Hamilton Lane Incorporated

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Good morning, ladies and gentlemen, and welcome to the Hamilton Lane Fiscal Fourth Quarter and Full Year 2026 Earnings Conference Call. At this time, note that all participant lines are in a listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. Also know that this call is being recorded on Thursday, May 21st, 2026. And I would like to turn the conference over to John Oh, head of shareholder relations. Please go ahead, sir.

Thank you, Sylvie. Good morning and welcome to the Hamilton Lane Q4 and fiscal year-end 2026 earnings call. Today, I will be joined by Eric Hirsch, co-chief executive officer, and Jeff Armbruster, chief financial officer. Earlier this morning, we issued a press release and a slide presentation, which are available on our website. Before we discuss the quarter's results, we want to remind you that we will be making forward-looking statements. Forward-looking statements discuss our current expectations and projections relating to our financial position, results of operations, plans, objectives, future performance, and business. These forward-looking statements do not guarantee future events or performance and are subject to risks and uncertainties that may cause our actual results to differ materially from those projected. For discussion of these risks, please review the cautionary statements and risk factors included in the Hamilton Lane Fiscal 2025 10-K and subsequent reports we file with the SEC, including our upcoming Form 10-K for Fiscal 2026. These forward-looking statements are made only as of today and, except as required, we undertake no obligation to update or revise any of them. We'll also be referring to non-GAAP measures that we view as important in assessing the performance of our business. Reconciliation of those non-GAAP measures to GAAP can be found in the earnings presentation materials made available on the shareholder section of the Hamilton Lane website. Our detailed financial results will be made available when our 10-K is filed. Please note that nothing on this call represents an offer to sell or a solicitation of an offer to purchase interest in any of Hamilton Lane's products. Let's begin with the highlights, and I'll start with our total asset footprint. At fiscal year end 2026, our total asset footprint stood at $1 trillion, which represents a 9% increase year over year. AUM stood at $142 billion at year end and grew $4 billion, or 3%, compared to the prior year. Growth came from both our specialized funds and customized separate accounts. AUA came in at $905 billion and grew over $86 billion, or 10%, relative to the prior year. This stemmed primarily from market value growth of the portfolio and the addition of a variety of technology solutions and back office mandates. For fiscal year 2026, total management and advisory fees came in at $584 million and were up 14% year over year. Total fee-related revenue, which is the sum of management fees and fee-related performance revenues, was $687 million, and represents 20% growth year over year. The related earnings were $345 million and represents 25% growth year over year. We generated fiscal year 2026 GAAP EPS of $5.92 based on $249 million of GAAP net income and non-GAAP EPS of $5.90 based on $321 million of adjusted net income. Lastly, our Board has approved an 11% increase to our annual fiscal dividend to $2.40 per share, or $0.60 per share per quarter. We have increased our dividend every single year since going public, and this now marks the ninth consecutive annual double-digit percentage increase since 2017. Our ability to consistently increase distributions to shareholders every year speaks to the growth and the strength of our business. With that, I'll now turn the call over to Eric.