Hamilton Lane delivered a solid QQ2 2026 performance characterized by strong AUM growth, elevated fee-related revenue, and continued diversification of the product platform. Total revenue for the quarter stood at $190.9 million with gross margin of approximately 70.8% and GAAP net income of $70.9 million (EPS $1.71). Year-to-date fee-related revenue rose 23% to $321.6 million, driving fee-related earnings to $160.7 million, up 34% YoY. The firm cross-validated its longer-term growth trajectory through expansions in its Evergreen platform, robust fundraising activity in Specialized Funds, and a landmark Guardian Life Insurance partnership that is expected to meaningfully scale fee-generating assets over a 10-year horizon. Management signaled disciplined expense management and capital deployment aligned with growth, including a diversified revenue mix (management fees and fee-related performance revenue) and a strong free cash flow profile. Looking ahead, HLNE highlighted continued backlog and dry powder in SMA and continued momentum across Evergreen and specialized funds, with near-term catalysts including Guardian-driven capital deployment, a major data- and technology-driven monetization strategy via Bloomberg, and ongoing secondaries and infrastructure fundraising. The combination of a >$1 trillion total asset footprint and a majority of earnings emanating from fee-related revenues provides a defensible, fee-income accretive model that could sustain multiple expansion if growth momentum remains durable.