Hamilton Lane (HLNE) 10-Q 2 Aug 22 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Jun. 30, 2022	Jul. 29, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-38021
Entity Registrant Name	HAMILTON LANE INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-2482738
Entity Address, Address Line One	110 Washington Street,
Entity Address, Address Line Two	Suite 1300
Entity Address, City or Town	Conshohocken,
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19428
City Area Code	610
Local Phone Number	934-2222
Title of 12(b) Security	Class A Common Stock, $0.001 par value per share
Trading Symbol	HLNE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001433642
Current Fiscal Year End Date	--03-31
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		37,295,472
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		15,953,682

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2022	Mar. 31, 2022
Assets
Fees receivable	$ 44,982,000	$ 51,869,000
Prepaid expenses	6,575,000	6,858,000
Due from related parties	3,780,000	1,872,000
Furniture, fixtures and equipment, net	29,410,000	28,842,000
Lease right-of-use assets, net	64,270,000	65,636,000
Investments	533,263,000	503,789,000
Deferred income taxes	246,089,000	245,046,000
Assets of consolidated variable interest entities:
Investments	533,263,000	503,789,000
Total assets	1,352,304,000	1,294,946,000
Liabilities, redeemable non-controlling interests and equity
Accounts payable	3,570,000	2,827,000
Accrued compensation and benefits	36,924,000	20,117,000
Accrued members’ distributions	10,754,000	27,119,000
Accrued dividend	14,800,000	12,947,000
Debt	220,885,000	171,326,000
Payable to related parties pursuant to tax receivable agreement	180,536,000	180,536,000
Lease liabilities	80,433,000	82,244,000
Liabilities of consolidated variable interest entities:
Total liabilities	585,330,000	557,460,000
Commitments and contingencies (Note 16)
Redeemable non-controlling interests	276,000,000	276,000,000
Preferred stock, $0.001 par value, 10,000,000 authorized, none issued	0	0
Additional paid-in-capital	163,129,000	161,676,000
Total Hamilton Lane Incorporated stockholders’ equity	368,507,000	346,878,000
Total equity	490,974,000	461,486,000
Total liabilities, redeemable non-controlling interests and equity	1,352,304,000	1,294,946,000
Class A Common Stock
Liabilities of consolidated variable interest entities:
Common stock	37,000	37,000
Class B Common Stock
Liabilities of consolidated variable interest entities:
Common stock	16,000	16,000
Consolidated Entity Excluding Variable Interest Entities (VIE)
Assets
Cash and cash equivalents	83,052,000	72,138,000
Restricted cash	3,996,000	4,023,000
Investments	533,263,000	503,789,000
Other assets	26,409,000	28,162,000
Assets of consolidated variable interest entities:
Cash and cash equivalents	83,052,000	72,138,000
Investments held in trust	3,996,000	4,023,000
Investments	533,263,000	503,789,000
Other assets	26,409,000	28,162,000
Liabilities, redeemable non-controlling interests and equity
Other liabilities (includes $12,931 and $13,818 at fair value)	26,786,000	47,669,000
Liabilities of consolidated variable interest entities:
Other liabilities	26,786,000	47,669,000
Primary Beneficiary
Assets
Cash and cash equivalents	144,000	36,000
Restricted cash	276,083,000	276,016,000
Investments	33,776,000	10,036,000
Other assets	475,000	623,000
Assets of consolidated variable interest entities:
Cash and cash equivalents	144,000	36,000
Investments held in trust	276,083,000	276,016,000
Investments	33,776,000	10,036,000
Other assets	475,000	623,000
Liabilities, redeemable non-controlling interests and equity
Other liabilities (includes $12,931 and $13,818 at fair value)	10,642,000	12,675,000
Liabilities of consolidated variable interest entities:
Other liabilities	10,642,000	12,675,000
Total liabilities	0	0
General Partnerships
Liabilities of consolidated variable interest entities:
Stockholders' equity attributable to noncontrolling interest	3,632,000	3,423,000
Hamilton Lane Advisors, L.L.C.
Liabilities of consolidated variable interest entities:
Retained earnings	205,325,000	185,149,000
Stockholders' equity attributable to noncontrolling interest	$ 118,835,000	$ 111,185,000

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Class of Stock [Line Items]
Other liabilities, fair value	$ 12,931	$ 13,818
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
Class A Common Stock
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)	37,295,472	37,280,697
Common stock, shares outstanding (in shares)	37,295,472	37,280,697
Class B Common Stock
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)	15,953,682	16,033,359
Common stock, shares outstanding (in shares)	15,953,682	16,033,359

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Revenues
Total revenues	$ 135,509	$ 78,995
Consolidated variable interest entities related:
Total revenues	135,509	78,995
Expenses
Compensation and benefits	52,194	26,732
Consolidated variable interest entities related:
Total expenses	72,984	43,245
Other income (expense)
Equity in (loss) income of investees	(625)	20,049
Interest income	168	423
Non-operating income	4,343	3,603
Consolidated variable interest entities related:
Unrealized income (loss)	4,344	3,455
Total other income (expense)	5,089	20,895
Income before income taxes	67,614	56,645
Income tax expense	11,488	11,964
Net income	56,126	44,681
Net income attributable to Hamilton Lane Incorporated	33,484	28,168
Class A Common Stock
Consolidated variable interest entities related:
Net income attributable to Hamilton Lane Incorporated	$ 33,484	$ 28,168
Basic earnings per share of Class A common stock (in dollars per share)	$ 0.92	$ 0.78
Diluted earnings per share of Class A common stock (in dollars per share)	0.91	0.78
Dividends declared per share of Class A common stock (in dollars per share)	$ 0.40	$ 0.35
Consolidated Entity Excluding Variable Interest Entities (VIE)
Expenses
General, administrative and other	$ 20,513	$ 16,154
Consolidated variable interest entities related:
General, administrative and other	20,513	16,154
Other income (expense)
Interest expense	(1,495)	(1,165)
Primary Beneficiary
Expenses
General, administrative and other	277	359
Consolidated variable interest entities related:
General, administrative and other	277	359
Consolidated variable interest entities related:
Equity in income of investees	732	229
Unrealized income (loss)	1,966	(2,244)
General Partnerships
Consolidated variable interest entities related:
Less: (loss) Income attributable to non-controlling interests	308	213
Hamilton Lane Advisors, L.L.C.
Consolidated variable interest entities related:
Less: (loss) Income attributable to non-controlling interests	20,168	19,296
Hamilton Lane Alliance Holdings I, Inc.
Consolidated variable interest entities related:
Less: (loss) Income attributable to non-controlling interests	2,166	(2,996)
Management and advisory fees
Revenues
Total revenues	85,946	73,884
Consolidated variable interest entities related:
Total revenues	85,946	73,884
Incentive fees
Revenues
Total revenues	49,563	5,111
Consolidated variable interest entities related:
Total revenues	49,563	5,111
Incentive fees | Consolidated Entity Excluding Variable Interest Entities (VIE)
Revenues
Total revenues	49,524	2,364
Consolidated variable interest entities related:
Total revenues	49,524	2,364
Incentive fees | Primary Beneficiary
Revenues
Total revenues	39	2,747
Consolidated variable interest entities related:
Total revenues	$ 39	$ 2,747

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid in Capital	Retained Earnings	General Partnerships Noncontrolling Interests	Hamilton Lane Advisors, L.L.C. Noncontrolling Interests
Beginning balance at Mar. 31, 2021	$ 314,201	$ 36	$ 17	$ 150,564	$ 87,512	$ 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
Equity reallocation between controlling and non-controlling interests	(2,996)			(2,013)			(983)
Ending balance at Jun. 30, 2021	339,424	36	17	150,345	103,080	2,561	83,385
Beginning balance at Mar. 31, 2022	461,486	37	16	161,676	185,149	3,423	111,185
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	53,960				33,484	308	20,168
Equity-based compensation	1,897			1,307			590
Dividends declared	(14,800)				(14,800)
Capital distributions to non-controlling interests, net	(99)					(99)
Member distributions	(14,121)						(14,121)
Employee Share Purchase Plan share issuance	485			334			151
Adjustment of redeemable non-controlling interest to redemption value	2,166				1,492		674
Equity reallocation between controlling and non-controlling interests	0			(188)			188
Ending balance at Jun. 30, 2022	$ 490,974	$ 37	$ 16	$ 163,129	$ 205,325	$ 3,632	$ 118,835

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating activities:
Net income	$ 56,126	$ 44,681
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,764	1,378
Change in deferred income taxes	(1,043)	7,960
Change in payable to related parties pursuant to tax receivable agreement	0	(539)
Equity-based compensation	1,897	2,341
Equity in loss (income) of investees	625	(20,049)
Fair value adjustment of other investments	(4,344)	(3,455)
Proceeds received from investments	3,343	3,381
Non-cash lease expense	1,374	3,522
Other	14	(849)
Changes in operating assets and liabilities:
Fees receivable	6,887	155
Prepaid expenses	283	177
Due from related parties	(1,908)	136
Other assets	1,128	(1,613)
Accounts payable	743	976
Accrued compensation and benefits	16,807	2,189
Lease liability	(1,819)	771
Other liabilities	(18,241)	(10,917)
Consolidated variable interest entities related:
Net cash provided by operating activities	60,952	32,389
Investing activities:
Purchase of furniture, fixtures and equipment	(1,707)	(4,535)
Purchase of other investments	(20,236)	(298)
Cash paid for acquisition of business	(1,500)	(10,096)
Distribution from investment valued under the measurement alternative	0	12,739
Distributions received from investments	2,227	13,281
Contributions to investments	(35,237)	(15,522)
Net cash used in investing activities	(56,453)	(4,431)
Financing activities:
Borrowings of debt	25,000	0
Repayments of debt	(457)	(469)
Draw-down on revolver	25,000	0
Repayment of revolver	0	(15,000)
Repurchase of Class A shares for employee tax withholding	0	(68)
Proceeds received from issuance of shares under Employee Share Purchase Plan	485	397
Dividends paid	(12,947)	(11,201)
Members’ distributions paid	(30,485)	(15,809)
Other	0	(74)
Consolidated variable interest entities related:
Net cash provided by (used in) financing activities	6,496	(42,087)
Increase (decrease) in cash, cash equivalents, and restricted cash	10,995	(14,129)
Cash, cash equivalents, and restricted cash at beginning of the period	76,197	90,377
Cash and cash equivalents, restricted cash, and cash and cash equivalents held at consolidated variable interest entities at end of the period	87,192	76,248
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities to the Condensed Consolidated Balance Sheets:
Total cash and cash equivalents, restricted cash, and cash and cash equivalents held at consolidated variable interest entities	87,192	76,248
Consolidated Entity Excluding Variable Interest Entities (VIE)
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities to the Condensed Consolidated Balance Sheets:
Cash and cash equivalents	83,052	73,124
Restricted cash	3,996	3,048
Primary Beneficiary
Adjustments to reconcile net income to net cash provided by operating activities:
Fair value adjustment of other investments	(1,966)	2,244
Consolidated variable interest entities related:
Change in warrant liability measured at fair value	(1,966)	2,244
Equity in income of investees	(732)	(229)
Other assets and liabilities	14	129
Consolidated variable interest entities related:
Contributions from non-controlling interest in general partnerships	133	232
Distributions to non-controlling interest in general partnerships	(233)	(95)
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities to the Condensed Consolidated Balance Sheets:
Cash and cash equivalents	144	$ 76
Restricted cash	$ 276,083

Organization

Organization	3 Months Ended
	Jun. 30, 2022
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, 2022 and March 31, 2022, HLI held approximately 68.9% and 68.9%, 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 generates revenues primarily from management fees, by managing assets on behalf of customized separate accounts, specialized fund products and distribution management accounts, and advisory fees, by providing asset supervisory and reporting services. HLA sponsors the formation, and serves as the general partner or managing member, of various limited liability partnerships 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 investments, including investments in debt, equity, and other equity-based instruments. The Company, which includes certain subsidiaries that serve as the general partner or managing member 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 Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Jun. 30, 2022
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, 2022 are not necessarily indicative of the results that may be expected for the year ending March 31, 2023. 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, 2022. 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: V alues 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. Recent Accounting Pronouncements In June 2022, the FASB issued Accounting Standard Updated ("ASU") 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this update clarify the guidance in Topic 820 when measuring the fair value of an equity security subject to contractual sale restrictions and introduce new disclosure requirements related to such equity securities. The amendments are effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its condensed consolidated financial statements. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation.

Revenue

Revenue	3 Months Ended
	Jun. 30, 2022
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: Three Months Ended June 30, Management and advisory fees 2022 2021 Specialized funds $ 43,649 $ 33,388 Customized separate accounts 28,375 24,500 Advisory 6,248 6,366 Reporting and other 6,318 5,282 Distribution management 496 4,121 Fund reimbursement revenue 860 227 Total management and advisory fees $ 85,946 $ 73,884 Three Months Ended June 30, Incentive fees 2022 2021 Specialized funds $ 42,209 $ 1,659 Customized separate accounts 7,315 705 Consolidated variable interest related: Specialized funds 39 2,747 Total incentive fees $ 49,563 $ 5,111

Investments

Investments	3 Months Ended
	Jun. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Investments	Investments Investments consist of the following: June 30, March 31, 2022 2022 Equity method investments in Partnerships $ 331,988 $ 326,296 Other equity method investments 1,661 1,573 Other investments 16,591 19,820 Investments valued under the measurement alternative 183,023 156,100 Total Investments $ 533,263 $ 503,789 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 investment represents its ownership in a joint venture that automates the collection of fund and underlying portfolio company data from general partners. Other investments The Company’s other investments represent a publicly traded security and investments in private equity funds and direct credit and equity 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 investments are debt securities classified as trading securities. Other investments are measured at fair value with unrealized holding gains and losses recorded in non-operating income in the Condensed Consolidated Statement of Income. 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 in Note 5 below. The Company recognized a loss on other investments held as collateral of $723 during the three months ended June 30, 2022 and a gain of $814 during the three months ended June 30, 2021, that are recorded in non-operating income. The Company recognized a gain on the secured financing liability of $723 during the three months ended June 30, 2022 and a loss of $814 during the three months ended June 30, 2021, that are recorded in non-operating income in the Condensed Consolidated Statement of Income. Investments valued under the measurement alternative During the quarter ended June 30, 2022, the Company made investments in two private companies. The Company invested $3,000 in a technology driven platform that provides a digitized token for investors that improves the efficiency of capital raises. Additionally, the Company invested $12,000 in an online financial services platform. Due to the lack of readily determinable fair values for these investments, over which the Company does not have significant influence, the Company will value the investments under the measurement alternative. During the quarter ended June 30, 2022, the Company made an additional investment of $5,236 in a company that maintains a platform of solutions designed to aid individual investors and various wealth management platforms with their wealth management needs. As a result of the transaction, the Company marked its original investment to fair value based upon the transaction price, which resulted in total unrealized gain of $6,687 during the three months ended June 30, 2022, that is recorded in non-operating income in the Condensed Consolidated Statement of Income. Due to the lack of readily determinable fair value for this investment, over which the Company does not have significant influence, the Company will continue to value the investment under the measurement alternative.

Fair Value Measurement

Fair Value Measurement	3 Months Ended
	Jun. 30, 2022
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: As of June 30, 2022 Level 1 Level 2 Level 3 Total Amortized Cost Financial assets: Other investments $ 3,660 $ — $ 12,931 $ 16,591 $ 11,361 Investments held in trust 276,083 — — 276,083 276,000 Total financial assets $ 279,743 $ — $ 12,931 $ 292,674 $ 287,361 Financial liabilities: Warrant liability (1) $ 790 $ 127 $ — $ 917 Secured financing (2) — — 12,931 12,931 Total financial liabilities $ 790 $ 127 $ 12,931 $ 13,848 As of March 31, 2022 Level 1 Level 2 Level 3 Total Amortized Cost Financial assets: Other investments $ 6,002 $ — $ 13,818 $ 19,820 $ 10,853 Investments held in trust 276,016 — — 276,016 276,000 Total financial assets $ 282,018 $ — $ 13,818 $ 295,836 $ 286,853 Financial liabilities: Warrant liability (1) $ 2,484 $ 399 $ — $ 2,883 Secured financing (2) — — 13,818 13,818 Total financial liabilities $ 2,484 $ 399 $ 13,818 $ 16,701 (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: Private equity funds Direct credit investments Direct equity investments Total other investments Balance as of March 31, 2022 $ 7,024 $ 774 $ 6,020 $ 13,818 Contributions — — — — Distributions (164) — — (164) Net loss (456) (1) (266) (723) Balance as of June 30, 2022 $ 6,404 $ 773 $ 5,754 $ 12,931 Private equity funds Direct credit investments Direct equity investments Publicly traded equity security Total other investments Balance as of March 31, 2021 $ 6,254 $ 985 $ 6,059 $ — $ 13,298 Contributions 30 — 28 — 58 Distributions (95) (202) — — (297) Net gain 577 12 225 — 814 Transfer in — — — 6,455 6,455 Balance as of June 30, 2021 $ 6,766 $ 795 $ 6,312 $ 6,455 $ 20,328 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, 2022: Significant Fair Valuation Unobservable Weighted Value Methodology Inputs Range Average Other investments: Private equity funds $ 6,404 Adjusted net asset value Selected market return (6.3)% - (9.2)% (8.6)% Direct credit investments $ 773 Discounted cash flow Market yield 12.5% - 12.5% 12.5% Direct equity investments $ 5,754 Market approach EBITDA multiple 8.00x - 13.50x 10.59x Market approach Equity multiple 1.58x 1.58x 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; and (3) a significant increase or decrease in the selected multiple would result in a significantly higher or lower fair value measurement, respectively.

Acquisitions

Acquisitions	3 Months Ended
	Jun. 30, 2022
Business Combination and Asset Acquisition [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. On April 1, 2022, the Company paid the first of the two equal installments. 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, 2022 and 2021, and therefore, pro forma information related to this acquisition is not presented.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities The Company consolidates certain variable interest entities ("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 and a Partnership in which it is currently the primary beneficiary, which are not wholly-owned by the Company. The total assets of these consolidated VIEs are $33,776 and $10,036 as of June 30, 2022 and March 31, 2022, respectively, and are recorded in investments of consolidated variable interest entities in the Condensed Consolidated Balance Sheets. The consolidated VIEs had no liabilities as of June 30, 2022 and March 31, 2022. The assets of the consolidated VIEs represent equity method-investments in direct investment funds and customized separate accounts and may only be used to settle obligations of the consolidated VIEs, if any. In addition, there is no recourse to the Company for the consolidated VIEs’ liabilities, except for certain entities in which there could be a clawback of previously distributed carried interest. The Company sponsors 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 $276,700 and $276,675 as of June 30, 2022 and March 31, 2022, respectively. The total liabilities of HLAH were $10,642 and $12,675 as of June 30, 2022 and March 31, 2022, 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, 2022, the total remaining unfunded commitments from the Company’s general partner entities to the unconsolidated VIEs was $116,530. Investor 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 value 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: June 30, March 31, 2022 2022 Investments $ 194,872 $ 191,378 Fees receivable 21,116 9,754 Due from related parties 1,115 778 Total VIE Assets 217,103 201,910 Less: Non-controlling interests (1,940) (1,873) Maximum exposure to loss $ 215,163 $ 200,037

Debt

Debt	3 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Debt	Debt The Company’s debt consisted of the following: As of June 30, 2022 As of March 31, 2022 Principal Outstanding Carrying Value Interest Rate Principal Outstanding Carrying Value Interest Rate Term Loan $ 96,297 $ 96,125 3.25 % $ 71,754 $ 71,574 2.25 % Multi-Draw Facility 100,000 99,760 3.50 % 100,000 99,752 3.50 % Revolver 25,000 25,000 3.25 % — — 2.25 % Total Debt $ 221,297 $ 220,885 $ 171,754 $ 171,326

Equity

Equity	3 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Equity	Equity The following table shows a rollforward of the Company’s common stock outstanding since March 31, 2022: Class A Common Stock Class B Common Stock March 31, 2022 37,280,697 16,033,359 Forfeitures (931) (79,677) Shares repurchased for employee tax withholdings (27) — Restricted stock granted 7,248 — Shares issued pursuant to Employee Share Purchase Plan 8,485 — June 30, 2022 37,295,472 15,953,682

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation	Equity-Based Compensation A summary of restricted stock activity for the three months ended June 30, 2022 is presented below: Total Weighted- March 31, 2022 281,307 $ 67.50 Granted 7,248 $ 69.12 Vested (289) $ 82.72 Forfeited (931) $ 82.22 June 30, 2022 287,335 $ 67.48

Compensation and Benefits

Compensation and Benefits	3 Months Ended
	Jun. 30, 2022
Compensation Related Costs [Abstract]
Compensation and Benefits	Compensation and Benefits The Company has recorded the following amounts related to compensation and benefits: Three Months Ended June 30, 2022 2021 Base compensation and benefits $ 37,907 $ 23,137 Incentive fee compensation 12,390 1,254 Equity-based compensation 1,897 2,341 Total compensation and benefits $ 52,194 $ 26,732

Income Taxes

Income Taxes	3 Months Ended
	Jun. 30, 2022
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 17.0% and 21.1% for the three months ended June 30, 2022 and 2021, respectively. The effective tax rates were different from the statutory tax rates due to the portion of income allocated to non-controlling interests, valuation allowance recorded against deferred tax assets and discrete tax adjustments recorded in the periods. As of June 30, 2022, the Company had no unrecognized tax positions and believes there will be no changes to uncertain tax positions within the next 12 months.

Earnings per Share

Earnings per Share	3 Months Ended
	Jun. 30, 2022
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: Three Months Ended Net income attributable to Class A Stockholders Weighted-Average Shares Per share amount Net income attributable to HLI $ 33,484 Impact of changes in carrying amount of redeemable NCI 380 Basic EPS of Class A common stock 33,864 36,999,561 $ 0.92 Adjustment to net income: Assumed vesting of employee awards 9 Assumed conversion of Class B and Class C Units 15,179 Effect of dilutive securities: Assumed vesting of employee awards 31,546 Assumed conversion of Class B and Class C Units 16,675,834 Diluted EPS of Class A common stock $ 49,052 53,706,941 $ 0.91 Three Months Ended Net income attributable to Class A Stockholders Weighted-Average Shares Per share amount Net income attributable to HLI $ 28,168 Impact of changes in carrying amount of redeemable NCI — Basic EPS of Class A common stock 28,168 36,003,089 $ 0.78 Adjustment to net income: Assumed vesting of employee awards 34 Effect of dilutive securities: Assumed vesting of employee awards 125,905 Diluted EPS of Class A common stock $ 28,202 36,128,994 $ 0.78 The adjustments to net income for dilutive securities is based upon the additional income that would be allocated to HLI for the change in its ownership percentage due to the dilutive securities and adjusted for the incremental income tax expense related to the additional allocated income.

Related-Party Transactions

Related-Party Transactions	3 Months Ended
	Jun. 30, 2022
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 $60,711 for the three months ended June 30, 2022 and $46,422 for the three months ended June 30, 2021. The Company earned incentive fees from Partnerships of $49,178 for the three months ended June 30, 2022, and $4,575 for the three months ended June 30, 2021. Fees receivable from the Partnerships were $31,866 and $27,728 as of June 30, 2022 and March 31, 2022, 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 $1,104 for the three months ended June 30, 2022 and $1,020 for the three months ended June 30, 2021, that are included in general, administrative and other expenses in the Condensed Consolidated Statements of Income. The Company also had a payable to the joint venture of $373 and $752 as of June 30, 2022 and March 31, 2022, respectively, which is included in other liabilities in the Condensed Consolidated Balance Sheets.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Jun. 30, 2022
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Three Months Ended June 30, 2022 2021 Non-cash financing activities: Dividends declared but not paid $ 14,800 $ 12,600 Member distributions declared but not paid $ 10,754 $ 3,028

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jun. 30, 2022
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 revenue recognition in the amounts of $1,102,214 and $1,191,066, net of amounts attributable to non-controlling interests, at June 30, 2022 and March 31, 2022, respectively. If the Company ultimately receives the unrecognized carried interest, a total of $275,554 and $297,766 as of June 30, 2022 and March 31, 2022, 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 $192,952 and $186,164 as of June 30, 2022 and March 31, 2022, respectively. The Company has unrealized gains on its investments valued under the measurement alternative of $58,060 as of June 30, 2022, of which up to 15% may be accrued as a discretionary bonus as those gains are realized. Leases The Company’s leases consist primarily of operating leases for office space and office equipment in various locations around the world. Some leases have the option to extend for an additional term or terminate early. Short-term lease costs are not material . The following table shows lease costs and other supplemental information related to the Company’s operating leases: Three Months Ended June 30, 2022 2021 Operating lease costs $ 2,059 $ 3,382 Variable lease costs $ 237 $ 205 Cash paid for amounts included in the measurement of operating lease liabilities $ 1,939 $ 1,500 Weighted average remaining lease term (in years) 14.4 15.6 Weighted average discount rate 3.2 % 3.4 % As of June 30, 2022, the maturities of operating lease liabilities were as follows: Remainder of FY2022 $ 5,910 FY2023 7,411 FY2024 7,002 FY2025 6,483 FY2026 6,628 Thereafter 70,239 Total lease payments 103,673 Less: imputed interest (23,240) Total operating lease liabilities $ 80,433

Subsequent Events

Subsequent Events	3 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On August 2, 2022, the Company declared a quarterly dividend of $0.40 per share of Class A common stock to record holders at the close of business on September 15, 2022. The payment date will be October 6, 2022.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2022
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, 2022 are not necessarily indicative of the results that may be expected for the year ending March 31, 2023. 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, 2022.
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	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: V alues 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.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2022, the FASB issued Accounting Standard Updated ("ASU") 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this update clarify the guidance in Topic 820 when measuring the fair value of an equity security subject to contractual sale restrictions and introduce new disclosure requirements related to such equity securities. The amendments are effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its condensed consolidated financial statements.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
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: Three Months Ended June 30, Management and advisory fees 2022 2021 Specialized funds $ 43,649 $ 33,388 Customized separate accounts 28,375 24,500 Advisory 6,248 6,366 Reporting and other 6,318 5,282 Distribution management 496 4,121 Fund reimbursement revenue 860 227 Total management and advisory fees $ 85,946 $ 73,884 Three Months Ended June 30, Incentive fees 2022 2021 Specialized funds $ 42,209 $ 1,659 Customized separate accounts 7,315 705 Consolidated variable interest related: Specialized funds 39 2,747 Total incentive fees $ 49,563 $ 5,111

Investments (Tables)

Investments (Tables)	3 Months Ended
	Jun. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments	Investments consist of the following: June 30, March 31, 2022 2022 Equity method investments in Partnerships $ 331,988 $ 326,296 Other equity method investments 1,661 1,573 Other investments 16,591 19,820 Investments valued under the measurement alternative 183,023 156,100 Total Investments $ 533,263 $ 503,789

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
	Jun. 30, 2022
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: As of June 30, 2022 Level 1 Level 2 Level 3 Total Amortized Cost Financial assets: Other investments $ 3,660 $ — $ 12,931 $ 16,591 $ 11,361 Investments held in trust 276,083 — — 276,083 276,000 Total financial assets $ 279,743 $ — $ 12,931 $ 292,674 $ 287,361 Financial liabilities: Warrant liability (1) $ 790 $ 127 $ — $ 917 Secured financing (2) — — 12,931 12,931 Total financial liabilities $ 790 $ 127 $ 12,931 $ 13,848 As of March 31, 2022 Level 1 Level 2 Level 3 Total Amortized Cost Financial assets: Other investments $ 6,002 $ — $ 13,818 $ 19,820 $ 10,853 Investments held in trust 276,016 — — 276,016 276,000 Total financial assets $ 282,018 $ — $ 13,818 $ 295,836 $ 286,853 Financial liabilities: Warrant liability (1) $ 2,484 $ 399 $ — $ 2,883 Secured financing (2) — — 13,818 13,818 Total financial liabilities $ 2,484 $ 399 $ 13,818 $ 16,701 (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.
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: Private equity funds Direct credit investments Direct equity investments Total other investments Balance as of March 31, 2022 $ 7,024 $ 774 $ 6,020 $ 13,818 Contributions — — — — Distributions (164) — — (164) Net loss (456) (1) (266) (723) Balance as of June 30, 2022 $ 6,404 $ 773 $ 5,754 $ 12,931 Private equity funds Direct credit investments Direct equity investments Publicly traded equity security Total other investments Balance as of March 31, 2021 $ 6,254 $ 985 $ 6,059 $ — $ 13,298 Contributions 30 — 28 — 58 Distributions (95) (202) — — (297) Net gain 577 12 225 — 814 Transfer in — — — 6,455 6,455 Balance as of June 30, 2021 $ 6,766 $ 795 $ 6,312 $ 6,455 $ 20,328
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, 2022: Significant Fair Valuation Unobservable Weighted Value Methodology Inputs Range Average Other investments: Private equity funds $ 6,404 Adjusted net asset value Selected market return (6.3)% - (9.2)% (8.6)% Direct credit investments $ 773 Discounted cash flow Market yield 12.5% - 12.5% 12.5% Direct equity investments $ 5,754 Market approach EBITDA multiple 8.00x - 13.50x 10.59x Market approach Equity multiple 1.58x 1.58x

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The carrying value 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: June 30, March 31, 2022 2022 Investments $ 194,872 $ 191,378 Fees receivable 21,116 9,754 Due from related parties 1,115 778 Total VIE Assets 217,103 201,910 Less: Non-controlling interests (1,940) (1,873) Maximum exposure to loss $ 215,163 $ 200,037

Debt (Tables)

Debt (Tables)	3 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of Debt	The Company’s debt consisted of the following: As of June 30, 2022 As of March 31, 2022 Principal Outstanding Carrying Value Interest Rate Principal Outstanding Carrying Value Interest Rate Term Loan $ 96,297 $ 96,125 3.25 % $ 71,754 $ 71,574 2.25 % Multi-Draw Facility 100,000 99,760 3.50 % 100,000 99,752 3.50 % Revolver 25,000 25,000 3.25 % — — 2.25 % Total Debt $ 221,297 $ 220,885 $ 171,754 $ 171,326

Equity (Tables)

Equity (Tables)	3 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Rollforward of Common Stock	The following table shows a rollforward of the Company’s common stock outstanding since March 31, 2022: Class A Common Stock Class B Common Stock March 31, 2022 37,280,697 16,033,359 Forfeitures (931) (79,677) Shares repurchased for employee tax withholdings (27) — Restricted stock granted 7,248 — Shares issued pursuant to Employee Share Purchase Plan 8,485 — June 30, 2022 37,295,472 15,953,682

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Summary of Restricted Stock Activity	A summary of restricted stock activity for the three months ended June 30, 2022 is presented below: Total Weighted- March 31, 2022 281,307 $ 67.50 Granted 7,248 $ 69.12 Vested (289) $ 82.72 Forfeited (931) $ 82.22 June 30, 2022 287,335 $ 67.48

Compensation and Benefits (Tabl

Compensation and Benefits (Tables)	3 Months Ended
	Jun. 30, 2022
Compensation Related Costs [Abstract]
Schedule of Compensation and Benefits	The Company has recorded the following amounts related to compensation and benefits: Three Months Ended June 30, 2022 2021 Base compensation and benefits $ 37,907 $ 23,137 Incentive fee compensation 12,390 1,254 Equity-based compensation 1,897 2,341 Total compensation and benefits $ 52,194 $ 26,732

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Jun. 30, 2022
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: Three Months Ended Net income attributable to Class A Stockholders Weighted-Average Shares Per share amount Net income attributable to HLI $ 33,484 Impact of changes in carrying amount of redeemable NCI 380 Basic EPS of Class A common stock 33,864 36,999,561 $ 0.92 Adjustment to net income: Assumed vesting of employee awards 9 Assumed conversion of Class B and Class C Units 15,179 Effect of dilutive securities: Assumed vesting of employee awards 31,546 Assumed conversion of Class B and Class C Units 16,675,834 Diluted EPS of Class A common stock $ 49,052 53,706,941 $ 0.91 Three Months Ended Net income attributable to Class A Stockholders Weighted-Average Shares Per share amount Net income attributable to HLI $ 28,168 Impact of changes in carrying amount of redeemable NCI — Basic EPS of Class A common stock 28,168 36,003,089 $ 0.78 Adjustment to net income: Assumed vesting of employee awards 34 Effect of dilutive securities: Assumed vesting of employee awards 125,905 Diluted EPS of Class A common stock $ 28,202 36,128,994 $ 0.78

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Jun. 30, 2022
Supplemental Cash Flow Information [Abstract]
Schedule of Supplemental Cash Flow Disclosures	Three Months Ended June 30, 2022 2021 Non-cash financing activities: Dividends declared but not paid $ 14,800 $ 12,600 Member distributions declared but not paid $ 10,754 $ 3,028

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Jun. 30, 2022
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: Three Months Ended June 30, 2022 2021 Operating lease costs $ 2,059 $ 3,382 Variable lease costs $ 237 $ 205 Cash paid for amounts included in the measurement of operating lease liabilities $ 1,939 $ 1,500 Weighted average remaining lease term (in years) 14.4 15.6 Weighted average discount rate 3.2 % 3.4 %
Maturity of Operating Lease Liabilities	As of June 30, 2022, the maturities of operating lease liabilities were as follows: Remainder of FY2022 $ 5,910 FY2023 7,411 FY2024 7,002 FY2025 6,483 FY2026 6,628 Thereafter 70,239 Total lease payments 103,673 Less: imputed interest (23,240) Total operating lease liabilities $ 80,433

Organization - Narrative (Detai

Organization - Narrative (Details)	Jun. 30, 2022	Mar. 31, 2022
HLA
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Percent of economic interest held	68.90%	68.90%

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Revenues	$ 135,509	$ 78,995
Management and advisory fees
Disaggregation of Revenue [Line Items]
Revenues	85,946	73,884
Specialized funds
Disaggregation of Revenue [Line Items]
Revenues	43,649	33,388
Customized separate accounts
Disaggregation of Revenue [Line Items]
Revenues	28,375	24,500
Advisory
Disaggregation of Revenue [Line Items]
Revenues	6,248	6,366
Reporting and other
Disaggregation of Revenue [Line Items]
Revenues	6,318	5,282
Distribution management
Disaggregation of Revenue [Line Items]
Revenues	496	4,121
Fund reimbursement revenue
Disaggregation of Revenue [Line Items]
Revenues	860	227
Incentive fees
Disaggregation of Revenue [Line Items]
Revenues	49,563	5,111
Incentive fees | Consolidated Entity Excluding Variable Interest Entities (VIE)
Disaggregation of Revenue [Line Items]
Revenues	49,524	2,364
Incentive fees | Primary Beneficiary
Disaggregation of Revenue [Line Items]
Revenues	39	2,747
Specialized funds | Consolidated Entity Excluding Variable Interest Entities (VIE)
Disaggregation of Revenue [Line Items]
Revenues	42,209	1,659
Specialized funds | Primary Beneficiary
Disaggregation of Revenue [Line Items]
Revenues	39	2,747
Customized separate accounts
Disaggregation of Revenue [Line Items]
Revenues	$ 7,315	$ 705

Investments - Schedule of Inves

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Schedule of Equity Method Investments [Line Items]
Other investments	$ 16,591	$ 19,820
Investments valued under the measurement alternative	183,023	156,100
Total Investments	533,263	503,789
Equity method investments in Partnerships
Schedule of Equity Method Investments [Line Items]
Equity method investments	331,988	326,296
Other equity method investments
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 1,661	$ 1,573

Investments - Narrative (Detail

Investments - Narrative (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2022 USD ($) investment	Jun. 30, 2021 USD ($)	Mar. 31, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Net gain (loss)	$ 4,344	$ 3,455
Unrealized loss on secured borrowings, fair value adjustment	(723)	814
Investments valued under the measurement alternative	183,023		$ 156,100
Technology Drive Platform
Schedule of Equity Method Investments [Line Items]
Investments valued under the measurement alternative	3,000
Online Financial Services Platform
Schedule of Equity Method Investments [Line Items]
Investments valued under the measurement alternative	12,000
Individual Investors And Wealth Management Platform
Schedule of Equity Method Investments [Line Items]
Investments valued under the measurement alternative	$ 5,236
Private equity funds
Schedule of Equity Method Investments [Line Items]
Investments held | investment	2
Equity method investments in Partnerships
Schedule of Equity Method Investments [Line Items]
Percent interest in partnerships	1%
Investment, Held As Collateral
Schedule of Equity Method Investments [Line Items]
Net gain (loss)	$ (723)	$ 814
Investment, Measurement Alternative
Schedule of Equity Method Investments [Line Items]
Net gain (loss)	$ 6,687

Fair Value Measurement - Assets

Fair Value Measurement - Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Financial assets:
Other investments	$ 16,591	$ 19,820
Investments held in trust	276,083	276,016
Total financial assets	292,674	295,836
Financial liabilities:
Warrant liability	917	2,883
Secured financing	12,931	13,818
Total financial liabilities	13,848	16,701
Reported Value Measurement
Financial assets:
Other investments	11,361	10,853
Investments held in trust	276,000	276,000
Total financial assets	287,361	286,853
Level 1
Financial assets:
Other investments	3,660	6,002
Investments held in trust	276,083	276,016
Total financial assets	279,743	282,018
Financial liabilities:
Warrant liability	790	2,484
Secured financing	0	0
Total financial liabilities	790	2,484
Level 2
Financial assets:
Other investments	0	0
Investments held in trust	0	0
Total financial assets	0	0
Financial liabilities:
Warrant liability	127	399
Secured financing	0	0
Total financial liabilities	127	399
Level 3
Financial assets:
Other investments	12,931	13,818
Investments held in trust	0	0
Total financial assets	12,931	13,818
Financial liabilities:
Warrant liability	0	0
Secured financing	12,931	13,818
Total financial liabilities	$ 12,931	$ 13,818

Fair Value Measurement - Reconc

Fair Value Measurement - Reconciliation of Other Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Reconciliation Of Other Investments [Roll Forward]
Other investments, beginning balance	$ 19,820
Net gain (loss)	4,344	$ 3,455
Other investments, ending balance	16,591
Level 3
Reconciliation Of Other Investments [Roll Forward]
Other investments, beginning balance	13,818	13,298
Contributions	0	58
Distributions	(164)	(297)
Net gain (loss)	(723)	814
Transfer in		6,455
Other investments, ending balance	12,931	20,328
Private equity funds
Reconciliation Of Other Investments [Roll Forward]
Other investments, ending balance	6,404
Private equity funds | Level 3
Reconciliation Of Other Investments [Roll Forward]
Other investments, beginning balance	7,024	6,254
Contributions	0	30
Distributions	(164)	(95)
Net gain (loss)	(456)	577
Transfer in		0
Other investments, ending balance	6,404	6,766
Direct credit investments
Reconciliation Of Other Investments [Roll Forward]
Other investments, ending balance	773
Direct credit investments | Level 3
Reconciliation Of Other Investments [Roll Forward]
Other investments, beginning balance	774	985
Contributions	0	0
Distributions	0	(202)
Net gain (loss)	(1)	12
Transfer in		0
Other investments, ending balance	773	795
Direct equity investments
Reconciliation Of Other Investments [Roll Forward]
Other investments, ending balance	5,754
Direct equity investments | Level 3
Reconciliation Of Other Investments [Roll Forward]
Other investments, beginning balance	6,020	6,059
Contributions	0	28
Distributions	0	0
Net gain (loss)	(266)	225
Transfer in		0
Other investments, ending balance	$ 5,754	6,312
Publicly traded equity security | Level 3
Reconciliation Of Other Investments [Roll Forward]
Other investments, beginning balance		0
Contributions		0
Distributions		0
Net gain (loss)		0
Transfer in		6,455
Other investments, ending balance		$ 6,455

Fair Value Measurements - Valua

Fair Value Measurements - Valuation Methodologies (Details) $ in Thousands	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Fair Value	$ 16,591	$ 19,820
Private equity funds
Schedule of Equity Method Investments [Line Items]
Fair Value	6,404
Direct credit investments
Schedule of Equity Method Investments [Line Items]
Fair Value	773
Direct equity investments
Schedule of Equity Method Investments [Line Items]
Fair Value	$ 5,754
Selected market return | Adjusted net asset value | Minimum | Private equity funds
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	(0.063)
Selected market return | Adjusted net asset value | Maximum | Private equity funds
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	(0.092)
Selected market return | Adjusted net asset value | Weighted Average | Private equity funds
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	(0.086)
Market yield | Discounted cash flow | Minimum | Direct credit investments
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	0.125
Market yield | Discounted cash flow | Maximum | Direct credit investments
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	0.125
Market yield | Discounted cash flow | Weighted Average | Direct credit investments
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	0.125
EBITDA multiple | Market approach | Minimum | Direct equity investments
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	8
EBITDA multiple | Market approach | Maximum | Direct equity investments
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	13.50
EBITDA multiple | Market approach | Weighted Average | Direct equity investments
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	10.59
Equity multiple | Market approach | Weighted Average | Direct equity investments
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	1.58

Acquisitions (Details)

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 - Co

Variable Interest Entities - Consolidated VIEs (Details) - USD ($)	Jan. 15, 2021	Jun. 30, 2022	Mar. 31, 2022
Variable Interest Entity [Line Items]
Total VIE Assets		$ 1,352,304,000	$ 1,294,946,000
Total liabilities of consolidated VIEs		585,330,000	557,460,000
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 liabilities of consolidated VIEs		0	0
Other liabilities		10,642,000	12,675,000
Primary Beneficiary | Investments
Variable Interest Entity [Line Items]
Total VIE Assets		33,776,000	10,036,000
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		276,700,000	276,675,000
Other liabilities		$ 10,642,000	$ 12,675,000

Variable Interest Entities - Un

Variable Interest Entities - Unconsolidated VIEs (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Variable Interest Entity [Line Items]
Remaining unfunded commitments from the limited partners and general partners to the unconsolidated VIE	$ 116,530
Statement of Financial Position [Abstract]
Investments	533,263	$ 503,789
Fees receivable	44,982	51,869
Due from related parties	3,780	1,872
Total assets	1,352,304	1,294,946
Not Primary Beneficiary
Statement of Financial Position [Abstract]
Investments	194,872	191,378
Fees receivable	21,116	9,754
Due from related parties	1,115	778
Total assets	217,103	201,910
Less: Non-controlling interests	(1,940)	(1,873)
Maximum exposure to loss	$ 215,163	$ 200,037

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Debt Instrument [Line Items]
Principal Outstanding	$ 221,297	$ 171,754
Carrying Value	220,885	171,326
Line of Credit | Term Loan
Debt Instrument [Line Items]
Principal Outstanding	96,297	71,754
Carrying Value	$ 96,125	$ 71,574
Interest Rate	3.25%	2.25%
Line of Credit | Multi-Draw Facility
Debt Instrument [Line Items]
Principal Outstanding	$ 100,000	$ 100,000
Carrying Value	$ 99,760	$ 99,752
Interest Rate	3.50%	3.50%
Debt, fair value	$ 90,270
Line of Credit | Revolver
Debt Instrument [Line Items]
Principal Outstanding	25,000	$ 0
Carrying Value	$ 25,000	$ 0
Interest Rate	3.25%	2.25%

Equity - Shares of Common Stock

Equity - Shares of Common Stock Outstanding (Details)	3 Months Ended
	Jun. 30, 2022 shares
Class A Common Stock
Common Stock, Shares Outstanding [Roll Forward]
Outstanding, beginning of period (in shares)	37,280,697
Forfeitures (in shares)	(931)
Shares repurchased for employee tax withholdings (in shares)	(27)
Restricted stock granted (in shares)	7,248
Shares issued pursuant to Employee Share Purchase Plan (in shares)	8,485
Outstanding, end of period (in shares)	37,295,472
Class B Common Stock
Common Stock, Shares Outstanding [Roll Forward]
Outstanding, beginning of period (in shares)	16,033,359
Forfeitures (in shares)	(79,677)
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)	15,953,682

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Restricted Stock (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares
Total Unvested
Unvested at beginning of period (in shares) | shares	281,307
Granted (in shares) | shares	7,248
Vested (in shares) | shares	(289)
Forfeited (in shares) | shares	(931)
Unvested at end of period (in shares) | shares	287,335
Weighted- Average Grant-Date Fair Value of Award
Unvested at beginning of period (in dollars per share) | $ / shares	$ 67.50
Granted (in dollars per share) | $ / shares	69.12
Vested (in dollars per share) | $ / shares	82.72
Forfeited (in dollars per share) | $ / shares	82.22
Unvested at end of period (in dollars per share) | $ / shares	$ 67.48
Total unrecognized compensation expense relating to restricted stock | $	$ 16,952

Compensation and Benefits - Sch

Compensation and Benefits - Schedule of Compensation and Benefits (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Compensation Related Costs [Abstract]
Base compensation and benefits	$ 37,907	$ 23,137
Incentive fee compensation	12,390	1,254
Equity-based compensation	1,897	2,341
Total compensation and benefits	$ 52,194	$ 26,732

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Effective tax rate	17%	21.10%
Unrecognized tax positions	$ 0

Earnings per Share - Narrative

Earnings per Share - Narrative (Details) shares in Thousands	3 Months Ended
	Jun. 30, 2021 shares	Jun. 30, 2022
Class B Common Stock
Class of Stock [Line Items]
Common stock, conversion ratio		1
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

Earnings per Share - Schedule o

Earnings per Share - Schedule of Earnings Per Share - Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Net income attributable to Class A Stockholders
Net income attributable to HLI	$ 33,484	$ 28,168
Class A Common Stock
Net income attributable to Class A Stockholders
Net income attributable to HLI	33,484	28,168
Impact of changes in carrying amount of redeemable NCI	380	0
Basic EPS of Class A common stock	33,864	28,168
Assumed vesting of employee awards	9
Assumed conversion of Class B and Class C Units	15,179	34
Diluted EPS of Class A common stock	$ 49,052	$ 28,202
Weighted-Average Shares
Weighted-average basic EPS of Class A common stock (in shares)	36,999,561	36,003,089
Weighted-average assumed vesting of employee awards (in shares)	31,546	125,905
Weighted-average assumed conversion of Class B and Class C units (in shares)	16,675,834
Weighted-average diluted EPS of Class A common stock (in shares)	53,706,941	36,128,994
Per share amount
Basic EPS of Class A common stock (in dollars per share)	$ 0.92	$ 0.78
Diluted EPS of Class A common stock (in dollars per share)	$ 0.91	$ 0.78

Related-Party Transactions - Na

Related-Party Transactions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022
Related Party Transaction [Line Items]
Revenues	$ 135,509	$ 78,995
Fees receivable	44,982		$ 51,869
Payable to related parties pursuant to tax receivable agreement	180,536		180,536
General Partnerships
Related Party Transaction [Line Items]
Fees receivable	31,866		27,728
Joint Venture
Related Party Transaction [Line Items]
Payable to related parties pursuant to tax receivable agreement	373		$ 752
Service Agreement Fees Paid | Joint Venture
Related Party Transaction [Line Items]
Fees paid to joint venture	1,104	1,020
Management and advisory fees
Related Party Transaction [Line Items]
Revenues	85,946	73,884
Management and advisory fees | General Partnerships
Related Party Transaction [Line Items]
Revenues	60,711	46,422
Incentive fees
Related Party Transaction [Line Items]
Revenues	49,563	5,111
Incentive fees | General Partnerships
Related Party Transaction [Line Items]
Revenues	$ 49,178	$ 4,575

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022
Non-cash financing activities:
Dividends declared but not paid	$ 14,800	$ 12,600	$ 12,947
Member distributions declared but not paid	$ 10,754	$ 3,028

Commitments and Contingencies -

Commitments and Contingencies - Incentive Fees (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Carried interest still subject to contingencies	$ 1,102,214	$ 1,191,066
Incentive fees, unrecorded estimate	$ 275,554	$ 297,766

Commitments and Contingencies_2

Commitments and Contingencies - Commitments (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Other commitment	$ 192,952		$ 186,164
Loss Contingencies [Line Items]
Net gain (loss)	4,344	$ 3,455
Valued Under Measurement Alternative
Loss Contingencies [Line Items]
Net gain (loss)	$ 58,060
Maximum
Loss Contingencies [Line Items]
Accrued discretionary bonus	15%

Commitments and Contingencies_3

Commitments and Contingencies - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating lease costs	$ 2,059	$ 3,382
Variable lease costs	237	205
Cash paid for amounts included in the measurement of operating lease liabilities	$ 1,939	$ 1,500
Weighted average remaining lease term (in years)	14 years 4 months 24 days	15 years 7 months 6 days
Weighted average discount rate	3.20%	3.40%

Commitments and Contingencies_4

Commitments and Contingencies - Operating Lease Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Remainder of FY2022	$ 5,910
FY2023	7,411
FY2024	7,002
FY2025	6,483
FY2026	6,628
Thereafter	70,239
Total lease payments	103,673
Less: imputed interest	(23,240)
Total operating lease liabilities	$ 80,433	$ 82,244

Subsequent Events (Details)

Subsequent Events (Details) - Class A Common Stock - $ / shares		3 Months Ended
	Aug. 02, 2022	Jun. 30, 2022	Jun. 30, 2021
Subsequent Event [Line Items]
Dividends declared per share of Class A common stock (in dollars per share)		$ 0.40	$ 0.35
Subsequent Event
Subsequent Event [Line Items]
Dividends declared per share of Class A common stock (in dollars per share)	$ 0.40