GCMGW GCM Grosvenor Inc

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GCM Grosvenor Inc. (“GCMG”) and its subsidiaries including Grosvenor Capital Management Holdings, LLLP (the “Partnership” or “GCMH” and collectively, the “Company”), provide comprehensive investment solutions to primarily institutional clients who seek allocations to alternative investments such as hedge fund strategies, private equity, real estate, infrastructure and strategic investments. The Company collaborates with its clients to construct investment portfolios across multiple investment strategies in the private and public markets, customized to meet their specific objectives. The Company also offers specialized commingled funds which span the alternatives investing universe that are developed to meet broad market demands for strategies and risk-return objectives.

The Company, through its subsidiaries acts as the investment adviser, general partner or managing member to customized funds and commingled funds (collectively, the “GCM Funds”).

GCMG was incorporated on July 27, 2020 under the laws of the State of Delaware for the purpose of consummating the Transaction and merging with CF Finance Acquisition Corp. (“CFAC”), which was incorporated on July 9, 2014 under the laws of the State of Delaware. GCMG owns all of the equity interests of GCM Grosvenor Holdings, LLC (“IntermediateCo”), formerly known as CF Finance Intermediate Acquisition, LLC until November 18, 2020, which is the general partner of GCMH subsequent to the Transaction. GCMG’s ownership (through IntermediateCo) of GCMH as of June 30, 2024 and December 31, 2023 was approximately 23.6% and 23.0%, respectively.

GCMH is a holding company operated pursuant to the Fifth Amended and Restated Limited Liability Limited Partnership Agreement (the “Partnership Agreement”) dated November 17, 2020, among the limited partners including Grosvenor Holdings, L.L.C. (“Holdings”), Grosvenor Holdings II, L.L.C. (“Holdings II”) and GCM Grosvenor Management, LLC (“Management LLC”) (collectively, together with GCM Progress Subsidiary LLC, the “GCMH Equityholders”).

Basis of Presentation

The unaudited Condensed Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for annual financial statements. In the opinion of management, all necessary adjustments (which consists of only normal recurring items) have been made to fairly present the Condensed Consolidated Financial Statements for the interim periods presented. Results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”).

Fair Value Measurements

The Company categorizes its fair value measurements according to a three-level hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are defined as follows:

•Level 1 – Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date;

•Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active; and

•Level 3 – Inputs that are unobservable and require significant management judgment or estimation.

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Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available under the circumstances.

The carrying amounts of cash and cash equivalents and fees receivable approximate fair value due to the immediate or short-term maturity of these financial instruments.

Investments

Investments primarily consist of investments in GCM Funds and other funds the Company does not control, but is deemed to exert significant influence, and are generally accounted for using the equity method of accounting. Under the equity method of accounting, the Company records its share of the underlying income or loss of such entities, which reflects the net asset value of such investments. Management believes the net asset value of the funds is representative of fair value. The resulting gains and losses are included as investment income in the Condensed Consolidated Statements of Income (Loss).

The Company’s equity method investments in the GCM Funds investing in private equity, real estate and infrastructure (“GCM PEREI Funds”) are valued based on the most recent available information, which typically has a delay of up to three months due to the timing of financial information received from the investments held by the GCM PEREI Funds. The Company records its share of capital contributions to and distributions from the GCM PEREI Funds within investments in the Condensed Consolidated Statements of Financial Condition during the three-month lag period. To the extent that management is aware of material events that affect the GCM PEREI Funds during the intervening period, the impact of the events would be disclosed in the notes to the Condensed Consolidated Financial Statements.

Certain subsidiaries which hold the general partner capital interest in the GCM Funds are not wholly owned, and as such, the portion of the Company’s investments owned by limited partners in those subsidiaries are reflected within noncontrolling interests in the Condensed Consolidated Statements of Financial Condition.

For certain other debt investments, the Company has elected the fair value option. Such election is irrevocable and is made at the investment level at initial recognition. The debt investments are not publicly traded and are a Level 3 fair value measurement. For investments carried at fair value, the Company records the increase or decrease in fair value as investment income in the Condensed Consolidated Statements of Income (Loss). See Note 5 for additional information regarding the Company’s other investments.

Recently Issued Accounting Standards

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 scopes in entities with a single reportable segment and requires those entities to provide all disclosures required in Topic 280, requires that current annual disclosures about a reportable segment’s profit or loss and assets also be provided in interim periods and requires other various new disclosures. Enhanced reporting requirements for all entities includes disclosure of (1) significant segment expenses, (2) the title and position of the chief operating decision maker (the “CODM”) and (3) how the CODM uses disclosed measure(s) of a segment’s profit or loss in assessing segment performance and allocating resources. This guidance is effective for public entities for fiscal years beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024. Companies are required to apply the amendments retrospectively to all prior periods presented in the financial statements and early adoption is permitted. The Company is evaluating this guidance and currently expects that adoption will result in new disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires enhanced income tax disclosure including disclosures of specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold, additional disclosures about income taxes paid, and disclosure of pre-tax income or loss from continuing operations disaggregated between domestic and foreign income or loss. This guidance is effective for public business entities for fiscal years beginning after December 15, 2024. Companies should provide the enhanced disclosures on a prospective basis, however retrospective application is

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permitted. Early adoption is permitted for annual financial statements that have not yet been issued. The Company is evaluating this guidance and currently expects that adoption will result in enhanced income tax disclosures.

For the three and six months ended June 30, 2024 and 2023, management fees and incentive fees consisted of the following:

			Three Months Ended June 30,												Six Months Ended June 30,
Management fees			2024						2023						2024						2023
Management fees, net			$	96,497					$	89,730					$	188,449					$	178,668
Fund expense reimbursement revenue			3,346						3,834						7,279						7,141
Total management fees			$	99,843					$	93,564					$	195,728					$	185,809

			Three Months Ended June 30,												Six Months Ended June 30,
Incentive fees			2024						2023						2024						2023
Performance fees			$	4,346					$	269					$	10,333					$	513
Carried interest			11,691						12,727						15,822						18,298
Total incentive fees			$	16,037					$	12,996					$	26,155					$	18,811

The Company recognized revenues of less than $0.1 million during each of the three and six months ended June 30, 2024 and 2023 that was previously deferred.

Investments consist of the following:

			As of
			June 30, 2024						December 31, 2023
Equity method investments			$	239,081					$	228,822
Other investments			12,018						11,380
Total investments			$	251,099					$	240,202

As of June 30, 2024 and December 31, 2023, the Company held investments of $251.1 million and $240.2 million, respectively, of which $52.1 million and $56.1 million were owned by noncontrolling interest holders, respectively. Net income (loss) and cash flow from investments held by noncontrolling interest holders will not be attributable to the Company.

See Note 5 for fair value disclosures of certain investments held within other investments.

The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis and level of inputs used for such measurements as of June 30, 2024 and December 31, 2023:

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			Fair Value as of June 30, 2024
			Level 1						Level 2						Level 3						Total
Assets
Money market funds			$	32,573					$	—					$	—					$	32,573
Other investments			—						—						11,779						11,779
Total assets			$	32,573					$	—					$	11,779					$	44,352
Liabilities
Public warrants			$	8,227					$	—					$	—					$	8,227
Private warrants			—						—						529						529
Interest rate derivatives			—						3,027						—						3,027
Total liabilities			$	8,227					$	3,027					$	529					$	11,783

			Fair Value as of December 31, 2023
			Level 1						Level 2						Level 3						Total
Assets
Money market funds			$	10,282					$	—					$	—					$	10,282
Other investments			—						—						11,192						11,192
Total assets			$	10,282					$	—					$	11,192					$	21,474
Liabilities
Public warrants			$	6,042					$	—					$	—					$	6,042
Private warrants			—						—						389						389
Interest rate derivatives			—						7,469						—						7,469
Total liabilities			$	6,042					$	7,469					$	389					$	13,900

Money Market Funds

Money market funds are valued using quoted market prices and are included in cash and cash equivalents in the Condensed Consolidated Statements of Financial Condition.

Interest Rate Derivatives

Management determines the fair value of its interest rate derivative agreements based on the present value of expected future cash flows based on observable future rates applicable to each swap contract using linear interpolation, inclusive of the risk of non-performance, using a discount rate appropriate for the duration. See Note 12 for additional information regarding interest rate derivatives.

Other Investments

Investments in the subordinated notes of a structured alternatives investment solution are not publicly traded and are classified as Level 3. Management determines the fair value of these other investments using a discounted cash flow analysis (“Cash Flow Analysis”), which includes assumptions regarding the expected deployment and realization timing of private investments. The position was classified as Level 3 as of June 30, 2024 and December 31, 2023 because of the use of significant unobservable inputs in the Cash Flow Analysis as follows:

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As of June 30, 2024

As of December 31, 2023

Impact to Valuation from an Increase in Input(2)

Significant Unobservable Inputs(1)

Range

Weighted Average

Range

Weighted Average

Discount rate(3)

26.5% – 27.5%

27.0

%

26.5% - 27.5%

27.0

%

Decrease

Expected remaining term (years)

8 – 12

N/A

8 – 12

N/A

Decrease

Expected return – liquid assets(4)

4.0% – 5.0%

4.2

%

2.0% - 5.0%

4.3

%

Increase

Expected total value to paid in capital – private assets(5)

1.55x – 2.08x

1.86x

1.55x – 2.05x

1.87x

Increase

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(1)In determining these inputs, management considers the following factors including, but not limited to: liquidity, estimated yield, capital deployment, diversified multi-strategy appreciation, expected net multiple of investment capital across Private Assets investments, annual operating expenses, as well as investment guidelines such as concentration limits, position size, and investment periods.

(2)Unless otherwise noted, this column represents the directional change in fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect.

(3)The discount rate was based on the relevant benchmark rate, spread, and yield migrations on related securitized assets.

(4)Inputs were weighted based on actual and estimated expected return included in the range.

(5)Inputs were weighted based on the actual and estimated commitments to the respective private asset investments included in the range.

The resulting fair values of $11.8 million and $11.2 million were recorded within investments in the Condensed Consolidated Statements of Financial Condition as of June 30, 2024 and December 31, 2023, respectively.

The following table presents changes in Level 3 assets measured at fair value for the three and six months ended June 30, 2024 and 2023:

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Balance at beginning of period			$	11,621					$	10,279					$	11,192					$	10,007
Change in fair value			158						411						587						683
Balance at end of period			$	11,779					$	10,690					$	11,779					$	10,690

Public Warrants

The public warrants are valued using quoted market prices on the Nasdaq Stock Market LLC under the ticker GCMGW.

Private Warrants

The private warrants were classified as Level 3 as of June 30, 2024 and December 31, 2023 because of the use of significant unobservable inputs in the valuation, however the overall private warrant valuation and change in fair value are not material to the Condensed Consolidated Financial Statements.

The valuations for the private warrants were determined to be $0.59 and $0.43 per unit as of June 30, 2024 and December 31, 2023, respectively. The resulting fair values of $0.5 million and $0.4 million were recorded within warrant liabilities in the Condensed Consolidated Statements of Financial Condition as of June 30, 2024 and December 31, 2023, respectively. See Note 7 for additional information regarding the warrant activity.

The following table presents changes in Level 3 liabilities measured at fair value for the three and six months ended June 30, 2024 and 2023:

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			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Balance at beginning of period			$	518					$	609					$	389					$	475
Change in fair value			11						(295)						140						(161)
Balance at end of period			$	529					$	314					$	529					$	314

Shares of Common Stock Outstanding

The following table shows a rollforward of the common stock outstanding for the three and six months ended June 30, 2024 and 2023:

			Three Months Ended June 30, 2024																		Six Months Ended June 30, 2024
			Class A common stock						Class B common stock						Class C common stock						Class A common stock						Class B common stock						Class C common stock
Beginning of period			42,996,776						—						144,235,246						42,988,563						—						144,235,246
Net shares delivered for vested RSUs			1,563,292						—						—						1,571,505						—						—
End of period			44,560,068						—						144,235,246						44,560,068						—						144,235,246

			Three Months Ended June 30, 2023																		Six Months Ended June 30, 2023
			Class A common stock						Class B common stock						Class C common stock						Class A common stock						Class B common stock						Class C common stock
Beginning of period			41,390,306						—						144,235,246						41,806,215						—						144,235,246
Net shares delivered for vested RSUs			591,422						—						—						591,422						—						—
Repurchase of Class A shares			(148,280)						—						—						(564,189)						—						—
End of period			41,833,448						—						144,235,246						41,833,448						—						144,235,246

As of June 30, 2024, 569,015 RSUs were vested, but not yet delivered, and are therefore not yet included in outstanding Class A common stock. The delivery of vested RSUs will be reduced by the number of shares withheld to satisfy statutory withholding tax obligations as well as RSUs that are settled in cash.

Dividends

Dividends are reflected in the Condensed Consolidated Statements of Equity (Deficit) when declared by the Board of Directors. The table below summarizes dividends declared to date during 2024:

Declaration Date

Record Date

Payment Date

Dividend per Common Share

February 8, 2024

March 1, 2024

March 15, 2024

$0.11

May 6, 2024

June 3, 2024

June 17, 2024

$0.11

August 7, 2024

September 3, 2024

September 17, 2024

$0.11

Dividend equivalent payments of $1.8 million were accrued for holders of RSUs as of June 30, 2024. Distributions to partners represent distributions made to GCMH Equityholders.

Stock Repurchase Plan

On August 6, 2021, GCMG’s Board of Directors authorized a stock repurchase plan which may be used to repurchase shares of the Company’s outstanding Class A common stock and warrants to purchase shares of Class A common stock. Class

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A common stock and warrants may be repurchased from time to time in open market transactions, in privately negotiated transactions, including with employees or otherwise, pursuant to the requirements of Rule 10b5-1 and Rule 10b-18 of the Exchange Act, as well as to retire (by cash settlement or the payment of tax withholding amounts upon net settlement) equity-based awards granted under our 2020 Incentive Award Plan, as amended and restated (and any successor plan thereto), with the terms and conditions of these repurchases depending on legal requirements, price, market and economic conditions and other factors. The Company is not obligated under the terms of the plan to repurchase any of its Class A common stock or warrants, the program has no expiration date and the Company may suspend or terminate the program at any time without prior notice. Any shares of Class A common stock and any warrants repurchased as part of this program will be canceled. GCMG’s Board of Directors has made subsequent increases to its original stock repurchase authorization amount for shares and warrants. As of December 31, 2023, the total authorization was $115 million, excluding fees and expenses. On February 8, 2024, GCMG’s Board of Directors increased the firm's existing repurchase authorization by $25 million, from $115 million to $140 million.

The public and private warrants meet the definition of a derivative under ASC 815 and the Company records these warrants as liabilities in the Condensed Consolidated Statements of Financial Condition at fair value, with subsequent changes in their respective fair values recorded in the change in fair value of warrant liabilities within the Condensed Consolidated Statements of Income (Loss) at each reporting date.

Each public warrant entitles the registered holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment. The warrants expire 5 years after the consummation of the Transaction, or earlier upon redemption or liquidation. The public warrant holders do not have the rights or privileges of holders of Class A common stock and any voting rights until they exercise their warrants and receive shares of Class A common stock. After the issuance of shares of Class A common stock, upon exercise of the warrants, each holder will be entitled to one vote for each share held of record on all matters to be voted on by stockholders.

The private placement warrants (including the Class A common stock issuable upon exercise of the private placement warrants) will not be redeemable by the Company so long as they are held by CF Sponsor, Holdings or their permitted transferees. CF Sponsor, Holdings or their permitted transferees, have the option to exercise the private placement warrants on a cashless basis.

No warrants were exercised or repurchased during the three and six months ended June 30, 2024 and 2023. The Company had 16,784,970 of public warrants and 900,000 of private warrants outstanding as of each of June 30, 2024 and December 31, 2023.

The Company consolidates certain VIEs in which it is determined that the Company is the primary beneficiary.

The Company holds variable interests in certain entities that are VIEs which are not consolidated, as it is determined that the Company is not the primary beneficiary. The Company’s involvement with such entities is generally in the form of direct equity interests in, and fee arrangements with, the entities in which it also serves as the general partner or managing member. The Company evaluated its variable interests in the VIEs and determined it is not considered the primary beneficiary of the entities primarily because it does not have interests in the entities that could potentially be significant. No reconsideration events that caused a change in the Company’s consolidation conclusions occurred during either the six months ended June 30, 2024 or the year ended December 31, 2023. As of June 30, 2024 and December 31, 2023, the total unfunded commitments from the special limited partner and general partners to the unconsolidated VIEs were $42.2 million and $42.1 million, respectively. These commitments are the primary source of financing for the unconsolidated VIEs.

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The following table sets forth certain information regarding the VIEs in which the Company holds a variable interest but does not consolidate. The assets recognized on the Company’s Condensed Consolidated Statements of Financial Condition relate to the Company’s interests in and management fees, incentive fees and third party costs receivables from these non-consolidated VIEs. The Company’s maximum exposure to loss relating to non-consolidated VIEs as of June 30, 2024 and December 31, 2023 were as follows:

			As of
			June 30, 2024						December 31, 2023
Investments			$	107,027					$	102,109
Receivables			15,879						16,324
Maximum exposure to loss			$	122,906					$	118,433

The above table includes investments in VIEs which are owned by noncontrolling interest holders of approximately $28.7 million and $30.9 million as of June 30, 2024 and December 31, 2023, respectively.

For the three and six months ended June 30, 2024 and 2023, employee compensation and benefits consisted of the following:

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Cash-based employee compensation and benefits			$	38,733					$	38,691					$	76,006					$	83,144
Equity-based compensation			5,335						3,815						30,805						29,608
Partnership interest-based compensation			11,588						63,127						41,590						74,224
Carried interest compensation			6,860						7,557						9,402						11,117
Cash-based incentive fee related compensation			5,260						1,728						9,449						2,465
Other non-cash compensation			179						(50)						350						534
Total employee compensation and benefits			$	67,955					$	114,868					$	167,602					$	201,092

Partnership Interest in Holdings, Holdings II and Management LLC

Payments and settlements for partnership interest awards to the employees are made by GCMH Equityholders. As a result, the Company records a non-cash profits interest compensation charge and an offsetting deemed contribution to equity (deficit) to reflect the payments or settlements made or owed by the GCMH Equityholders. Since payments or settlements are made by Holdings, Holdings II and Management LLC, the expense that is pushed down to GCMH and the offsetting deemed contribution are each attributed solely to noncontrolling interests in GCMH. Any liability related to the awards is recognized at Holdings, Holdings II or Management LLC as Holdings, Holdings II or Management LLC is the party responsible for satisfying the obligation, and is not shown in the Company’s Condensed Consolidated Financial Statements. The Company has recorded deemed contributions to equity (deficit) from Holdings, Holdings II and Management LLC of $11.6 million and $63.1 million for the three months ended June 30, 2024 and 2023, respectively, and $41.6 million and $74.2 million for the six months ended June 30, 2024 and 2023, respectively, for partnership interest-based compensation expense which was or will ultimately be paid or settled by Holdings, Holdings II or Management LLC.

GCMH Equityholders have modified awards to certain individuals upon their voluntary retirement or intention to retire as employees. These awards generally include a stated target amount that, upon payment, terminates the recipient’s rights to future distributions and allows for a lump sum buy-out of the awards, at the discretion of the managing member of Holdings, Holdings II, and Management LLC. The awards are accounted for as partnership interest-based compensation at the present value of these expected future payments, in the period the employees accepted the offer. The Company recognized $18.5 million in partnership interest-based compensation expense related to award modifications for the six months ended June 30,

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2024, and none was recognized for the three months ended June 30, 2024 and each of the three and six months ended June 30, 2023 (other than as discussed for the Holdings Awards below).

The liability associated with awards that contain a stated target has been retained by Holdings as of June 30, 2024 and December 31, 2023 and is re-measured at each reporting date, with any corresponding changes in liability being reflected as employee compensation and benefits expense of the Company. No recipients had unvested stated target payments as of each of June 30, 2024 and 2023. The Company recognized partnership interest-based compensation expense of $2.4 million and $8.5 million for the three months ended June 30, 2024 and 2023, respectively, and $4.8 million and $14.3 million for the six months June 30, 2024 and 2023, respectively, related to profits interest awards that are in substance profit-sharing arrangements.

GCMH Equityholders Awards

In the year ended December 31, 2022, GCMH Equityholders entered into agreements that will transfer equity ownership between certain existing employee members of the GCMH Equityholders (“GCMH Equityholders Awards”). The GCMH Equityholders Awards will entitle recipients to receive Class A common stock upon vesting. The non-cash awards serve to transfer equity ownership from existing GCMH Equityholders to other existing member employees upon vesting. The GCMH Equityholders Awards do not dilute Class A common stockholders and do not impact cash flows of the Company. The GCMH Equityholders Awards are accounted for under ASC 718, Compensation—Stock Compensation. The awards generally will vest in May 2025 and do not entitle the recipients to dividends or distributions made on Class A common stock during the vesting period. As such, the fair value of the GCMH Equityholders Awards is based on the closing price of Class A common stock on the accounting grant date less the present value of dividends expected to be paid during the vesting period. GCMH Equityholders can settle the awards at various dates after vesting by exchanging outstanding GCMH common units or by otherwise acquiring and delivering Class A common stock, and therefore the vesting of such awards will not dilute Class A common stockholders. As such, the expense that is pushed down to GCMH and the offsetting deemed contribution are each attributed solely to noncontrolling interests in GCMH, consistent with the accounting for payments to employees described above. The GCMH Equityholders Awards of 7,169,415 units had an aggregate grant date fair value of $53.4 million, or an average grant date fair value of $7.45 per unit. The Company recognized partnership interest-based compensation expense related to the GCMH Equityholders Awards of $5.5 million for each of the three months ended June 30, 2024 and 2023, and $10.9 million and $10.8 million for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, total unrecognized compensation expense related to unvested GCMH Equityholders Awards was $18.2 million and is expected to be recognized over the remaining weighted average period of 0.8 years.

Holdings Awards

On May 9, 2023, Holdings entered into amended and restated participation certificates with existing employee members (“Holdings Awards”). The Holdings Awards entitle recipients to a stated percentage, or minimum allocable share, of distributions from Holdings, as well as a profits interest with respect to net sale proceeds from dispositions of Holdings properties after certain threshold distributions to other members. Pursuant to ASC 505, the Holdings Awards will be recognized as compensation expense with a corresponding deemed contribution and are accounted for under ASC 718, Compensation—Stock Compensation as the awards have characteristics that are more akin to the risks and rewards of equity ownership in Holdings. These awards do not dilute Class A common stockholders or impact net cash flows of the Company.

Certain of these existing employee members were previously awarded target amounts that entitled them to a stated percentage, or minimum allocable share, of distributions from Holdings until they received a sum certain. Those target amounts represented by those sums, which were previously recorded as partnership interest-based compensation, were reduced to zero in the amended and restated participation certificates. As a result, target amounts that were previously recorded as partnership interest-based compensation were reversed, while partnership interest-based compensation associated with the amended and restated participation certificates is recorded.

The Holdings Awards had an aggregate grant date fair value of $155.5 million, which was partially offset when recognized in expense by $80.0 million target amounts reversed during the year ended December 31, 2023. The fair value of the Holdings Awards was determined by a third-party valuation firm utilizing a discounted cash flow analysis for the minimum allocable share and a Monte Carlo simulation valuation model for the profits interest with respect to net sale proceeds from dispositions of Holdings properties after the threshold distributions. Significant valuation inputs and assumptions included Holdings projected financial information and distributions, an estimated 10 year holding period, a 15.4% cost of equity, a

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13.0% weighted average cost of capital, a 35% volatility assumption, the likelihood of a defined conversion event, a 40% discount for lack of marketability, and the fair value of reference properties that determine the threshold distributions for the profits interest with respect to net sale proceeds. The resulting fair value of the Holdings Awards is pushed down from Holdings to the Company and recorded as compensation expense. A portion of the Holdings Awards were vested upon grant, resulting in immediate expense recognition. The Company recognized partnership interest-based compensation expense related to the Holdings Awards of $3.7 million and $7.4 million for the three and six months ended June 30, 2024, respectively, and $49.1 million for each of the three and six months ended June 30, 2023. A portion of the Holdings Awards will vest and are being expensed over a requisite service period through December 31, 2024. As of June 30, 2024, total unrecognized compensation expense related to unvested Holdings Awards was $7.5 million and is expected to be recognized over the remaining weighted average period of 0.5 years.

Other

Other consists of employee compensation and benefits expense related to deferred compensation programs and other awards that represent investments made in GCM Funds on behalf of the employees.

In the six months ended June 30, 2024, the Company granted 2.0 million equity-classified RSUs and 1.5 million liability-classified RSUs with aggregate grant date fair values of $17.2 million and $13.2 million, respectively, to certain employees. The liability-classified RSUs are either classified as liabilities because they are required to be settled in cash or because the Company has the right to and intends to (as of the grant date or June 30, 2024, as applicable) settle the RSUs partially or wholly in cash. In the six months ended June 30, 2024, the Company reclassified 2.0 million RSUs from liability-classified to equity-classified based on management’s intent to settle the awards in shares of Class A common stock.

The majority of liability-classified awards outstanding as of December 31, 2023 were granted in October 2023, vested on March 1, 2024 and were delivered on April 15, 2024. Other awards generally vest either (a) one-third at the grant date with the remainder over two years in equal annual installments or (b) over a one to three year period. Upon delivery, the Company may withhold the number of shares to satisfy the statutory withholding tax obligation and deliver the net number of resulting shares vested.

See Note 9 for additional information regarding GCMH Equityholders Awards and Holdings Awards.

A summary of non-vested equity-classified RSU activity for the six months ended June 30, 2024 is as follows:

			Number of RSUs						Weighted-Average Grant-Date Fair Value Per RSU
Balance as of December 31, 2023			2,164,163						$	8.51
Granted			1,999,283						8.59
Reclassified from liability-classified RSUs			1,976,452						8.10
Vested			(2,465,239)						8.84
Forfeited			(26,516)						8.47
Balance as of June 30, 2024			3,648,143						8.11

---

A summary of non-vested liability-classified RSU activity for the six months ended June 30, 2024 is as follows:

			Number of RSUs						Weighted-Average Grant-Date Fair Value Per RSU
Balance as of December 31, 2023			3,550,186						$	7.73
Granted			1,515,093						8.68
Reclassified to equity-classified RSUs			(1,976,452)						8.10
Vested			(2,693,675)						7.98
Balance as of June 30, 2024			395,152						$	7.79

The total grant-date fair value of RSUs that vested during the three and six months ended June 30, 2024 was $17.6 million and $43.3 million, respectively. For the three months ended June 30, 2024 and 2023, $5.3 million and $3.8 million, respectively, of compensation expense related to RSUs was recorded within employee compensation and benefits in the Condensed Consolidated Statements of Income (Loss). For the six months ended June 30, 2024 and 2023, $30.8 million and $29.6 million, respectively, of compensation expense related to RSUs was recorded within employee compensation and benefits in the Condensed Consolidated Statements of Income (Loss). As of June 30, 2024, total unrecognized compensation expense related to unvested RSUs was $28.2 million and is expected to be recognized over the remaining weighted average period of 2.6 years.

The tax benefit related to RSUs that vested and were delivered during the six months ended June 30, 2024 was $2.6 million. The tax benefit related to RSUs that vested during the six months ended June 30, 2024 but were not yet delivered will be recognized in the third quarter of 2024 when the cash or Class A common stock is delivered.

The table below summarizes the outstanding debt balance as of June 30, 2024 and December 31, 2023:

			As of
			June 30, 2024						December 31, 2023
Senior loan			$	438,000					$	389,000
Less: debt issuance costs			(4,164)						(4,273)
Total debt			$	433,836					$	384,727

Maturities of debt for the next five years and thereafter as of June 30, 2024 are as follows:

Remainder of 2024						$	2,190
2025						4,380
2026						4,380
2027						4,380
2028						4,380
Thereafter						418,290
Total						$	438,000

Senior Loan

On January 2, 2014, the Company entered into a senior secured term loan facility (“Senior Loan”), which was subsequently amended through several debt modifications.

---

On February 24, 2021, the Company completed an amendment and extension of its Senior Loan to further extend the maturity (“Amended Credit Agreement”). Approximately $290.0 million of the aggregate principal amount of the Senior Loan was extended from a maturity date of March 29, 2025 to a maturity date of February 24, 2028. On June 23, 2021, the Company further amended its Senior Loan to increase the aggregate principal amount from $290.0 million to $400.0 million (as extended and increased, the “2028 Term Loans”). The Company capitalized $0.9 million and $2.2 million of debt issuances costs related to payments to lenders in connection with the amendments and extension of its Senior Loan in February and June 2021, respectively, which were recorded within debt in the Condensed Consolidated Statements of Financial Condition.

Through June 30, 2023, the 2028 Term Loans had an interest rate margin of 2.50% over the LIBOR, subject to a 0.50% LIBOR floor. On June 29, 2023, the Company entered into Amendment No. 7 to the Credit Agreement to incorporate changes for the contemplated transition to the Term Secured Overnight Financing Rate (“Term SOFR”), and on July 1, 2023, in conjunction with a Benchmark Transition Event, the interest rate defaulted to the Term SOFR plus a Benchmark Replacement Adjustment of 0.11% as recommended by the Relevant Governmental Body (all terms as defined in the Amended Credit Agreement).

On May 21, 2024, the Company entered into Amendment No. 8 to the Credit Agreement to, among other things, increase and extend the 2028 Term Loans. The amendment increased the aggregate principal amount from $388.0 million to $438.0 million, extended the maturity date from February 24, 2028 to February 25, 2030 (as increased and extended, the “2030 Term Loans”), decreased the interest rate margin to 2.25% over Term SOFR, and removed the Benchmark Replacement Adjustment of 0.11%. As a result of the amendment and extension, the Company capitalized $0.4 million of debt issuances costs related to payments to lenders, which were recorded within debt in the Condensed Consolidated Statements of Financial Condition, and expensed $3.0 million of third-party costs which is recorded within general, administrative and other in the Condensed Consolidated Statements of Income (Loss) for the three and six months ended June 30, 2024. In addition, the Company recorded an expense of $0.2 million related to the partial extinguishment of certain lenders, which is recorded within other income (expense) in the Condensed Consolidated Statements of Income (Loss) for the three and six months ended June 30, 2024.

From June 30, 2021 until May 21, 2024 quarterly principal payments of $1.0 million were required to be made toward the 2028 Term Loans (less any reduction for prior or future voluntary or mandatory prepayments of principal). As part of Amendment No. 8 to the Credit Agreement, quarterly principal payments of $1.1 million are required to be made toward the 2030 Term Loans beginning July 1, 2024 (less any reduction for prior or future voluntary or mandatory prepayments of principal).

In addition to the scheduled principal repayments, the Company is required to offer to make prepayments of Consolidated Excess Cash Flow (“Cash Flow Payments”) no later than five days following the date the quarterly financial statements are due if the leverage ratio exceeds certain thresholds in the Amended Credit Agreement. The Cash Flow Payments were calculated as defined in the Senior Loan agreement based on a percentage of calculated excess cash. During the three and six months ended June 30, 2024, the Company was not required to offer to make any Cash Flow Payments.

As of June 30, 2024 and December 31, 2023, $438.0 million and $389.0 million of 2028 Term Loans were outstanding, respectively, with weighted average interest rates of 7.86% and 7.59% for the six months ended June 30, 2024 and year ended December 31, 2023, respectively.

Under the credit and guaranty agreement governing the terms of the Senior Loan, the Company must maintain certain leverage and interest coverage ratios. The credit and guaranty agreement also contains other covenants that, among other things, restrict the ability of the Company and its subsidiaries to incur debt and restrict the Company and its subsidiaries ability to merge or consolidate, or sell or convey all or substantially all of the Company’s assets. As of June 30, 2024, the Company was in compliance with all covenants.

GCMH Equityholders and IntermediateCo have executed a pledge agreement (“Pledge Agreement”) and security agreement (“Security Agreement”) with the lenders of the Senior Loan. Under the Pledge Agreement, GCMH Equityholders and IntermediateCo have agreed to secure the obligations under the Senior Loan by pledging its interests in GCMH as collateral against the repayment of the Senior Loan, and GCMH has agreed to secure the obligations under the Senior Loan by granting a security interest in and continuing lien on the collateral described in the Security Agreement. The Pledge Agreement and Security Agreement will remain in effect until such time as all obligations relating to the Senior Loan have been fulfilled

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Credit Facility

Concurrent with the issuance of the Senior Loan, the Company entered into a $50.0 million revolving credit facility (“Credit Facility”). The Credit Facility maturity date was extended from February 24, 2026 to February 24, 2028 as part of the Amended Credit Agreement No. 8, and carries an unused commitment fee of up to 0.50% per annum. There were no outstanding borrowings related to the Credit Facility as of each of June 30, 2024 and December 31, 2023.

Other

Certain subsidiaries of the Company agree to jointly and severally guarantee, as primary obligors and not merely as surety guarantees the obligations of their parent entity, GCMH.

Amortization of deferred debt issuance costs was $0.2 million for each of the three months ended June 30, 2024 and 2023, and $0.5 million for each of the six months ended June 30, 2024 and 2023. These amounts were recorded within interest expense in the Condensed Consolidated Statements of Income (Loss).

The carrying value of the Senior Loan, excluding the unamortized debt issuance costs presented as a reduction to the principal balance, approximated the fair value as of June 30, 2024 and December 31, 2023. As the Senior Loan was not accounted for at fair value, it was not included in the Company’s fair value hierarchy in Note 5, however had it been included, it would have been classified in Level 2.

The Company has entered into various derivative agreements with financial institutions to hedge interest rate risk related to its outstanding debt. The Company had the following interest rate derivatives recorded within accrued expenses and other liabilities as of June 30, 2024 and December 31, 2023 in the Condensed Consolidated Statements of Financial Condition:

Derivative						Notional Amount						Fair Value as of June 30, 2024						Fair Value as of December 31, 2023						Fixed Rate Paid						Floating Rate Received						Effective Date(3)						Maturity Date
Interest rate swap						$	300,000					$	(613)					$	(7,469)					4.37		%				1 month Term SOFR(1)(2)						November 2022						February 2028
Interest rate swap						$	28,500					$	(261)					$	—					4.47		%				1 month Term SOFR(1)						May 2024						February 2028
Interest rate swap						$	317,000					$	(2,153)					$	—					4.17		%				1 month Term SOFR(1)						February 2028						February 2030

____________

(1)Floating rate received subject to a 0.50% Floor.

(2)Refer to Note 11 regarding the interest rate on the 2028 Term Loans for the July 1, 2023 Benchmark Transition Event. The floating rate received under the interest rate swap also defaulted to Term SOFR plus a Benchmark Replacement Adjustment concurrent with the Benchmark Transition Event.

(3)Represents the date at which the derivative is in effect and the Company is contractually required to begin payment of interest under the terms of the agreement.

---

A rollforward of the amounts in accumulated other comprehensive income (loss) (“AOCI”) related to interest rate derivatives designated as cash flow hedges is as follows:

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Derivative gain at beginning of period			$	25,007					$	23,387					$	21,806					$	29,130
Amount recognized in other comprehensive income (loss)(1)			141						8,627						6,042						3,988
Amount reclassified from accumulated other comprehensive income (loss) to interest expense			(2,726)						(2,373)						(5,426)						(3,477)
Derivative gain at end of period			22,422						29,641						22,422						29,641
Less: gain attributable to noncontrolling interests in GCMH			18,810						24,630						18,810						24,630
Derivative gain at end of period, net			$	3,612					$	5,011					$	3,612					$	5,011

____________

(1)Net of an immaterial tax impact for each of the three and six months ended June 30, 2024 and 2023, respectively.

In February 2021, the Company terminated derivative instruments which were entered into in 2017 and 2018. In October 2022, the Company terminated derivative instruments which were entered into in 2021 and received $40.3 million of cash for the fair market value of the interest rate swaps at termination. The amounts previously recorded as hedges in AOCI will remain in AOCI and will be recorded in interest expense within the Condensed Consolidated Statements of Comprehensive Income (Loss) over the original lives of the derivative instruments.

The Company reclassified $1.9 million for each of the three months ended June 30, 2024 and 2023, and $3.8 million and $2.9 million for the six months ended June 30, 2024 and 2023, respectively, from AOCI to interest expense relating to the derivative instruments terminated that initially qualified for hedge accounting. The net impact of these reclassifications decreased interest expense for each of the three and six months ended June 30, 2024 and 2023, respectively.

Effective on November 1, 2022, the Company entered into a swap agreement to hedge interest rate risk related to payments made for the 2028 Term Loans that has a notional amount of $300 million and a fixed rate of 4.37%. The swap agreement and the 2028 Term Loans had a 0.50% LIBOR floor through June 30, 2023 and defaulted to Term SOFR plus a Benchmark Replacement Adjustment on July 1, 2023 at the Benchmark Transition Event as discussed in Note 11. The swap was determined to be an effective cash flow hedge at inception based on a comparison of critical terms and remained an effective cash flow hedge at and following the Benchmark Transition Event.

Effective on May 31, 2024, the Company entered into a swap agreement to hedge interest rate risk related to payments made for the increase in aggregate principal amount of the 2030 Term Loans that has a notional amount of $28.5 million and a fixed rate of 4.47%. The swap agreement and 2030 Term Loans have a 0.50% Term SOFR floor. The swap was determined to be an effective cash flow hedge at inception based on a comparison of critical terms.

On May 24, 2024, the Company entered into a forward-starting swap agreement to hedge interest rate risk related to payments made during the extended maturity of the 2030 Term Loans that has an effective date of February 2028, a notional amount of $317.0 million, and a fixed rate of 4.17%. The forward-starting swap agreement and 2030 Term Loans have a 0.50% Term SOFR floor. The swap was determined to be an effective cash flow hedge at inception based on a comparison of critical terms.

The fair values of the interest rate swaps are based on observable market inputs and represent the net amount required to terminate the positions, taking into consideration market rates and non-performance risk. Refer to Note 5 for additional information.

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Leases

The Company has entered into operating lease agreements for office space. The Company leases office space in various countries around the world and maintains its headquarters in Chicago, Illinois, where it leases primary office space. The leases contain rent escalation clauses based on increases in base rent, real estate taxes and operating expenses. When determining the lease term, the Company generally does not include options to renew as it is not reasonably certain at contract inception that the Company will exercise the option(s). As the implicit rate is not generally readily determinable, the Company uses its incremental borrowing rate to determine the present value of future minimum lease payments.

In January 2024, the Company executed an agreement to lease office space for its United Kingdom office. The new space will replace the Company’s existing United Kingdom office space. The Company gained access to this space in January 2024 and established the ROU asset and lease liability. Total future lease payments are expected to be $2.7 million over 5.0 years. The lease contains rent escalation clauses based on increases in base rent, real estate taxes and operating expenses and a 10 month rent concession.

In June 2024, the Company executed an amendment to its lease agreement for our Chicago, Illinois office. The amended lease agreement provides access to temporary office space from October 2024 until September 2025, shortens the lease term for certain existing office space from September 2026 to September 2025, which will result in a one-time early termination fee, and extends the lease term of remaining existing office space from September 2026 to September 2037. As a result of the amended lease agreement the Company remeasured the existing ROU asset and lease liability based on the terms of the amended lease agreement. Total future lease payments are expected to be $17.6 million over 13.2 years, which is net of the landlord provided tenant improvement allowance of up to $8.0 million, as specified in the lease. The lease contains rent escalation clauses based on increases in base rent, real estate taxes and operating expenses and a 12 month rent concession.

The components of operating lease expense recorded within general, administrative and other in the Condensed Consolidated Statements of Income (Loss) were as follows:

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Operating lease cost(1)			$	3,069					$	1,933					$	5,948					$	3,802
Variable lease cost(2)			982						1,275						2,077						2,384
Less: sublease income			49						32						115						81
Total lease cost			$	4,002					$	3,176					$	7,910					$	6,105

____________

(1)Includes less than $0.1 million of short term lease expense for each of three and six months ended June 30, 2024 and 2023. For the three and six months ended June 30, 2024, includes lease cost for two offices in New York due to the build out of new office space.

(2)Includes common area maintenance charges and other variable costs not included in the measurement of ROU assets and lease liabilities.

The following table summarizes cash flows and other supplemental information related to our operating leases:

			Six Months Ended June 30,
			2024						2023
Cash paid for amounts included in the measurement of operating lease liabilities			$	3,051					$	4,344
Non-cash ROU assets obtained in exchange for new and extended operating leases			$	8,953					$	2,034
Weighted average remaining lease term in years			13.7 years						2.5 years
Weighted average discount rate			6.4		%				5.1		%

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As of June 30, 2024, the maturities of operating lease liabilities were as follows:

Remainder of 2024						$	2,080
2025						7,571
2026						5,663
2027						6,787
2028						6,619
Thereafter						67,427
Total lease payments						96,147
Less: tenant improvement allowance						(15,050)
Less: imputed interest						(32,718)
Total operating lease liabilities						$	48,379

Commitments

The Company was required to pay a fixed management fee of $0.5 million per year for a five year period that commenced in 2019 pursuant to its 12.5% interest in an aircraft. On March 11, 2021, GCMH entered into an agreement to assign 50% of its 12.5% share interest in an aircraft to Holdings, for cash consideration of approximately $1.3 million. The Company is now required to pay a fixed management fee of $0.3 million per year.

The Company had $90.2 million and $85.6 million of unfunded investment commitments as of June 30, 2024 and December 31, 2023, respectively, representing general partner capital funding commitments to several of the GCM Funds.

Litigation

In the normal course of business, the Company may enter into contracts that contain a number of representations and warranties, which may provide for general or specific indemnifications. The Company’s exposure under these contracts is not currently known, as any such exposure would be based on future claims, which could be made against the Company. The Company’s management is not currently aware of any such pending claims and based on its experience, the Company believes the risk of loss related to these arrangements to be remote.

From time to time, the Company is a defendant in various lawsuits related to its business. The Company’s management does not believe that the outcome of any current litigation will have a material effect on the Company’s Condensed Consolidated Financial Statements.

Off-Balance Sheet Risks

The Company may be exposed to a risk of loss by virtue of certain subsidiaries serving as the general partner of GCM Funds organized as limited partnerships. As general partner of a GCM Fund organized as a limited partnership, the Company’s subsidiaries that serve as the general partner have exposure to risk of loss that is not limited to the amount of its investment in such GCM Fund. The Company cannot predict the amount of loss, if any, which may occur as a result of this exposure; however, historically, the Company has not incurred any significant losses and management believes the likelihood is remote that a material loss will occur.

In regard to the following related party disclosures, the Company’s management cannot be sure that such transactions or arrangements would be the same to the Company if the parties involved were unrelated and such differences could be material.

The Company provides certain employees partnership interest awards which are paid or settled by Holdings, Holdings II and Management LLC. Refer to Note 9 for further details.

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The Company has a sublease agreement with Holdings. Because the terms of the sublease are identical to the terms of the original lease, there is no impact to net income (loss) in the Condensed Consolidated Statements of Income (Loss) or Condensed Consolidated Statements of Cash Flows.

The Company incurs certain costs, primarily related to accounting, client reporting, investment-decision making and treasury-related expenditures, for which it receives reimbursement from the GCM Funds in connection with its performance obligations to provide investment management services. The Company also incurs certain costs, primarily related to employee benefits and travel, for which it receives reimbursement from Holdings. Due from related parties in the Condensed Consolidated Statements of Financial Condition includes net receivables from GCM Funds of $9.1 million and $13.5 million and from Holdings of less than $0.1 million as of June 30, 2024 and December 31, 2023, respectively, paid on behalf of affiliated entities that are reimbursable to the Company.

Our executive officers, senior professionals, and certain current and former employees and their families invest on a discretionary basis in GCM Funds, and such investments are generally not subject to management fees and performance fees. As of June 30, 2024 and December 31, 2023, such investments and future commitments were $414.7 million and $377.5 million in aggregate, respectively.

Certain employees of the Company have an economic interest in an entity that is the owner and landlord of the building in which the principal headquarters of the Company are located.

The Company utilizes the services of an insurance broker to procure insurance coverage, including its general commercial package policy, workers’ compensation and professional and management liability coverage for its directors and officers. Certain members of Holdings have an economic interest in, and relatives are employed by, the Company’s insurance broker.

From time to time, certain of the Company’s executive officers utilize a private business aircraft, including an aircraft wholly owned or controlled by members of Holdings. Additionally, the Company arranges for the use of the private business aircraft through a number of charter services, including entities predominantly or wholly owned or controlled by members of Holdings. The Company paid, net of reimbursements, $0.8 million for each of the three and six months ended June 30, 2024, and $0.7 million and $1.5 million for the three and six months ended June 30, 2023, respectively, to utilize aircraft and charter services wholly owned or controlled by members of Holdings, which is recorded within general, administrative and other in the Condensed Consolidated Statements of Income (Loss).

The Company’s effective tax rate used for interim periods is based on the tax effect of items recorded discretely in the interim period in which those items occur. The effective tax rate is dependent on many factors, including the estimated amount of income subject to income tax and allocation of tax benefit to noncontrolling interest; therefore, the effective tax rate can vary from period to period. The Company evaluates the realizability of its deferred tax asset on a quarterly basis and adjusts the valuation allowance when it is expected a portion of the deferred tax asset may not be realized.

The Company’s effective tax rate was 20% and (6)% for each of the three months ended June 30, 2024 and 2023, respectively, and (273)% and (5)% for the six months ended June 30, 2024 and 2023. These rates were different than the statutory rate primarily due to the portion of income allocated to the noncontrolling interest holders, including profits interest expense, as well as a valuation allowance recorded against deferred tax assets and discrete tax adjustments recorded in the periods.

As of June 30, 2024, the Company had $1.0 million in unrecognized tax positions and believes there will be no material changes to the uncertain tax benefits related to its uncertain tax positions within the next 12 months.

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The following is a reconciliation of basic and diluted earnings (loss) per share for the three and six months ended June 30, 2024 and 2023:

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Numerator for earnings (loss) per share calculation:
Net income attributable to GCM Grosvenor Inc., basic			$	4,800					$	4,848					$	6,924					$	3,618
Exchange of Partnership units			3,418						(47,277)						(22,234)						(63,960)
Net income (loss) attributable to common stockholders, diluted			8,218						(42,429)						(15,310)						(60,342)
Denominator for earnings (loss) per share calculation:
Weighted-average shares, basic			44,934,623						43,707,111						44,302,442						43,047,388
Exchange of Partnership units			144,235,246						144,235,246						144,235,246						144,235,246
Assumed vesting of RSUs - incremental shares under the treasury stock method			1,008,404						—						—						—
Weighted-average shares, diluted			190,178,273						187,942,357						188,537,688						187,282,634
Basic EPS
Net income attributable to common stockholders, basic			$	4,800					$	4,848					$	6,924					$	3,618
Weighted-average shares, basic			44,934,623						43,707,111						44,302,442						43,047,388
Net income per share attributable to common stockholders, basic			$	0.11					$	0.11					$	0.16					$	0.08
Diluted EPS
Net income (loss) attributable to common stockholders, diluted			$	8,218					$	(42,429)					$	(15,310)					$	(60,342)
Weighted-average shares, diluted			190,178,273						187,942,357						188,537,688						187,282,634
Net income (loss) per share attributable to common stockholders, diluted			$	0.04					$	(0.23)					$	(0.08)					$	(0.32)

When applying the if-converted method to calculate the potential dilutive impact of the exchangeable common units of the Partnership, the earnings (loss) per share numerator adjustment reflects the net income (loss) attributable to noncontrolling interests in GCMH, as reported, adjusted for the hypothetical incremental provision for income taxes that would have been recorded by the Company if the units had been converted.

Shares of the Company’s Class C common stock do not participate in the earnings or losses of the Company and are therefore not participating securities. As such, a separate presentation of basic and diluted earnings (loss) per share of Class C common stock under the two-class method has not been presented.

The following outstanding potentially dilutive securities were excluded from the calculations of diluted earnings (loss) per share attributable to common stockholders because their impact would have been antidilutive for the periods presented:

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Public warrants			16,784,970						16,784,970						16,784,970						16,784,970
Private warrants			900,000						900,000						900,000						900,000
Unvested RSUs under the treasury stock method			—						65,357						1,639,536						802,515

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On August 7, 2024, GCMG’s Board of Directors declared a quarterly dividend of $0.11 per share of Class A common stock to record holders as of the close of business on September 3, 2024. The payment date will be September 17, 2024.

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v3.24.2.u1

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Aug. 05, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-39716
Entity Registrant Name	GCM Grosvenor Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-2226287
Entity Address, Address Line One	900 North Michigan Avenue, Suite 1100
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60611
City Area Code	312
Local Phone Number	506-6500
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001819796
Class A common stock
Document Information [Line Items]
Title of 12(b) Security	Class A common stock, $0.0001 par value per share
Trading Symbol	GCMG
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		44,574,194
Warrant
Document Information [Line Items]
Title of 12(b) Security	Warrants to purchase shares of Class A common stock
Trading Symbol	GCMGW
Security Exchange Name	NASDAQ
Class C common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		144,235,246

v3.24.2.u1

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 73,921	$ 44,354
Management fees receivable	21,696	24,996
Incentive fees receivable	20,221	27,371
Investments	251,099	240,202
Premises and equipment, net	16,641	7,378
Lease right-of-use assets	43,441	38,554
Intangible assets, net	1,970	2,627
Goodwill	28,959	28,959
Deferred tax assets, net	55,344	58,298
Other assets	21,434	18,623
Total assets	543,919	504,943
Liabilities and Equity (Deficit)
Accrued compensation and benefits	61,644	98,561
Debt	433,836	384,727
Lease liabilities	48,379	41,481
Warrant liabilities	8,756	6,431
Accrued expenses and other liabilities	31,211	31,213
Total liabilities	637,626	616,172
Commitments and contingencies (Note 13)
Preferred stock, $0.0001 par value, 100,000,000 shares authorized, none issued	0	0
Additional paid-in capital	5,052	1,936
Accumulated other comprehensive income	2,430	2,630
Retained earnings	(35,999)	(32,218)
Total GCM Grosvenor Inc. deficit	(28,499)	(27,634)
Noncontrolling interests in subsidiaries	54,311	59,757
Noncontrolling interests in GCMH	(119,519)	(143,352)
Total deficit	(93,707)	(111,229)
Total liabilities and equity (deficit)	543,919	504,943
Related Party
Assets
Due from related parties	9,193	13,581
Liabilities and Equity (Deficit)
Payable to related parties pursuant to the tax receivable agreement	53,800	53,759
Class A common stock
Liabilities and Equity (Deficit)
Common stock	4	4
Class B common stock
Liabilities and Equity (Deficit)
Common stock	0	0
Class C common stock
Liabilities and Equity (Deficit)
Common stock	$ 14	$ 14

v3.24.2.u1

Condensed Consolidated Statements of Financial Condition (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	100,000,000	100,000,000
Preferred stock issued (in shares)	0	0
Class A common stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	700,000,000	700,000,000
Common stock, issued (in shares)	44,560,068	42,988,563
Common stock, outstanding (in shares)	44,560,068	42,988,563
Class B common stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	0	0
Common stock, outstanding (in shares)	0	0
Class C common stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	300,000,000	300,000,000
Common stock, issued (in shares)	144,235,246	144,235,246
Common stock, outstanding (in shares)	144,235,246	144,235,246

v3.24.2.u1

Condensed Consolidated Statements of Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Total operating revenues	$ 116,954	$ 107,613	$ 225,820	$ 206,729
Expenses
Employee compensation and benefits	67,955	114,868	167,602	201,092
General, administrative and other	28,164	28,726	53,343	54,505
Total operating expenses	96,119	143,594	220,945	255,597
Operating income (loss)	20,835	(35,981)	4,875	(48,868)
Investment income	1,290	2,109	6,967	8,433
Interest expense	(6,134)	(5,682)	(12,057)	(12,337)
Other income	394	458	947	1,172
Change in fair value of warrant liabilities	(180)	4,895	(2,324)	2,674
Net other income (expense)	(4,630)	1,780	(6,467)	(58)
Income (loss) before income taxes	16,205	(34,201)	(1,592)	(48,926)
Provision for income taxes	3,244	2,050	4,354	2,472
Net income (loss)	12,961	(36,251)	(5,946)	(51,398)
Less: Net income (loss) attributable to noncontrolling interests in subsidiaries	(901)	1,396	401	4,169
Less: Net income (loss) attributable to noncontrolling interests in GCMH	9,062	(42,495)	(13,271)	(59,185)
Net income attributable to GCM Grosvenor Inc.	$ 4,800	$ 4,848	$ 6,924	$ 3,618
Earnings (loss) per share of Class A common stock:
Basic (in dollars per share)	$ 0.11	$ 0.11	$ 0.16	$ 0.08
Diluted (in dollars per share)	$ 0.04	$ (0.23)	$ (0.08)	$ (0.32)
Weighted average shares of Class A common stock outstanding:
Basic (in shares)	44,934,623	43,707,111	44,302,442	43,047,388
Diluted (in shares)	190,178,273	187,942,357	188,537,688	187,282,634
Management fees
Revenues
Total operating revenues	$ 99,843	$ 93,564	$ 195,728	$ 185,809
Incentive fees
Revenues
Total operating revenues	16,037	12,996	26,155	18,811
Other operating income
Revenues
Total operating revenues	$ 1,074	$ 1,053	$ 3,937	$ 2,109

v3.24.2.u1

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 12,961	$ (36,251)	$ (5,946)	$ (51,398)
Other comprehensive income (loss), net of tax:
Net change in cash flow hedges	(2,585)	6,254	616	511
Foreign currency translation adjustment	(503)	(532)	(1,181)	(590)
Total other comprehensive income (loss)	(3,088)	5,722	(565)	(79)
Comprehensive income (loss) before noncontrolling interests	9,873	(30,529)	(6,511)	(51,477)
Less: Comprehensive income (loss) attributable to noncontrolling interests in subsidiaries	(901)	1,396	401	4,169
Less: Comprehensive income (loss) attributable to noncontrolling interests in GCMH	6,517	(38,074)	(13,636)	(59,216)
Comprehensive income attributable to GCM Grosvenor Inc.	$ 4,257	$ 6,149	$ 6,724	$ 3,570

v3.24.2.u1

Condensed Consolidated Statements of Equity (Deficit) - USD ($) $ in Thousands	Total	Other Noncontrolling Subsidiaries	GCM Holdings	Common Stock Class A common stock	Common Stock Class C common stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests in Subsidiaries	Noncontrolling Interests in Subsidiaries Other Noncontrolling Subsidiaries	Noncontrolling Interests in GCMH	Noncontrolling Interests in GCMH GCM Holdings
Beginning balance at Dec. 31, 2022	$ (94,006)			$ 4	$ 14	$ 0	$ (23,934)	$ 4,096	$ 67,900		$ (142,086)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital contributions from noncontrolling interests in subsidiaries	861								861
Capital distributions paid to noncontrolling interests / Partners’ distributions		$ (7,976)	$ (19,447)							$ (7,976)		$ (19,447)
Repurchase of Class A common stock	(4,478)					(1,003)					(3,475)
Settlement of equity-based compensation in satisfaction of withholding tax requirements	(3,794)					(848)					(2,946)
Deemed contributions	74,224										74,224
Net change in cash flow hedges	511							85			426
Translation adjustment	(590)							(133)			(457)
Equity-based compensation, equity-classified awards	15,341					3,434					11,907
Declared dividends	(10,134)						(10,134)
Deferred tax and other tax adjustments	3					3
Equity reallocation between controlling and non-controlling interests	0						(7)				7
Net income (loss)	(51,398)						3,618		4,169		(59,185)
Ending balance at Jun. 30, 2023	(100,883)			4	14	1,586	(30,457)	4,048	64,954		(141,032)
Beginning balance at Mar. 31, 2023	(108,074)			4	14	1,283	(29,931)	2,747	65,863		(148,054)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital contributions from noncontrolling interests in subsidiaries	694								694
Capital distributions paid to noncontrolling interests / Partners’ distributions		(2,999)	(19,447)							(2,999)		(19,447)
Repurchase of Class A common stock	(1,145)					(257)					(888)
Deemed contributions	63,127										63,127
Net change in cash flow hedges	6,254							1,420			4,834
Translation adjustment	(532)							(119)			(413)
Equity-based compensation, equity-classified awards	2,532					570					1,962
Declared dividends	(5,032)						(5,032)
Deferred tax and other tax adjustments	(10)					(10)
Equity reallocation between controlling and non-controlling interests	0						(342)				342
Net income (loss)	(36,251)						4,848		1,396		(42,495)
Ending balance at Jun. 30, 2023	(100,883)			4	14	1,586	(30,457)	4,048	64,954		(141,032)
Beginning balance at Dec. 31, 2023	(111,229)			4	14	1,936	(32,218)	2,630	59,757		(143,352)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital contributions from noncontrolling interests in subsidiaries	798								798
Capital distributions paid to noncontrolling interests / Partners’ distributions		(6,645)	(15,865)							(6,645)		(15,865)
Settlement of equity-based compensation in satisfaction of withholding tax requirements	(10,314)					(2,392)					(7,922)
Deemed contributions	41,590										41,590
Net change in cash flow hedges	616							73			543
Translation adjustment	(1,181)							(273)			(908)
Equity-based compensation, equity-classified awards	25,916					5,984					19,932
Declared dividends	(10,971)						(10,971)
Deferred tax and other tax adjustments	(476)					(476)
Equity reallocation between controlling and non-controlling interests	0						266				(266)
Net income (loss)	(5,946)						6,924		401		(13,271)
Ending balance at Jun. 30, 2024	(93,707)			4	14	5,052	(35,999)	2,430	54,311		(119,519)
Beginning balance at Mar. 31, 2024	(100,871)			4	14	4,817	(34,201)	2,973	57,588		(132,066)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital contributions from noncontrolling interests in subsidiaries	402								402
Capital distributions paid to noncontrolling interests / Partners’ distributions		$ (2,778)	$ (7,969)							$ (2,778)		$ (7,969)
Settlement of equity-based compensation in satisfaction of withholding tax requirements	(10,165)					(2,358)					(7,807)
Deemed contributions	11,588										11,588
Net change in cash flow hedges	(2,585)							(426)			(2,159)
Translation adjustment	(503)							(117)			(386)
Equity-based compensation, equity-classified awards	11,889					2,763					9,126
Declared dividends	(5,506)						(5,506)
Deferred tax and other tax adjustments	(170)					(170)
Equity reallocation between controlling and non-controlling interests	0						(1,092)				1,092
Net income (loss)	12,961						4,800		(901)		9,062
Ending balance at Jun. 30, 2024	$ (93,707)			$ 4	$ 14	$ 5,052	$ (35,999)	$ 2,430	$ 54,311		$ (119,519)

v3.24.2.u1

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net loss	$ (5,946)	$ (51,398)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	1,277	1,356
Equity-based compensation, equity-classified awards	25,916	15,341
Deferred tax income expense	2,867	672
Other non-cash compensation	350	534
Partnership interest-based compensation	41,590	74,224
Amortization of debt issuance costs	508	547
Amortization of terminated swap	(3,781)	(2,881)
Loss on extinguishment of debt	157	0
Change in fair value of warrant liabilities	2,324	(2,674)
Change in payable to related parties pursuant to tax receivable agreement	41	(5)
Proceeds received from investments	3,700	5,079
Non-cash investment income	(6,967)	(8,433)
Non-cash lease expense	3,734	2,993
Other	271	288
Change in assets and liabilities:
Management fees receivable	3,271	(401)
Incentive fees receivable	7,150	9,248
Due from related parties	4,388	853
Other assets	(3,581)	2,437
Accrued compensation and employee related obligations	(37,321)	(30,980)
Lease liabilities	(1,726)	(3,725)
Accrued expenses and other liabilities	3,460	8,731
Net cash provided by operating activities	41,682	21,806
Cash flows from investing activities
Purchases of premises and equipment	(8,867)	(781)
Contributions/subscriptions to investments	(12,008)	(15,350)
Distributions from investments	4,378	6,660
Net cash used in investing activities	(16,497)	(9,471)
Cash flows from financing activities
Capital contributions received from noncontrolling interests	798	861
Capital distributions paid to partners and member	(15,865)	(19,447)
Capital distributions paid to noncontrolling interests	(7,095)	(7,976)
Proceeds from senior loan issuance	50,000	0
Principal payments on senior loan	(1,000)	(2,000)
Debt issuance costs	(556)	0
Payments to repurchase Class A common stock	0	(4,478)
Settlement of equity-based compensation in satisfaction of withholding tax requirements	(10,314)	(3,794)
Dividends paid	(10,304)	(9,299)
Net cash provided by (used in) financing activities	5,664	(46,133)
Effect of exchange rate changes on cash	(1,282)	(609)
Net increase (decrease) in cash and cash equivalents	29,567	(34,407)
Beginning of period	44,354	85,163
End of period	73,921	50,756
Supplemental disclosure of cash flow information
Cash paid during the period for interest	15,858	14,422
Cash paid during the period for income taxes, net	3,426	2,178
Supplemental disclosure of cash flow information from operating activities
Non-cash right-of-use assets obtained in exchange for new and extended operating leases	8,953	2,034
Non-cash adjustment to operating lease right-of-use assets from lease modification	(265)	(827)
Supplemental disclosure of cash flow information from investing activities
Non-cash premises and equipment additions in accrued expenses and other liabilities	1,027	0
Supplemental disclosure of non-cash information from financing activities
Deemed contributions from GCMH Equityholders	41,590	74,224
Establishment of deferred tax assets, net related to non-cash activities	(476)	3
Dividends declared but not paid	$ 1,253	$ 857

v3.24.2.u1

Organization	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization GCM Grosvenor Inc. (“GCMG”) and its subsidiaries including Grosvenor Capital Management Holdings, LLLP (the “Partnership” or “GCMH” and collectively, the “Company”), provide comprehensive investment solutions to primarily institutional clients who seek allocations to alternative investments such as hedge fund strategies, private equity, real estate, infrastructure and strategic investments. The Company collaborates with its clients to construct investment portfolios across multiple investment strategies in the private and public markets, customized to meet their specific objectives. The Company also offers specialized commingled funds which span the alternatives investing universe that are developed to meet broad market demands for strategies and risk-return objectives. The Company, through its subsidiaries acts as the investment adviser, general partner or managing member to customized funds and commingled funds (collectively, the “GCM Funds”). GCMG was incorporated on July 27, 2020 under the laws of the State of Delaware for the purpose of consummating the Transaction and merging with CF Finance Acquisition Corp. (“CFAC”), which was incorporated on July 9, 2014 under the laws of the State of Delaware. GCMG owns all of the equity interests of GCM Grosvenor Holdings, LLC (“IntermediateCo”), formerly known as CF Finance Intermediate Acquisition, LLC until November 18, 2020, which is the general partner of GCMH subsequent to the Transaction. GCMG’s ownership (through IntermediateCo) of GCMH as of June 30, 2024 and December 31, 2023 was approximately 23.6% and 23.0%, respectively. GCMH is a holding company operated pursuant to the Fifth Amended and Restated Limited Liability Limited Partnership Agreement (the “Partnership Agreement”) dated November 17, 2020, among the limited partners including Grosvenor Holdings, L.L.C. (“Holdings”), Grosvenor Holdings II, L.L.C. (“Holdings II”) and GCM Grosvenor Management, LLC (“Management LLC”) (collectively, together with GCM Progress Subsidiary LLC, the “GCMH Equityholders”).

v3.24.2.u1

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The unaudited Condensed Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for annual financial statements. In the opinion of management, all necessary adjustments (which consists of only normal recurring items) have been made to fairly present the Condensed Consolidated Financial Statements for the interim periods presented. Results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”). Fair Value Measurements The Company categorizes its fair value measurements according to a three-level hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are defined as follows: •Level 1 – Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date; •Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active; and •Level 3 – Inputs that are unobservable and require significant management judgment or estimation. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. The carrying amounts of cash and cash equivalents and fees receivable approximate fair value due to the immediate or short-term maturity of these financial instruments. Investments Investments primarily consist of investments in GCM Funds and other funds the Company does not control, but is deemed to exert significant influence, and are generally accounted for using the equity method of accounting. Under the equity method of accounting, the Company records its share of the underlying income or loss of such entities, which reflects the net asset value of such investments. Management believes the net asset value of the funds is representative of fair value. The resulting gains and losses are included as investment income in the Condensed Consolidated Statements of Income (Loss). The Company’s equity method investments in the GCM Funds investing in private equity, real estate and infrastructure (“GCM PEREI Funds”) are valued based on the most recent available information, which typically has a delay of up to three months due to the timing of financial information received from the investments held by the GCM PEREI Funds. The Company records its share of capital contributions to and distributions from the GCM PEREI Funds within investments in the Condensed Consolidated Statements of Financial Condition during the three-month lag period. To the extent that management is aware of material events that affect the GCM PEREI Funds during the intervening period, the impact of the events would be disclosed in the notes to the Condensed Consolidated Financial Statements. Certain subsidiaries which hold the general partner capital interest in the GCM Funds are not wholly owned, and as such, the portion of the Company’s investments owned by limited partners in those subsidiaries are reflected within noncontrolling interests in the Condensed Consolidated Statements of Financial Condition. For certain other debt investments, the Company has elected the fair value option. Such election is irrevocable and is made at the investment level at initial recognition. The debt investments are not publicly traded and are a Level 3 fair value measurement. For investments carried at fair value, the Company records the increase or decrease in fair value as investment income in the Condensed Consolidated Statements of Income (Loss). See Note 5 for additional information regarding the Company’s other investments. Recently Issued Accounting Standards In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 scopes in entities with a single reportable segment and requires those entities to provide all disclosures required in Topic 280, requires that current annual disclosures about a reportable segment’s profit or loss and assets also be provided in interim periods and requires other various new disclosures. Enhanced reporting requirements for all entities includes disclosure of (1) significant segment expenses, (2) the title and position of the chief operating decision maker (the “CODM”) and (3) how the CODM uses disclosed measure(s) of a segment’s profit or loss in assessing segment performance and allocating resources. This guidance is effective for public entities for fiscal years beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024. Companies are required to apply the amendments retrospectively to all prior periods presented in the financial statements and early adoption is permitted. The Company is evaluating this guidance and currently expects that adoption will result in new disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires enhanced income tax disclosure including disclosures of specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold, additional disclosures about income taxes paid, and disclosure of pre-tax income or loss from continuing operations disaggregated between domestic and foreign income or loss. This guidance is effective for public business entities for fiscal years beginning after December 15, 2024. Companies should provide the enhanced disclosures on a prospective basis, however retrospective application is permitted. Early adoption is permitted for annual financial statements that have not yet been issued. The Company is evaluating this guidance and currently expects that adoption will result in enhanced income tax disclosures.

v3.24.2.u1

Revenues	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenues	Revenues For the three and six months ended June 30, 2024 and 2023, management fees and incentive fees consisted of the following: Three Months Ended June 30, Six Months Ended June 30, Management fees 2024 2023 2024 2023 Management fees, net $ 96,497  $ 89,730  $ 188,449  $ 178,668  Fund expense reimbursement revenue 3,346  3,834  7,279  7,141  Total management fees $ 99,843  $ 93,564  $ 195,728  $ 185,809  Three Months Ended June 30, Six Months Ended June 30, Incentive fees 2024 2023 2024 2023 Performance fees $ 4,346  $ 269  $ 10,333  $ 513  Carried interest 11,691  12,727  15,822  18,298  Total incentive fees $ 16,037  $ 12,996  $ 26,155  $ 18,811  The Company recognized revenues of less than $0.1 million during each of the three and six months ended June 30, 2024 and 2023 that was previously deferred.

v3.24.2.u1

Investments	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investments	Investments Investments consist of the following: As of June 30, 2024 December 31, 2023 Equity method investments $ 239,081  $ 228,822  Other investments 12,018  11,380  Total investments $ 251,099  $ 240,202  As of June 30, 2024 and December 31, 2023, the Company held investments of $251.1 million and $240.2 million, respectively, of which $52.1 million and $56.1 million were owned by noncontrolling interest holders, respectively. Net income (loss) and cash flow from investments held by noncontrolling interest holders will not be attributable to the Company. See Note 5 for fair value disclosures of certain investments held within other investments.

v3.24.2.u1

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis and level of inputs used for such measurements as of June 30, 2024 and December 31, 2023: Fair Value as of June 30, 2024 Level 1 Level 2 Level 3 Total Assets Money market funds $ 32,573  $ —  $ —  $ 32,573  Other investments —  —  11,779  11,779  Total assets $ 32,573  $ —  $ 11,779  $ 44,352  Liabilities Public warrants $ 8,227  $ —  $ —  $ 8,227  Private warrants —  —  529  529  Interest rate derivatives —  3,027  —  3,027  Total liabilities $ 8,227  $ 3,027  $ 529  $ 11,783  Fair Value as of December 31, 2023 Level 1 Level 2 Level 3 Total Assets Money market funds $ 10,282  $ —  $ —  $ 10,282  Other investments —  —  11,192  11,192  Total assets $ 10,282  $ —  $ 11,192  $ 21,474  Liabilities Public warrants $ 6,042  $ —  $ —  $ 6,042  Private warrants —  —  389  389  Interest rate derivatives —  7,469  —  7,469  Total liabilities $ 6,042  $ 7,469  $ 389  $ 13,900  Money Market Funds Money market funds are valued using quoted market prices and are included in cash and cash equivalents in the Condensed Consolidated Statements of Financial Condition. Interest Rate Derivatives Management determines the fair value of its interest rate derivative agreements based on the present value of expected future cash flows based on observable future rates applicable to each swap contract using linear interpolation, inclusive of the risk of non-performance, using a discount rate appropriate for the duration. See Note 12 for additional information regarding interest rate derivatives. Other Investments Investments in the subordinated notes of a structured alternatives investment solution are not publicly traded and are classified as Level 3. Management determines the fair value of these other investments using a discounted cash flow analysis (“Cash Flow Analysis”), which includes assumptions regarding the expected deployment and realization timing of private investments. The position was classified as Level 3 as of June 30, 2024 and December 31, 2023 because of the use of significant unobservable inputs in the Cash Flow Analysis as follows: As of June 30, 2024 As of December 31, 2023 Impact to Valuation from an Increase in Input(2) Significant Unobservable Inputs(1) Range Weighted Average Range Weighted Average Discount rate(3) 26.5% – 27.5% 27.0  % 26.5% - 27.5% 27.0  % Decrease Expected remaining term (years) 8 – 12 N/A 8 – 12 N/A Decrease Expected return – liquid assets(4) 4.0% – 5.0% 4.2  % 2.0% - 5.0% 4.3  % Increase Expected total value to paid in capital – private assets(5) 1.55x – 2.08x 1.86x 1.55x – 2.05x 1.87x Increase ____________ (1)In determining these inputs, management considers the following factors including, but not limited to: liquidity, estimated yield, capital deployment, diversified multi-strategy appreciation, expected net multiple of investment capital across Private Assets investments, annual operating expenses, as well as investment guidelines such as concentration limits, position size, and investment periods. (2)Unless otherwise noted, this column represents the directional change in fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. (3)The discount rate was based on the relevant benchmark rate, spread, and yield migrations on related securitized assets. (4)Inputs were weighted based on actual and estimated expected return included in the range. (5)Inputs were weighted based on the actual and estimated commitments to the respective private asset investments included in the range. The resulting fair values of $11.8 million and $11.2 million were recorded within investments in the Condensed Consolidated Statements of Financial Condition as of June 30, 2024 and December 31, 2023, respectively. The following table presents changes in Level 3 assets measured at fair value for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Balance at beginning of period $ 11,621  $ 10,279  $ 11,192  $ 10,007  Change in fair value 158  411  587  683  Balance at end of period $ 11,779  $ 10,690  $ 11,779  $ 10,690  Public Warrants The public warrants are valued using quoted market prices on the Nasdaq Stock Market LLC under the ticker GCMGW. Private Warrants The private warrants were classified as Level 3 as of June 30, 2024 and December 31, 2023 because of the use of significant unobservable inputs in the valuation, however the overall private warrant valuation and change in fair value are not material to the Condensed Consolidated Financial Statements. The valuations for the private warrants were determined to be $0.59 and $0.43 per unit as of June 30, 2024 and December 31, 2023, respectively. The resulting fair values of $0.5 million and $0.4 million were recorded within warrant liabilities in the Condensed Consolidated Statements of Financial Condition as of June 30, 2024 and December 31, 2023, respectively. See Note 7 for additional information regarding the warrant activity. The following table presents changes in Level 3 liabilities measured at fair value for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Balance at beginning of period $ 518  $ 609  $ 389  $ 475  Change in fair value 11  (295) 140  (161) Balance at end of period $ 529  $ 314  $ 529  $ 314

v3.24.2.u1

Equity	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Equity	Equity Shares of Common Stock Outstanding The following table shows a rollforward of the common stock outstanding for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 Class A common stock Class B common stock Class C common stock Class A common stock Class B common stock Class C common stock Beginning of period 42,996,776 —  144,235,246 42,988,563 —  144,235,246 Net shares delivered for vested RSUs 1,563,292  —  —  1,571,505  —  —  End of period 44,560,068 — 144,235,246 44,560,068 — 144,235,246 Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Class A common stock Class B common stock Class C common stock Class A common stock Class B common stock Class C common stock Beginning of period 41,390,306 —  144,235,246 41,806,215 —  144,235,246 Net shares delivered for vested RSUs 591,422  —  —  591,422  —  —  Repurchase of Class A shares (148,280) —  —  (564,189) —  —  End of period 41,833,448 — 144,235,246 41,833,448 — 144,235,246 As of June 30, 2024, 569,015 RSUs were vested, but not yet delivered, and are therefore not yet included in outstanding Class A common stock. The delivery of vested RSUs will be reduced by the number of shares withheld to satisfy statutory withholding tax obligations as well as RSUs that are settled in cash. Dividends Dividends are reflected in the Condensed Consolidated Statements of Equity (Deficit) when declared by the Board of Directors. The table below summarizes dividends declared to date during 2024: Declaration Date Record Date Payment Date Dividend per Common Share February 8, 2024 March 1, 2024 March 15, 2024 $0.11 May 6, 2024 June 3, 2024 June 17, 2024 $0.11 August 7, 2024 September 3, 2024 September 17, 2024 $0.11 Dividend equivalent payments of $1.8 million were accrued for holders of RSUs as of June 30, 2024. Distributions to partners represent distributions made to GCMH Equityholders. Stock Repurchase Plan On August 6, 2021, GCMG’s Board of Directors authorized a stock repurchase plan which may be used to repurchase shares of the Company’s outstanding Class A common stock and warrants to purchase shares of Class A common stock. Class A common stock and warrants may be repurchased from time to time in open market transactions, in privately negotiated transactions, including with employees or otherwise, pursuant to the requirements of Rule 10b5-1 and Rule 10b-18 of the Exchange Act, as well as to retire (by cash settlement or the payment of tax withholding amounts upon net settlement) equity-based awards granted under our 2020 Incentive Award Plan, as amended and restated (and any successor plan thereto), with the terms and conditions of these repurchases depending on legal requirements, price, market and economic conditions and other factors. The Company is not obligated under the terms of the plan to repurchase any of its Class A common stock or warrants, the program has no expiration date and the Company may suspend or terminate the program at any time without prior notice. Any shares of Class A common stock and any warrants repurchased as part of this program will be canceled. GCMG’s Board of Directors has made subsequent increases to its original stock repurchase authorization amount for shares and warrants. As of December 31, 2023, the total authorization was $115 million, excluding fees and expenses. On February 8, 2024, GCMG’s Board of Directors increased the firm's existing repurchase authorization by $25 million, from $115 million to $140 million. During the three and six months ended June 30, 2024, the Company repurchased 3,249,043 and 3,264,513 shares, respectively, for RSUs that were settled in cash, including amounts withheld in connection with the payment of tax withholding obligations, for $30.3 million and $30.5 million, or an average of $9.33 and $9.34 per share, respectively. See Note 10 for additional information regarding RSUs. Other than the deemed repurchases described above, the Company did not repurchase shares of Class A common stock during the three and six months ended June 30, 2024. As of June 30, 2024, the Company had $34.7 million remaining under the stock repurchase plan.

v3.24.2.u1

Warrants	6 Months Ended
	Jun. 30, 2024
Other Liabilities Disclosure [Abstract]
Warrants	Warrants The public and private warrants meet the definition of a derivative under ASC 815 and the Company records these warrants as liabilities in the Condensed Consolidated Statements of Financial Condition at fair value, with subsequent changes in their respective fair values recorded in the change in fair value of warrant liabilities within the Condensed Consolidated Statements of Income (Loss) at each reporting date. Each public warrant entitles the registered holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment. The warrants expire 5 years after the consummation of the Transaction, or earlier upon redemption or liquidation. The public warrant holders do not have the rights or privileges of holders of Class A common stock and any voting rights until they exercise their warrants and receive shares of Class A common stock. After the issuance of shares of Class A common stock, upon exercise of the warrants, each holder will be entitled to one vote for each share held of record on all matters to be voted on by stockholders. The private placement warrants (including the Class A common stock issuable upon exercise of the private placement warrants) will not be redeemable by the Company so long as they are held by CF Sponsor, Holdings or their permitted transferees. CF Sponsor, Holdings or their permitted transferees, have the option to exercise the private placement warrants on a cashless basis. No warrants were exercised or repurchased during the three and six months ended June 30, 2024 and 2023. The Company had 16,784,970 of public warrants and 900,000 of private warrants outstanding as of each of June 30, 2024 and December 31, 2023.

v3.24.2.u1

Variable Interest Entities	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities The Company consolidates certain VIEs in which it is determined that the Company is the primary beneficiary. The Company holds variable interests in certain entities that are VIEs which are not consolidated, as it is determined that the Company is not the primary beneficiary. The Company’s involvement with such entities is generally in the form of direct equity interests in, and fee arrangements with, the entities in which it also serves as the general partner or managing member. The Company evaluated its variable interests in the VIEs and determined it is not considered the primary beneficiary of the entities primarily because it does not have interests in the entities that could potentially be significant. No reconsideration events that caused a change in the Company’s consolidation conclusions occurred during either the six months ended June 30, 2024 or the year ended December 31, 2023. As of June 30, 2024 and December 31, 2023, the total unfunded commitments from the special limited partner and general partners to the unconsolidated VIEs were $42.2 million and $42.1 million, respectively. These commitments are the primary source of financing for the unconsolidated VIEs. The following table sets forth certain information regarding the VIEs in which the Company holds a variable interest but does not consolidate. The assets recognized on the Company’s Condensed Consolidated Statements of Financial Condition relate to the Company’s interests in and management fees, incentive fees and third party costs receivables from these non-consolidated VIEs. The Company’s maximum exposure to loss relating to non-consolidated VIEs as of June 30, 2024 and December 31, 2023 were as follows: As of June 30, 2024 December 31, 2023 Investments $ 107,027  $ 102,109  Receivables 15,879  16,324  Maximum exposure to loss $ 122,906  $ 118,433  The above table includes investments in VIEs which are owned by noncontrolling interest holders of approximately $28.7 million and $30.9 million as of June 30, 2024 and December 31, 2023, respectively.

v3.24.2.u1

Employee Compensation and Benefits	6 Months Ended
	Jun. 30, 2024
Compensation Related Costs [Abstract]
Employee Compensation and Benefits	Employee Compensation and Benefits For the three and six months ended June 30, 2024 and 2023, employee compensation and benefits consisted of the following: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cash-based employee compensation and benefits $ 38,733  $ 38,691  $ 76,006  $ 83,144  Equity-based compensation 5,335  3,815  30,805  29,608  Partnership interest-based compensation 11,588  63,127  41,590  74,224  Carried interest compensation 6,860  7,557  9,402  11,117  Cash-based incentive fee related compensation 5,260  1,728  9,449  2,465  Other non-cash compensation 179  (50) 350  534  Total employee compensation and benefits $ 67,955  $ 114,868  $ 167,602  $ 201,092  Partnership Interest in Holdings, Holdings II and Management LLC Payments and settlements for partnership interest awards to the employees are made by GCMH Equityholders. As a result, the Company records a non-cash profits interest compensation charge and an offsetting deemed contribution to equity (deficit) to reflect the payments or settlements made or owed by the GCMH Equityholders. Since payments or settlements are made by Holdings, Holdings II and Management LLC, the expense that is pushed down to GCMH and the offsetting deemed contribution are each attributed solely to noncontrolling interests in GCMH. Any liability related to the awards is recognized at Holdings, Holdings II or Management LLC as Holdings, Holdings II or Management LLC is the party responsible for satisfying the obligation, and is not shown in the Company’s Condensed Consolidated Financial Statements. The Company has recorded deemed contributions to equity (deficit) from Holdings, Holdings II and Management LLC of $11.6 million and $63.1 million for the three months ended June 30, 2024 and 2023, respectively, and $41.6 million and $74.2 million for the six months ended June 30, 2024 and 2023, respectively, for partnership interest-based compensation expense which was or will ultimately be paid or settled by Holdings, Holdings II or Management LLC. GCMH Equityholders have modified awards to certain individuals upon their voluntary retirement or intention to retire as employees. These awards generally include a stated target amount that, upon payment, terminates the recipient’s rights to future distributions and allows for a lump sum buy-out of the awards, at the discretion of the managing member of Holdings, Holdings II, and Management LLC. The awards are accounted for as partnership interest-based compensation at the present value of these expected future payments, in the period the employees accepted the offer. The Company recognized $18.5 million in partnership interest-based compensation expense related to award modifications for the six months ended June 30, 2024, and none was recognized for the three months ended June 30, 2024 and each of the three and six months ended June 30, 2023 (other than as discussed for the Holdings Awards below). The liability associated with awards that contain a stated target has been retained by Holdings as of June 30, 2024 and December 31, 2023 and is re-measured at each reporting date, with any corresponding changes in liability being reflected as employee compensation and benefits expense of the Company. No recipients had unvested stated target payments as of each of June 30, 2024 and 2023. The Company recognized partnership interest-based compensation expense of $2.4 million and $8.5 million for the three months ended June 30, 2024 and 2023, respectively, and $4.8 million and $14.3 million for the six months June 30, 2024 and 2023, respectively, related to profits interest awards that are in substance profit-sharing arrangements. GCMH Equityholders Awards In the year ended December 31, 2022, GCMH Equityholders entered into agreements that will transfer equity ownership between certain existing employee members of the GCMH Equityholders (“GCMH Equityholders Awards”). The GCMH Equityholders Awards will entitle recipients to receive Class A common stock upon vesting. The non-cash awards serve to transfer equity ownership from existing GCMH Equityholders to other existing member employees upon vesting. The GCMH Equityholders Awards do not dilute Class A common stockholders and do not impact cash flows of the Company. The GCMH Equityholders Awards are accounted for under ASC 718, Compensation—Stock Compensation. The awards generally will vest in May 2025 and do not entitle the recipients to dividends or distributions made on Class A common stock during the vesting period. As such, the fair value of the GCMH Equityholders Awards is based on the closing price of Class A common stock on the accounting grant date less the present value of dividends expected to be paid during the vesting period. GCMH Equityholders can settle the awards at various dates after vesting by exchanging outstanding GCMH common units or by otherwise acquiring and delivering Class A common stock, and therefore the vesting of such awards will not dilute Class A common stockholders. As such, the expense that is pushed down to GCMH and the offsetting deemed contribution are each attributed solely to noncontrolling interests in GCMH, consistent with the accounting for payments to employees described above. The GCMH Equityholders Awards of 7,169,415 units had an aggregate grant date fair value of $53.4 million, or an average grant date fair value of $7.45 per unit. The Company recognized partnership interest-based compensation expense related to the GCMH Equityholders Awards of $5.5 million for each of the three months ended June 30, 2024 and 2023, and $10.9 million and $10.8 million for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, total unrecognized compensation expense related to unvested GCMH Equityholders Awards was $18.2 million and is expected to be recognized over the remaining weighted average period of 0.8 years. Holdings Awards On May 9, 2023, Holdings entered into amended and restated participation certificates with existing employee members (“Holdings Awards”). The Holdings Awards entitle recipients to a stated percentage, or minimum allocable share, of distributions from Holdings, as well as a profits interest with respect to net sale proceeds from dispositions of Holdings properties after certain threshold distributions to other members. Pursuant to ASC 505, the Holdings Awards will be recognized as compensation expense with a corresponding deemed contribution and are accounted for under ASC 718, Compensation—Stock Compensation as the awards have characteristics that are more akin to the risks and rewards of equity ownership in Holdings. These awards do not dilute Class A common stockholders or impact net cash flows of the Company. Certain of these existing employee members were previously awarded target amounts that entitled them to a stated percentage, or minimum allocable share, of distributions from Holdings until they received a sum certain. Those target amounts represented by those sums, which were previously recorded as partnership interest-based compensation, were reduced to zero in the amended and restated participation certificates. As a result, target amounts that were previously recorded as partnership interest-based compensation were reversed, while partnership interest-based compensation associated with the amended and restated participation certificates is recorded. The Holdings Awards had an aggregate grant date fair value of $155.5 million, which was partially offset when recognized in expense by $80.0 million target amounts reversed during the year ended December 31, 2023. The fair value of the Holdings Awards was determined by a third-party valuation firm utilizing a discounted cash flow analysis for the minimum allocable share and a Monte Carlo simulation valuation model for the profits interest with respect to net sale proceeds from dispositions of Holdings properties after the threshold distributions. Significant valuation inputs and assumptions included Holdings projected financial information and distributions, an estimated 10 year holding period, a 15.4% cost of equity, a 13.0% weighted average cost of capital, a 35% volatility assumption, the likelihood of a defined conversion event, a 40% discount for lack of marketability, and the fair value of reference properties that determine the threshold distributions for the profits interest with respect to net sale proceeds. The resulting fair value of the Holdings Awards is pushed down from Holdings to the Company and recorded as compensation expense. A portion of the Holdings Awards were vested upon grant, resulting in immediate expense recognition. The Company recognized partnership interest-based compensation expense related to the Holdings Awards of $3.7 million and $7.4 million for the three and six months ended June 30, 2024, respectively, and $49.1 million for each of the three and six months ended June 30, 2023. A portion of the Holdings Awards will vest and are being expensed over a requisite service period through December 31, 2024. As of June 30, 2024, total unrecognized compensation expense related to unvested Holdings Awards was $7.5 million and is expected to be recognized over the remaining weighted average period of 0.5 years. Other Other consists of employee compensation and benefits expense related to deferred compensation programs and other awards that represent investments made in GCM Funds on behalf of the employees.

v3.24.2.u1

Equity-Based Compensation	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Equity-Based Compensation	Equity-Based Compensation In the six months ended June 30, 2024, the Company granted 2.0 million equity-classified RSUs and 1.5 million liability-classified RSUs with aggregate grant date fair values of $17.2 million and $13.2 million, respectively, to certain employees. The liability-classified RSUs are either classified as liabilities because they are required to be settled in cash or because the Company has the right to and intends to (as of the grant date or June 30, 2024, as applicable) settle the RSUs partially or wholly in cash. In the six months ended June 30, 2024, the Company reclassified 2.0 million RSUs from liability-classified to equity-classified based on management’s intent to settle the awards in shares of Class A common stock. The majority of liability-classified awards outstanding as of December 31, 2023 were granted in October 2023, vested on March 1, 2024 and were delivered on April 15, 2024. Other awards generally vest either (a) one-third at the grant date with the remainder over two years in equal annual installments or (b) over a one to three year period. Upon delivery, the Company may withhold the number of shares to satisfy the statutory withholding tax obligation and deliver the net number of resulting shares vested. See Note 9 for additional information regarding GCMH Equityholders Awards and Holdings Awards. A summary of non-vested equity-classified RSU activity for the six months ended June 30, 2024 is as follows: Number of RSUs Weighted-Average Grant-Date Fair Value Per RSU Balance as of December 31, 2023 2,164,163  $ 8.51  Granted 1,999,283  8.59  Reclassified from liability-classified RSUs 1,976,452  8.10  Vested (2,465,239) 8.84  Forfeited (26,516) 8.47  Balance as of June 30, 2024 3,648,143  8.11  A summary of non-vested liability-classified RSU activity for the six months ended June 30, 2024 is as follows: Number of RSUs Weighted-Average Grant-Date Fair Value Per RSU Balance as of December 31, 2023 3,550,186  $ 7.73  Granted 1,515,093  8.68  Reclassified to equity-classified RSUs (1,976,452) 8.10  Vested (2,693,675) 7.98  Balance as of June 30, 2024 395,152  $ 7.79  The total grant-date fair value of RSUs that vested during the three and six months ended June 30, 2024 was $17.6 million and $43.3 million, respectively. For the three months ended June 30, 2024 and 2023, $5.3 million and $3.8 million, respectively, of compensation expense related to RSUs was recorded within employee compensation and benefits in the Condensed Consolidated Statements of Income (Loss). For the six months ended June 30, 2024 and 2023, $30.8 million and $29.6 million, respectively, of compensation expense related to RSUs was recorded within employee compensation and benefits in the Condensed Consolidated Statements of Income (Loss). As of June 30, 2024, total unrecognized compensation expense related to unvested RSUs was $28.2 million and is expected to be recognized over the remaining weighted average period of 2.6 years. The tax benefit related to RSUs that vested and were delivered during the six months ended June 30, 2024 was $2.6 million. The tax benefit related to RSUs that vested during the six months ended June 30, 2024 but were not yet delivered will be recognized in the third quarter of 2024 when the cash or Class A common stock is delivered.

v3.24.2.u1

Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt The table below summarizes the outstanding debt balance as of June 30, 2024 and December 31, 2023: As of June 30, 2024 December 31, 2023 Senior loan $ 438,000  $ 389,000  Less: debt issuance costs (4,164) (4,273) Total debt $ 433,836  $ 384,727  Maturities of debt for the next five years and thereafter as of June 30, 2024 are as follows: Remainder of 2024 $ 2,190  2025 4,380  2026 4,380  2027 4,380  2028 4,380  Thereafter 418,290  Total $ 438,000  Senior Loan On January 2, 2014, the Company entered into a senior secured term loan facility (“Senior Loan”), which was subsequently amended through several debt modifications. On February 24, 2021, the Company completed an amendment and extension of its Senior Loan to further extend the maturity (“Amended Credit Agreement”). Approximately $290.0 million of the aggregate principal amount of the Senior Loan was extended from a maturity date of March 29, 2025 to a maturity date of February 24, 2028. On June 23, 2021, the Company further amended its Senior Loan to increase the aggregate principal amount from $290.0 million to $400.0 million (as extended and increased, the “2028 Term Loans”). The Company capitalized $0.9 million and $2.2 million of debt issuances costs related to payments to lenders in connection with the amendments and extension of its Senior Loan in February and June 2021, respectively, which were recorded within debt in the Condensed Consolidated Statements of Financial Condition. Through June 30, 2023, the 2028 Term Loans had an interest rate margin of 2.50% over the LIBOR, subject to a 0.50% LIBOR floor. On June 29, 2023, the Company entered into Amendment No. 7 to the Credit Agreement to incorporate changes for the contemplated transition to the Term Secured Overnight Financing Rate (“Term SOFR”), and on July 1, 2023, in conjunction with a Benchmark Transition Event, the interest rate defaulted to the Term SOFR plus a Benchmark Replacement Adjustment of 0.11% as recommended by the Relevant Governmental Body (all terms as defined in the Amended Credit Agreement). On May 21, 2024, the Company entered into Amendment No. 8 to the Credit Agreement to, among other things, increase and extend the 2028 Term Loans. The amendment increased the aggregate principal amount from $388.0 million to $438.0 million, extended the maturity date from February 24, 2028 to February 25, 2030 (as increased and extended, the “2030 Term Loans”), decreased the interest rate margin to 2.25% over Term SOFR, and removed the Benchmark Replacement Adjustment of 0.11%. As a result of the amendment and extension, the Company capitalized $0.4 million of debt issuances costs related to payments to lenders, which were recorded within debt in the Condensed Consolidated Statements of Financial Condition, and expensed $3.0 million of third-party costs which is recorded within general, administrative and other in the Condensed Consolidated Statements of Income (Loss) for the three and six months ended June 30, 2024. In addition, the Company recorded an expense of $0.2 million related to the partial extinguishment of certain lenders, which is recorded within other income (expense) in the Condensed Consolidated Statements of Income (Loss) for the three and six months ended June 30, 2024. From June 30, 2021 until May 21, 2024 quarterly principal payments of $1.0 million were required to be made toward the 2028 Term Loans (less any reduction for prior or future voluntary or mandatory prepayments of principal). As part of Amendment No. 8 to the Credit Agreement, quarterly principal payments of $1.1 million are required to be made toward the 2030 Term Loans beginning July 1, 2024 (less any reduction for prior or future voluntary or mandatory prepayments of principal). In addition to the scheduled principal repayments, the Company is required to offer to make prepayments of Consolidated Excess Cash Flow (“Cash Flow Payments”) no later than five days following the date the quarterly financial statements are due if the leverage ratio exceeds certain thresholds in the Amended Credit Agreement. The Cash Flow Payments were calculated as defined in the Senior Loan agreement based on a percentage of calculated excess cash. During the three and six months ended June 30, 2024, the Company was not required to offer to make any Cash Flow Payments. As of June 30, 2024 and December 31, 2023, $438.0 million and $389.0 million of 2028 Term Loans were outstanding, respectively, with weighted average interest rates of 7.86% and 7.59% for the six months ended June 30, 2024 and year ended December 31, 2023, respectively. Under the credit and guaranty agreement governing the terms of the Senior Loan, the Company must maintain certain leverage and interest coverage ratios. The credit and guaranty agreement also contains other covenants that, among other things, restrict the ability of the Company and its subsidiaries to incur debt and restrict the Company and its subsidiaries ability to merge or consolidate, or sell or convey all or substantially all of the Company’s assets. As of June 30, 2024, the Company was in compliance with all covenants. GCMH Equityholders and IntermediateCo have executed a pledge agreement (“Pledge Agreement”) and security agreement (“Security Agreement”) with the lenders of the Senior Loan. Under the Pledge Agreement, GCMH Equityholders and IntermediateCo have agreed to secure the obligations under the Senior Loan by pledging its interests in GCMH as collateral against the repayment of the Senior Loan, and GCMH has agreed to secure the obligations under the Senior Loan by granting a security interest in and continuing lien on the collateral described in the Security Agreement. The Pledge Agreement and Security Agreement will remain in effect until such time as all obligations relating to the Senior Loan have been fulfilled Credit Facility Concurrent with the issuance of the Senior Loan, the Company entered into a $50.0 million revolving credit facility (“Credit Facility”). The Credit Facility maturity date was extended from February 24, 2026 to February 24, 2028 as part of the Amended Credit Agreement No. 8, and carries an unused commitment fee of up to 0.50% per annum. There were no outstanding borrowings related to the Credit Facility as of each of June 30, 2024 and December 31, 2023. Other Certain subsidiaries of the Company agree to jointly and severally guarantee, as primary obligors and not merely as surety guarantees the obligations of their parent entity, GCMH. Amortization of deferred debt issuance costs was $0.2 million for each of the three months ended June 30, 2024 and 2023, and $0.5 million for each of the six months ended June 30, 2024 and 2023. These amounts were recorded within interest expense in the Condensed Consolidated Statements of Income (Loss). The carrying value of the Senior Loan, excluding the unamortized debt issuance costs presented as a reduction to the principal balance, approximated the fair value as of June 30, 2024 and December 31, 2023. As the Senior Loan was not accounted for at fair value, it was not included in the Company’s fair value hierarchy in Note 5, however had it been included, it would have been classified in Level 2.

v3.24.2.u1

Interest Rate Derivatives	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Derivatives	Interest Rate Derivatives The Company has entered into various derivative agreements with financial institutions to hedge interest rate risk related to its outstanding debt. The Company had the following interest rate derivatives recorded within accrued expenses and other liabilities as of June 30, 2024 and December 31, 2023 in the Condensed Consolidated Statements of Financial Condition: Derivative Notional Amount Fair Value as of June 30, 2024 Fair Value as of December 31, 2023 Fixed Rate Paid Floating Rate Received Effective Date(3) Maturity Date Interest rate swap $ 300,000  $ (613) $ (7,469) 4.37  % 1 month Term SOFR(1)(2) November 2022 February 2028 Interest rate swap $ 28,500  $ (261) $ —  4.47  % 1 month Term SOFR(1) May 2024 February 2028 Interest rate swap $ 317,000  $ (2,153) $ —  4.17  % 1 month Term SOFR(1) February 2028 February 2030 ____________ (1)Floating rate received subject to a 0.50% Floor. (2)Refer to Note 11 regarding the interest rate on the 2028 Term Loans for the July 1, 2023 Benchmark Transition Event. The floating rate received under the interest rate swap also defaulted to Term SOFR plus a Benchmark Replacement Adjustment concurrent with the Benchmark Transition Event. (3)Represents the date at which the derivative is in effect and the Company is contractually required to begin payment of interest under the terms of the agreement. A rollforward of the amounts in accumulated other comprehensive income (loss) (“AOCI”) related to interest rate derivatives designated as cash flow hedges is as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Derivative gain at beginning of period $ 25,007  $ 23,387  $ 21,806  $ 29,130  Amount recognized in other comprehensive income (loss)(1) 141  8,627  6,042  3,988  Amount reclassified from accumulated other comprehensive income (loss) to interest expense (2,726) (2,373) (5,426) (3,477) Derivative gain at end of period 22,422  29,641  22,422  29,641  Less: gain attributable to noncontrolling interests in GCMH 18,810  24,630  18,810  24,630  Derivative gain at end of period, net $ 3,612  $ 5,011  $ 3,612  $ 5,011  ____________ (1)Net of an immaterial tax impact for each of the three and six months ended June 30, 2024 and 2023, respectively. In February 2021, the Company terminated derivative instruments which were entered into in 2017 and 2018. In October 2022, the Company terminated derivative instruments which were entered into in 2021 and received $40.3 million of cash for the fair market value of the interest rate swaps at termination. The amounts previously recorded as hedges in AOCI will remain in AOCI and will be recorded in interest expense within the Condensed Consolidated Statements of Comprehensive Income (Loss) over the original lives of the derivative instruments. The Company reclassified $1.9 million for each of the three months ended June 30, 2024 and 2023, and $3.8 million and $2.9 million for the six months ended June 30, 2024 and 2023, respectively, from AOCI to interest expense relating to the derivative instruments terminated that initially qualified for hedge accounting. The net impact of these reclassifications decreased interest expense for each of the three and six months ended June 30, 2024 and 2023, respectively. Effective on November 1, 2022, the Company entered into a swap agreement to hedge interest rate risk related to payments made for the 2028 Term Loans that has a notional amount of $300 million and a fixed rate of 4.37%. The swap agreement and the 2028 Term Loans had a 0.50% LIBOR floor through June 30, 2023 and defaulted to Term SOFR plus a Benchmark Replacement Adjustment on July 1, 2023 at the Benchmark Transition Event as discussed in Note 11. The swap was determined to be an effective cash flow hedge at inception based on a comparison of critical terms and remained an effective cash flow hedge at and following the Benchmark Transition Event. Effective on May 31, 2024, the Company entered into a swap agreement to hedge interest rate risk related to payments made for the increase in aggregate principal amount of the 2030 Term Loans that has a notional amount of $28.5 million and a fixed rate of 4.47%. The swap agreement and 2030 Term Loans have a 0.50% Term SOFR floor. The swap was determined to be an effective cash flow hedge at inception based on a comparison of critical terms. On May 24, 2024, the Company entered into a forward-starting swap agreement to hedge interest rate risk related to payments made during the extended maturity of the 2030 Term Loans that has an effective date of February 2028, a notional amount of $317.0 million, and a fixed rate of 4.17%. The forward-starting swap agreement and 2030 Term Loans have a 0.50% Term SOFR floor. The swap was determined to be an effective cash flow hedge at inception based on a comparison of critical terms. The fair values of the interest rate swaps are based on observable market inputs and represent the net amount required to terminate the positions, taking into consideration market rates and non-performance risk. Refer to Note 5 for additional information. During the next twelve months, the Company expects to reclassify approximately $9.8 million from AOCI to interest expense, which will decrease interest expense, including the impact of the swap terminations.

v3.24.2.u1

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Leases The Company has entered into operating lease agreements for office space. The Company leases office space in various countries around the world and maintains its headquarters in Chicago, Illinois, where it leases primary office space. The leases contain rent escalation clauses based on increases in base rent, real estate taxes and operating expenses. When determining the lease term, the Company generally does not include options to renew as it is not reasonably certain at contract inception that the Company will exercise the option(s). As the implicit rate is not generally readily determinable, the Company uses its incremental borrowing rate to determine the present value of future minimum lease payments. In January 2024, the Company executed an agreement to lease office space for its United Kingdom office. The new space will replace the Company’s existing United Kingdom office space. The Company gained access to this space in January 2024 and established the ROU asset and lease liability. Total future lease payments are expected to be $2.7 million over 5.0 years. The lease contains rent escalation clauses based on increases in base rent, real estate taxes and operating expenses and a 10 month rent concession. In June 2024, the Company executed an amendment to its lease agreement for our Chicago, Illinois office. The amended lease agreement provides access to temporary office space from October 2024 until September 2025, shortens the lease term for certain existing office space from September 2026 to September 2025, which will result in a one-time early termination fee, and extends the lease term of remaining existing office space from September 2026 to September 2037. As a result of the amended lease agreement the Company remeasured the existing ROU asset and lease liability based on the terms of the amended lease agreement. Total future lease payments are expected to be $17.6 million over 13.2 years, which is net of the landlord provided tenant improvement allowance of up to $8.0 million, as specified in the lease. The lease contains rent escalation clauses based on increases in base rent, real estate taxes and operating expenses and a 12 month rent concession. The components of operating lease expense recorded within general, administrative and other in the Condensed Consolidated Statements of Income (Loss) were as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Operating lease cost(1) $ 3,069  $ 1,933  $ 5,948  $ 3,802  Variable lease cost(2) 982  1,275  2,077  2,384  Less: sublease income 49  32  115  81  Total lease cost $ 4,002  $ 3,176  $ 7,910  $ 6,105  ____________ (1)Includes less than $0.1 million of short term lease expense for each of three and six months ended June 30, 2024 and 2023. For the three and six months ended June 30, 2024, includes lease cost for two offices in New York due to the build out of new office space. (2)Includes common area maintenance charges and other variable costs not included in the measurement of ROU assets and lease liabilities. The following table summarizes cash flows and other supplemental information related to our operating leases: Six Months Ended June 30, 2024 2023 Cash paid for amounts included in the measurement of operating lease liabilities $ 3,051 $ 4,344 Non-cash ROU assets obtained in exchange for new and extended operating leases $ 8,953 $ 2,034 Weighted average remaining lease term in years 13.7 years 2.5 years Weighted average discount rate 6.4  % 5.1  % As of June 30, 2024, the maturities of operating lease liabilities were as follows: Remainder of 2024 $ 2,080  2025 7,571  2026 5,663  2027 6,787  2028 6,619  Thereafter 67,427  Total lease payments 96,147  Less: tenant improvement allowance (15,050) Less: imputed interest (32,718) Total operating lease liabilities $ 48,379  Commitments The Company was required to pay a fixed management fee of $0.5 million per year for a five year period that commenced in 2019 pursuant to its 12.5% interest in an aircraft. On March 11, 2021, GCMH entered into an agreement to assign 50% of its 12.5% share interest in an aircraft to Holdings, for cash consideration of approximately $1.3 million. The Company is now required to pay a fixed management fee of $0.3 million per year. The Company had $90.2 million and $85.6 million of unfunded investment commitments as of June 30, 2024 and December 31, 2023, respectively, representing general partner capital funding commitments to several of the GCM Funds. Litigation In the normal course of business, the Company may enter into contracts that contain a number of representations and warranties, which may provide for general or specific indemnifications. The Company’s exposure under these contracts is not currently known, as any such exposure would be based on future claims, which could be made against the Company. The Company’s management is not currently aware of any such pending claims and based on its experience, the Company believes the risk of loss related to these arrangements to be remote. From time to time, the Company is a defendant in various lawsuits related to its business. The Company’s management does not believe that the outcome of any current litigation will have a material effect on the Company’s Condensed Consolidated Financial Statements. Off-Balance Sheet Risks The Company may be exposed to a risk of loss by virtue of certain subsidiaries serving as the general partner of GCM Funds organized as limited partnerships. As general partner of a GCM Fund organized as a limited partnership, the Company’s subsidiaries that serve as the general partner have exposure to risk of loss that is not limited to the amount of its investment in such GCM Fund. The Company cannot predict the amount of loss, if any, which may occur as a result of this exposure; however, historically, the Company has not incurred any significant losses and management believes the likelihood is remote that a material loss will occur.

v3.24.2.u1

Related Parties	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Parties	Related Parties In regard to the following related party disclosures, the Company’s management cannot be sure that such transactions or arrangements would be the same to the Company if the parties involved were unrelated and such differences could be material. The Company provides certain employees partnership interest awards which are paid or settled by Holdings, Holdings II and Management LLC. Refer to Note 9 for further details. The Company has a sublease agreement with Holdings. Because the terms of the sublease are identical to the terms of the original lease, there is no impact to net income (loss) in the Condensed Consolidated Statements of Income (Loss) or Condensed Consolidated Statements of Cash Flows. The Company incurs certain costs, primarily related to accounting, client reporting, investment-decision making and treasury-related expenditures, for which it receives reimbursement from the GCM Funds in connection with its performance obligations to provide investment management services. The Company also incurs certain costs, primarily related to employee benefits and travel, for which it receives reimbursement from Holdings. Due from related parties in the Condensed Consolidated Statements of Financial Condition includes net receivables from GCM Funds of $9.1 million and $13.5 million and from Holdings of less than $0.1 million as of June 30, 2024 and December 31, 2023, respectively, paid on behalf of affiliated entities that are reimbursable to the Company. Our executive officers, senior professionals, and certain current and former employees and their families invest on a discretionary basis in GCM Funds, and such investments are generally not subject to management fees and performance fees. As of June 30, 2024 and December 31, 2023, such investments and future commitments were $414.7 million and $377.5 million in aggregate, respectively. Certain employees of the Company have an economic interest in an entity that is the owner and landlord of the building in which the principal headquarters of the Company are located. The Company utilizes the services of an insurance broker to procure insurance coverage, including its general commercial package policy, workers’ compensation and professional and management liability coverage for its directors and officers. Certain members of Holdings have an economic interest in, and relatives are employed by, the Company’s insurance broker. From time to time, certain of the Company’s executive officers utilize a private business aircraft, including an aircraft wholly owned or controlled by members of Holdings. Additionally, the Company arranges for the use of the private business aircraft through a number of charter services, including entities predominantly or wholly owned or controlled by members of Holdings. The Company paid, net of reimbursements, $0.8 million for each of the three and six months ended June 30, 2024, and $0.7 million and $1.5 million for the three and six months ended June 30, 2023, respectively, to utilize aircraft and charter services wholly owned or controlled by members of Holdings, which is recorded within general, administrative and other in the Condensed Consolidated Statements of Income (Loss). In an internal restructuring effective January 1, 2024, GCMH acquired from its general partner, IntermediateCo, the equity interests in GCM, L.L.C. held by IntermediateCo for cash consideration in the amount of approximately $2.0 million. The transaction was completed in accordance with the terms of a transfer agreement. IntermediateCo, a wholly owned subsidiary of GCM Grosvenor Inc., acquired GCM, L.L.C. in connection with the Transaction for nominal consideration and continues to control GCM, L.L.C. indirectly as general partner of GCMH.

v3.24.2.u1

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rate used for interim periods is based on the tax effect of items recorded discretely in the interim period in which those items occur. The effective tax rate is dependent on many factors, including the estimated amount of income subject to income tax and allocation of tax benefit to noncontrolling interest; therefore, the effective tax rate can vary from period to period. The Company evaluates the realizability of its deferred tax asset on a quarterly basis and adjusts the valuation allowance when it is expected a portion of the deferred tax asset may not be realized. The Company’s effective tax rate was 20% and (6)% for each of the three months ended June 30, 2024 and 2023, respectively, and (273)% and (5)% for the six months ended June 30, 2024 and 2023. These rates were different than the statutory rate primarily due to the portion of income allocated to the noncontrolling interest holders, including profits interest expense, as well as a valuation allowance recorded against deferred tax assets and discrete tax adjustments recorded in the periods. As of June 30, 2024, the Company had $1.0 million in unrecognized tax positions and believes there will be no material changes to the uncertain tax benefits related to its uncertain tax positions within the next 12 months.

v3.24.2.u1

Earnings (Loss) Per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share The following is a reconciliation of basic and diluted earnings (loss) per share for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Numerator for earnings (loss) per share calculation: Net income attributable to GCM Grosvenor Inc., basic $ 4,800  $ 4,848  $ 6,924  $ 3,618  Exchange of Partnership units 3,418  (47,277) (22,234) (63,960) Net income (loss) attributable to common stockholders, diluted 8,218  (42,429) (15,310) (60,342) Denominator for earnings (loss) per share calculation: Weighted-average shares, basic 44,934,623  43,707,111  44,302,442  43,047,388  Exchange of Partnership units 144,235,246  144,235,246  144,235,246  144,235,246  Assumed vesting of RSUs - incremental shares under the treasury stock method 1,008,404  —  —  —  Weighted-average shares, diluted 190,178,273  187,942,357  188,537,688  187,282,634  Basic EPS Net income attributable to common stockholders, basic $ 4,800  $ 4,848  $ 6,924  $ 3,618  Weighted-average shares, basic 44,934,623  43,707,111  44,302,442  43,047,388  Net income per share attributable to common stockholders, basic $ 0.11  $ 0.11  $ 0.16  $ 0.08  Diluted EPS Net income (loss) attributable to common stockholders, diluted $ 8,218  $ (42,429) $ (15,310) $ (60,342) Weighted-average shares, diluted 190,178,273  187,942,357  188,537,688  187,282,634  Net income (loss) per share attributable to common stockholders, diluted $ 0.04  $ (0.23) $ (0.08) $ (0.32) When applying the if-converted method to calculate the potential dilutive impact of the exchangeable common units of the Partnership, the earnings (loss) per share numerator adjustment reflects the net income (loss) attributable to noncontrolling interests in GCMH, as reported, adjusted for the hypothetical incremental provision for income taxes that would have been recorded by the Company if the units had been converted. Shares of the Company’s Class C common stock do not participate in the earnings or losses of the Company and are therefore not participating securities. As such, a separate presentation of basic and diluted earnings (loss) per share of Class C common stock under the two-class method has not been presented. The following outstanding potentially dilutive securities were excluded from the calculations of diluted earnings (loss) per share attributable to common stockholders because their impact would have been antidilutive for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Public warrants 16,784,970  16,784,970  16,784,970  16,784,970  Private warrants 900,000  900,000  900,000  900,000  Unvested RSUs under the treasury stock method —  65,357  1,639,536  802,515

v3.24.2.u1

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On August 7, 2024, GCMG’s Board of Directors declared a quarterly dividend of $0.11 per share of Class A common stock to record holders as of the close of business on September 3, 2024. The payment date will be September 17, 2024.

v3.24.2.u1

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income attributable to GCM Grosvenor Inc., basic	$ 4,800	$ 4,848	$ 6,924	$ 3,618

v3.24.2.u1

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

v3.24.2.u1

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited Condensed Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for annual financial statements. In the opinion of management, all necessary adjustments (which consists of only normal recurring items) have been made to fairly present the Condensed Consolidated Financial Statements for the interim periods presented. Results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”).
Fair Value Measurements	Fair Value Measurements The Company categorizes its fair value measurements according to a three-level hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are defined as follows: •Level 1 – Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date; •Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active; and •Level 3 – Inputs that are unobservable and require significant management judgment or estimation. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. The carrying amounts of cash and cash equivalents and fees receivable approximate fair value due to the immediate or short-term maturity of these financial instruments.
Investments	Investments Investments primarily consist of investments in GCM Funds and other funds the Company does not control, but is deemed to exert significant influence, and are generally accounted for using the equity method of accounting. Under the equity method of accounting, the Company records its share of the underlying income or loss of such entities, which reflects the net asset value of such investments. Management believes the net asset value of the funds is representative of fair value. The resulting gains and losses are included as investment income in the Condensed Consolidated Statements of Income (Loss). The Company’s equity method investments in the GCM Funds investing in private equity, real estate and infrastructure (“GCM PEREI Funds”) are valued based on the most recent available information, which typically has a delay of up to three months due to the timing of financial information received from the investments held by the GCM PEREI Funds. The Company records its share of capital contributions to and distributions from the GCM PEREI Funds within investments in the Condensed Consolidated Statements of Financial Condition during the three-month lag period. To the extent that management is aware of material events that affect the GCM PEREI Funds during the intervening period, the impact of the events would be disclosed in the notes to the Condensed Consolidated Financial Statements. Certain subsidiaries which hold the general partner capital interest in the GCM Funds are not wholly owned, and as such, the portion of the Company’s investments owned by limited partners in those subsidiaries are reflected within noncontrolling interests in the Condensed Consolidated Statements of Financial Condition. For certain other debt investments, the Company has elected the fair value option. Such election is irrevocable and is made at the investment level at initial recognition. The debt investments are not publicly traded and are a Level 3 fair value measurement. For investments carried at fair value, the Company records the increase or decrease in fair value as investment income in the Condensed Consolidated Statements of Income (Loss).
Recently Issued Accounting Standards	Recently Issued Accounting Standards In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 scopes in entities with a single reportable segment and requires those entities to provide all disclosures required in Topic 280, requires that current annual disclosures about a reportable segment’s profit or loss and assets also be provided in interim periods and requires other various new disclosures. Enhanced reporting requirements for all entities includes disclosure of (1) significant segment expenses, (2) the title and position of the chief operating decision maker (the “CODM”) and (3) how the CODM uses disclosed measure(s) of a segment’s profit or loss in assessing segment performance and allocating resources. This guidance is effective for public entities for fiscal years beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024. Companies are required to apply the amendments retrospectively to all prior periods presented in the financial statements and early adoption is permitted. The Company is evaluating this guidance and currently expects that adoption will result in new disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires enhanced income tax disclosure including disclosures of specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold, additional disclosures about income taxes paid, and disclosure of pre-tax income or loss from continuing operations disaggregated between domestic and foreign income or loss. This guidance is effective for public business entities for fiscal years beginning after December 15, 2024. Companies should provide the enhanced disclosures on a prospective basis, however retrospective application is permitted. Early adoption is permitted for annual financial statements that have not yet been issued. The Company is evaluating this guidance and currently expects that adoption will result in enhanced income tax disclosures.

v3.24.2.u1

Revenues (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	For the three and six months ended June 30, 2024 and 2023, management fees and incentive fees consisted of the following: Three Months Ended June 30, Six Months Ended June 30, Management fees 2024 2023 2024 2023 Management fees, net $ 96,497  $ 89,730  $ 188,449  $ 178,668  Fund expense reimbursement revenue 3,346  3,834  7,279  7,141  Total management fees $ 99,843  $ 93,564  $ 195,728  $ 185,809  Three Months Ended June 30, Six Months Ended June 30, Incentive fees 2024 2023 2024 2023 Performance fees $ 4,346  $ 269  $ 10,333  $ 513  Carried interest 11,691  12,727  15,822  18,298  Total incentive fees $ 16,037  $ 12,996  $ 26,155  $ 18,811

v3.24.2.u1

Investments (Tables)	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Components of Investments	Investments consist of the following: As of June 30, 2024 December 31, 2023 Equity method investments $ 239,081  $ 228,822  Other investments 12,018  11,380  Total investments $ 251,099  $ 240,202

v3.24.2.u1

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities, Measured at Fair Value	The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis and level of inputs used for such measurements as of June 30, 2024 and December 31, 2023: Fair Value as of June 30, 2024 Level 1 Level 2 Level 3 Total Assets Money market funds $ 32,573  $ —  $ —  $ 32,573  Other investments —  —  11,779  11,779  Total assets $ 32,573  $ —  $ 11,779  $ 44,352  Liabilities Public warrants $ 8,227  $ —  $ —  $ 8,227  Private warrants —  —  529  529  Interest rate derivatives —  3,027  —  3,027  Total liabilities $ 8,227  $ 3,027  $ 529  $ 11,783  Fair Value as of December 31, 2023 Level 1 Level 2 Level 3 Total Assets Money market funds $ 10,282  $ —  $ —  $ 10,282  Other investments —  —  11,192  11,192  Total assets $ 10,282  $ —  $ 11,192  $ 21,474  Liabilities Public warrants $ 6,042  $ —  $ —  $ 6,042  Private warrants —  —  389  389  Interest rate derivatives —  7,469  —  7,469  Total liabilities $ 6,042  $ 7,469  $ 389  $ 13,900
Schedule of Fair Value Measurement Inputs and Valuation Techniques	The position was classified as Level 3 as of June 30, 2024 and December 31, 2023 because of the use of significant unobservable inputs in the Cash Flow Analysis as follows: As of June 30, 2024 As of December 31, 2023 Impact to Valuation from an Increase in Input(2) Significant Unobservable Inputs(1) Range Weighted Average Range Weighted Average Discount rate(3) 26.5% – 27.5% 27.0  % 26.5% - 27.5% 27.0  % Decrease Expected remaining term (years) 8 – 12 N/A 8 – 12 N/A Decrease Expected return – liquid assets(4) 4.0% – 5.0% 4.2  % 2.0% - 5.0% 4.3  % Increase Expected total value to paid in capital – private assets(5) 1.55x – 2.08x 1.86x 1.55x – 2.05x 1.87x Increase ____________ (1)In determining these inputs, management considers the following factors including, but not limited to: liquidity, estimated yield, capital deployment, diversified multi-strategy appreciation, expected net multiple of investment capital across Private Assets investments, annual operating expenses, as well as investment guidelines such as concentration limits, position size, and investment periods. (2)Unless otherwise noted, this column represents the directional change in fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. (3)The discount rate was based on the relevant benchmark rate, spread, and yield migrations on related securitized assets. (4)Inputs were weighted based on actual and estimated expected return included in the range. (5)Inputs were weighted based on the actual and estimated commitments to the respective private asset investments included in the range.
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The following table presents changes in Level 3 assets measured at fair value for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Balance at beginning of period $ 11,621  $ 10,279  $ 11,192  $ 10,007  Change in fair value 158  411  587  683  Balance at end of period $ 11,779  $ 10,690  $ 11,779  $ 10,690
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following table presents changes in Level 3 liabilities measured at fair value for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Balance at beginning of period $ 518  $ 609  $ 389  $ 475  Change in fair value 11  (295) 140  (161) Balance at end of period $ 529  $ 314  $ 529  $ 314

v3.24.2.u1

Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Common Stock Outstanding	The following table shows a rollforward of the common stock outstanding for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 Class A common stock Class B common stock Class C common stock Class A common stock Class B common stock Class C common stock Beginning of period 42,996,776 —  144,235,246 42,988,563 —  144,235,246 Net shares delivered for vested RSUs 1,563,292  —  —  1,571,505  —  —  End of period 44,560,068 — 144,235,246 44,560,068 — 144,235,246 Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Class A common stock Class B common stock Class C common stock Class A common stock Class B common stock Class C common stock Beginning of period 41,390,306 —  144,235,246 41,806,215 —  144,235,246 Net shares delivered for vested RSUs 591,422  —  —  591,422  —  —  Repurchase of Class A shares (148,280) —  —  (564,189) —  —  End of period 41,833,448 — 144,235,246 41,833,448 — 144,235,246
Schedule of Dividends Declared	The table below summarizes dividends declared to date during 2024: Declaration Date Record Date Payment Date Dividend per Common Share February 8, 2024 March 1, 2024 March 15, 2024 $0.11 May 6, 2024 June 3, 2024 June 17, 2024 $0.11 August 7, 2024 September 3, 2024 September 17, 2024 $0.11

v3.24.2.u1

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Maximum Exposure to Loss Relating to Non-consolidated VIEs	The following table sets forth certain information regarding the VIEs in which the Company holds a variable interest but does not consolidate. The assets recognized on the Company’s Condensed Consolidated Statements of Financial Condition relate to the Company’s interests in and management fees, incentive fees and third party costs receivables from these non-consolidated VIEs. The Company’s maximum exposure to loss relating to non-consolidated VIEs as of June 30, 2024 and December 31, 2023 were as follows: As of June 30, 2024 December 31, 2023 Investments $ 107,027  $ 102,109  Receivables 15,879  16,324  Maximum exposure to loss $ 122,906  $ 118,433

v3.24.2.u1

Employee Compensation and Benefits (Tables)	6 Months Ended
	Jun. 30, 2024
Compensation Related Costs [Abstract]
Schedule of Employee Compensation and Benefits	For the three and six months ended June 30, 2024 and 2023, employee compensation and benefits consisted of the following: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cash-based employee compensation and benefits $ 38,733  $ 38,691  $ 76,006  $ 83,144  Equity-based compensation 5,335  3,815  30,805  29,608  Partnership interest-based compensation 11,588  63,127  41,590  74,224  Carried interest compensation 6,860  7,557  9,402  11,117  Cash-based incentive fee related compensation 5,260  1,728  9,449  2,465  Other non-cash compensation 179  (50) 350  534  Total employee compensation and benefits $ 67,955  $ 114,868  $ 167,602  $ 201,092

v3.24.2.u1

Equity-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity	A summary of non-vested equity-classified RSU activity for the six months ended June 30, 2024 is as follows: Number of RSUs Weighted-Average Grant-Date Fair Value Per RSU Balance as of December 31, 2023 2,164,163  $ 8.51  Granted 1,999,283  8.59  Reclassified from liability-classified RSUs 1,976,452  8.10  Vested (2,465,239) 8.84  Forfeited (26,516) 8.47  Balance as of June 30, 2024 3,648,143  8.11  A summary of non-vested liability-classified RSU activity for the six months ended June 30, 2024 is as follows: Number of RSUs Weighted-Average Grant-Date Fair Value Per RSU Balance as of December 31, 2023 3,550,186  $ 7.73  Granted 1,515,093  8.68  Reclassified to equity-classified RSUs (1,976,452) 8.10  Vested (2,693,675) 7.98  Balance as of June 30, 2024 395,152  $ 7.79

v3.24.2.u1

Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Outstanding Debt Balance	The table below summarizes the outstanding debt balance as of June 30, 2024 and December 31, 2023: As of June 30, 2024 December 31, 2023 Senior loan $ 438,000  $ 389,000  Less: debt issuance costs (4,164) (4,273) Total debt $ 433,836  $ 384,727
Schedule of Maturities of Long-term Debt	Maturities of debt for the next five years and thereafter as of June 30, 2024 are as follows: Remainder of 2024 $ 2,190  2025 4,380  2026 4,380  2027 4,380  2028 4,380  Thereafter 418,290  Total $ 438,000

v3.24.2.u1

Interest Rate Derivatives (Tables)	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives Recorded as Derivative Liability	The Company had the following interest rate derivatives recorded within accrued expenses and other liabilities as of June 30, 2024 and December 31, 2023 in the Condensed Consolidated Statements of Financial Condition: Derivative Notional Amount Fair Value as of June 30, 2024 Fair Value as of December 31, 2023 Fixed Rate Paid Floating Rate Received Effective Date(3) Maturity Date Interest rate swap $ 300,000  $ (613) $ (7,469) 4.37  % 1 month Term SOFR(1)(2) November 2022 February 2028 Interest rate swap $ 28,500  $ (261) $ —  4.47  % 1 month Term SOFR(1) May 2024 February 2028 Interest rate swap $ 317,000  $ (2,153) $ —  4.17  % 1 month Term SOFR(1) February 2028 February 2030 ____________ (1)Floating rate received subject to a 0.50% Floor. (2)Refer to Note 11 regarding the interest rate on the 2028 Term Loans for the July 1, 2023 Benchmark Transition Event. The floating rate received under the interest rate swap also defaulted to Term SOFR plus a Benchmark Replacement Adjustment concurrent with the Benchmark Transition Event. (3)Represents the date at which the derivative is in effect and the Company is contractually required to begin payment of interest under the terms of the agreement.
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)	A rollforward of the amounts in accumulated other comprehensive income (loss) (“AOCI”) related to interest rate derivatives designated as cash flow hedges is as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Derivative gain at beginning of period $ 25,007  $ 23,387  $ 21,806  $ 29,130  Amount recognized in other comprehensive income (loss)(1) 141  8,627  6,042  3,988  Amount reclassified from accumulated other comprehensive income (loss) to interest expense (2,726) (2,373) (5,426) (3,477) Derivative gain at end of period 22,422  29,641  22,422  29,641  Less: gain attributable to noncontrolling interests in GCMH 18,810  24,630  18,810  24,630  Derivative gain at end of period, net $ 3,612  $ 5,011  $ 3,612  $ 5,011  ____________ (1)Net of an immaterial tax impact for each of the three and six months ended June 30, 2024 and 2023, respectively.

v3.24.2.u1

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Lease, Cost	The components of operating lease expense recorded within general, administrative and other in the Condensed Consolidated Statements of Income (Loss) were as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Operating lease cost(1) $ 3,069  $ 1,933  $ 5,948  $ 3,802  Variable lease cost(2) 982  1,275  2,077  2,384  Less: sublease income 49  32  115  81  Total lease cost $ 4,002  $ 3,176  $ 7,910  $ 6,105  ____________ (1)Includes less than $0.1 million of short term lease expense for each of three and six months ended June 30, 2024 and 2023. For the three and six months ended June 30, 2024, includes lease cost for two offices in New York due to the build out of new office space. (2)Includes common area maintenance charges and other variable costs not included in the measurement of ROU assets and lease liabilities. The following table summarizes cash flows and other supplemental information related to our operating leases: Six Months Ended June 30, 2024 2023 Cash paid for amounts included in the measurement of operating lease liabilities $ 3,051 $ 4,344 Non-cash ROU assets obtained in exchange for new and extended operating leases $ 8,953 $ 2,034 Weighted average remaining lease term in years 13.7 years 2.5 years Weighted average discount rate 6.4  % 5.1  %
Schedule of Maturities of Operating Lease Liabilities	As of June 30, 2024, the maturities of operating lease liabilities were as follows: Remainder of 2024 $ 2,080  2025 7,571  2026 5,663  2027 6,787  2028 6,619  Thereafter 67,427  Total lease payments 96,147  Less: tenant improvement allowance (15,050) Less: imputed interest (32,718) Total operating lease liabilities $ 48,379

v3.24.2.u1

Earnings (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Reconciliation of Basic and Diluted Earnings Per Share	The following is a reconciliation of basic and diluted earnings (loss) per share for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Numerator for earnings (loss) per share calculation: Net income attributable to GCM Grosvenor Inc., basic $ 4,800  $ 4,848  $ 6,924  $ 3,618  Exchange of Partnership units 3,418  (47,277) (22,234) (63,960) Net income (loss) attributable to common stockholders, diluted 8,218  (42,429) (15,310) (60,342) Denominator for earnings (loss) per share calculation: Weighted-average shares, basic 44,934,623  43,707,111  44,302,442  43,047,388  Exchange of Partnership units 144,235,246  144,235,246  144,235,246  144,235,246  Assumed vesting of RSUs - incremental shares under the treasury stock method 1,008,404  —  —  —  Weighted-average shares, diluted 190,178,273  187,942,357  188,537,688  187,282,634  Basic EPS Net income attributable to common stockholders, basic $ 4,800  $ 4,848  $ 6,924  $ 3,618  Weighted-average shares, basic 44,934,623  43,707,111  44,302,442  43,047,388  Net income per share attributable to common stockholders, basic $ 0.11  $ 0.11  $ 0.16  $ 0.08  Diluted EPS Net income (loss) attributable to common stockholders, diluted $ 8,218  $ (42,429) $ (15,310) $ (60,342) Weighted-average shares, diluted 190,178,273  187,942,357  188,537,688  187,282,634  Net income (loss) per share attributable to common stockholders, diluted $ 0.04  $ (0.23) $ (0.08) $ (0.32)
Schedule of Outstanding Potentially Dilutive Securities Excluded from Calculation of Diluted Earnings Per Share	The following outstanding potentially dilutive securities were excluded from the calculations of diluted earnings (loss) per share attributable to common stockholders because their impact would have been antidilutive for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Public warrants 16,784,970  16,784,970  16,784,970  16,784,970  Private warrants 900,000  900,000  900,000  900,000  Unvested RSUs under the treasury stock method —  65,357  1,639,536  802,515

v3.24.2.u1

Organization (Details)	Jun. 30, 2024	Dec. 31, 2023
GCMH
Finite-Lived Intangible Assets [Line Items]
Ownership percentage by parent	23.60%	23.00%

v3.24.2.u1

Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 116,954	$ 107,613	$ 225,820	$ 206,729
Total management fees
Disaggregation of Revenue [Line Items]
Revenue	99,843	93,564	195,728	185,809
Management fees, net
Disaggregation of Revenue [Line Items]
Revenue	96,497	89,730	188,449	178,668
Fund expense reimbursement revenue
Disaggregation of Revenue [Line Items]
Revenue	3,346	3,834	7,279	7,141
Total incentive fees
Disaggregation of Revenue [Line Items]
Revenue	16,037	12,996	26,155	18,811
Performance fees
Disaggregation of Revenue [Line Items]
Revenue	4,346	269	10,333	513
Carried interest
Disaggregation of Revenue [Line Items]
Revenue	$ 11,691	$ 12,727	$ 15,822	$ 18,298

v3.24.2.u1

Revenues - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue recognized	$ 0.1	$ 0.1	$ 0.1	$ 0.1

v3.24.2.u1

Investments - Components of Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Equity method investments	$ 239,081	$ 228,822
Other investments	12,018	11,380
Total investments	$ 251,099	$ 240,202

v3.24.2.u1

Investments - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Total investments	$ 251,099	$ 240,202
Noncontrolling Interests
Schedule of Equity Method Investments [Line Items]
Total investments	$ 52,100	$ 56,100

v3.24.2.u1

Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets
Money market funds	$ 32,573	$ 10,282
Other investments	11,779	11,192
Total assets	44,352	21,474
Liabilities
Warrant liabilities	8,756	6,431
Interest rate derivatives	3,027	7,469
Total liabilities	11,783	13,900
Public warrants
Liabilities
Warrant liabilities	8,227	6,042
Private warrants
Liabilities
Warrant liabilities	529	389
Level 1
Assets
Money market funds	32,573	10,282
Other investments	0	0
Total assets	32,573	10,282
Liabilities
Interest rate derivatives	0	0
Total liabilities	8,227	6,042
Level 1 | Public warrants
Liabilities
Warrant liabilities	8,227	6,042
Level 1 | Private warrants
Liabilities
Warrant liabilities	0	0
Level 2
Assets
Money market funds	0	0
Other investments	0	0
Total assets	0	0
Liabilities
Interest rate derivatives	3,027	7,469
Total liabilities	3,027	7,469
Level 2 | Public warrants
Liabilities
Warrant liabilities	0	0
Level 2 | Private warrants
Liabilities
Warrant liabilities	0	0
Level 3
Assets
Money market funds	0	0
Other investments	11,779	11,192
Total assets	11,779	11,192
Liabilities
Interest rate derivatives	0	0
Total liabilities	529	389
Level 3 | Public warrants
Liabilities
Warrant liabilities	0	0
Level 3 | Private warrants
Liabilities
Warrant liabilities	$ 529	$ 389

v3.24.2.u1

Fair Value Measurements - Other Investments (Details) - Level 3	Jun. 30, 2024	Dec. 31, 2023
Discount rate | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.265	0.265
Discount rate | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.275	0.275
Discount rate | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted average interest rate	27.00%	27.00%
Expected remaining term (years) | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Expected term (years)	8 years	8 years
Expected remaining term (years) | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Expected term (years)	12 years	12 years
Expected return – liquid assets | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.040	0.020
Expected return – liquid assets | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.050	0.050
Expected return – liquid assets | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted average interest rate	4.20%	4.30%
Expected total value to paid in capital – private assets | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	1.55	1.55
Expected total value to paid in capital – private assets | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	2.08	2.05
Expected total value to paid in capital – private assets | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	1.86	1.87

v3.24.2.u1

Fair Value Measurements - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	$ 11,779	$ 11,192
Warrant liabilities	$ 8,756	$ 6,431
Private warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value (in dollars pes share)	$ 0.59	$ 0.43
Warrant liabilities	$ 529	$ 389
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	11,779	11,192
Level 3 | Private warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities	$ 529	$ 389

v3.24.2.u1

Fair Value Measurements - Level 3 Roll Forward (Details) - Level 3 - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 11,621	$ 10,279	$ 11,192	$ 10,007
Change in fair value	158	411	587	683
Balance at end of period	11,779	10,690	11,779	10,690
Private warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	518	609	389	475
Change in fair value	11	(295)	140	(161)
Balance at end of period	$ 529	$ 314	$ 529	$ 314

v3.24.2.u1

Equity - Common Stock Outstanding (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Class A common stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock outstanding, beginning balance (in shares)	42,996,776	41,390,306	42,988,563	41,806,215
Repurchase of Class A Shares (in shares)		(148,280)		(564,189)
Common stock outstanding, ending balance (in shares)	44,560,068	41,833,448	44,560,068	41,833,448
Class A common stock | Restricted Stock Units (RSUs)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net shares delivered for vested RSUs (in shares)	1,563,292	591,422	1,571,505	591,422
Class B common stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock outstanding, beginning balance (in shares)	0	0	0	0
Repurchase of Class A Shares (in shares)		0		0
Common stock outstanding, ending balance (in shares)	0	0	0	0
Class B common stock | Restricted Stock Units (RSUs)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net shares delivered for vested RSUs (in shares)	0	0	0	0
Class C common stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock outstanding, beginning balance (in shares)	144,235,246	144,235,246	144,235,246	144,235,246
Repurchase of Class A Shares (in shares)		0		0
Common stock outstanding, ending balance (in shares)	144,235,246	144,235,246	144,235,246	144,235,246
Class C common stock | Restricted Stock Units (RSUs)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net shares delivered for vested RSUs (in shares)	0	0	0	0

v3.24.2.u1

Equity - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Feb. 08, 2024	Aug. 08, 2023
Class of Stock [Line Items]
Dividends declared but not paid	$ 1,253,000	$ 857,000	$ 1,253,000	$ 857,000
Repurchased, value		$ 1,145,000		4,478,000
Payments to repurchase Class A common stock			0	$ 4,478,000
Stock repurchase program, remaining authorized repurchase amount	34,700,000		34,700,000
Class A Common Stock And Warrants
Class of Stock [Line Items]
Stock repurchase program, authorized amount					$ 140,000,000	$ 115,000,000
Stock repurchase program, increase in authorized amount					$ 25,000,000
Class A common stock
Class of Stock [Line Items]
Payments to repurchase Class A common stock	0		0
Restricted Stock Units (RSUs)
Class of Stock [Line Items]
Dividends declared but not paid	$ 1,800,000		$ 1,800,000
Repurchased (in shares)	3,249,043		3,264,513
Repurchased, value	$ 30,300,000		$ 30,500,000
Treasury stock acquired, average cost ( in dollars per share)	$ 9.33		$ 9.34
Restricted Stock Units (RSUs) | Class A common stock
Class of Stock [Line Items]
Vested but not yet delivered (in shares)	569,015		569,015

v3.24.2.u1

Equity - Dividends Declared (Details) - Class A common stock - $ / shares	Aug. 07, 2024	May 06, 2024	Feb. 08, 2024
Class of Stock [Line Items]
Common stock, dividends declared (in dollars per share)		$ 0.11	$ 0.11
Subsequent Event
Class of Stock [Line Items]
Common stock, dividends declared (in dollars per share)	$ 0.11

v3.24.2.u1

Warrants - Additional Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) vote $ / shares shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) vote $ / shares shares	Jun. 30, 2023 USD ($)	Dec. 31, 2023 shares
Class of Warrant or Right [Line Items]
Proceeds from exercise of warrants | $	$ 0	$ 0	$ 0	$ 0
Payments to repurchase warrants | $	$ 0	$ 0	$ 0	$ 0
Class A common stock
Class of Warrant or Right [Line Items]
Common stock, number of votes per share | vote	1		1
Public warrants
Class of Warrant or Right [Line Items]
Warrant exercise price (in dollars per share) | $ / shares	$ 11.50		$ 11.50
Expected term (in years)	5 years		5 years
Outstanding (in shares)	16,784,970		16,784,970		16,784,970
Public warrants | Class A common stock
Class of Warrant or Right [Line Items]
Number of shares called by each warrant (in shares)	1		1
Private warrants
Class of Warrant or Right [Line Items]
Outstanding (in shares)	900,000		900,000		900,000

v3.24.2.u1

Variable Interest Entities - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments	$ 107,027	$ 102,109
Variable Interest Entity, Not Primary Beneficiary | Noncontrolling Interests
Variable Interest Entity [Line Items]
Investments	28,700	30,900
Unfunded Commitments
Variable Interest Entity [Line Items]
Commitment amount	90,200	85,600
Unfunded Commitments | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Commitment amount	$ 42,200	$ 42,100

v3.24.2.u1

Variable Interest Entities - Maximum Exposure to Loss Relating to Non-consolidated VIEs (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Investments	$ 107,027	$ 102,109
Receivables	15,879	16,324
Maximum exposure to loss	$ 122,906	$ 118,433

v3.24.2.u1

Employee Compensation and Benefits - Employee Compensation and Benefits (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Compensation Related Costs [Abstract]
Cash-based employee compensation and benefits	$ 38,733	$ 38,691	$ 76,006	$ 83,144
Equity-based compensation	5,335	3,815	30,805	29,608
Partnership interest-based compensation	11,588	63,127	41,590	74,224
Carried interest compensation	6,860	7,557	9,402	11,117
Cash-based incentive fee related compensation	5,260	1,728	9,449	2,465
Other non-cash compensation	179	(50)	350	534
Total employee compensation and benefits	$ 67,955	$ 114,868	$ 167,602	$ 201,092

v3.24.2.u1

Employee Compensation and Benefits - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
	May 09, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Compensation Items [Line Items]
Partnership interest-based compensation		$ 11,588	$ 63,127	$ 41,590	$ 74,224
Interest-based compensation, award modifications		0	0	18,500	0
Interest-based compensation expense, profit interest		2,400	8,500	4,800	14,300
Holding Awards
Compensation Items [Line Items]
Partnership interest-based compensation		3,700	49,100	7,400	49,100
Aggregate grant date fair value	$ 155,500
Nonvested award, cost not yet recognized, amount		$ 7,500		$ 7,500
Nonvested award, cost not yet recognized, period for recognition (in years)		6 months		6 months
Target amount reserved						$ 80,000
Estimated holding period (in years)	10 years
Pre-tax cost of equity percentage	15.40%
Discount rate (as percent)	13.00%
Volatility rate (as percent)	35.00%
Discount rate for lack of marketability (as percent)	40.00%
Holdings, Holdings II and Management LLC
Compensation Items [Line Items]
Partnership interest-based compensation		$ 11,600	63,100	$ 41,600	74,200
GCMH Equityholders Awards
Compensation Items [Line Items]
Partnership interest-based compensation		5,500	$ 5,500	10,900	$ 10,800
Equityholders awards, aggregate grant fair value (in shares)							7,169,415
Aggregate grant date fair value							$ 53,400
Equityholders awards, grant fair value (in dollars per share)							$ 7.45
Nonvested award, cost not yet recognized, amount		$ 18,200		$ 18,200
Nonvested award, cost not yet recognized, period for recognition (in years)		9 months 18 days		9 months 18 days

v3.24.2.u1

Equity-Based Compensation - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 5,335	$ 3,815	$ 30,805	$ 29,608
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) | shares			1,999,283
Aggregate grant date fair value			$ 17,200
Reclassified from liability-classified RSUs (in shares) | shares			1,976,452
Vesting ratio	0.33		0.33
Award vesting period (in years)			2 years
Vested in period, fair value	$ 17,600		$ 43,300
Equity-based compensation	5,300	$ 3,800	30,800	$ 29,600
Cost not yet recognized	$ 28,200		$ 28,200
Period for recognition (in years)			2 years 7 months 6 days
Tax benefit			$ 2,600
Liability-Classified RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) | shares			1,515,093
Aggregate grant date fair value			$ 13,200
Other Awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			1 year
Other Awards | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			3 years

v3.24.2.u1

Equity-Based Compensation - Restricted Stock and Restricted Stock Unit, Activity (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Restricted Stock Units (RSUs)
Number of RSUs
Beginning balance (in shares) | shares	2,164,163
Granted (in shares) | shares	1,999,283
Reclassified from liability-classified RSUs (in shares) | shares	1,976,452
Vested (in shares) | shares	(2,465,239)
Forfeited (in shares) | shares	(26,516)
Ending balance (in shares) | shares	3,648,143
Weighted-Average Grant-Date Fair Value Per RSU
Beginning balance (in dollars per share) | $ / shares	$ 8.51
Granted (in dollars per share) | $ / shares	8.59
Reclassified to liability-classified RSUs (in dollars per share) | $ / shares	8.10
Vested (in dollars per share) | $ / shares	8.84
Forfeited (in dollars per share) | $ / shares	8.47
Ending balance (in dollars per share) | $ / shares	$ 8.11
Liability-Classified RSUs
Number of RSUs
Beginning balance (in shares) | shares	3,550,186
Granted (in shares) | shares	1,515,093
Reclassified to equity-classified RSUs (in shares) | shares	(1,976,452)
Vested (in shares) | shares	(2,693,675)
Ending balance (in shares) | shares	395,152
Weighted-Average Grant-Date Fair Value Per RSU
Beginning balance (in dollars per share) | $ / shares	$ 7.73
Granted (in dollars per share) | $ / shares	8.68
Reclassified to equity-classified RSUs (in dollar per share) | $ / shares	8.10
Vested (in dollars per share) | $ / shares	7.98
Ending balance (in dollars per share) | $ / shares	$ 7.79

v3.24.2.u1

Debt - Debt Outstanding (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Senior loan	$ 438,000
Less: debt issuance costs	(4,164)	$ (4,273)
Total debt	433,836	384,727
Senior loan
Debt Instrument [Line Items]
Senior loan	$ 438,000	$ 389,000

v3.24.2.u1

Debt - Maturities of Debt (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Debt Disclosure [Abstract]
Remainder of 2024	$ 2,190
2025	4,380
2026	4,380
2027	4,380
2028	4,380
Thereafter	418,290
Total	$ 438,000

v3.24.2.u1

Debt - Additional Information (Details) - USD ($)					3 Months Ended		6 Months Ended		35 Months Ended
	Jul. 01, 2024	May 21, 2024	Jul. 01, 2023	Feb. 24, 2021	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	May 21, 2024	Dec. 31, 2023	Jun. 23, 2021	Jan. 02, 2014
Debt Instrument [Line Items]
Debt issuance costs, net					$ 4,164,000		$ 4,164,000			$ 4,273,000
Loss on extinguishment of debt							157,000	$ 0
Senior loan					438,000,000		438,000,000
Amortization of debt issuance costs					200,000	$ 200,000	$ 508,000	$ 547,000
Senior loan
Debt Instrument [Line Items]
Prepayment deadline following quarterly financial statements (in days)							5 days
Senior loan					438,000,000		$ 438,000,000			389,000,000
Senior loan | Amended 2028 Term Loans
Debt Instrument [Line Items]
Face amount		$ 388,000,000		$ 290,000,000.0					$ 388,000,000
Periodic principal payment									1,000,000
Senior loan					$ 438,000,000.0		$ 438,000,000.0			$ 389,000,000.0
Weighted average interest rate (as percent)					7.86%		7.86%			7.59%
Senior loan | Amended 2028 Term Loans | Subsequent Event
Debt Instrument [Line Items]
Periodic principal payment	$ 1,100,000
Senior loan | Amended 2028 Term Loans | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)				2.50%
Debt, LIBOR floor (as percent)				0.50%
Senior loan | Amended 2028 Term Loans | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)		2.25%	0.11%
Senior loan | Amended Term Loan Facility Due February 24, 2028, Amendment 1
Debt Instrument [Line Items]
Debt issuance costs, net		$ 400,000		$ 900,000					400,000
Third-party costs					$ 3,000,000.0		$ 3,000,000.0
Loss on extinguishment of debt					200,000		200,000
Senior loan | Amended Term Loan Facility Due February 24, 2028, Amendment 2
Debt Instrument [Line Items]
Face amount											$ 400,000,000.0
Debt issuance costs, net											$ 2,200,000
Senior loan | Amended Term Loan Facility Due February 24, 2030
Debt Instrument [Line Items]
Face amount		$ 438,000,000							$ 438,000,000
Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity												$ 50,000,000
Commitment fee percentage		0.50%
Line of credit outstanding					$ 0		$ 0			$ 0

v3.24.2.u1

Interest Rate Derivatives - Interest Rate Derivatives Recorded as Derivative Liability (Details) - USD ($)	Jun. 30, 2024	May 31, 2024	May 24, 2024	Dec. 31, 2023	Jun. 30, 2023	Nov. 01, 2022
Interest Rate Swap, 4.37%
Derivative [Line Items]
Notional Amount	$ 300,000,000
Fair Value, Asset (Liability)	$ (613,000)			$ (7,469,000)
Fixed Rate Paid	4.37%					4.37%
Derivative, LIBOR floor (as percent)	0.50%				0.50%
Interest Rate Swap, 4.47%
Derivative [Line Items]
Notional Amount	$ 28,500,000
Fair Value, Asset (Liability)	$ (261,000)			0
Fixed Rate Paid	4.47%	4.47%
Derivative, LIBOR floor (as percent)		0.50%
Interest Rate Swap, 4.17%
Derivative [Line Items]
Notional Amount	$ 317,000,000
Fair Value, Asset (Liability)	$ (2,153,000)			$ 0
Fixed Rate Paid	4.17%		4.17%
Derivative, LIBOR floor (as percent)			0.50%

v3.24.2.u1

Interest Rate Derivatives - Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Derivative [Roll Forward]
Beginning balance	$ (100,871)	$ (108,074)	$ (111,229)	$ (94,006)
Amount reclassified from accumulated other comprehensive income (loss) to interest expense	1,900	1,900	3,800	2,900
Ending balance	(93,707)	(100,883)	(93,707)	(100,883)
Derivative gain at end of period, net	(28,499)		(28,499)		$ (27,634)
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest
Derivative [Roll Forward]
Beginning balance	25,007	23,387	21,806	29,130
Amount recognized in other comprehensive income (loss)	141	8,627	6,042	3,988
Amount reclassified from accumulated other comprehensive income (loss) to interest expense	(2,726)	(2,373)	(5,426)	(3,477)
Ending balance	22,422	29,641	22,422	29,641
Less: gain attributable to noncontrolling interests in GCMH	18,810	24,630	18,810	24,630
Derivative gain at end of period, net	3,612	5,011	3,612	5,011
Gain (loss) relating to derivative instruments, reclassification from AOCI to interest expense	0	0	0	0
Accumulated Gain (Loss), Net, Cash Flow Hedge, Noncontrolling Interest
Derivative [Roll Forward]
Less: gain attributable to noncontrolling interests in GCMH	18,810	24,630	18,810	24,630
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
Derivative [Roll Forward]
Derivative gain at end of period, net	$ 3,612	$ 5,011	$ 3,612	$ 5,011

v3.24.2.u1

Interest Rate Derivatives - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Oct. 31, 2022	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	May 31, 2024	May 24, 2024	Nov. 01, 2022
Derivative [Line Items]
Amount reclassified from accumulated other comprehensive income (loss) to interest expense		$ (1,900,000)	$ (1,900,000)	$ (3,800,000)	$ (2,900,000)
Amount expected to be reclassified to interest expense in next twelve months		$ 9,800,000		$ 9,800,000
Interest Rate Swap, 1.33% and 1.39%
Derivative [Line Items]
Interest rate swap, cash received	$ 40,300,000
Interest Rate Swap, 4.37%
Derivative [Line Items]
Notional Amount								$ 300,000,000
Fixed Rate Paid		4.37%		4.37%				4.37%
Derivative, LIBOR floor (as percent)		0.50%	0.50%	0.50%	0.50%
Interest Rate Swap, 4.47%
Derivative [Line Items]
Notional Amount						$ 28,500,000
Fixed Rate Paid		4.47%		4.47%		4.47%
Derivative, LIBOR floor (as percent)						0.50%
Interest Rate Swap, 4.17%
Derivative [Line Items]
Notional Amount							$ 317,000,000
Fixed Rate Paid		4.17%		4.17%			4.17%
Derivative, LIBOR floor (as percent)							0.50%

v3.24.2.u1

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended		6 Months Ended		12 Months Ended
	Mar. 11, 2021	Jun. 30, 2024	Jan. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2019	Dec. 31, 2023
Loss Contingencies [Line Items]
Cash paid for amounts included in the measurement of operating lease liabilities				$ 3,051	$ 4,344
Weighted average remaining lease term in years		13 years 8 months 12 days		13 years 8 months 12 days	2 years 6 months
Tenant improvement allowance		$ 15,050		$ 15,050
Management fee duration (in years)						5 years
Fixed Management Fee
Loss Contingencies [Line Items]
Annual management fee				300		$ 500
Unfunded Commitments
Loss Contingencies [Line Items]
Commitment amount		90,200		$ 90,200			$ 85,600
Office Building | UNITED KINGDOM
Loss Contingencies [Line Items]
Cash paid for amounts included in the measurement of operating lease liabilities			$ 2,700
Weighted average remaining lease term in years			5 years
Operating lease rent concession period			10 months
Office Building | ILLINOIS
Loss Contingencies [Line Items]
Cash paid for amounts included in the measurement of operating lease liabilities		$ 17,600
Weighted average remaining lease term in years		13 years 2 months 12 days		13 years 2 months 12 days
Operating lease rent concession period		12 months
Tenant improvement allowance		$ 8,000		$ 8,000
Air Transportation Equipment
Loss Contingencies [Line Items]
Percent of asset acquired (as percent)						12.50%
Air Transportation Equipment | GCMH
Loss Contingencies [Line Items]
Percent of asset acquired (as percent)	12.50%
Percent of asset ownership assigned to partner (as percent)	50.00%
Cash consideration received from assignment of asset interest	$ 1,300

v3.24.2.u1

Commitments and Contingencies - Components of Operating Lease (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) office	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) office	Jun. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 3,069	$ 1,933	$ 5,948	$ 3,802
Variable lease cost	982	1,275	2,077	2,384
Less: sublease income	49	32	115	81
Total lease cost	4,002	3,176	7,910	6,105
Short-term lease (less than)	$ 100	$ 100	$ 100	$ 100
Number of offices | office	2		2

v3.24.2.u1

Commitments and Contingencies - Supplemental of Cash Flow (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 3,051	$ 4,344
Non-cash ROU assets obtained in exchange for new and extended operating leases	$ 8,953	$ 2,034
Weighted average remaining lease term in years	13 years 8 months 12 days	2 years 6 months
Weighted average discount rate	6.40%	5.10%

v3.24.2.u1

Commitments and Contingencies - Operating Lease Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2024	$ 2,080
2025	7,571
2026	5,663
2027	6,787
2028	6,619
Thereafter	67,427
Total lease payments	96,147
Less: tenant improvement allowance	(15,050)
Less: imputed interest	(32,718)
Total operating lease liabilities	$ 48,379	$ 41,481

v3.24.2.u1

Related Parties (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Jan. 01, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related Party
Related Party Transaction [Line Items]
Net receivables from related parties		$ 9.1		$ 9.1		$ 13.5
Affiliated Entity | Aircraft Utilization | GCMH
Related Party Transaction [Line Items]
Amounts of transaction		0.8	$ 0.7	0.8	$ 1.5
Management
Related Party Transaction [Line Items]
Investment balance of related party		414.7		414.7		377.5
Affiliated Entity | Related Party
Related Party Transaction [Line Items]
Net receivables from related parties		$ 0.1		$ 0.1		$ 0.1
Affiliated Entity | Related Party | GCMH
Related Party Transaction [Line Items]
Cash consideration	$ 2.0

v3.24.2.u1

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate (as percent)	20.00%	(6.00%)	(273.00%)	(5.00%)
Unrecognized tax benefits	$ 1.0		$ 1.0

v3.24.2.u1

Earnings (Loss) Per Share - Reconciliation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator for earnings (loss) per share calculation:
Net income attributable to GCM Grosvenor Inc., basic	$ 4,800	$ 4,848	$ 6,924	$ 3,618
Net income (loss) attributable to common stockholders, diluted	$ 8,218	$ (42,429)	$ (15,310)	$ (60,342)
Denominator for earnings (loss) per share calculation:
Weighted-average shares, basic (in shares)	44,934,623	43,707,111	44,302,442	43,047,388
Exchange of Partnership units (in shares)	144,235,246	144,235,246	144,235,246	144,235,246
Assumed vesting of RSUs - incremental shares under the treasury stock method (in shares)	1,008,404	0	0	0
Weighted-average shares, diluted (in shares)	190,178,273	187,942,357	188,537,688	187,282,634
Basic EPS
Net income attributable to common stockholders, basic	$ 4,800	$ 4,848	$ 6,924	$ 3,618
Weighted-average shares, basic (in shares)	44,934,623	43,707,111	44,302,442	43,047,388
Net income per share attributable to common stockholders, basic (in dollars per share)	$ 0.11	$ 0.11	$ 0.16	$ 0.08
Diluted EPS
Net income (loss) attributable to common stockholders, diluted	$ 8,218	$ (42,429)	$ (15,310)	$ (60,342)
Weighted-average shares, diluted (in shares)	190,178,273	187,942,357	188,537,688	187,282,634
Net income (loss) per share attributable common stockholders, diluted (in dollars per share)	$ 0.04	$ (0.23)	$ (0.08)	$ (0.32)
Partnership Units
Numerator for earnings (loss) per share calculation:
Exchange of Partnership units	$ 3,418	$ (47,277)	$ (22,234)	$ (63,960)

v3.24.2.u1

Earnings (Loss) Per Share - Potentially Dilutive Securities Excluded from Calculation of EPS (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Warrant | Public warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	16,784,970	16,784,970	16,784,970	16,784,970
Warrant | Private warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	900,000	900,000	900,000	900,000
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	0	65,357	1,639,536	802,515

v3.24.2.u1

Subsequent Events (Details) - $ / shares	May 06, 2024	Feb. 08, 2024
Class A common stock
Subsequent Event [Line Items]
Common stock, dividends declared (in dollars per share)	$ 0.11	$ 0.11

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