Fiscal Year 2025 Fourth Quarter and Full Year Results May 29, 2025

2Hamilton Lane | Global Leader in the Private Markets Today's Speakers Erik Hirsch Co-CEO Jeff Armbrister Chief Financial Officer John Oh Head of Shareholder Relations

3Hamilton Lane | Global Leader in the Private Markets Business Performance Financial Results Dividend • Assets under management and fee-earning assets under management were $138 billion and $72 billion, respectively, as of March 31, 2025, increases of 11% and 10%, respectively, compared to March 31, 2024 • Management and advisory fees increased 14% compared to fiscal 2024 USD in millions except per share amounts Q4 FY25 FY25 vs. FY24 Management and advisory fees $127.8 $513.9 14 % GAAP net income $50.5 $217.4 54 % GAAP EPS $1.23 $5.41 47 % Adjusted net income1 $66.1 $273.7 29 % Non-GAAP EPS1 $1.21 $5.04 29 % Fee Related Earnings1 $90.3 $276.5 34 % Adjusted EBITDA1 $101.7 $366.1 34 % • Declared a quarterly dividend of $0.54 per share of Class A common stock to record holders at the close of business on June 20, 2025 1Adjusted net income, non-GAAP earnings per share, Fee Related Earnings and Adjusted EBITDA are non-GAAP financial measures. For the reconciliations of our non-GAAP financial measures to the most directly comparable GAAP financial measures and for the reasons we believe the non-GAAP measures provide useful information, see pages 20 and 21 of this presentation. Fee Related Earnings in prior periods have been recast. For more information, see pages 20 and 21 of this presentation. Period Highlights Period Highlights

4Hamilton Lane | Global Leader in the Private Markets Total Assets Under Management/Advisement ($B) Total AUA Total AUM 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 3/31/25 $0 $200 $400 $600 $800 $1,000 Y-o-Y Growth AUM: 11 % AUA: 3 % $958B AUM & AUA 1 CAGR: 18% $6 $7 $11 $13 $16 $19 $22 $24 $30 $32 $35 $40 $50 $59 $66 $76 $98 $108 $36 $51 $77 $79 $95 $81 $129 $147 $147 $189 $205 $292 $374 $410 $422 $581 $753 $724 $819 $138 Growing Asset Footprint & Influence 1Data as of calendar year end 12/31 unless otherwise noted. Numbers may not tie due to rounding. $120 $783 $821 $135

5Hamilton Lane | Global Leader in the Private Markets Y-o-Y Drivers of Growth Total Fee-Earning Assets Under Management ($B) $26 $31 $35 $38 $39 $16 $18 $23 $28 $33 Customized Separate Accounts Specialized Funds Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 Fee-Earning AUM growth continues and annual fee rates are stable CAGR: 14% Total Management Fee Revenues as a % of Average FEAUM *Numbers may not tie due to rounding Customized Separate Accounts: • New client wins • Client re-ups Specialized Funds: • Closed 6th secondary fund • Fundraising 9th credit-oriented fund, 6th direct equity fund, 2nd infrastructure fund, 3rd impact fund, and evergreen funds $49 $66 $42 $57 $72 Fee-Earning AUM Driving Revenues .59% .63% .65%.56%

6Hamilton Lane | Global Leader in the Private Markets Customized Separate Accounts Specialized Funds Advisory Services Diverse mix of existing and prospective clients seeking to further or establish relationships with Hamilton Lane • $1.8 billion year-over-year increase in FEAUM • +80% of our gross contributions during the last 12 months came from existing clients AUM AUM & AUA Drivers AUA Select funds in market: • Direct equity fund • Credit-oriented fund • Infrastructure fund • Impact fund • Evergreen funds • $4.5 billion year-over-year increase in FEAUM • Closings during Q4 FY25: ◦ Direct equity fund: $110M Typically larger clients with wide-ranging mandates which include technology-driven reporting, monitoring and analytics services and consulting services; opportunity set continues to be robust • $23.3 billion year-over-year increase in AUA

8Hamilton Lane | Global Leader in the Private Markets U S D in M ill io ns $554 $713 FY24 FY25 U S D in M ill io ns $102 $199 FY24 FY25 U S D in M ill io ns $452 $514 FY24 FY25 Management and Advisory Fees Incentive Fees Total Revenues YTD YTD Y-o-Y Change: 14% YTD Y-o-Y Change: 29% Y-o-Y Change: 95% • Recurring management and advisory fees represented an average of over 80% of total revenues over the past five fiscal years • Y-o-Y increase of 14% • Incentive fees derived from a highly diversified pool of assets and funds • Unrealized carried interest of $1.3 billion as of 3/31/25 diversified across 3,000+ assets and over 110 funds • Timing of realizations unpredictable • Total revenues increased by 29% Y-o-Y, driven by incentive fees U S D in M ill io ns $245 $514 FY20 FY25 Long-Term Growth U S D in M ill io ns $29 $199 FY20 FY25 Long-Term Growth CAGR: 16% U S D in M ill io ns $274 $713 FY20 FY25 Long-Term Growth CAGR: 21% CAGR: 47% Consolidated Revenue Strong growth across management and advisory fees

9Hamilton Lane | Global Leader in the Private Markets Period Ending V eh ic le s U S D in M illions Unrealized Carried Interest $1,022 $1,221 $1,260 90 100 113 Unrealized Carried Interest Vehicles in Unrealized Carry Position Mar-23 Mar-24 Mar-25 0 20 40 60 80 100 120 $0 $250 $500 $750 $1,000 $1,250 $1,500 Unrealized Carry by Age < 5 years 24% 5-8 years 53% 8-12 years 17% > 12 years 6% Unrealized Carried Interest

10Hamilton Lane | Global Leader in the Private Markets U S D in M ill io ns $61 $217 FY20 FY25 Net Income Attributable to HLI Adjusted EBITDA1 Fee Related Earnings1 U S D in M ill io ns $273 $366 FY24 FY25 U S D in M ill io ns $141 $217 FY24 FY25 U S D in M ill io ns $127 $366 FY20 FY25 U S D in M ill io ns $207 $276 FY24 FY25 U S D in M ill io ns $109 $276 FY20 FY25 Y-o-Y Change: 54% 1Adjusted EBITDA and Fee Related Earnings are non-GAAP financial measures. For the reconciliations of our non-GAAP financial measures to the most directly comparable GAAP financial measures and for the reasons we believe the non-GAAP measures provide useful information, see pages 20 and 21 of this presentation. Fee Related Earnings in prior periods have been recast. For more information, see pages 20 and 21 of this presentation. Y-o-Y Change: 34% Y-o-Y Change: 34% CAGR: 20% CAGR: 24% Consolidated Earnings Stable long-term growth YTD YTD YTD Long-Term Growth Long-Term Growth Long-Term Growth • $50M in net income attributable to HLI for the quarter • Y-o-Y increase of 34% driven by growth in incentive fees and management and advisory fees • Y-o-Y growth of 34% • Long-term double digit growth in Fee Related Earnings CAGR: 29%

11Hamilton Lane | Global Leader in the Private Markets U S D in M ill io ns Investments $208 $374 $514 $588 $632 $761 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 $0 $200 $400 $600 $800 • For March 31, 2025, the total investment balance consisted primarily of: ◦ ~$454M in investments in our funds ◦ ~$307M in technology related and other investments • Modest leverage • $290M of debt as of March 31, 2025 U S D in M ill io ns Leverage $214 $196 $290 Mar-23 Mar-24 Mar-25 $0 $100 $200 $300 $400 Other Key Items Strong balance sheet with investments in our own products and a modest amount of leverage...

13Hamilton Lane | Global Leader in the Private Markets Three Months Ended March 31, Year Ended March 31, (Dollars in thousands except share and per share amounts) 2024 2025 % Change 2024 2025 % Change Management and advisory fees $123,704 $127,838 3 % $451,936 $513,864 14 % Incentive fees 52,961 70,135 32 % 101,906 198,296 95 % Consolidated variable interest entities related: Incentive fees — — N/A — 803 N/A Total revenues 176,665 197,973 12 % 553,842 712,963 29 % Compensation and benefits 64,266 79,088 23 % 204,004 274,497 35 % General, administrative and other 28,495 34,074 20 % 103,403 120,929 17 % Consolidated variable interest entities related: General, administrative and other 17 783 4,506 % 617 985 60 % Total expenses 92,778 113,945 23 % 308,024 396,411 29 % Equity in income of investees 14,822 3,643 (75) % 34,893 29,016 (17) % Interest expense (2,788) (3,815) 37 % (11,169) (13,332) 19 % Interest income 1,891 2,942 56 % 5,427 7,874 45 % Non-operating (loss) gain (1,526) (3,271) 114 % (2,515) 8,434 N/A Consolidated variable interest entities related: Equity in income (loss) of investees 938 (623) (166) % 1,598 1,613 1 % Unrealized gain — 5,294 N/A 3,034 11,915 293 % Interest expense — — N/A (6) — N/A Interest income — 60 N/A 4,581 205 (96) % Total other income (expense) 13,337 4,230 (68) % 35,843 45,725 28 % Income before income taxes 97,224 88,258 (9) % 281,661 362,277 29 % Income tax expense 20,399 14,954 (27) % 54,454 48,509 (11) % Net income 76,825 73,304 (5) % 227,207 313,768 38 % Less: Income attributable to non-controlling interests in general partnerships 363 (88) (124) % 534 739 38 % Less: Income attributable to non-controlling interests in Hamilton Lane Advisors, L.L.C. 28,102 22,189 (21) % 80,835 92,843 15 % Less: Income attributable to non-controlling interests in consolidated funds — 704 N/A 4,980 2,769 (44) % Net income attributable to Hamilton Lane Incorporated $48,360 $50,499 4 % $140,858 $217,417 54 % Basic earnings per share of Class A common stock $1.26 $1.24 (2) % $3.72 $5.45 47 % Diluted earnings per share of Class A Common stock $1.26 $1.23 (2) % $3.69 $5.41 47 % Weighted-average shares of Class A common stock outstanding - basic 38,273,558 40,577,570 37,858,177 39,922,212 Weighted-average shares of Class A common stock outstanding - diluted 38,418,650 41,008,195 53,902,467 40,307,818 Condensed Consolidated Statements of Income (Unaudited)

14Hamilton Lane | Global Leader in the Private Markets 1 Adjusted EBITDA and Non-GAAP earnings per share are non-GAAP financial measures. For the reconciliations of our non-GAAP financial measures to the most directly comparable GAAP financial measures, see page 20. 2 Incentive fee related compensation includes incentive fee compensation expense and bonus related to carried interest that is classified as base compensation. 3 Represents corporate income taxes at our estimated statutory tax rate of 23.4% and 23.7% for the years ended March 31, 2024 and 2025, respectively, applied to adjusted pre-tax net income. The 23.4% is based on a federal tax statutory rate of 21.0% and a combined state income tax rate net of federal benefits of 2.4%. The 23.7% is based on a federal tax statutory rate of 21.0% and a combined state income tax rate net of federal benefits of 2.7%. Three Months Ended March 31, Year Ended March 31, (Dollars in thousands except share and per share amounts) 2024 2025 % Change 2024 2025 % Change Adjusted EBITDA1 Management and advisory fees $123,704 $127,838 3 % $451,936 $513,864 14 % Revenue related to consolidated funds — — N/A 394 — (100) % Fee related performance revenues 1,372 58,359 4,154 % 2,378 59,587 2,406 % Total fee related revenues 125,076 186,197 49 % 454,708 573,451 26 % Total expenses 92,778 113,945 23 % 308,024 396,411 29 % Less: Incentive fee related compensation2 (24,505) (5,593) (77) % (47,277) (66,254) 40 % Equity-based compensation (2,906) (11,726) 304 % (12,133) (31,407) 159 % Consolidated fund related general, administrative and other expenses — (777) N/A (566) (980) 73 % Non-operating income related compensation — — N/A (59) (784) 1,229 % Management fee related expenses 65,367 95,849 47 % 247,989 296,986 20 % Fee Related Earnings $59,709 $90,348 51 % $206,719 $276,465 34 % Fee Related Earnings Margin 48 % 49 % 45 % 48 % Incentive fees 52,961 70,135 32 % 101,906 199,099 95 % Incentive fees attributable to non-controlling interests — — N/A — (29) N/A Incentive fee related compensation2 (24,505) (5,593) (77) % (47,277) (66,254) 40 % Fee related performance revenues (1,372) (58,359) 4,154 % (2,378) (59,587) 2,406 % Non-operating income related compensation — — N/A (59) (784) 1,229 % Interest income 1,891 2,942 56 % 5,427 7,874 45 % Depreciation and amortization 2,411 2,218 (8) % 8,186 9,285 13 % Adjusted EBITDA $91,095 $101,691 12 % $272,524 $366,069 34 % Adjusted EBITDA Margin 52 % 51 % 49 % 51 % Non-GAAP earnings per share1 Net income attributable to Hamilton Lane Incorporated $48,360 $50,499 4 % $140,858 $217,417 54 % Income attributable to non-controlling interests in Hamilton Lane Advisors, L.L.C. 28,102 22,189 (21) % 80,835 92,843 15 % Income tax expense 20,399 14,954 (27) % 54,454 48,509 (11) % Adjusted pre-tax net income 96,861 87,642 (10) % 276,147 358,769 30 % Adjusted income taxes3 (22,306) (21,584) (3) % (64,618) (85,028) 32 % Adjusted net income $74,555 $66,058 (11) % $211,529 $273,741 29 % Adjusted shares outstanding 53,994,746 54,396,753 53,902,467 54,324,142 Non-GAAP earnings per share $1.38 $1.21 (12) % $3.92 $5.04 29 % Non-GAAP Financial Measures

15Hamilton Lane | Global Leader in the Private Markets Three Months Ended March 31, Year Ended March 31, (Dollars in thousands) 2024 2025 % Change 2024 2025 % Change Management and advisory fees Specialized funds $76,039 $79,348 4 % $261,012 $315,214 21 % Customized separate accounts 32,124 32,264 0 % 128,826 134,400 4 % Advisory 5,838 5,486 (6) % 24,229 22,806 (6) % Reporting, monitoring, data and analytics 6,413 8,020 25 % 24,711 29,244 18 % Distribution management 1,075 702 (35) % 5,054 2,619 (48) % Fund reimbursement revenue 2,215 2,018 (9) % 8,104 9,581 18 % Total management and advisory fees $123,704 $127,838 3 % $451,936 $513,864 14 % Reporting and other: 8% Customized separate accounts: 26% Specialized funds: 61% Advisory: 5% Year Ended March 31, 2025 Management and Advisory Fees

16Hamilton Lane | Global Leader in the Private Markets Three Months Ended March 31, Year Ended March 31, (Dollars in thousands) 2024 2025 % Change 2024 2025 % Change Incentive fees Direct equity funds $3,943 $3,250 (18) % $7,387 $14,949 102 % Secondary funds 29,419 2,029 (93) % 41,464 46,601 12 % Direct credit funds 3,147 1,688 (46) % 7,872 14,963 90 % Evergreen funds 5,530 61,162 1,006 % 15,404 69,603 352 % Other specialized funds 4,745 1,050 (78) % 17,861 36,779 106 % Customized separate accounts 6,177 956 (85) % 11,918 16,204 36 % Incentive fees $52,961 $70,135 32 % $101,906 $199,099 95 % As of March 31, 2024 December 31, 2024 March 31, 2025 YoY % Change QoQ % Change Allocated carried interest Secondary Fund II $42 $14 $9 (79) % (36) % Secondary Fund III 450 206 189 (58) % (8) % Secondary Fund IV 112,008 69,701 68,613 (39) % (2) % Secondary Fund V 162,124 148,926 141,889 (12) % (5) % Secondary Fund VI 35,841 51,999 75,597 111 % 45 % Co-investment Fund II 20,041 24,498 25,989 30 % 6 % Co-investment Fund III 42,443 40,712 40,029 (6) % (2) % Co-investment Fund IV 150,097 144,554 152,905 2 % 6 % Equity Opportunities Fund V 35,832 47,176 49,093 37 % 4 % Evergreen funds 153,709 221,681 157,461 2 % (29) % Other specialized funds 133,127 120,299 122,945 (8) % 2 % Customized separate accounts 375,774 422,950 425,558 13 % 1 % Total allocated carried interest $1,221,488 $1,292,716 $1,260,277 3 % (3) % Incentive Fees

17Hamilton Lane | Global Leader in the Private Markets (Dollars in millions) March 31, 2024 December 31, 2024 March 31, 2025 YoY % Change QoQ % Change Assets under management / advisement Assets under management $124,406 $134,743 $138,295 11 % 3 % Assets under advisement 796,173 821,236 819,473 3 % (0) % Total assets under management /advisement $920,579 $955,979 $957,768 4 % 0 % Fee-earning assets under management Customized separate accounts Balance, beginning of period $36,924 $39,378 $39,783 8 % 1 % Contributions 2,896 1,393 1,939 (33) % 39 % Distributions (2,478) (1,142) (2,244) (9) % 96 % Foreign exchange, market value and other 232 154 (135) (158) % (188) % Balance, end of period $37,574 $39,783 $39,343 5 % (1) % Specialized funds Balance, beginning of period $26,175 $30,362 $31,211 19 % 3 % Contributions 2,053 1,542 1,593 (22) % 3 % Distributions (261) (730) (427) 64 % (42) % Foreign exchange, market value and other 208 37 327 57 % 784 % Balance, end of period $28,175 $31,211 $32,704 16 % 5 % Total Balance, beginning of period $63,099 $69,740 $70,994 13 % 2 % Contributions 4,949 2,935 3,532 (29) % 20 % Distributions (2,739) (1,872) (2,671) (2) % 43 % Foreign exchange, market value and other 440 191 192 (56) % 1 % Balance, end of period $65,749 $70,994 $72,047 10 % 1 % Assets Under Management

18Hamilton Lane | Global Leader in the Private Markets (Dollars in thousands) March 31, 2024 March 31, 2025 Assets Cash and cash equivalents $114,634 $229,161 Restricted cash 4,985 6,331 Fees receivable 108,291 181,411 Prepaid expenses 11,073 11,258 Due from related parties 8,150 16,217 Furniture, fixtures and equipment, net 33,013 37,586 Lease right-of-use assets, net 62,425 61,413 Investments 603,697 664,354 Deferred income taxes 261,887 308,525 Other assets 34,435 28,827 Assets of consolidated variable interest entities: Cash and cash equivalents — 48,112 Investments 28,575 96,700 Other assets 35 460 Total assets $1,271,200 $1,690,355 Liabilities and equity Accounts payable $4,505 $5,469 Accrued compensation and benefits 35,979 48,556 Accrued members' distributions 23,815 26,810 Accrued dividend 17,628 20,233 Debt 196,159 290,303 Payable to related parties pursuant to tax receivable agreement 201,422 240,648 Lease liabilities 79,033 78,017 Other liabilities (includes $13,071 and $12,190 at fair value) 36,700 55,502 Liabilities of consolidated variable interest entities: Other liabilities 1 922 Total liabilities 595,242 766,460 Total equity 675,958 923,895 Total liabilities and equity $1,271,200 $1,690,355 Condensed Consolidated Balance Sheets (Unaudited)

19Hamilton Lane | Global Leader in the Private Markets Year Ended March 31, (Dollars in thousands) 2023 2024 2025 Operating activities Net income $187,185 $227,207 $313,768 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 7,443 8,186 9,285 Change in deferred income taxes 20,433 16,697 12,081 Change in payable to related parties pursuant to tax receivable agreement (3,251) 318 2,122 Equity-based compensation 9,950 12,133 31,407 Equity in income of investees (5,088) (34,893) (29,016) Net realized (gain) loss on sale of investments (12,230) 288 (654) Fair value adjustment of other investments (20,730) 333 (10,147) Proceeds received from Partnerships 15,981 28,254 47,250 Non-cash lease expense 7,460 8,696 9,007 Gain on sale of intangible asset 2,771 — — Impairment of other investment 43,289 — — Other (2,813) 706 1,211 Changes in operating assets and liabilities (25,252) (41,931) (57,788) Consolidated variable interest entities related 1,441 (105,142) (27,706) Net cash provided by operating activities $226,589 $120,852 $300,820 Investing activities Purchase of furniture, fixtures and equipment $(4,747) $(11,073) $(12,156) Cash paid for acquisition of business (1,500) — — Purchase of convertible notes (2,535) (8,000) (1,000) Purchase of investments (37,025) (6,352) (11,692) Proceeds from sale of investments 13,478 1,343 6,948 Distributions received from investments 1,406 — — Proceeds from sale of intangible assets — 3,305 2,078 Distributions received from Partnerships 14,438 14,147 22,696 Contributions to Partnerships (84,557) (57,722) (58,408) Consolidated variable interest entities related 278,954 (57,832) (66,042) Net cash provided by (used in) investing activities $177,912 $(122,184) $(117,576) Financing activities Proceeds from offering $43,686 $201,671 $248,403 Purchase of membership interests (43,686) (201,671) (248,403) Borrowings of debt, net of deferred financing costs 31,682 — 97,658 Repayments of long term debt (4,496) (2,500) (3,750) Draw-down of revolver 40,000 10,000 — Repayment of revolver (25,000) (25,000) — Repurchase of Class B common stock — (2) (2) Repurchase of Class A shares for employee tax withholding (2,325) (3,507) (5,468) Proceeds received from issuance of shares under Employee Share Purchase Plan 1,937 2,253 2,797 Payments to related parties pursuant to the tax receivable agreement (10,345) (11,123) (11,924) Dividends paid (72,409) (65,406) (75,997) Members' distributions paid (63,444) (43,872) (43,803) Consolidated variable interest entities related (259,746) 143,556 21,332 Net cash (used in) provided by financing activities $(364,146) $4,399 $(19,157) Effect of exchange rate changes on cash and cash equivalents — — (102) Increase in cash and cash equivalents, restricted cash, and cash and cash equivalents held at consolidated variable interest entities 40,355 3,067 163,985 Cash and cash equivalents, restricted cash, and cash and cash equivalents held at consolidated variable interest entities at beginning of the year 76,197 116,552 119,619 Cash and cash equivalents, restricted cash, and cash and cash equivalents held at consolidated variable interest entities at end of the year $116,552 $119,619 $283,604 Condensed Consolidated Statements of Cash Flows (Unaudited)

20Hamilton Lane | Global Leader in the Private Markets Reconciliation from Net Income Year Ended March 31, Three Months Ended March 31, Year Ended March 31, (Dollars in thousands except share and per share amounts) 2020 2025 2024 2025 2024 2025 Net income attributable to Hamilton Lane Incorporated $60,825 $217,417 $48,360 $50,499 $140,858 $217,417 Income attributable to non-controlling interests in general partnerships 85 739 363 (88) 534 739 Income attributable to non-controlling interests in Hamilton Lane Advisors, L.L.C. 65,866 92,843 28,102 22,189 80,835 92,843 Income attributable to non-controlling interests in consolidated funds — 2,769 — 704 4,980 2,769 Incentive fees (29,128) (199,099) (52,961) (70,135) (101,906) (199,099) Incentive fee related compensation1 12,638 66,254 24,505 5,593 47,277 66,254 Fee related performance revenues 2,188 59,587 1,372 58,359 2,378 59,587 Equity-based compensation 7,183 31,407 2,906 11,726 12,133 31,407 Consolidated fund related general, administrative and other expenses — 980 — 777 566 980 Revenue related to consolidated funds — — — — 394 — Non-operating income related compensation — 784 — — 59 784 Interest income (709) (8,079) (1,891) (3,002) (10,008) (8,079) Interest expense 2,816 13,332 2,788 3,815 11,175 13,332 Income tax expense 13,968 48,509 20,399 14,954 54,454 48,509 Equity in income of investees (20,250) (30,629) (15,760) (3,020) (36,491) (30,629) Non-operating (gain) loss (6,172) (20,349) 1,526 (2,023) (519) (20,349) Fee Related Earnings2 $109,310 $276,465 $59,709 $90,348 $206,719 $276,465 Depreciation and amortization 3,291 9,285 2,411 2,218 8,186 9,285 Incentive fees 29,128 199,099 52,961 70,135 101,906 199,099 Incentive fees attributable to non-controlling interests (320) (29) — — — (29) Incentive fee related compensation1 (12,638) (66,254) (24,505) (5,593) (47,277) (66,254) Fee related performance revenues (2,188) (59,587) (1,372) (58,359) (2,378) (59,587) Non-operating income related compensation — (784) — — (59) (784) Interest income 709 7,874 1,891 2,942 5,427 7,874 Adjusted EBITDA $127,292 $366,069 $91,095 $101,691 $272,524 $366,069 Non-GAAP earnings per share reconciliation Net income attributable to Hamilton Lane Incorporated $48,360 $50,499 $140,858 $217,417 Income attributable to non-controlling interests in Hamilton Lane Advisors, L.L.C. 28,102 22,189 80,835 92,843 Income tax expense 20,399 14,954 54,454 48,509 Adjusted pre-tax net income 96,861 87,642 276,147 358,769 Adjusted income taxes3 (22,306) (21,584) (64,618) (85,028) Adjusted net income $74,555 $66,058 $211,529 $273,741 Weighted-average shares of Class A common stock outstanding - diluted 53,994,746 41,008,195 53,902,467 40,307,818 Exchange of Class B and Class C units in HLA — 13,388,558 — 14,016,324 Adjusted shares outstanding 53,994,746 54,396,753 53,902,467 54,324,142 Non-GAAP earnings per share $1.38 $1.21 $3.92 $5.04 1 Incentive fee related compensation includes incentive fee compensation expense and bonus related to carried interest that is classified as base compensation. 2 Beginning in the fourth quarter of fiscal 2025, the Company modified its definition of fee related earnings to exclude equity-based compensation and include fee related performance revenues. Prior period amounts have been recast to reflect this updated presentation. For more information, see page 21 of this presentation. 3 Represents corporate income taxes at our estimated statutory tax rate of 23.4% and 23.7% for the years ended March 31, 2024 and 2025, respectively, applied to adjusted pre-tax net income. The 23.4% is based on a federal tax statutory rate of 21.0% and a combined state income tax rate net of federal benefits of 2.4%. The 23.7% is based on a federal tax statutory rate of 21.0% and a combined state income tax rate net of federal benefits of 2.7%. Non-GAAP Reconciliation

21Hamilton Lane | Global Leader in the Private Markets Adjusted EBITDA is an internal measure of profitability. We believe Adjusted EBITDA is useful to investors because it enables them to better evaluate the performance of our core business across reporting periods. Adjusted EBITDA represents net income excluding (a) interest expense on our outstanding debt, (b) income tax expense, (c) depreciation and amortization expense, (d) equity-based compensation expense, (e) non- operating (loss) gain and (f) certain other significant items that we believe are not indicative of our core performance. Fee Related Earnings ("FRE") is used to highlight earnings from revenues that are measured and received on a recurring basis. FRE represents net income excluding (a) incentive fees, net of fee related performance revenues, and related compensation, (b) equity-based compensation, (c) interest income and expense, (d) income tax expense, (e) equity in income of investees, (f) non-operating gain (loss) and (g) certain other significant items that we believe are not indicative of our core performance. We believe FRE is useful to investors because it provides additional insight into the operating profitability of our business. FRE is presented before income taxes. Fee related performance revenues ("FRPR") are incentive fees expected to be measured and received from certain of our funds on a recurring basis and are not dependent on realization events of the fund’s underlying investments. We believe FRPR is useful to investors because it provides additional insight into our recurring revenues. Beginning in the fourth quarter of fiscal 2025, the Company modified its definition of FRE to exclude equity-based compensation and include fee related performance revenues. Equity-based compensation is non-cash compensation provided to retain employees and align employee and shareholder interests. It is not directly correlated with our operating results. Fee related performance revenues are expected to be received on a recurring basis depending upon performance of certain funds that pay incentive fees on a high-water mark basis. We believe that reporting non-GAAP results inclusive of these changes provides a supplemental view of our ongoing performance that is useful and relevant to our investors. As a result of the change, prior period amounts have been recast to reflect the updated presentation. Non-GAAP earnings per share ("EPS") measures our per-share earnings excluding certain significant items that we believe are not indicative of our core performance and assuming all Class B and Class C units in HLA were exchanged for Class A common stock in HLI. Non-GAAP EPS is calculated as adjusted net income divided by adjusted shares outstanding. Adjusted net income is income before taxes fully taxed at our estimated statutory tax rate and excludes any impact of changes in carrying amount of our redeemable non-controlling interests ("NCI"). Adjusted shares outstanding for the years ended March 31, 2024 and 2023 are equal to weighted-average shares of Class A common stock outstanding - diluted. We believe adjusted net income and non-GAAP EPS are useful to investors because they enable them to better evaluate total and per-share operating performance across reporting periods. Our assets under management ("AUM"), as presented in these materials, comprise the assets associated with our customized separate accounts and specialized funds. AUM does not include the assets associated with our distribution management services. We classify assets as AUM if we have full discretion over the investment decisions in an account. We calculate our AUM as the sum of: (1) the net asset value ("NAV") of our clients' and funds' underlying investments; (2) the unfunded commitments to our clients' and funds' underlying investments; and (3) the amounts authorized for us to invest on behalf of our clients and fund investors but not committed to an underlying investment. Management fee revenue is based on a variety of factors and is not linearly correlated with AUM. However, we believe AUM is a useful metric for assessing the relative size and scope of our asset management business. Our assets under advisement ("AUA") comprise assets from clients for which we do not have full discretion to make investments in their account. We generally earn revenue on a fixed fee basis on our AUA client accounts for services including asset allocation, strategic planning, development of investment policies and guidelines, screening and recommending investments, monitoring and reporting on investments and investment manager review and due diligence. Advisory fees vary by client based on the amount of annual commitments, services provided and other factors. Since we earn annual fixed fees from the majority of our AUA clients, the growth in AUA from existing accounts does not have a material impact on our revenues. However, we view AUA growth as a meaningful benefit in terms of the amount of data we are able to collect and the degree of influence we have with fund managers. Fee-earning assets under management (Fee-earning "AUM" or "FEAUM") is a metric we use to measure the assets from which we earn management fees. Our fee-earning AUM comprise assets in our customized separate accounts and specialized funds from which we derive management fees that are generally derived from applying a certain percentage to the appropriate fee base. We classify customized separate account revenue as management fees if the client is charged an asset-based fee, which includes the majority of our discretionary AUM accounts but also includes certain non-discretionary AUA accounts. Our fee-earning AUM is equal to the amount of capital commitments, net invested capital or NAV of our customized separate accounts and specialized funds depending on the fee terms. The vast majority of our customized separate accounts and specialized funds earn fees based on commitments or net invested capital, which are not affected by market appreciation or depreciation. Therefore, revenues and fee-earning AUM are not significantly affected by changes in market value. Our calculations of fee-earning AUM may differ from the calculations of other asset managers, and as a result, this measure may not be comparable to similar measures presented by other asset managers. Our definition of fee-earning AUM is not based on any definition that is set forth in the agreements governing the customized separate accounts or specialized funds that we manage. Hamilton Lane Incorporated ("HLI"), a Delaware corporation, was formed for the purpose of completing an initial public offering ("IPO") and related transactions in order to carry on the business of Hamilton Lane Advisors, L.L.C. ("HLA") as a publicly-traded entity. As of the closing of our IPO on March 6, 2017, HLI became the sole managing member of HLA. Terms

22Hamilton Lane | Global Leader in the Private Markets Some of the statements in this presentation may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the Private Securities Litigation Reform Act of 1995. Words such as "will", "expect", "believe", "estimate", "continue", "anticipate", "intend", "plan", and similar expressions are intended to identify these forward-looking statements. Forward-looking statements discuss management's current expectations and projections relating to our financial position, results of operations, plans, objectives, future performance and business. All forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause actual results to be materially different, including risks relating to: our ability to manage growth, fund performance, competition in our industry, changes in our regulatory environment and tax status; difficult or volatile market conditions; our ability to access suitable investment opportunities for our clients; our ability to maintain our fee structure; our ability to attract and retain key employees; our ability to manage our obligations under our debt agreements; defaults by clients and third-party investors on their obligations to fund commitments; our exposure and that of our clients and investors to the credit risks of financial institutions at which we and they hold accounts; our ability to comply with investment guidelines set by our clients; our ability to successfully integrate acquired businesses with ours; our ability to manage risks associated with introducing new types of investment structures, products or services or entering into strategic partnerships; our ability to manage redemption or repurchase rights in certain of our funds; our ability to manage, identify and anticipate risks we face; our ability to manage the effects of events outside of our control; and our ability to receive distributions from Hamilton Lane Advisors, L.L.C. to fund our payment of dividends, taxes and other expenses. The foregoing list of factors is not exhaustive. For more information regarding these risks and uncertainties as well as additional risks that we face, you should refer to the "Risk Factors" detailed in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended March 31, 2024 and in our subsequent reports filed from time to time with the Securities and Exchange Commission, including our upcoming Annual Report on Form 10-K for fiscal 2025. The forward-looking statements included in this presentation are made only as of the date presented. We undertake no obligation to update or revise any forward-looking statement as a result of new information or future events, except as otherwise required by law. Values appearing in this presentation that are whole numbers are rounded approximations. As of May 29, 2025 Disclosures