$GCMG

GCM Grosvenor Inc.

CIK:0001819796|SEC Filings

Condensed Consolidated Statements of Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Total operating revenues	$ 134,339	$ 119,657	$ 259,117	$ 245,503
Expenses
Employee compensation and benefits	71,178	74,863	146,546	157,103
General, administrative and other	27,676	25,549	56,604	53,825
Total operating expenses	98,854	100,412	203,150	210,928
Operating income	35,485	19,245	55,967	34,575
Investment income	3,472	5,782	7,393	6,546
Interest expense	(4,431)	(5,908)	(9,294)	(11,571)
Other income	1,015	1,182	2,355	2,028
Change in fair value of warrant liabilities	0	19,388	0	10,612
Net other income	56	20,444	454	7,615
Income before income taxes	35,541	39,689	56,421	42,190
Provision (benefit) for income taxes	3,688	(202)	6,824	3,389
Net income	31,853	39,891	49,597	38,801
Less: Net income attributable to noncontrolling interests in subsidiaries	623	980	1,487	1,155
Less: Net income attributable to noncontrolling interests in GCMH	21,666	23,474	33,079	21,746
Net income attributable to GCM Grosvenor Inc.	$ 9,564	$ 15,437	$ 15,031	$ 15,900
Earnings (loss) per share of Class A common stock:
Basic (in dollars per share)	$ 0.16	$ 0.30	$ 0.25	$ 0.33
Diluted (in dollars per share)	$ 0.12	$ 0.05	$ 0.17	$ 0.07
Weighted average shares of Class A common stock outstanding:
Basic (in shares)	61,065,330	51,074,156	61,045,007	48,367,585
Diluted (in shares)	203,583,596	196,338,595	204,173,955	195,641,160
Management fees
Revenues
Total operating revenues	$ 114,762	$ 101,924	$ 225,632	$ 211,239
Incentive fees
Revenues
Total operating revenues	17,592	16,258	29,585	31,326
Other operating income
Revenues
Total operating revenues	$ 1,985	$ 1,475	$ 3,900	$ 2,938

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash flows from operating activities
Net income	$ 31,853	$ 39,891	$ 49,597	$ 38,801
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense			1,953	2,161
Equity-based compensation, equity-classified awards			34,322	29,547
Deferred income tax expense			4,887	1,993
Other non-cash compensation			97	177
Partnership interest-based compensation	7,626	16,323	13,004	28,548
Amortization of debt issuance costs	200	200	344	386
Amortization of terminated swap			(3,760)	(3,760)
Loss on extinguishment of debt			414	0
Change in fair value of warrant liabilities	0	(19,388)	0	(10,612)
Proceeds received from investments			5,428	6,837
Non-cash investment income			(7,393)	(6,546)
Non-cash lease expense			1,723	1,911
Other			52	(55)
Change in assets and liabilities:
Management fees receivable			(4,340)	5,864
Incentive fees receivable			49,724	37,431
Due from related parties			(215)	(1,277)
Other assets			1,986	(3,515)
Accrued compensation and employee related obligations			(53,544)	(52,393)
Lease liabilities, net			(780)	(2,408)
Accrued expenses and other liabilities			(3,658)	2,151
Net cash provided by operating activities			89,841	75,241
Cash flows from investing activities
Purchases of premises and equipment			(5,703)	(2,392)
Contributions/subscriptions to investments			(21,439)	(15,056)
Distributions from investments			7,073	9,817
Net cash used in investing activities			(20,069)	(7,631)
Cash flows from financing activities
Capital contributions received from noncontrolling interests in subsidiaries			1,285	1,238
Capital distributions paid to partners and member			(45,856)	(38,306)
Capital distributions paid to noncontrolling interests in subsidiaries			(7,350)	(7,877)
Principal payments on Senior Loan			(67,190)	(2,190)
Payments to repurchase Class A common stock			(19,661)	0
Proceeds from exercise of warrants			0	2,762
Settlement of equity-based compensation in satisfaction of withholding tax requirements			(16,014)	(15,448)
Proceeds from Share Purchase Agreement, net			0	49,833
Dividends paid			(16,742)	(12,064)
Net cash used in financing activities			(171,528)	(22,052)
Effect of exchange rate changes on cash			(764)	1,322
Net increase (decrease) in cash and cash equivalents			(102,520)	46,880
Beginning of period			242,116	89,454	$ 89,454
End of period	$ 139,596	$ 136,334	139,596	136,334	$ 242,116
Supplemental disclosure of cash flow information
Cash paid during the period for interest			11,346	14,395
Cash paid during the period for income taxes, net			8,694	5,158
Supplemental disclosure of cash flow information from operating activities
Non-cash right-of-use assets obtained in exchange for new and modified operating leases			0	1,967
Non-cash adjustment to operating lease right-of-use assets from lease modification			0	(102)
Supplemental disclosure of cash flow information from investing activities
Non-cash premises and equipment additions in accrued expenses and other liabilities			13	0
Supplemental disclosure of non-cash information from financing activities
Deemed contributions from GCMH Equityholders			13,004	28,548
Establishment of deferred tax assets, net related to non-cash activities			(14)	1,305
Non-cash change in payable to related parties pursuant to tax receivable agreement			$ 4	$ 9,170

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 139,596	$ 242,116
Management fees receivable	28,254	23,937
Incentive fees receivable	24,136	73,860
Investments	291,644	275,313
Premises and equipment, net	33,610	29,888
Lease right-of-use assets	38,230	40,016
Goodwill	28,959	28,959
Deferred tax assets, net	51,840	56,711
Other assets	25,962	28,356
Total assets	677,045	813,762
Liabilities and Equity
Accrued compensation and employee related obligations	54,691	108,146
Debt	362,003	428,435
Payable to related parties pursuant to the tax receivable agreement	54,640	54,636
Lease liabilities	50,938	51,794
Accrued expenses and other liabilities	32,376	43,319
Total liabilities	554,648	686,330
Commitments and contingencies (Note 13)
Preferred stock, $0.0001 par value, 100,000,000 shares authorized, none issued	0	0
Additional paid-in capital	43,648	44,004
Accumulated other comprehensive loss	(193)	(770)
Retained earnings	(18,137)	(16,262)
Total GCM Grosvenor Inc. equity	25,338	26,992
Noncontrolling interests in subsidiaries	39,428	44,006
Noncontrolling interests in GCMH	57,631	56,434
Total equity	122,397	127,432
Total liabilities and equity	677,045	813,762
Related Party
Assets
Due from related parties	14,814	14,606
Class A common stock
Liabilities and Equity
Common stock	6	6
Class B common stock
Liabilities and Equity
Common stock	0	0
Class C common stock
Liabilities and Equity
Common stock	$ 14	$ 14