Hamilton Lane INC 10-K

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Shares of our Class A common stock trade on the Nasdaq Global Select Market under the symbol “HLNE”. There is no established public trading market for our Class B common stock. Class B common stock may not be transferred independently of the corresponding Class B units, which are subject to significant restrictions on transfer as set forth in the HLA Operating Agreement. Holders of Class B common stock are entitled to receive only the par value ($0.001) of the Class B common stock upon exchange of the corresponding Class B unit pursuant to the exchange agreement. Holders of Record As of May 24, 2022, there were five stockholders of record of our Class A common stock. The number of record holders does not include persons who held shares of our Class A common stock in nominee or “street name” accounts through brokers. As of May 24, 2022, there were 29 stockholders of record of our Class B common stock. Dividend Policy We declared a quarterly dividend of $0.35 per share of Class A common stock to record holders in each quarter of fiscal 2022. On May 26, 2022, we declared a quarterly dividend of $0.40 per share of Class A common stock to record holders at the close of business on June 15, 2022. The payment date will be July 7, 2022. We do not pay dividends on our Class B common stock. The declaration and payment by us of any future dividends to holders of our Class A common stock is at the sole discretion of our board of directors. Our board intends to cause us to continue to pay a comparable cash dividend on a quarterly basis. Subject to funds being legally available, we intend to cause HLA to make pro rata distributions to its members, including us, in an amount at least sufficient to allow us to pay all applicable taxes, to make payments under the tax receivable agreement, and to pay our corporate and other overhead expenses, including dividend payments to our stockholders. Stock Performance Graph The following graph and table depict the total return to stockholders from the closing price on March 31, 2017 through March 31, 2022, relative to the performance of the S&P 500 Index and the Dow Jones U.S. Asset Managers Index. The graph and table assume $100 invested on March 31, 2017, and dividends reinvested in the security or index. The performance graph and table are not intended to be indicative of future performance. The performance graph and table shall not be deemed “soliciting material” or to be “filed” with the SEC for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities under that Section, and shall not be deemed to be incorporated by reference into any of the Company’s filings under the Securities Act or the Exchange Act. 68 3/31/17 3/31/18 3/31/19 3/31/20 3/31/21 3/31/22 Hamilton Lane Incorporated $ 100.00 $ 204.54 $ 244.33 $ 316.12 $ 515.31 $ 457.03 S&P 500 100.00 113.98 124.79 116.07 181.45 209.8 Dow Jones US Asset Managers Index 100.00 124.76 104.59 89.3 155.53 169.55 Issuer Purchases of Equity Securities The following table provides information about our repurchase activity with respect to shares of our Class A common stock for the quarter ended March 31, 2022: Period Total Number of Shares Purchased(1) Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs(2) January 1-31, 2022 — $ — — $ 50,000,000 February 1-28, 2022 — $ — — $ 50,000,000 March 1-31, 2022 38,043 $ 75.78 — $ 50,000,000 Total 38,043 $ 75.78 — $ 50,000,000 (1) Represents shares of Class A common stock tendered by employees as payment of taxes withheld on the vesting of restricted stock granted under the Hamilton Lane Incorporated 2017 Equity Incentive Plan, as amended (the “2017 Equity Plan”). (2) On November 6, 2018, we announced that our board of directors authorized a program to repurchase, in the aggregate, up to 6% of the outstanding shares of our Class A common stock as of the date of the authorization, not to exceed $50 million (the “Stock Repurchase Program”). The authorization provides us the flexibility to repurchase shares in the open market or in privately negotiated transactions from time to time, based on market conditions and other factors. We have not repurchased any of our Class A common stock under the Stock Repurchase Program, so the full purchase authority remains available under this program, which expires 12 months after the date of the first acquisition under the authorization. On December 16, 2021, our board of directors re-approved the Stock Repurchase Program on the same terms as those approved in 2018. Item 6. Reserved 69