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    Alexander BlosteinGoldman Sachs

    Alexander Blostein's questions to Hamilton Lane Inc (HLNE) leadership

    Alexander Blostein's questions to Hamilton Lane Inc (HLNE) leadership • Q3 2025

    Question

    In a follow-up, Alexander Blostein of Goldman Sachs asked if investors should focus on the total operating income margin rather than just the FRE margin, and whether that total margin has room for expansion.

    Answer

    Co-CEO Erik Hirsch agreed that total operating margin is a valid metric and that near-term stability is expected. However, he affirmed that over the long term, he sees levers for continued margin expansion, as demonstrated since the IPO. He described the current environment as a temporary period of absorbing simultaneous pressures from higher equity comp and wirehouse commissions, which will moderate over time.

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