Hamilton Lane Inc-A 2025年度报告

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2026or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________________ to ___________________________Commission file number 001-38021 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YesNo Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. YesNo Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growthcompany. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the ExchangeAct. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financialaccounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financialreporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements. Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☐No The aggregate market value of Class A common stock held by non-affiliates of the registrant on September 30,2025, based on the closing price of $134.79 as reported by theNasdaq Stock Market, was approximately $5,470.9 million. As of May19, 2026, there were 43,697,364 shares of the registrant’s Class A common stock and 11,836,450 shares of the registrant’s Class B common stock outstanding.DOCUMENTS INCORPORATED BY REFERENCE Part III of this Form 10-K incorporates by reference information from the registrant’s definitive proxy statement related to the 2026 annual meeting of stockholders. Table of Contents PagePART IItem 1. Business7Item 1A. Risk Factors32Item 1B. Unresolved Staff Comments76Item 1C. Cybersecurity76Item 2. Properties79Item 3. Legal Proceedings79Item 4. Mine Safety Disclosures79PART IIItem 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities80Item 6. [Reserved]82Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations83Item 7A. Quantitative and Qualitative Disclosures about Market Risk112Item 8. Consolidated Financial Statements and Supplementary Data115Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure159Item 9A. Controls and Procedures159Item 9B. Other Information159Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections160PART IIIItem 10. Directors, Executive Officers and Corporate Governance161Item 11. Executive Compensation161Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters161Item 13. Certain Relationships and Related Transactions, and Director Independence161Item 14. Principal Accountant Fees and Services161PART IVItem 15. Exhibits and Financial Statement Schedules162Item 16. Form 10-K Summary162Signatures168 This AnnualReport on Form 10-K(“Form 10-K”)includes certain information regarding the historicalperformance of our specialized funds and customized separate accounts. An investment in shares of our Class Acommon stock is not an investment