Hamilton Lane (HLNE) 10-Q 4 Feb 25 2025 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Dec. 31, 2024	Jan. 31, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2024
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 Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
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)		41,774,951
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		13,664,635

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Assets
Fees receivable	$ 135,622	$ 108,291
Prepaid expenses	9,446	11,073
Furniture, fixtures and equipment, net	35,937	33,013
Lease right-of-use assets, net	61,436	62,425
Investments	664,275	603,697
Deferred income taxes	255,001	261,887
Assets of consolidated variable interest entities:
Investments	664,275	603,697
Total assets	1,591,028	1,271,200
Liabilities and equity
Accounts payable	5,250	4,505
Accrued compensation and benefits	77,771	35,979
Accrued members’ distributions	14,377	23,815
Accrued dividend	19,464	17,628
Debt	292,024	196,159
Lease liabilities	77,842	79,033
Liabilities of consolidated variable interest entities:
Total liabilities	729,003	595,242
Commitments and contingencies (Note 15)
Additional paid-in-capital	223,956	208,402
Total Hamilton Lane Incorporated stockholders’ equity	649,257	525,153
Total equity	862,025	675,958
Total liabilities and equity	1,591,028	1,271,200
Class A Common Stock
Liabilities of consolidated variable interest entities:
Common stock	42	41
Class B Common Stock
Liabilities of consolidated variable interest entities:
Common stock	14	14
Related Party
Assets
Due from related parties	21,339	8,150
Liabilities and equity
Payable to related parties pursuant to tax receivable agreement	200,025	201,422
Consolidated entity, excluding VIE
Assets
Cash and cash equivalents	285,553	114,634
Restricted cash	5,858	4,985
Investments	664,275	603,697
Other assets	28,076	34,435
Assets of consolidated variable interest entities:
Cash and cash equivalents	285,553	114,634
Investments	664,275	603,697
Other assets	28,076	34,435
Liabilities and equity
Other liabilities (includes $12,792 and $13,071 at fair value)	41,327	36,700
Liabilities of consolidated variable interest entities:
Other liabilities	41,327	36,700
Consolidated VIEs
Assets
Cash and cash equivalents	35,902	0
Investments	52,175	28,575
Other assets	408	35
Assets of consolidated variable interest entities:
Cash and cash equivalents	35,902	0
Investments	52,175	28,575
Other assets	408	35
Liabilities and equity
Other liabilities (includes $12,792 and $13,071 at fair value)	923	1
Liabilities of consolidated variable interest entities:
Other liabilities	923	1
General Partnerships
Liabilities of consolidated variable interest entities:
Stockholders' equity attributable to noncontrolling interest	5,993	5,043
Hamilton Lane Advisors, L.L.C.
Liabilities of consolidated variable interest entities:
Retained earnings	425,245	316,696
Hamilton Lane Advisors, L.L.C.
Liabilities of consolidated variable interest entities:
Stockholders' equity attributable to noncontrolling interest	194,711	145,762
Consolidated Funds
Liabilities of consolidated variable interest entities:
Stockholders' equity attributable to noncontrolling interest	$ 12,064	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Class of Stock [Line Items]
Other liabilities, fair value	$ 12,792	$ 13,071
Class A Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	41,774,951	40,547,806
Common stock, shares outstanding (in shares)	41,774,951	40,547,806
Class B Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	13,664,635	13,664,635
Common stock, shares outstanding (in shares)	13,664,635	13,664,635

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Revenues
Total revenues	$ 168,261	$ 125,264	$ 514,991	$ 377,177
Expenses
Compensation and benefits	61,905	49,706	195,409	139,738
Total expenses	92,539	73,870	282,469	215,246
Other income (expense)
Equity in income (loss) of investees	11,611	(46)	25,373	20,071
Non-operating gain (loss)	453	(8)	11,705	(989)
Consolidated variable interest entities related:
Equity in income of investees	351	240	2,236	660
Unrealized gain	3,082	0	6,621	3,034
Total other income (expense)	14,429	(1,062)	41,496	22,506
Income before income taxes	90,151	50,332	274,018	184,437
Income tax expense	12,696	15,800	33,555	34,055
Net income	77,455	34,532	240,463	150,382
Net income attributable to Hamilton Lane Incorporated	52,972	19,506	166,918	92,498
Class A Common Stock
Consolidated variable interest entities related:
Net income attributable to Hamilton Lane Incorporated	$ 52,972	$ 19,506	$ 166,918	$ 92,498
Basic earnings per share of Class A common stock (in dollars per share)	$ 1.33	$ 0.52	$ 4.20	$ 2.45
Diluted earnings per share of Class A common stock (in dollars per share)	1.32	0.51	4.15	2.43
Dividends declared per share of Class A common stock (in dollars per share)	$ 0.49	$ 0.45	$ 1.47	$ 1.34
Consolidated VIEs
Expenses
General, administrative and other	$ 53	$ 12	$ 202	$ 600
Other income (expense)
Interest expense	0	0	0	(6)
Interest income	37	0	145	4,581
Consolidated variable interest entities related:
Equity in income of investees			2,236	660
Consolidated entity, excluding VIE
Expenses
General, administrative and other	30,581	24,152	86,858	74,908
Other income (expense)
Interest expense	(3,866)	(2,748)	(9,517)	(8,381)
Interest income	2,761	1,500	4,933	3,536
General Partnerships
Consolidated variable interest entities related:
Less: Income attributable to non-controlling interests	94	82	827	171
Hamilton Lane Advisors, L.L.C.
Consolidated variable interest entities related:
Less: Income attributable to non-controlling interests	23,159	14,944	70,654	52,733
Consolidated Funds
Consolidated variable interest entities related:
Less: Income attributable to non-controlling interests	1,230	0	2,064	4,980
Management and advisory fees
Revenues
Total revenues	126,282	113,641	386,027	328,232
Incentive fees | Consolidated VIEs
Revenues
Total revenues	803	0	803	0
Incentive fees | Consolidated entity, excluding VIE
Revenues
Total revenues	$ 41,176	$ 11,623	$ 128,161	$ 48,945

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands	Total	Additional Paid in Capital	Retained Earnings	Noncontrolling Interests General Partnerships	Noncontrolling Interests Hamilton Lane Advisors, L.L.C.	Noncontrolling Interests Consolidated Funds	Class A Common Stock Common Stock	Class B Common Stock Common Stock
Beginning balance at Mar. 31, 2023	$ 574,192	$ 171,567	$ 243,823	$ 3,877	$ 135,702	$ 19,169	$ 39	$ 15
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	150,382		92,498	171	52,733	4,980
Equity-based compensation	9,227	6,468			2,759
Purchase and retirement of Class A stock for tax withholding	(269)	(189)			(80)
Dividends declared	(50,357)		(50,357)
Capital contributions from non-controlling interests, net	143,648			724		142,924
Member distributions	(37,310)				(37,310)
Employee Share Purchase Plan share issuance	1,666	1,167			499
Deconsolidation of consolidated fund	(167,073)					(167,073)
Equity reallocation between controlling and non-controlling interests	0	2,916			(2,916)
Ending balance at Dec. 31, 2023	624,106	181,929	285,964	4,772	151,387	0	39	15
Beginning balance at Sep. 30, 2023	781,568	179,215	283,251	4,408	147,567	167,073	39	15
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	34,532		19,506	82	14,944
Equity-based compensation	3,264	2,287			977
Purchase and retirement of Class A stock for tax withholding	(161)	(113)			(48)
Dividends declared	(16,793)		(16,793)
Capital contributions from non-controlling interests, net	282			282
Member distributions	(12,098)				(12,098)
Employee Share Purchase Plan share issuance	585	410			175
Deconsolidation of consolidated fund	(167,073)					(167,073)
Equity reallocation between controlling and non-controlling interests	0	130			(130)
Ending balance at Dec. 31, 2023	624,106	181,929	285,964	4,772	151,387	0	39	15
Beginning balance at Mar. 31, 2024	675,958	208,402	316,696	5,043	145,762	0	41	14
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	240,463		166,918	827	70,654	2,064
Equity-based compensation	19,681	14,485			5,196
Purchase and retirement of Class A stock for tax withholding	(990)	(729)			(261)
Dividends declared	(58,369)		(58,369)
Capital contributions from non-controlling interests, net	10,123			123		10,000
Member distributions	(26,872)				(26,872)
Employee Share Purchase Plan share issuance	2,031	1,494			536		1
Equity reallocation between controlling and non-controlling interests	0	304			(304)
Ending balance at Dec. 31, 2024	862,025	223,956	425,245	5,993	194,711	12,064	42	14
Beginning balance at Sep. 30, 2024	801,922	214,788	391,737	5,875	178,633	10,834	41	14
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	77,455		52,972	94	23,159	1,230
Equity-based compensation	11,785	8,674			3,111
Purchase and retirement of Class A stock for tax withholding	(73)	(54)			(19)
Dividends declared	(19,464)		(19,464)
Capital contributions from non-controlling interests, net	24			24
Member distributions	(10,386)				(10,386)
Employee Share Purchase Plan share issuance	762	560			201		1
Equity reallocation between controlling and non-controlling interests	0	(12)			12
Ending balance at Dec. 31, 2024	$ 862,025	$ 223,956	$ 425,245	$ 5,993	$ 194,711	$ 12,064	$ 42	$ 14

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating activities:
Net income	$ 240,463	$ 150,382
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	7,065	5,774
Change in deferred income taxes	6,886	7,990
Change in payable to related parties pursuant to tax receivable agreement	(1,397)	(884)
Equity-based compensation	19,681	9,227
Equity in income of investees	(25,373)	(20,071)
Net realized (gain) loss on sale of investments	(654)	288
Fair value adjustment of other investments	(9,852)	45
Proceeds received from Partnerships	39,463	22,160
Non-cash lease expense	6,608	6,796
Other	582	511
Changes in operating assets and liabilities:
Fees receivable	(27,331)	(20,611)
Prepaid expenses	1,626	399
Due from related parties	(13,189)	(2,346)
Other assets	821	17,114
Accounts payable	745	(1,246)
Accrued compensation and benefits	41,792	33,858
Lease liability	(6,811)	(6,345)
Other liabilities	4,406	319
Consolidated variable interest entities related:
Net unrealized gain on investment	(9,852)	45
Equity in income of investees	(2,236)	(660)
Net cash provided by operating activities	261,539	99,140
Investing activities:
Purchase of furniture, fixtures and equipment	(8,713)	(9,463)
Purchase of investments	(5,794)	(6,352)
Proceeds from sale of investments	6,948	1,343
Proceeds from sale of intangible assets	1,786	2,562
Distributions received from Partnerships	16,481	10,730
Contributions to Partnerships	(53,087)	(34,985)
Purchase of investments	(37,670)	(57,832)
Cash from consolidating funds	12,100	0
Net cash used in investing activities	(67,949)	(93,997)
Financing activities:
Private placement of senior notes, net of deferred financing cost	97,658	0
Repayments of long term debt	(1,875)	(1,875)
Private placement of senior notes, net of deferred financing cost	0	10,000
Repayment of revolver	0	(25,000)
Repurchase of Class A shares for employee tax withholding	(990)	(269)
Proceeds received from issuance of shares under Employee Share Purchase Plan	2,031	1,666
Dividends paid	(56,533)	(48,613)
Members’ distributions paid	(36,310)	(31,817)
Consolidated variable interest entities related:
Net cash provided by financing activities	14,104	47,740
Increase in cash and cash equivalents, restricted cash, and cash and cash equivalents held at consolidated variable interest entities	207,694	52,883
Cash and cash equivalents, restricted cash, and cash and cash equivalents held at consolidated variable interest entities at beginning of the period	119,619	116,552
Cash and cash equivalents, restricted cash, and cash and cash equivalents held at consolidated variable interest entities at end of the period	327,313	169,435
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	327,313	169,435
Primary Beneficiary
Adjustments to reconcile net income to net cash provided by operating activities:
Fair value adjustment of other investments	(6,563)	(1,406)
Consolidated variable interest entities related:
Cash relinquished from deconsolidation of fund	(12,173)	(101,712)
Net unrealized gain on investment	(6,563)	(1,406)
Equity in income of investees	(2,236)	(660)
Other assets and liabilities	(3,020)	(442)
Consolidated variable interest entities related:
Contributions from non-controlling interests in general partnerships	316	769
Distributions to non-controlling interests in general partnerships	(193)	(45)
Contributions from non-controlling interests in consolidated funds	10,000	142,924
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	35,902	0
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	285,553	164,450
Restricted cash	$ 5,858	$ 4,985

Organization

Organization	9 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization Hamilton Lane Incorporated (“HLI”) was incorporated in the State of Delaware on December 31, 2007 and, following its 2017 initial public offering, 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 ("NCI") 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, payables 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 December 31, 2024 and March 31, 2024, HLI held approximately 73.6% of the economic interest in HLA. As future exchanges of HLA units occur pursuant to the exchange agreement, 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 and advisory fees, comprised of specialized fund and customized separate account management fees, advisory and reporting fees and distribution management fees and, to a lesser extent, incentive fees, comprised of carried interest earned from our specialized funds and certain customized separate accounts structured as single-client funds in which we have a general partner commitment, and performance fees earned on certain other specialized funds and customized separate accounts. 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	9 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“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 and nine months ended December 31, 2024 are not necessarily indicative of the results that may be expected for the year ending March 31, 2025. 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, 2024. 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. The results of the consolidated Variable Interest Entities ( “ VIEs ” ) are reported on a three-month lag, due to the timing of the receipt of related financial statements. The Company’s revenue earned from Partnerships, including both management and advisory fee revenue and incentive fee revenue, is not accounted for on a lag. 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 Company uses these levels of hierarchy to measure the fair value of certain financial instruments on a recurring basis, such as for investments; on a non-recurring basis, such as for acquisitions and impairment testing; for disclosure purposes, such as for long-term debt; and for other applications, as discussed in their respective notes. 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 October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-06 - Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The amendments in this ASU incorporate 14 of the 27 disclosure requirements published in SEC Release No. 33-10532 - Disclosure Update and Simplification into various topics within the Accounting Standards Codification (“ASC”). The amendments represent clarifications to, or technical corrections of, current requirements. For SEC registrants, the effective date for each amendment will be the date on which the SEC removes that related disclosure from its rules. Early adoption is prohibited. The amendments will be applied retrospectively to all prior periods presented in the condensed consolidated financial statements. The Company is currently assessing the impact of the new requirements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. This ASU enhances segment disclosures primarily around significant segment expenses for both interim and annual periods. The amendments in this ASU are to be applied retrospectively and are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years after December 15, 2024. Early adoption is permitted. The Company is currently assessing the impact of the new requirements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to enhance transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, on a prospective basis, with early adoption permitted. The Company is currently assessing the impact of the new requirements. In March 2024, the SEC adopted final rules to require disclosures about certain climate-related information in registration statements and annual reports. In April 2024, the SEC issued an order to stay the rules pending the completion of judicial review of multiple petitions challenging the rules. The rules, if implemented, would require information about a registrant’s climate-related risks that are reasonably likely to have a material impact on its business, results of operations, or financial condition. The required information about climate-related risks will also include disclosure of a registrant’s greenhouse gas emissions, if material. In addition, the rules will require registrants to present certain climate-related financial metrics in their audited financial statements. The Company is currently assessing the impact of the new requirements should the rules be implemented. The Organization for Economic Co-operation and Development (“OECD”) introduced a 15% global minimum tax under the Pillar Two Global Anti-Base Erosion model rules. Several OECD member countries have enacted tax legislation based on certain elements of these rules that became effective on January 1, 2024. Other jurisdictions have announced the intent to implement these rules, but the rules remain subject to significant negotiation, potential change, and phase-in periods. Management has concluded that the Company falls outside the scope of the Pillar Two rules but will continue to monitor potential future applicability and changes to these rules. In November 2024, the FASB issued ASU 2024-03, “Income Statement (Topic 220): Reporting Comprehensive Income - Income-Expense Disaggregation Disclosures,” which requires public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the financial statements. The amendments in this ASU will be effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted and is effective on either a prospective basis or retrospective basis. The Company is currently assessing the impact of the new requirements.

Revenue

Revenue	9 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue	3. 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 Nine Months Ended Management and advisory fees 2024 2023 2024 2023 Specialized funds $ 75,764 $ 64,871 $ 235,866 $ 184,972 Customized separate accounts 33,926 32,943 102,136 96,702 Advisory 5,681 6,085 17,320 18,392 Reporting, monitoring, data and analytics 7,102 6,479 21,225 18,298 Distribution management 1,002 1,512 1,917 3,979 Fund reimbursement revenue 2,807 1,751 7,563 5,889 Total management and advisory fees $ 126,282 $ 113,641 $ 386,027 $ 328,232 Three Months Ended Nine Months Ended Incentive fees 2024 2023 2024 2023 Specialized funds $ 34,837 $ 10,542 $ 112,913 $ 43,204 Customized separate accounts 6,339 1,081 15,248 5,741 Consolidated variable interest entities related: Specialized funds 803 — 803 — Total incentive fees $ 41,979 $ 11,623 $ 128,964 $ 48,945

Investments

Investments	9 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investments	4. Investments Investments consist of the following: December 31, 2024 March 31, 2024 Equity method investments in Partnerships $ 458,850 $ 408,615 Other equity method investments 684 1,576 Fair value investments 12,792 17,984 Investments valued under the measurement alternative 191,949 175,522 Total Investments $ 664,275 $ 603,697 Investments of consolidated VIEs consist of the following: December 31, 2024 March 31, 2024 Equity method investments in Partnerships $ 19,440 $ 28,575 Fair value investments 32,735 — Total Investments of Consolidated VIEs $ 52,175 $ 28,575 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, representing a general partner interest. The Company’s other equity method investments represent its ownership in a technology company to develop an AI-powered investment assistant for private markets. Fair value investments The Company’s fair value investments represent a publicly traded security previously held by the Company, investments held by the consolidated funds 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 cost of the assets held as collateral was $5,180 and $5,952 as of December 31, 2024 and March 31, 2024, respectively. The direct credit investments were debt securities classified as trading securities. Fair value investments are measured at fair value with unrealized gains and losses recorded in non-operating gain (loss) in the Condensed Consolidated Statements 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 fair value 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 of $236 and a gain of $101 on fair value investments held as collateral during the three and nine months ended December 31, 2024, respectively, and a gain of $637 and a loss of $230 during the three and nine months ended December 31, 2023, respectively, that are recorded in non-operating gain (loss). The Company recognized a gain of $236 and a loss of $101 on the secured financing liability during the three and nine months ended December 31, 2024, respectively, and a gain of $637 and a loss of $230 during the three and nine months ended December 31, 2023, respectively, that are recorded in non-operating gain (loss) in the Condensed Consolidated Statements of Income. Investments valued under the measurement alternative Three Months Ended December 31, Nine Months Ended December 31, 2024 2023 2024 2023 Carrying amount beginning of the period $ 188,922 $ 175,522 $ 175,522 $ 168,732 Adjustments related to equity investments: Purchases 2,955 — 7,955 6,312 Sales / return of capital — — — (177) Net change in unrealized gain 1 72 — 8,472 1,177 Net realized loss — — — (522) Carrying amount, end of period $ 191,949 $ 175,522 $ 191,949 $ 175,522 (1) Net change in unrealized gain consists of fair value adjustments for observable price changes of identical or similar investments. The following table summarizes the cumulative gross unrealized gains and cumulative gross unrealized losses related to the Company’s investments under the measurement alternative: December 31, 2024 March 31, 2024 Cumulative gross unrealized gains $ 78,707 $ 70,235 Cumulative gross unrealized losses $ (43,289) $ (43,289)

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	5. Fair Value Measurements The following tables summarize the Company’s financial assets and financial liabilities recorded at fair value by fair value hierarchy level: As of December 31, 2024 Level 1 Level 2 Level 3 NAV (2) Total Financial assets: Fair value investments $ — $ — $ 12,792 $ — $ 12,792 Consolidated VIEs Fair value investments — — 1,912 30,823 32,735 Total financial assets $ — $ — $ 14,704 $ 30,823 $ 45,527 Financial liabilities: Secured financing (1) $ — $ — $ 12,792 $ — $ 12,792 Total financial liabilities $ — $ — $ 12,792 $ — $ 12,792 As of March 31, 2024 Level 1 Level 2 Level 3 NAV (2) Total Financial assets: Fair value investments $ 4,913 $ — $ 13,071 $ — $ 17,984 Total financial assets $ 4,913 $ — $ 13,071 $ — $ 17,984 Financial liabilities: Secured financing (1) $ — $ — $ 13,071 $ — $ 13,071 Total financial liabilities $ — $ — $ 13,071 $ — $ 13,071 (1) Secured financing is recorded within other liabilities in the Condensed Consolidated Balance Sheets. (2) Investments are recorded at estimated fair value based upon the net asset value (“NAV”) of the fund utilizing the practical expedient under ASC 820, “Fair Value Measurement.” The fair value amounts presented in this column are intended to permit reconciliation of the fair value hierarchy to the amounts presented in Note 4. The following is a reconciliation of fair value investments for which significant unobservable inputs (Level 3) were used in determining value: Private equity funds Direct equity investments Total investments Balance as of September 30, 2024 $ 4,608 $ 8,472 $ 13,080 Distributions (52) — (52) Net gain (loss) 31 (267) (236) Balance as of December 31, 2024 $ 4,587 $ 8,205 $ 12,792 Balance as of March 31, 2024 $ 5,519 $ 7,552 $ 13,071 Distributions (380) — (380) Net (loss) gain (552) 653 101 Balance as of December 31, 2024 $ 4,587 $ 8,205 $ 12,792 Private equity funds Direct credit investments Direct equity investments Total investments Balance as of September 30, 2023 $ 5,739 $ — $ 6,634 $ 12,373 Contributions 152 — — 152 Distributions (39) — — (39) Net (loss) gain (11) — 648 637 Balance as of December 31, 2023 $ 5,841 $ — $ 7,282 $ 13,123 Balance as of March 31, 2023 $ 6,664 $ 790 $ 6,774 $ 14,228 Contributions 152 — — 152 Distributions (229) (798) — (1,027) Net (loss) gain (746) 8 508 (230) Balance as of December 31, 2023 $ 5,841 $ — $ 7,282 $ 13,123 The following is a reconciliation of investments held by our consolidated VIEs for which significant unobservable inputs (Level 3) were used in determining value: Direct equity investments Balance as of September 30, 2024 $ — Contributions 2,000 Distributions (116) Net gain/(loss) 28 Balance as of December 31, 2024 $ 1,912 Balance as of March 31, 2024 $ — Contributions 2,386 Distributions (116) Net gain/(loss) 21 Transfer out (379) Balance as of December 31, 2024 $ 1,912 Direct credit investments Balance as of September 30, 2023 $ 69,381 Contributions — Distributions — Net gain/(loss) — Transfer in — Transfer out due to deconsolidation (69,381) Balance as of December 31, 2023 $ — Balance as of March 31, 2023 $ 21,163 Contributions 24,787 Distributions (180) Net gain/(loss) 494 Transfer in 23,117 Transfer out due to deconsolidation (69,381) Balance as of December 31, 2023 $ — 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 assets were as follows, as of December 31, 2024: Significant Fair Valuation Unobservable Weighted Value Methodology Inputs Range Average Other investments: Private equity funds $ 4,587 Adjusted NAV Selected market return 1.8% - 3.6% 3.3% Direct equity investments $ 8,205 Adjusted NAV Selected market return 3.1% - 3.1% 3.1% Investments of consolidated VIE: Direct equity investments $ 1,912 Recent precedent transactions For the significant unobservable inputs listed in the tables above, a significant increase or decrease in the selected market return would result in a significantly higher or lower fair value measurement, respectively.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	6. Variable Interest Entities The Company holds variable interests in entities that 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 variable interest in such entities is in the form of direct equity interests in, and/or 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. The Company consolidates 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 funds in which it is currently the primary beneficiary, which are not wholly-owned by the Company. The assets of the consolidated general partner VIEs represent investments in funds and the assets of the consolidated funds represent cash and investments. The assets may only be used to settle obligations of the respective 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. Once the Company no longer qualifies as the primary beneficiary of a consolidated VIE, it deconsolidates all the assets and liabilities of the NCI in the respective Partnership from the Condensed Consolidated Balance Sheets and records any remaining interest in the Partnership using the equity method within investments in the Condensed Consolidated Balance Sheets. The deconsolidation during the period ended December 31, 2024 did not impact the Company’s Condensed Consolidated Statements of Income. Non-consolidated Variable Interest Entities Certain Partnerships that are VIEs are not consolidated because the Company has determined it is not the primary beneficiary based upon the Company’s equity interest percentage in each of the applicable VIEs. As of December 31, 2024, the total remaining unfunded commitments from the Company’s general partner entities to the non-consolidated VIEs was $176,097. Investor commitments are the primary source of financing for the non-consolidated VIEs. The maximum exposure to loss represents the potential loss of assets recognized by the Company relating to these non-consolidated VIEs. The Company believes that its maximum exposure to loss is limited because it establishes separate limited liability or limited partnership entities 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 Sheets 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: December 31, 2024 March 31, 2024 Investments $ 259,603 $ 232,743 Fees receivable 69,548 61,694 Due from related parties 6,668 1,699 Total VIE Assets 335,819 296,136 Less: Non-controlling interests (2,358) (1,918) Maximum exposure to loss $ 333,461 $ 294,218

Debt

Debt	9 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Debt	7. Debt The Company’s debt consisted of the following: As of December 31, 2024 As of March 31, 2024 Principal Outstanding Carrying Value Interest Rate Principal Outstanding Carrying Value Interest Rate Term Loan $ 95,000 $ 94,588 6.25 % $ 96,875 $ 96,531 7.25 % 2020 Multi-Draw Facility 100,000 99,676 3.50 % 100,000 99,628 3.50 % Senior Notes 100,000 97,760 5.28 % — — Total Debt $ 295,000 $ 292,024 $ 196,875 $ 196,159 On October 7, 2024, the Company amended its existing Term Loan and Security Agreement (as amended, the “Term Loan Agreement”), Revolving Loan and Security Agreement (as amended, the “Revolving Loan Agreement”), 2020 Multi-Draw Term Loan and Security Agreement (as amended, the “2020 Multi-Draw Term Loan Agreement”), and 2022 Multi-Draw Term Loan and Security Agreement (as amended, the “2022 Multi-Draw Term Loan Agreement”), (collectively, the “Loan Agreements”). The amendments included naming JP Morgan Chase Bank, N.A. as the successor-in-interest to First Republic Bank, updating the maturity dates for the Loan Agreements and allowing for the incurrence of additional indebtedness. On October 8, 2024, HLA issued $100 million aggregate principal amount of its 5.28% senior notes due October 15, 2029 (the “Notes”), pursuant to a note purchase agreement (the “Note Purchase Agreement”), among HLA and the institutional purchasers party thereto in a private placement transaction. Interest on the Notes is payable semi-annually in arrears, commencing on April 15, 2025. Interest on the Notes accrues from and including October 8, 2024. The Notes will mature on October 15, 2029.

Equity

Equity	9 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Equity	8. Equity The following table shows a rollforward of the Company’s common stock outstanding since March 31, 2024: Class A Common Stock Class B Common Stock March 31, 2024 40,547,806 13,664,635 Awards granted 1,243,383 — Shares issued pursuant to Employee Share Purchase Plan 16,564 — Forfeitures (29,826) — Shares repurchased for employee tax withholdings (2,976) — December 31, 2024 41,774,951 13,664,635

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation	9. Equity Based Compensation Restricted Stock Awards A summary of restricted stock activity for the nine months ended December 31, 2024 is presented below: Total Weighted- March 31, 2024 363,128 $ 80.34 Granted 103,207 $ 147.79 Vested (19,652) $ 77.88 Forfeited (16,782) $ 82.28 December 31, 2024 429,901 $ 96.57 As of December 31, 2024, total unrecognized compensation expense related to restricted stock awards was $32,689. Performance Awards The Company granted performance stock awards to certain employees that are subject to both a market-based vesting and a service-based vesting condition (“Performance Awards”). The Performance Awards will vest based upon (i) the market price of HLI Class A common stock achieving certain price thresholds from $150 per share to $230 per share and (ii) continued employment through the date the price target is met (with a minimum of five years of service required after the grant date for vesting). If the price target is met prior to the fifth anniversary of the grant date, the vesting date will be the fifth anniversary of the grant date. Holders of the Performance Awards do not participate in dividends until such awards have met both their market-based and service-based vesting requirements. Due to the existence of the service requirement, the vesting period for these awards will vary with each respective tranche as the employees must be employed with the Company at the point in which the market requirement is met with a minimum of five years of service required after the grant date for vesting. As such, compensation expense will be recognized ratably for each vesting tranche from the grant date to the end of the employee’s minimum service period. The fair value of the awards granted are based on a Monte Carlo simulation valuation model. A summary of Performance Award activity for the nine months ended December 31, 2024 is presented below: Total Weighted- March 31, 2024 489,150 $ 29.79 Granted 1,140,176 $ 130.75 Forfeited (13,044) $ 29.79 December 31, 2024 1,616,282 $ 101.01 Below is a summary of the grant date fair value based on the Monte Carlo simulation valuation model and the significant assumptions used to estimate the grant date fair value of the Performance Awards granted September 16, 2024: Grant Date Fair Value $ 130.75 Closing share price as of valuation date $ 153.23 Risk Free Rate 3.5% Volatility 37.5% Dividend Yield 1.3% As of December 31, 2024, total estimated unrecognized expense related to the unvested Performance Awards was $148,008.

Compensation and Benefits

Compensation and Benefits	9 Months Ended
	Dec. 31, 2024
Compensation Related Costs [Abstract]
Compensation and Benefits	10. Compensation and Benefits The Company has recorded the following amounts related to compensation and benefits: Three Months Ended December 31, Nine Months Ended December 31, 2024 2023 2024 2023 Base compensation and benefits $ 39,633 $ 43,536 $ 143,495 $ 118,275 Incentive fee compensation 10,487 2,906 32,233 12,236 Equity-based compensation 11,785 3,264 19,681 9,227 Total compensation and benefits $ 61,905 $ 49,706 $ 195,409 $ 139,738

Income Tax

Income Tax	9 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Tax	11. Income Tax 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 rates were 14.1% and 31.4% for the three months ended December 31, 2024 and 2023, respectively, and 12.3% and 18.5% for the nine months ended December 31, 2024 and 2023, respectively. The effective tax rates were different from the statutory tax rates due to the portion of income allocated to NCI, change in valuation allowance recorded against deferred tax assets and discrete tax adjustments to true-up prior fiscal year estimated investment taxable income to actual investment taxable income reported to the Company after the prior fiscal year end. As of December 31, 2024, 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	9 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Earnings per Share	12. Earnings per Share The following table presents the basic earnings per share ("EPS") for a share of Class A common stock: Three Months Ended December 31, Nine Months Ended December 31, 2024 2023 2024 2023 Net income attributable to HLI $ 52,972 $ 19,506 $ 166,918 $ 92,498 Weighted Average Shares 39,722,780 37,736,012 39,707,732 37,720,724 Basic EPS of Class A common stock $ 1.33 $ 0.52 $ 4.20 $ 2.45 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 shares. 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 adjustments to net income for dilutive shares are based upon the additional income that would be allocated to HLI for the change in its ownership percentage due to the dilutive shares and adjusted for the incremental income tax expense related to the additional allocated income. Net income (loss) recorded by HLI on a standalone basis will determine if the Class B and Class C units are dilutive or antidilutive in each respective period. The following table presents the diluted EPS for a share of Class A common stock: Three Months Ended December 31, Nine Months Ended December 31, 2024 2023 2024 2023 Numerator Net income attributable to Class A common stockholders - basic $ 52,972 $ 19,506 $ 166,918 $ 92,498 Adjustments to net income: Assumed vesting of employee awards 174 25 474 88 Assumed conversion of Class B and Class C units 18,507 8,232 58,354 38,456 Net income attributable to Class A common stockholders $ 71,653 $ 27,763 $ 225,746 $ 131,042 Denominator Weighted-average shares of Class A common stock outstanding - basic 39,722,780 37,736,012 39,707,732 37,720,724 Weighted-average effect of dilutive securities: Assumed vesting of employee awards 509,110 162,446 438,571 122,983 Assumed conversion of Class B and Class C units 14,221,775 16,089,097 14,221,775 16,089,097 Weighted-average shares of Class A common stock outstanding 54,453,665 53,987,555 54,368,078 53,932,804 Diluted EPS of Class A common stock $ 1.32 $ 0.51 $ 4.15 $ 2.43 The following table presents the weighted-average Performance Awards excluded from diluted EPS that would have been antidilutive or for which the market condition has not been achieved as of the period reported: Three Months Ended December 31, Nine Months Ended December 31, Shares 2024 2023 2024 2023 Performance Awards 1,298,878 502,336 602,698 509,641

Related Party Transactions

Related Party Transactions	9 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	13. 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 $100,522 and $87,482 for the three months ended December 31, 2024 and 2023, respectively, and $309,740 and $251,502 for the nine months ended December 31, 2024 and 2023, respectively. The Company earned incentive fees from Partnerships of $39,612 and $11,432 for the three months ended December 31, 2024 and 2023, respectively, and $123,988 and $46,659 for the nine months ended December 31, 2024 and 2023, respectively. Fees receivable from the Partnerships were $112,398 and $91,317 as of December 31, 2024 and March 31, 2024, respectively, and are included in fees receivable in the Condensed Consolidated Balance Sheets.

Supplemental Cash Flow

Supplemental Cash Flow	9 Months Ended
	Dec. 31, 2024
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow	14. Supplemental Cash Flow Nine Months Ended December 31, 2024 2023 Non-cash operating activities: Establishment of lease liability in exchange for right of use asset $ 3,578 $ 5,455 Deconsolidation of fund net (assets) liabilities $ (3,568) $ 6,095 Non-cash investing activities: Deconsolidation of investments held by deconsolidated fund $ 9,758 $ 103,990 Transfer of equity method investment in Partnerships from deconsolidated fund $ 27,240 $ 32,018 Non-cash purchase of other equity method investment $ — $ 2,000 Convertible note exchanged for shares $ 2,161 $ — Non-cash financing activities: Dividends declared but not paid $ 19,464 $ 16,793 Member distributions declared but not paid $ 14,377 $ 21,216

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	15. 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 that did not meet the Company’s criteria for revenue recognition in the amounts of $1,292,716 and $1,221,488, net of amounts attributable to NCI, at December 31, 2024 and March 31, 2024, respectively. If the Company ultimately receives the unrecognized carried interest, a total of $323,179 and $305,372 as of December 31, 2024 and March 31, 2024, 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 $286,089 and $267,734 as of December 31, 2024 and March 31, 2024, respectively. In connection with certain of the Company’s strategic technology investments, a percentage of realized gains will be paid to one of our Co-CEOs for overseeing the initial investments and up to 15% may be paid as a discretionary bonus to other employees as those gains are realized. The Company has an unrealized net gain on strategic investments of $34,062 as of December 31, 2024. The Company offers an Employee Investment Program (“EIP”) through which certain employees are able to invest directly into certain Company managed funds as individual limited partners (“LPs”). The employees also have an option to enter into a loan agreement with the Company or a third-party lender to fund committed capital. The loan is collateralized by the underlying LP’s interest in the fund and return of capital distributions are utilized to pay the outstanding loan balance. The Company entered into a separate agreement with the third-party lender to backstop the employee’s performance under the loan with a commitment to purchase the LP interest from the lender at the greater of fair value or the outstanding balance of the loan in the event of a default by the employee. As of December 31, 2024, the total amount of outstanding loans at the third-party lender under the EIP was $1,203, and the Company believes the risk of default by an employee to be remote. 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 December 31, Nine Months Ended December 31, 2024 2023 2024 2023 Operating lease costs $ 2,396 $ 2,468 $ 6,974 $ 6,938 Variable lease costs $ 394 $ 381 $ 1,182 $ 1,039 Cash paid for amounts included in the measurement of operating lease liabilities $ 2,318 $ 2,325 $ 6,811 $ 6,657 December 31, 2024 March 31, 2024 Weighted average remaining lease term (in years) 11.9 12.6 Weighted average discount rate 3.5 % 3.5 % As of December 31, 2024, the maturities of operating lease liabilities were as follows: Remainder of FY2025 $ 2,147 FY2026 8,815 FY2027 8,723 FY2028 8,086 FY2029 7,305 Thereafter 60,339 Total lease payments $ 95,415 Less: imputed interest (17,573) Total operating lease liabilities $ 77,842

Subsequent Events

Subsequent Events	9 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	16. Subsequent Events Dividend Declared On February 4, 2025, the Company announced a quarterly dividend of $0.49 per share of Class A common stock to record holders at the close of business on March 14, 2025. The payment date will be April 4, 2025.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net income attributable to HLI	$ 52,972	$ 19,506	$ 166,918	$ 92,498

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation
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. The results of the consolidated Variable Interest Entities ( “ VIEs ” ) are reported on a three-month lag, due to the timing of the receipt of related financial statements. The Company’s revenue earned from Partnerships, including both management and advisory fee revenue and incentive fee revenue, is not accounted for on a lag.
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 Company uses these levels of hierarchy to measure the fair value of certain financial instruments on a recurring basis, such as for investments; on a non-recurring basis, such as for acquisitions and impairment testing; for disclosure purposes, such as for long-term debt; and for other applications, as discussed in their respective notes.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-06 - Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The amendments in this ASU incorporate 14 of the 27 disclosure requirements published in SEC Release No. 33-10532 - Disclosure Update and Simplification into various topics within the Accounting Standards Codification (“ASC”). The amendments represent clarifications to, or technical corrections of, current requirements. For SEC registrants, the effective date for each amendment will be the date on which the SEC removes that related disclosure from its rules. Early adoption is prohibited. The amendments will be applied retrospectively to all prior periods presented in the condensed consolidated financial statements. The Company is currently assessing the impact of the new requirements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. This ASU enhances segment disclosures primarily around significant segment expenses for both interim and annual periods. The amendments in this ASU are to be applied retrospectively and are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years after December 15, 2024. Early adoption is permitted. The Company is currently assessing the impact of the new requirements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to enhance transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, on a prospective basis, with early adoption permitted. The Company is currently assessing the impact of the new requirements. In March 2024, the SEC adopted final rules to require disclosures about certain climate-related information in registration statements and annual reports. In April 2024, the SEC issued an order to stay the rules pending the completion of judicial review of multiple petitions challenging the rules. The rules, if implemented, would require information about a registrant’s climate-related risks that are reasonably likely to have a material impact on its business, results of operations, or financial condition. The required information about climate-related risks will also include disclosure of a registrant’s greenhouse gas emissions, if material. In addition, the rules will require registrants to present certain climate-related financial metrics in their audited financial statements. The Company is currently assessing the impact of the new requirements should the rules be implemented. The Organization for Economic Co-operation and Development (“OECD”) introduced a 15% global minimum tax under the Pillar Two Global Anti-Base Erosion model rules. Several OECD member countries have enacted tax legislation based on certain elements of these rules that became effective on January 1, 2024. Other jurisdictions have announced the intent to implement these rules, but the rules remain subject to significant negotiation, potential change, and phase-in periods. Management has concluded that the Company falls outside the scope of the Pillar Two rules but will continue to monitor potential future applicability and changes to these rules. In November 2024, the FASB issued ASU 2024-03, “Income Statement (Topic 220): Reporting Comprehensive Income - Income-Expense Disaggregation Disclosures,” which requires public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the financial statements. The amendments in this ASU will be effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted and is effective on either a prospective basis or retrospective basis. The Company is currently assessing the impact of the new requirements.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of 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 Nine Months Ended Management and advisory fees 2024 2023 2024 2023 Specialized funds $ 75,764 $ 64,871 $ 235,866 $ 184,972 Customized separate accounts 33,926 32,943 102,136 96,702 Advisory 5,681 6,085 17,320 18,392 Reporting, monitoring, data and analytics 7,102 6,479 21,225 18,298 Distribution management 1,002 1,512 1,917 3,979 Fund reimbursement revenue 2,807 1,751 7,563 5,889 Total management and advisory fees $ 126,282 $ 113,641 $ 386,027 $ 328,232 Three Months Ended Nine Months Ended Incentive fees 2024 2023 2024 2023 Specialized funds $ 34,837 $ 10,542 $ 112,913 $ 43,204 Customized separate accounts 6,339 1,081 15,248 5,741 Consolidated variable interest entities related: Specialized funds 803 — 803 — Total incentive fees $ 41,979 $ 11,623 $ 128,964 $ 48,945

Investments (Tables)

Investments (Tables)	9 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investment	Investments consist of the following: December 31, 2024 March 31, 2024 Equity method investments in Partnerships $ 458,850 $ 408,615 Other equity method investments 684 1,576 Fair value investments 12,792 17,984 Investments valued under the measurement alternative 191,949 175,522 Total Investments $ 664,275 $ 603,697
Schedule of Variable Interest Entities	Investments of consolidated VIEs consist of the following: December 31, 2024 March 31, 2024 Equity method investments in Partnerships $ 19,440 $ 28,575 Fair value investments 32,735 — Total Investments of Consolidated VIEs $ 52,175 $ 28,575 The carrying value of assets and liabilities recognized in the Condensed Consolidated Balance Sheets 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: December 31, 2024 March 31, 2024 Investments $ 259,603 $ 232,743 Fees receivable 69,548 61,694 Due from related parties 6,668 1,699 Total VIE Assets 335,819 296,136 Less: Non-controlling interests (2,358) (1,918) Maximum exposure to loss $ 333,461 $ 294,218
Schedule of Equity Securities without Readily Determinable Fair Value	Three Months Ended December 31, Nine Months Ended December 31, 2024 2023 2024 2023 Carrying amount beginning of the period $ 188,922 $ 175,522 $ 175,522 $ 168,732 Adjustments related to equity investments: Purchases 2,955 — 7,955 6,312 Sales / return of capital — — — (177) Net change in unrealized gain 1 72 — 8,472 1,177 Net realized loss — — — (522) Carrying amount, end of period $ 191,949 $ 175,522 $ 191,949 $ 175,522 (1) Net change in unrealized gain consists of fair value adjustments for observable price changes of identical or similar investments.
Schedule of Cumulative Gross Unrealized Gains(Loss)	The following table summarizes the cumulative gross unrealized gains and cumulative gross unrealized losses related to the Company’s investments under the measurement alternative: December 31, 2024 March 31, 2024 Cumulative gross unrealized gains $ 78,707 $ 70,235 Cumulative gross unrealized losses $ (43,289) $ (43,289)

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	9 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Schedule 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 December 31, 2024 Level 1 Level 2 Level 3 NAV (2) Total Financial assets: Fair value investments $ — $ — $ 12,792 $ — $ 12,792 Consolidated VIEs Fair value investments — — 1,912 30,823 32,735 Total financial assets $ — $ — $ 14,704 $ 30,823 $ 45,527 Financial liabilities: Secured financing (1) $ — $ — $ 12,792 $ — $ 12,792 Total financial liabilities $ — $ — $ 12,792 $ — $ 12,792 As of March 31, 2024 Level 1 Level 2 Level 3 NAV (2) Total Financial assets: Fair value investments $ 4,913 $ — $ 13,071 $ — $ 17,984 Total financial assets $ 4,913 $ — $ 13,071 $ — $ 17,984 Financial liabilities: Secured financing (1) $ — $ — $ 13,071 $ — $ 13,071 Total financial liabilities $ — $ — $ 13,071 $ — $ 13,071 (1) Secured financing is recorded within other liabilities in the Condensed Consolidated Balance Sheets. (2)
Schedule of Reconciliation of Other Investments	The following is a reconciliation of fair value investments for which significant unobservable inputs (Level 3) were used in determining value: Private equity funds Direct equity investments Total investments Balance as of September 30, 2024 $ 4,608 $ 8,472 $ 13,080 Distributions (52) — (52) Net gain (loss) 31 (267) (236) Balance as of December 31, 2024 $ 4,587 $ 8,205 $ 12,792 Balance as of March 31, 2024 $ 5,519 $ 7,552 $ 13,071 Distributions (380) — (380) Net (loss) gain (552) 653 101 Balance as of December 31, 2024 $ 4,587 $ 8,205 $ 12,792 Private equity funds Direct credit investments Direct equity investments Total investments Balance as of September 30, 2023 $ 5,739 $ — $ 6,634 $ 12,373 Contributions 152 — — 152 Distributions (39) — — (39) Net (loss) gain (11) — 648 637 Balance as of December 31, 2023 $ 5,841 $ — $ 7,282 $ 13,123 Balance as of March 31, 2023 $ 6,664 $ 790 $ 6,774 $ 14,228 Contributions 152 — — 152 Distributions (229) (798) — (1,027) Net (loss) gain (746) 8 508 (230) Balance as of December 31, 2023 $ 5,841 $ — $ 7,282 $ 13,123
Schedule of Reconciliation of Investments Held by Consolidated Funds	The following is a reconciliation of investments held by our consolidated VIEs for which significant unobservable inputs (Level 3) were used in determining value: Direct equity investments Balance as of September 30, 2024 $ — Contributions 2,000 Distributions (116) Net gain/(loss) 28 Balance as of December 31, 2024 $ 1,912 Balance as of March 31, 2024 $ — Contributions 2,386 Distributions (116) Net gain/(loss) 21 Transfer out (379) Balance as of December 31, 2024 $ 1,912 Direct credit investments Balance as of September 30, 2023 $ 69,381 Contributions — Distributions — Net gain/(loss) — Transfer in — Transfer out due to deconsolidation (69,381) Balance as of December 31, 2023 $ — Balance as of March 31, 2023 $ 21,163 Contributions 24,787 Distributions (180) Net gain/(loss) 494 Transfer in 23,117 Transfer out due to deconsolidation (69,381) Balance as of December 31, 2023 $ —
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 assets were as follows, as of December 31, 2024: Significant Fair Valuation Unobservable Weighted Value Methodology Inputs Range Average Other investments: Private equity funds $ 4,587 Adjusted NAV Selected market return 1.8% - 3.6% 3.3% Direct equity investments $ 8,205 Adjusted NAV Selected market return 3.1% - 3.1% 3.1% Investments of consolidated VIE: Direct equity investments $ 1,912 Recent precedent transactions

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	Investments of consolidated VIEs consist of the following: December 31, 2024 March 31, 2024 Equity method investments in Partnerships $ 19,440 $ 28,575 Fair value investments 32,735 — Total Investments of Consolidated VIEs $ 52,175 $ 28,575 The carrying value of assets and liabilities recognized in the Condensed Consolidated Balance Sheets 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: December 31, 2024 March 31, 2024 Investments $ 259,603 $ 232,743 Fees receivable 69,548 61,694 Due from related parties 6,668 1,699 Total VIE Assets 335,819 296,136 Less: Non-controlling interests (2,358) (1,918) Maximum exposure to loss $ 333,461 $ 294,218

Debt (Tables)

Debt (Tables)	9 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt	The Company’s debt consisted of the following: As of December 31, 2024 As of March 31, 2024 Principal Outstanding Carrying Value Interest Rate Principal Outstanding Carrying Value Interest Rate Term Loan $ 95,000 $ 94,588 6.25 % $ 96,875 $ 96,531 7.25 % 2020 Multi-Draw Facility 100,000 99,676 3.50 % 100,000 99,628 3.50 % Senior Notes 100,000 97,760 5.28 % — — Total Debt $ 295,000 $ 292,024 $ 196,875 $ 196,159

Equity (Tables)

Equity (Tables)	9 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Schedule of Rollforward of Common Stock	The following table shows a rollforward of the Company’s common stock outstanding since March 31, 2024: Class A Common Stock Class B Common Stock March 31, 2024 40,547,806 13,664,635 Awards granted 1,243,383 — Shares issued pursuant to Employee Share Purchase Plan 16,564 — Forfeitures (29,826) — Shares repurchased for employee tax withholdings (2,976) — December 31, 2024 41,774,951 13,664,635

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Stock Activity	A summary of restricted stock activity for the nine months ended December 31, 2024 is presented below: Total Weighted- March 31, 2024 363,128 $ 80.34 Granted 103,207 $ 147.79 Vested (19,652) $ 77.88 Forfeited (16,782) $ 82.28 December 31, 2024 429,901 $ 96.57
Schedule of Performance Units Activity	Total Weighted- March 31, 2024 489,150 $ 29.79 Granted 1,140,176 $ 130.75 Forfeited (13,044) $ 29.79 December 31, 2024 1,616,282 $ 101.01
Schedule Of Share-Based Payment Award, Equity Instruments Other than Options, Valuation Assumptions	Below is a summary of the grant date fair value based on the Monte Carlo simulation valuation model and the significant assumptions used to estimate the grant date fair value of the Performance Awards granted September 16, 2024: Grant Date Fair Value $ 130.75 Closing share price as of valuation date $ 153.23 Risk Free Rate 3.5% Volatility 37.5% Dividend Yield 1.3%

Compensation and Benefits (Tabl

Compensation and Benefits (Tables)	9 Months Ended
	Dec. 31, 2024
Compensation Related Costs [Abstract]
Schedule of Compensation and Benefits	The Company has recorded the following amounts related to compensation and benefits: Three Months Ended December 31, Nine Months Ended December 31, 2024 2023 2024 2023 Base compensation and benefits $ 39,633 $ 43,536 $ 143,495 $ 118,275 Incentive fee compensation 10,487 2,906 32,233 12,236 Equity-based compensation 11,785 3,264 19,681 9,227 Total compensation and benefits $ 61,905 $ 49,706 $ 195,409 $ 139,738

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Schedule of Basic Earnings Per Share	The following table presents the basic earnings per share ("EPS") for a share of Class A common stock: Three Months Ended December 31, Nine Months Ended December 31, 2024 2023 2024 2023 Net income attributable to HLI $ 52,972 $ 19,506 $ 166,918 $ 92,498 Weighted Average Shares 39,722,780 37,736,012 39,707,732 37,720,724 Basic EPS of Class A common stock $ 1.33 $ 0.52 $ 4.20 $ 2.45
Schedule of Diluted Earnings Per Share	The following table presents the diluted EPS for a share of Class A common stock: Three Months Ended December 31, Nine Months Ended December 31, 2024 2023 2024 2023 Numerator Net income attributable to Class A common stockholders - basic $ 52,972 $ 19,506 $ 166,918 $ 92,498 Adjustments to net income: Assumed vesting of employee awards 174 25 474 88 Assumed conversion of Class B and Class C units 18,507 8,232 58,354 38,456 Net income attributable to Class A common stockholders $ 71,653 $ 27,763 $ 225,746 $ 131,042 Denominator Weighted-average shares of Class A common stock outstanding - basic 39,722,780 37,736,012 39,707,732 37,720,724 Weighted-average effect of dilutive securities: Assumed vesting of employee awards 509,110 162,446 438,571 122,983 Assumed conversion of Class B and Class C units 14,221,775 16,089,097 14,221,775 16,089,097 Weighted-average shares of Class A common stock outstanding 54,453,665 53,987,555 54,368,078 53,932,804 Diluted EPS of Class A common stock $ 1.32 $ 0.51 $ 4.15 $ 2.43
Schedule of Weighted-Average Shares Excluded from Calculation of Diluted Earnings Per Share	The following table presents the weighted-average Performance Awards excluded from diluted EPS that would have been antidilutive or for which the market condition has not been achieved as of the period reported: Three Months Ended December 31, Nine Months Ended December 31, Shares 2024 2023 2024 2023 Performance Awards 1,298,878 502,336 602,698 509,641

Supplemental Cash Flow (Tables)

Supplemental Cash Flow (Tables)	9 Months Ended
	Dec. 31, 2024
Supplemental Cash Flow Information [Abstract]
Schedule of Supplemental Cash Flow Disclosures	Nine Months Ended December 31, 2024 2023 Non-cash operating activities: Establishment of lease liability in exchange for right of use asset $ 3,578 $ 5,455 Deconsolidation of fund net (assets) liabilities $ (3,568) $ 6,095 Non-cash investing activities: Deconsolidation of investments held by deconsolidated fund $ 9,758 $ 103,990 Transfer of equity method investment in Partnerships from deconsolidated fund $ 27,240 $ 32,018 Non-cash purchase of other equity method investment $ — $ 2,000 Convertible note exchanged for shares $ 2,161 $ — Non-cash financing activities: Dividends declared but not paid $ 19,464 $ 16,793 Member distributions declared but not paid $ 14,377 $ 21,216

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Lease Supplemental Cash Flow Information, Term and Discount Rate	The following table shows lease costs and other supplemental information related to the Company’s operating leases: Three Months Ended December 31, Nine Months Ended December 31, 2024 2023 2024 2023 Operating lease costs $ 2,396 $ 2,468 $ 6,974 $ 6,938 Variable lease costs $ 394 $ 381 $ 1,182 $ 1,039 Cash paid for amounts included in the measurement of operating lease liabilities $ 2,318 $ 2,325 $ 6,811 $ 6,657 December 31, 2024 March 31, 2024 Weighted average remaining lease term (in years) 11.9 12.6 Weighted average discount rate 3.5 % 3.5 %
Schedule of Operating Lease Liability Maturities	As of December 31, 2024, the maturities of operating lease liabilities were as follows: Remainder of FY2025 $ 2,147 FY2026 8,815 FY2027 8,723 FY2028 8,086 FY2029 7,305 Thereafter 60,339 Total lease payments $ 95,415 Less: imputed interest (17,573) Total operating lease liabilities $ 77,842

Organization - Narrative (Detai

Organization - Narrative (Details)	Dec. 31, 2024	Mar. 31, 2024
Hamilton Lane Advisors, L.L.C.
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Percent of economic interest held	73.60%	73.60%

Revenue - Schedule of Disaggreg

Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 168,261	$ 125,264	$ 514,991	$ 377,177
Management and advisory fees
Disaggregation of Revenue [Line Items]
Total revenues	126,282	113,641	386,027	328,232
Specialized funds
Disaggregation of Revenue [Line Items]
Total revenues	75,764	64,871	235,866	184,972
Customized separate accounts
Disaggregation of Revenue [Line Items]
Total revenues	33,926	32,943	102,136	96,702
Advisory
Disaggregation of Revenue [Line Items]
Total revenues	5,681	6,085	17,320	18,392
Reporting, monitoring, data and analytics
Disaggregation of Revenue [Line Items]
Total revenues	7,102	6,479	21,225	18,298
Distribution management
Disaggregation of Revenue [Line Items]
Total revenues	1,002	1,512	1,917	3,979
Fund reimbursement revenue
Disaggregation of Revenue [Line Items]
Total revenues	2,807	1,751	7,563	5,889
Total incentive fees
Disaggregation of Revenue [Line Items]
Total revenues	41,979	11,623	128,964	48,945
Specialized funds
Disaggregation of Revenue [Line Items]
Total revenues	34,837	10,542	112,913	43,204
Specialized funds | Consolidated VIEs
Disaggregation of Revenue [Line Items]
Total revenues	803	0	803	0
Customized separate accounts
Disaggregation of Revenue [Line Items]
Total revenues	$ 6,339	$ 1,081	$ 15,248	$ 5,741

Investments - Schedule of Inves

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Mar. 31, 2023
Schedule of Equity Method Investments [Line Items]
Fair value investments	$ 12,792		$ 17,984
Investments valued under the measurement alternative	191,949	$ 188,922	175,522	$ 175,522	$ 175,522	$ 168,732
Total Investments	664,275		603,697
Equity method investments in Partnerships
Schedule of Equity Method Investments [Line Items]
Equity method investments	458,850		408,615
Other equity method investments
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 684		$ 1,576

Investments - Schedule of Varia

Investments - Schedule of Variable Interest Entities (Details) - Consolidated VIEs - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Schedule of Equity Method Investments [Line Items]
Equity method investments in Partnerships	$ 19,440	$ 28,575
Fair value investments	32,735	0
Total Investments of Consolidated VIEs	$ 52,175	$ 28,575

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Schedule of Equity Method Investments [Line Items]
Gain (loss) on other investments			$ 9,852	$ (45)
Unrealized gain (loss) on secured borrowings, fair value adjustment		$ (637)		230
Reported Value Measurement
Schedule of Equity Method Investments [Line Items]
Fair value investments	$ 5,180		$ 5,180		$ 5,952
Equity method investments in Partnerships
Schedule of Equity Method Investments [Line Items]
Percent interest in partnerships	1%		1%
Investment, Held As Collateral
Schedule of Equity Method Investments [Line Items]
Gain (loss) on other investments	$ (236)	$ 637	$ 101	$ (230)
Unrealized gain (loss) on secured borrowings, fair value adjustment	$ 236		$ (101)

Investments - Schedule of Equit

Investments - Schedule of Equity Securities without Readily Determinable Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Carrying amount beginning of the period	$ 188,922	$ 175,522	$ 175,522	$ 168,732
Purchases	2,955	0	7,955	6,312
Sales / return of capital	0	0	0	(177)
Net change in unrealized gain	72	0	8,472	1,177
Net realized loss	0	0	0	(522)
Carrying amount, end of period	$ 191,949	$ 175,522	$ 191,949	$ 175,522

Investments - Schedule of Cumul

Investments - Schedule of Cumulative Gross Unrealized Gains(Loss) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2024	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Cumulative gross unrealized gains	$ 78,707	$ 70,235
Cumulative gross unrealized losses	$ (43,289)	$ (43,289)

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Financial assets:
Total financial assets	$ 45,527	$ 17,984
Financial liabilities:
Secured financing	12,792	13,071
Total financial liabilities	12,792	13,071
Consolidated entity, excluding VIE
Financial assets:
Fair value investments	12,792	17,984
Consolidated VIEs
Financial assets:
Fair value investments	32,735	0
Level 1
Financial assets:
Total financial assets	0	4,913
Financial liabilities:
Secured financing	0	0
Total financial liabilities	0	0
Level 1 | Consolidated entity, excluding VIE
Financial assets:
Fair value investments	0	4,913
Level 1 | Consolidated VIEs
Financial assets:
Fair value investments	0
Level 2
Financial assets:
Total financial assets	0	0
Financial liabilities:
Secured financing	0	0
Total financial liabilities	0	0
Level 2 | Consolidated entity, excluding VIE
Financial assets:
Fair value investments	0	0
Level 2 | Consolidated VIEs
Financial assets:
Fair value investments	0
Level 3
Financial assets:
Total financial assets	14,704	13,071
Financial liabilities:
Secured financing	12,792	13,071
Total financial liabilities	12,792	13,071
Level 3 | Consolidated entity, excluding VIE
Financial assets:
Fair value investments	12,792	13,071
Level 3 | Consolidated VIEs
Financial assets:
Fair value investments	1,912
NAV
Financial assets:
Total financial assets	30,823	0
Financial liabilities:
Secured financing	0	0
Total financial liabilities	0	0
NAV | Consolidated entity, excluding VIE
Financial assets:
Fair value investments	0	$ 0
NAV | Consolidated VIEs
Financial assets:
Fair value investments	$ 30,823

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Reconciliation of Other Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Reconciliation of Other Investments (Level 3) [Roll Forward]
Other investments, beginning balance	$ 13,080	$ 12,373	$ 13,071	$ 14,228
Contributions		152		152
Distributions	(52)	(39)	(380)	(1,027)
Net gain (loss)	(236)	637	101	(230)
Other investments, ending balance	12,792	13,123	12,792	13,123
Private equity funds
Reconciliation of Other Investments (Level 3) [Roll Forward]
Other investments, beginning balance	4,608	5,739	5,519	6,664
Contributions		152		152
Distributions	(52)	(39)	(380)	(229)
Net gain (loss)	31	(11)	(552)	(746)
Other investments, ending balance	4,587	5,841	4,587	5,841
Direct credit investments
Reconciliation of Other Investments (Level 3) [Roll Forward]
Other investments, beginning balance		0		790
Contributions		0		0
Distributions		0		(798)
Net gain (loss)		0		8
Other investments, ending balance		0		0
Direct credit investments | Consolidated Funds
Reconciliation of Other Investments (Level 3) [Roll Forward]
Other investments, beginning balance		69,381		21,163
Contributions		0		24,787
Distributions		0		(180)
Net gain (loss)		0		494
Transfer in		0		23,117
Transfer out		(69,381)		(69,381)
Other investments, ending balance		0		0
Direct equity investments
Reconciliation of Other Investments (Level 3) [Roll Forward]
Other investments, beginning balance	8,472	6,634	7,552	6,774
Contributions		0		0
Distributions	0	0	0	0
Net gain (loss)	(267)	648	653	508
Other investments, ending balance	8,205	$ 7,282	8,205	$ 7,282
Direct equity investments | Consolidated Funds
Reconciliation of Other Investments (Level 3) [Roll Forward]
Other investments, beginning balance	0		0
Contributions	2,000		2,386
Distributions	(116)		(116)
Net gain (loss)	28		21
Transfer out			(379)
Other investments, ending balance	$ 1,912		$ 1,912

Fair Value Measurements - Sch_3

Fair Value Measurements - Schedule of Assumptions Used (Details) $ in Thousands	Dec. 31, 2024 USD ($)	Mar. 31, 2024 USD ($)
Consolidated VIEs
Schedule of Equity Method Investments [Line Items]
Investments of consolidated VIE	$ 52,175	$ 28,575
Adjusted NAV | Private equity funds
Schedule of Equity Method Investments [Line Items]
Other investments	4,587
Adjusted NAV | Direct equity investments
Schedule of Equity Method Investments [Line Items]
Other investments	8,205
Recent precedent transactions | Direct equity investments | Consolidated VIEs
Schedule of Equity Method Investments [Line Items]
Investments of consolidated VIE	$ 1,912
Selected market return | Adjusted NAV | Minimum | Private equity funds
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	0.018
Selected market return | Adjusted NAV | Minimum | Direct equity investments
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	0.031
Selected market return | Adjusted NAV | Maximum | Private equity funds
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	0.036
Selected market return | Adjusted NAV | Maximum | Direct equity investments
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	0.031
Selected market return | Adjusted NAV | Weighted Average | Private equity funds
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	0.033
Selected market return | Adjusted NAV | Weighted Average | Direct equity investments
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	0.031

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Unconsolidated VIEs (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Variable Interest Entity [Line Items]
Investments	$ 664,275	$ 603,697
Fees receivable	135,622	108,291
Total assets	1,591,028	1,271,200
Not Primary Beneficiary
Variable Interest Entity [Line Items]
Unfunded commitments	176,097
Investments	259,603	232,743
Fees receivable	69,548	61,694
Total assets	335,819	296,136
Less: Non-controlling interests	(2,358)	(1,918)
Maximum exposure to loss	333,461	294,218
Not Primary Beneficiary | Related Party
Variable Interest Entity [Line Items]
Due from related parties	$ 6,668	$ 1,699

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Debt Instrument [Line Items]
Principal Outstanding	$ 295,000	$ 196,875
Carrying Value	292,024	196,159
Line of Credit | Term Loan
Debt Instrument [Line Items]
Principal Outstanding	95,000	96,875
Carrying Value	$ 94,588	$ 96,531
Interest Rate	6.25%	7.25%
Line of Credit | 2020 Multi-Draw Facility
Debt Instrument [Line Items]
Principal Outstanding	$ 100,000	$ 100,000
Carrying Value	$ 99,676	$ 99,628
Interest Rate	3.50%	3.50%
Senior Notes | Senior Notes
Debt Instrument [Line Items]
Principal Outstanding	$ 100,000	$ 0
Carrying Value	$ 97,760	$ 0
Interest Rate	5.28%

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	Dec. 31, 2024	Oct. 08, 2024	Mar. 31, 2024
Debt Instrument [Line Items]
Principal amount	$ 295,000,000		$ 196,875,000
Senior Notes Due October 15, 2029 | Senior Notes
Debt Instrument [Line Items]
Principal amount		$ 100,000,000
Interest rate		5.28%
2020 Multi-Draw Facility | Line of Credit
Debt Instrument [Line Items]
Principal amount	$ 100,000,000		$ 100,000,000
Interest rate	3.50%		3.50%
Debt, fair value	$ 98,469,000		$ 87,611,000
Senior Notes | Senior Notes
Debt Instrument [Line Items]
Principal amount	$ 100,000,000		$ 0
Interest rate	5.28%
Debt, fair value	$ 98,285,000

Equity - Schedule of Rollforwar

Equity - Schedule of Rollforward of Common Stock (Details)	9 Months Ended
	Dec. 31, 2024 shares
Class A Common Stock
Common Stock, Shares Outstanding [Roll Forward]
Outstanding, beginning of period (in shares)	40,547,806
Awards granted (in shares)	1,243,383
Shares issued pursuant to Employee Share Purchase Plan (in shares)	16,564
Forfeitures (in shares)	(29,826)
Shares repurchased for employee tax withholdings (in shares)	(2,976)
Outstanding, end of period (in shares)	41,774,951
Class B Common Stock
Common Stock, Shares Outstanding [Roll Forward]
Outstanding, beginning of period (in shares)	13,664,635
Awards granted (in shares)	0
Shares issued pursuant to Employee Share Purchase Plan (in shares)	0
Forfeitures (in shares)	0
Shares repurchased for employee tax withholdings (in shares)	0
Outstanding, end of period (in shares)	13,664,635

Equity-Based Compensation - Sch

Equity-Based Compensation - Schedule of Restricted Stock (Details) - $ / shares		9 Months Ended
	Sep. 16, 2024	Dec. 31, 2024
Restricted Stock
Total Unvested
Unvested at beginning of period (in shares)		363,128
Granted (in shares)		103,207
Vested (in shares)		(19,652)
Forfeited (in shares)		(16,782)
Unvested at end of period (in shares)		429,901
Weighted- Average Grant-Date Fair Value of Award
Unvested at beginning of period (in dollars per share)		$ 80.34
Granted (in dollars per share)		147.79
Vested (in dollars per share)		77.88
Forfeited (in dollars per share)		82.28
Unvested at end of period (in dollars per share)		$ 96.57
Performance Shares
Total Unvested
Unvested at beginning of period (in shares)		489,150
Granted (in shares)		1,140,176
Forfeited (in shares)		(13,044)
Unvested at end of period (in shares)		1,616,282
Weighted- Average Grant-Date Fair Value of Award
Unvested at beginning of period (in dollars per share)		$ 29.79
Granted (in dollars per share)	$ 130.75	130.75
Forfeited (in dollars per share)		29.79
Unvested at end of period (in dollars per share)		$ 101.01

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Dec. 31, 2024	Sep. 16, 2024
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total unrecognized compensation expense	$ 32,689
Performance Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total unrecognized compensation expense	$ 148,008
Closing share price as of valuation date (in USD per share)		$ 153.23
Performance Shares | Senior Leadership
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Requisite service period (in years)	5 years
Performance Shares | Minimum | Senior Leadership
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Closing share price as of valuation date (in USD per share)	$ 150
Performance Shares | Maximum | Senior Leadership
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Closing share price as of valuation date (in USD per share)	$ 230

Equity-Based Compensation - S_2

Equity-Based Compensation - Schedule of the Grant Date Fair Value Based on the Monte Carlo simulation Valuation Model (Details) - Performance Shares - $ / shares		9 Months Ended
	Sep. 16, 2024	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in dollars per share)	$ 130.75	$ 130.75
Closing share price as of valuation date (in USD per share)	$ 153.23
Risk Free Rate	3.50%
Volatility	37.50%
Dividend Yield	1.30%

Compensation and Benefits - Sch

Compensation and Benefits - Schedule of Compensation and Benefits (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Compensation Related Costs [Abstract]
Base compensation and benefits	$ 39,633	$ 43,536	$ 143,495	$ 118,275
Incentive fee compensation	10,487	2,906	32,233	12,236
Equity-based compensation	11,785	3,264	19,681	9,227
Total compensation and benefits	$ 61,905	$ 49,706	$ 195,409	$ 139,738

Income Tax (Details)

Income Tax (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	14.10%	31.40%	12.30%	18.50%
Unrecognized tax positions	$ 0		$ 0

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		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Net income attributable to HLI	$ 52,972	$ 19,506	$ 166,918	$ 92,498
Class A Common Stock
Class of Stock [Line Items]
Net income attributable to HLI	$ 52,972	$ 19,506	$ 166,918	$ 92,498
Weighted Average Shares (in shares)	39,722,780	37,736,012	39,707,732	37,720,724
Basic EPS of Class A common stock (in dollars per share)	$ 1.33	$ 0.52	$ 4.20	$ 2.45

Earnings per Share - Narrative

Earnings per Share - Narrative (Details)	Dec. 31, 2024
Class B Common Stock
Class of Stock [Line Items]
Common stock, conversion ratio	1

Earnings per Share - Diluted EP

Earnings per Share - Diluted EPS for a Share of Class A Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Net income attributable to Class A common stockholders - basic	$ 52,972	$ 19,506	$ 166,918	$ 92,498
Class A Common Stock
Class of Stock [Line Items]
Net income attributable to Class A common stockholders - basic	52,972	19,506	166,918	92,498
Net income attributable to Class A common stockholders	$ 71,653	$ 27,763	$ 225,746	$ 131,042
Weighted-average shares of Class A common stock outstanding - basic (in shares)	39,722,780	37,736,012	39,707,732	37,720,724
Weighted-average shares of Class A common stock outstanding (in shares)	54,453,665	53,987,555	54,368,078	53,932,804
Diluted EPS of Class A common stock (in dollars per share)	$ 1.32	$ 0.51	$ 4.15	$ 2.43
Class A Common Stock | Assumed vesting of employee awards
Class of Stock [Line Items]
Adjustments to net income:	$ 174	$ 25	$ 474	$ 88
Dilutive Shares (in shares)	509,110	162,446	438,571	122,983
Class A Common Stock | Assumed conversion of Class B and Class C units
Class of Stock [Line Items]
Adjustments to net income:	$ 18,507	$ 8,232	$ 58,354	$ 38,456
Dilutive Shares (in shares)	14,221,775	16,089,097	14,221,775	16,089,097

Earnings per Share - Antidiluti

Earnings per Share - Antidilutive Shares (Details) - shares	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Class A Common Stock | Performance Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Performance Awards (in shares)	1,298,878	502,336	602,698	509,641

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Related Party Transaction [Line Items]
Revenues	$ 168,261	$ 125,264	$ 514,991	$ 377,177
Fees receivable	135,622		135,622		$ 108,291
General Partnerships
Related Party Transaction [Line Items]
Fees receivable	112,398		112,398		$ 91,317
Management and advisory fees
Related Party Transaction [Line Items]
Revenues	126,282	113,641	386,027	328,232
Management and advisory fees | General Partnerships
Related Party Transaction [Line Items]
Revenues	100,522	87,482	309,740	251,502
Incentive fees | General Partnerships
Related Party Transaction [Line Items]
Revenues	$ 39,612	$ 11,432	$ 123,988	$ 46,659

Supplemental Cash Flow - Schedu

Supplemental Cash Flow - Schedule of Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Non-cash operating activities:
Establishment of lease liability in exchange for right of use asset	$ 3,578	$ 5,455
Deconsolidation of fund net (assets) liabilities	(3,568)	6,095
Non-cash investing activities:
Deconsolidation of investments held by deconsolidated fund	9,758	103,990
Transfer of equity method investment in Partnerships from deconsolidated fund	27,240	32,018
Non-cash purchase of other equity method investment	0	2,000
Convertible note exchanged for shares	2,161	0
Non-cash financing activities:
Dividends declared but not paid	19,464	16,793	$ 17,628
Member distributions declared but not paid	$ 14,377	$ 21,216

Commitments and Contingencies -

Commitments and Contingencies - Incentive Fees (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Carried interest still subject to contingencies	$ 1,292,716	$ 1,221,488
Incentive fees, unrecorded estimate	$ 323,179	$ 305,372

Commitments and Contingencies_2

Commitments and Contingencies - Commitments (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Loss Contingencies [Line Items]
Other commitment	$ 286,089		$ 267,734
Accrued discretionary bonus	15%
Net (loss) gain	$ 9,852	$ (45)
Employee loans outstanding	1,203
Valued Under Measurement Alternative
Loss Contingencies [Line Items]
Net (loss) gain	$ 34,062

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Lease Cost, Cash Flows, and Other Supplemental Cash Flow Information Regarding Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Operating lease costs	$ 2,396	$ 2,468	$ 6,974	$ 6,938
Variable lease costs	394	381	1,182	1,039
Cash paid for amounts included in the measurement of operating lease liabilities	$ 2,318	$ 2,325	$ 6,811	$ 6,657
Weighted average remaining lease term (in years)	11 years 10 months 24 days		11 years 10 months 24 days		12 years 7 months 6 days
Weighted average discount rate	3.50%		3.50%		3.50%

Commitments and Contingencies_4

Commitments and Contingencies - Schedule of Maturity of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Remainder of FY2025	$ 2,147
FY2026	8,815
FY2027	8,723
FY2028	8,086
FY2029	7,305
Thereafter	60,339
Total lease payments	95,415
Less: imputed interest	(17,573)
Total operating lease liabilities	$ 77,842	$ 79,033

Subsequent Events (Details)

Subsequent Events (Details) - Class A Common Stock - $ / shares	3 Months Ended			9 Months Ended
	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Dividends declared per share of Class A common stock (in dollars per share)		$ 0.49	$ 0.45	$ 1.47	$ 1.34
Subsequent Event
Subsequent Event [Line Items]
Dividends declared per share of Class A common stock (in dollars per share)	$ 0.49