Item 5. Market for Registrant’s Common Equity
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 20, 2024, 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 20, 2024, there were 26 stockholders of record of our Class B common stock.
Dividend Policy
We declared a quarterly dividend of $0.445 per share of Class A common stock to record holders in each quarter of fiscal 2024. On May 23, 2024, we declared a quarterly dividend of $0.49 per share of Class A common stock to record holders at the close of business on June 14, 2024. The payment date will be July 5, 2024. 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, 2019 through March 31, 2024, 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, 2019, 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.
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3/31/19 3/31/20 3/31/21 3/31/22 3/31/23 3/31/24
Hamilton Lane Incorporated $ 100.00 $ 129.38 $ 210.91 $ 187.05 $ 183.34 $ 284.77
S&P 500 100.00 93.01 145.40 168.13 155.09 201.41
Dow Jones US Asset Managers Index 100.00 85.38 148.70 162.10 146.43 193.58
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, 2024:
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, 2024
1,973 $ 117.9 — $ 50,000,000
February 1-29, 2024
— $ — — $ 50,000,000
March 1-31, 2024
32,974 $ 107.81 — $ 50,000,000
Total 34,947 $ 108.38 — $ 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 Amended and Restated Hamilton Lane Incorporated 2017 Equity Incentive Plan (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. Our board of directors most recently re-approved the Stock Repurchase Program in December 2023.
Item 6. [Reserved]
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