was $194,721 and $201,442 as of June 30, 2021 and March 31, 2021, respectively. Leases The Company’s leases consist primarily of operating leases for office space and office equipment in various locations around the world, which have remaining lease terms of one year to 17 years. Some leases have the option to extend for an additional term or terminate early. Short-term lease costs are not material. The Company entered into a 17-year lease agreement for its new headquarters in a newly constructed building. The Company was granted access to the space in October 2020 to begin building various leasehold improvements and moved into the property in June 2021. The following table shows lease costs and other supplemental information related to the Company’s operating leases:
As of June 30, 2021, the maturities of operating lease liabilities were as follows:
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Subsequent Events |
3 Months Ended |
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Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On August 3, 2021, the Company declared a quarterly dividend of $0.35 per share of Class A common stock to record holders at the close of business on September 15, 2021. The payment date will be October 6, 2021. In July 2021, there was an observable price change for an investment held by the Company that is valued under the measurement alternative. As a result of the transaction, the Company expects to record an unrealized gain of approximately $23,000 during the second quarter of fiscal 2022.
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Summary of Significant Accounting Policies (Policies) |
3 Months Ended |
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Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of PresentationThe accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Management believes it has made all necessary adjustments (which consisted of only normal recurring items) so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing the condensed consolidated financial statements are reasonable and prudent. Results of operations for the three months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending March 31, 2022. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in HLI’s Annual Report on Form 10-K for the fiscal year ended March 31, 2021. |
Accounting for Differing Fiscal Periods | Accounting for Differing Fiscal Periods The Partnerships primarily have a fiscal year end as of December 31, and the Company accounts for its investments in the Partnerships using a three-month lag due to the timing of financial information received from the investments held by the Partnerships. The Partnerships primarily invest in private equity funds, which generally require at least 90 days following the calendar year end to present audited financial statements. The Company records its share of capital contributions to and distributions from the Partnerships in investments in the Condensed Consolidated Balance Sheets during the three-month lag period.
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Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company utilizes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach, and cost approach). The levels of the hierarchy are described below: •Level 1: Values are determined using quoted market prices for identical financial instruments in an active market. •Level 2: Values are determined using quoted prices for similar financial instruments and valuation models whose inputs are observable. •Level 3: Values are determined using pricing models that use significant inputs that are primarily unobservable, discounted cash flow methodologies or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. The carrying amount of cash and cash equivalents, fees receivable, and accounts payable approximate fair value due to the immediate or short-term maturity of these financial instruments.
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Reclassifications | Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation.
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Revenue (Tables) |
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Disaggregation of Revenue | The following table presents revenues disaggregated by product offering, which aligns with the identified performance obligations and the basis for calculating each amount:
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Investments (Tables) |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investments | Investments consist of the following:
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Fair Value Measurement (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Financial Assets and Liabilities | The following tables summarize the Company’s financial assets and financial liabilities recorded at fair value by fair value hierarchy level:
(1) Warrant liability is recorded within other liabilities of consolidated variable interests in the Condensed Consolidated Balance Sheet. (2) Secured financing is recorded within other liabilities in the Condensed Consolidated Balance Sheet.
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Reconciliation of Other Investments | The following is a reconciliation of other investments for which significant unobservable inputs (Level 3) were used in determining fair value:
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Schedule of Assumptions Used | The valuation methodologies, significant unobservable inputs, range of inputs and the weighted average input determined based upon relative fair value of the investments used in recurring Level 3 fair value measurements of financial assets were as follows, as of June 30, 2021:
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Variable Interest Entities (Tables) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities | The carrying amount of assets and liabilities recognized in the Condensed Consolidated Balance Sheet related to the Company’s interests in these non-consolidated VIEs and the Company’s maximum exposure to loss relating to non-consolidated VIEs were as follows:
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Debt (Tables) |
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Schedule of Debt | The Company’s debt consisted of the following:
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Equity (Tables) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rollforward of Common Stock | The following table shows a rollforward of the Company’s common stock outstanding since March 31, 2021:
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Equity-Based Compensation (Tables) |
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Summary of Restricted Stock Activity | A summary of restricted stock activity for the three months ended June 30, 2021 is presented below:
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Compensation and Benefits (Tables) |
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Schedule of Compensation and Benefits | The Company has recorded the following amounts related to compensation and benefits:
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Earnings per Share (Tables) |
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock:
|
Supplemental Cash Flow Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Supplemental Cash Flow Disclosures |
|
Commitments and Contingencies (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Cost, Cash Flows, and Other Supplemental Cash Flow Information Regarding Leases | The following table shows lease costs and other supplemental information related to the Company’s operating leases:
|
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Maturity of Operating Lease Liabilities | As of June 30, 2021, the maturities of operating lease liabilities were as follows:
|
Organization - Narrative (Details) |
Jun. 30, 2021 |
Mar. 31, 2021 |
---|---|---|
HLA | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Percent of economic interest held | 67.20% | 67.20% |
Revenue - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Mar. 31, 2021 |
|
Revenue from Contract with Customer [Abstract] | |||
Contract asset related to the cost to obtain contracts | $ 979 | $ 964 | |
Contract asset amortization expense | $ 129 | $ 128 |
Investments - Schedule of Investments (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Mar. 31, 2021 |
---|---|---|
Schedule of Equity Method Investments [Line Items] | ||
Other investments | $ 23,993 | $ 17,381 |
Investments valued under the measurement alternative | 94,039 | 109,821 |
Total Investments | 377,988 | 368,836 |
Equity method investments in Partnerships | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | 258,618 | 240,337 |
Other equity method investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 1,338 | $ 1,297 |
Investments - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Schedule of Equity Method Investments [Line Items] | ||
Equity in income (loss) of investees | $ 20,049 | $ (17,045) |
Net gain | 3,455 | 0 |
Unrealized loss on secured borrowings, fair value adjustment | $ 814 | 3,653 |
Equity method investments in Partnerships | ||
Schedule of Equity Method Investments [Line Items] | ||
Percent interest in partnerships | 1.00% | |
Investment, Held As Collateral | ||
Schedule of Equity Method Investments [Line Items] | ||
Net gain | $ 814 | $ 3,653 |
Investment, Measurement Alternative | ||
Schedule of Equity Method Investments [Line Items] | ||
Net gain | $ 3,455 |
Acquisitions (Details) - 361 Capital, LLC $ in Thousands |
12 Months Ended | |
---|---|---|
Apr. 01, 2021
USD ($)
installment
|
Apr. 01, 2023
USD ($)
|
|
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Aggregate purchase price | $ 13,096 | |
Cash paid for acquisition of business | $ 10,096 | |
Number of installments | installment | 2 | |
Preliminary purchase price | $ 12,946 | |
Goodwill | 5,623 | |
Scenario, Forecast | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Cash paid for acquisition of business | $ 3,000 | |
Customer Contracts | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets acquired | $ 7,145 | |
Finite-lived intangible asset useful life | 7 years |
Variable Interest Entities - Consolidated VIEs (Details) - USD ($) |
Jan. 15, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
---|---|---|---|
Variable Interest Entity [Line Items] | |||
Total VIE Assets | $ 1,139,302,000 | $ 1,136,519,000 | |
Total liabilities of consolidated VIEs | 523,878,000 | 546,318,000 | |
Other liabilities | 28,160,000 | ||
Hamilton Lane Alliance Holdings I, Inc. | |||
Variable Interest Entity [Line Items] | |||
Proceeds from offering | $ 276,000,000 | ||
Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Total VIE Assets | 5,942,000 | 4,787,000 | |
Total liabilities of consolidated VIEs | 0 | 0 | |
Other liabilities | 19,497,000 | 17,310,000 | |
Hamilton Lane Advisors, L.L.C. | Hamilton Lane Alliance Holdings I, Inc. | |||
Variable Interest Entity [Line Items] | |||
Proceeds from offering | $ 7,520,000 | ||
Hamilton Lane Alliance Holdings I, Inc. | |||
Variable Interest Entity [Line Items] | |||
Total VIE Assets | 277,128,000 | 277,528,000 | |
Other liabilities | $ 19,497,000 | $ 17,310,000 |
Variable Interest Entities - Unconsolidated VIEs (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Mar. 31, 2021 |
---|---|---|
Variable Interest Entity [Line Items] | ||
Total commitments from the limited partners and general partners to the unconsolidated VIE | $ 24,144,410 | |
Remaining unfunded commitments from the limited partners and general partners to the unconsolidated VIE | 9,386,316 | |
Statement of Financial Position [Abstract] | ||
Investments | 377,988 | $ 368,836 |
Fees receivable | 29,047 | 29,202 |
Due from related parties | 2,359 | 2,495 |
Total assets | 1,139,302 | 1,136,519 |
Not Primary Beneficiary | ||
Statement of Financial Position [Abstract] | ||
Investments | 147,701 | 138,092 |
Fees receivable | 6,081 | 4,133 |
Due from related parties | 1,014 | 837 |
Total assets | 154,796 | 143,062 |
Non-controlling interests | (2,561) | (2,211) |
Maximum exposure to loss | $ 152,235 | $ 140,851 |
Debt (Details) - USD ($) |
Apr. 22, 2021 |
Jun. 30, 2021 |
Apr. 21, 2021 |
Mar. 31, 2021 |
---|---|---|---|---|
Debt Instrument [Line Items] | ||||
Principal Outstanding | $ 148,125,000 | $ 163,594,000 | ||
Carrying Value | 147,648,000 | 163,175,000 | ||
Line of Credit | Term Loan | ||||
Debt Instrument [Line Items] | ||||
Principal Outstanding | 73,125,000 | 73,594,000 | ||
Carrying Value | $ 72,918,000 | $ 73,378,000 | ||
Interest Rate | 2.25% | 2.25% | ||
Additional borrowing capacity | $ 25,000,000 | |||
Line of Credit | Multi-Draw Facility | ||||
Debt Instrument [Line Items] | ||||
Principal Outstanding | $ 75,000,000 | $ 75,000,000 | ||
Carrying Value | $ 74,730,000 | $ 74,797,000 | ||
Interest Rate | 3.50% | 3.50% | ||
Maximum commitment amount | $ 100,000,000 | $ 75,000,000 | ||
Line of Credit | Revolver | ||||
Debt Instrument [Line Items] | ||||
Principal Outstanding | $ 0 | $ 15,000,000 | ||
Carrying Value | $ 0 | $ 15,000,000 | ||
Interest Rate | 2.25% | 2.25% |
Equity - Shares of Common Stock Outstanding (Details) |
3 Months Ended |
---|---|
Jun. 30, 2021
shares
| |
Common Class A | |
Common Stock, Shares Outstanding [Roll Forward] | |
Outstanding, beginning of period (in shares) | 36,290,183 |
Forfeitures (in shares) | (568) |
Shares repurchased for employee tax withholdings (in shares) | (5,891) |
Restricted stock granted (in shares) | 1,155 |
Shares issued pursuant to Employee Share Purchase Plan (in shares) | 5,136 |
Outstanding, end of period (in shares) | 36,290,015 |
Common Class B | |
Common Stock, Shares Outstanding [Roll Forward] | |
Outstanding, beginning of period (in shares) | 16,739,846 |
Forfeitures (in shares) | 0 |
Shares repurchased for employee tax withholdings (in shares) | 0 |
Restricted stock granted (in shares) | 0 |
Shares issued pursuant to Employee Share Purchase Plan (in shares) | 0 |
Outstanding, end of period (in shares) | 16,739,846 |
Equity - Narrative (Details) $ / shares in Units, $ in Thousands |
1 Months Ended |
---|---|
Jun. 30, 2020
USD ($)
$ / shares
shares
| |
June 2020 Offering | Common Class A | |
Class of Stock [Line Items] | |
Stock sold in connection with secondary public offering (in shares) | 2,995,757 |
Shares sold in connection with secondary offering (in dollars per share) | $ / shares | $ 70.09 |
Proceeds from offering | $ | $ 204,979 |
June 2020 Offering Current Stockholder Issuance | Common Class A | |
Class of Stock [Line Items] | |
Stock sold in connection with secondary public offering (in shares) | 71,242 |
June 2020 Offering New Issuance | Common Class A | |
Class of Stock [Line Items] | |
Stock sold in connection with secondary public offering (in shares) | 2,924,515 |
Members’ Equity (Deficit) | Common Class B | |
Class of Stock [Line Items] | |
Purchase of interest by parent (in shares) | 2,271,636 |
Members’ Equity (Deficit) | Common Class C | |
Class of Stock [Line Items] | |
Purchase of interest by parent (in shares) | 652,879 |
Equity-Based Compensation - Summary of Restricted Stock (Details) $ / shares in Units, $ in Thousands |
3 Months Ended |
---|---|
Jun. 30, 2021
USD ($)
$ / shares
shares
| |
Total Unvested | |
Unvested at beginning of period (in shares) | shares | 288,857 |
Granted (in shares) | shares | 1,155 |
Vested (in shares) | shares | (16,590) |
Forfeited (in shares) | shares | (568) |
Unvested at end of period (in shares) | shares | 272,854 |
Weighted- Average Grant-Date Fair Value of Award | |
Unvested at beginning of period (in dollars per share) | $ / shares | $ 55.58 |
Granted (in dollars per share) | $ / shares | 82.72 |
Vested (in dollars per share) | $ / shares | 47.74 |
Forfeited (in dollars per share) | $ / shares | 61.42 |
Unvested at end of period (in dollars per share) | $ / shares | $ 56.16 |
Total unrecognized compensation expense relating to restricted stock | $ | $ 13,442 |
Compensation and Benefits - Schedule of Compensation and Benefits (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Compensation Related Costs [Abstract] | ||
Base compensation and benefits | $ 23,137 | $ 27,986 |
Incentive fee compensation | 1,254 | 617 |
Equity-based compensation | 2,341 | 1,748 |
Total compensation and benefits | $ 26,732 | $ 30,351 |
Income Taxes - Narrative (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Income Tax Disclosure [Abstract] | ||
Effective tax rate | 21.10% | 27.90% |
Unrecognized tax positions | $ 0 |
Earnings per Share - Schedule of Earnings Per Share - Basic and Diluted (Details) - Common Class A - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Net income attributable to HLI | ||
Basic EPS of Class A common stock | $ 28,168 | $ 3,246 |
Assumed vesting of employee awards | 34 | 9 |
Diluted EPS of Class A common stock | $ 28,202 | $ 3,255 |
Weighted-Average Shares | ||
Weighted-average basic EPS of Class A common stock (in shares) | 36,003,089 | 30,237,450,000 |
Weighted-average assumed vesting of employee awards (in shares) | 125,905 | 202,702,000 |
Weighted-average diluted EPS of Class A common stock (in shares) | 36,128,994 | 30,440,152,000 |
Per share amount | ||
Basic EPS of Class A common stock (in dollars per share) | $ 0.78 | $ 0.11 |
Diluted EPS of Class A common stock (in dollars per share) | $ 0.78 | $ 0.11 |
Earnings per Share - Narrative (Details) - shares |
3 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Class B and Class C Units of Hamilton Lane Advisors, L.L.C. | ||
Class of Stock [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 17,553,234 | 21,044,479 |
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Mar. 31, 2021 |
|
Non-cash financing activities: | |||
Dividends declared but not paid | $ 12,600 | $ 10,102 | $ 11,201 |
Member distributions declared but not paid | 3,028 | 3,367 | |
Establishment of net deferred tax assets related to offerings | $ 0 | $ 52,793 |
Commitments and Contingencies - Incentive Fees (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Mar. 31, 2021 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Carried interest still subject to contingencies | $ 808,756 | $ 648,772 |
Incentive fees, unrecorded estimate | $ 202,189 | $ 162,193 |
Commitments and Contingencies - Commitments (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Mar. 31, 2021 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Other commitment | $ 194,721 | $ 201,442 |
Commitments and Contingencies - Lease Cost (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Lessee, Lease, Description [Line Items] | ||
Lease not yet commenced, term | 17 years | |
Operating lease costs | $ 3,382 | $ 1,202 |
Variable lease costs | 205 | 158 |
Cash paid for amounts included in the measurement of operating lease liabilities | $ 1,500 | $ 1,314 |
Weighted average remaining lease term (in years) | 15 years 7 months 6 days | 3 years |
Weighted average discount rate | 3.40% | 4.90% |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Remaining lease term | 1 year | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Remaining lease term | 17 years |
Commitments and Contingencies - Operating Lease Maturities (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Mar. 31, 2021 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Remainder of FY2021 | $ 4,642 | |
FY2022 | 6,788 | |
FY2023 | 6,112 | |
FY2024 | 5,670 | |
FY2025 | 5,058 | |
Thereafter | 72,654 | |
Total lease payments | 100,924 | |
Less: imputed interest | (24,667) | |
Total operating lease liabilities | $ 76,257 | $ 75,281 |
Subsequent Events - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Aug. 03, 2021 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Subsequent Event [Line Items] | ||||
Net gain | $ 3,455 | $ 0 | ||
Investment, Measurement Alternative | ||||
Subsequent Event [Line Items] | ||||
Net gain | $ 3,455 | |||
Investment, Measurement Alternative | Scenario, Forecast | ||||
Subsequent Event [Line Items] | ||||
Net gain | $ 23,000 | |||
Common Class A | ||||
Subsequent Event [Line Items] | ||||
Dividends declared per share of Class A common stock (in dollars per share) | $ 0.35 | $ 0.3125 | ||
Common Class A | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Dividends declared per share of Class A common stock (in dollars per share) | $ 0.35 |
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