GCM Grosvenor Q3 net income rises 17% to $12.3M
A $0.12 per-share dividend is payable December 15, 2026, and $54.1 million remained under the share repurchase authorization as of September 30, 2026.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
GCM Grosvenor Inc. (GCMG) reported third-quarter 2026 results for the three months ended September 30, 2026. GAAP revenue was $145.6 million, up 8% year over year, and net income attributable to GCM Grosvenor Inc. was $12.3 million, up 17%; diluted Class A earnings per share were $0.17, up 6%. Fee-Related Revenue was $115.2 million, up 10%; Fee-Related Earnings was $53.9 million and Adjusted EBITDA was $64.4 million, both up 15%. Adjusted Net Income was $44.6 million, up 20%. The company identifies these fee-related and adjusted measures as non-GAAP.
Assets under management were $98.0 billion as of September 30, 2026, up 13% from a year earlier; Fee-Paying AUM was $78.1 billion, up 11%. The firm raised $2.7 billion of new capital in the quarter and $10.0 billion over the last twelve months. The board approved a $0.12 per-share dividend payable on December 15, 2026, to shareholders of record December 1, 2026. GCM Grosvenor repurchased 0.1 million Class A shares for $0.9 million during the quarter; the company says this includes $0.9 million of deemed repurchases for RSUs settled in cash. Of its $255.0 million authorization, $54.1 million remained available as of September 30, 2026.
6 points · 0 major0 major · 0 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointQ3 GAAP revenue was $145.6 million, up 8%; nine-month revenue was $404.7 million, up 6%.
- Moderate pointQ3 net income attributable to GCM Grosvenor Inc. was $12.3 million, up 17%.
- Moderate pointFee-Related Revenue was $115.2 million, up 10% for Q3 and $332.8 million, up 7% for nine months.
- Moderate pointFee-Related Earnings were $53.9 million, up 15% for Q3 and $150.8 million, up 11% for nine months.
- Moderate pointAdjusted EBITDA was $64.4 million, up 15% for Q3 and $175.0 million, up 10% for nine months.
- Moderate pointAdjusted Net Income was $44.6 million, up 20% for Q3 and $119.8 million, up 15% for nine months.
Negative
- None.
Filing Explained
The presentation’s ownership table as of
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
GAAP revenue: $145.6 million
GAAP net income attributable to GCM Grosvenor Inc.: $12.3 million
Diluted Class A earnings per share: $0.17 per share
+5 more
8 metrics
GAAP revenue
$145.6 million
Three months ended September 30, 2026; up 8% versus Q3 2025
GAAP net income attributable to GCM Grosvenor Inc.
$12.3 million
Three months ended September 30, 2026; up 17% versus Q3 2025
Diluted Class A earnings per share
$0.17 per share
Three months ended September 30, 2026; up 6% versus Q3 2025
Fee-Related Earnings
$53.9 million
Three months ended September 30, 2026; up 15% versus Q3 2025
Adjusted EBITDA
$64.4 million
Three months ended September 30, 2026; up 15% versus Q3 2025
Adjusted Net Income
$44.6 million
Three months ended September 30, 2026; up 20% versus Q3 2025
Assets under management
$98.0 billion
As of September 30, 2026; up 13% versus September 30, 2025
New capital raised
$2.7 billion
Third quarter 2026
Key Terms
Fee-Paying Assets Under Management, Contracted, Not Yet Fee-Paying AUM, Fee-Related Earnings, carried interest, +1 more
5 terms
Fee-Paying Assets Under Management financial
"Fee-Paying Assets Under Management (“FPAUM” or “Fee-Paying AUM”) is a key performance indicator"
The portion of an investment manager’s total assets that are charged regular fees by clients—money the firm actively manages and earns a fee on, such as mutual funds, advisory accounts, or managed portfolios. It matters to investors because it directly drives a manager’s revenue and profit potential: more fee-paying assets are like more rented storage units bringing steady rent, while declines or lower fee rates shrink future income and make the business more sensitive to client withdrawals.
Contracted, Not Yet Fee-Paying AUM financial
"Contracted, Not Yet Fee-Paying AUM (“CNYFPAUM”) represents limited partner commitments"
carried interest financial
"Firm Share of Unrealized Carried Interest Balance"
Carried interest is a share of the profits earned by investment managers from the investments they oversee, serving as their reward for successful performance. It functions like a bonus that motivates managers to maximize returns for investors, similar to earning a commission based on performance. This income is often taxed at a lower rate than regular income, making it a significant aspect of investment compensation.
Tax receivable agreement financial
"Payable to related parties pursuant to the tax receivable agreement"
A contract in which a company agrees to pay a specified party (often former owners after a spinoff or IPO) a share of future tax savings the company realizes. Think of it like agreeing to share a future tax refund with someone who helped create the conditions for that refund. For investors it matters because those payments reduce the cash the company can use for dividends, buybacks, or reinvestment, and therefore affect valuation and returns.
Earnings Snapshot
GAAP revenue: $145.6 million
Three months ended September 30, 2026
GAAP revenue
$145.6 million
Up 8% year over year
GAAP net income attributable to GCM Grosvenor Inc.
$12.3 million
Up 17% year over year
Diluted Class A earnings per share
$0.17 per share
Up 6% year over year
Fee-Related Earnings
$53.9 million
Up 15% year over year
Adjusted EBITDA
$64.4 million
Up 15% year over year
Adjusted Net Income
$44.6 million
Up 20% year over year
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue did GCMG report for Q3 2026?
GCM Grosvenor reported $145.6 million in GAAP revenue for the three months ended September 30, 2026, up 8% from the third quarter of 2025.
What dividend did GCMG declare, and when is it payable?
The board approved a $0.12 per-share dividend, payable December 15, 2026, to shareholders of record December 1, 2026.
How much contracted AUM is not yet fee-paying at GCM Grosvenor?
As of September 30, 2026, contracted, not yet fee-paying AUM was $10.6 billion. Approximately $1.9 billion is subject to an agreed fee ramp-in schedule, with management fees charged on approximately less than $0.1 billion in 2026, approximately $0.7 billion in 2027, and approximately $1.2 billion in 2028 and beyond. For approximately $8.7 billion, fees will be charged as the capital is invested.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) November 9, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||
(312 ) 506-6500
Registrant’s telephone number, including area code
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On November 9, 2026 , GCM Grosvenor Inc. (the “Company”) reported financial results for the three and nine months ended September 30, 2026. The full text of the press release and earnings presentation issued in connection with the announcement is furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K and is incorporated herein by reference.
The information contained in this Item 2.02, including Exhibit 99.1 and Exhibit 99.2, is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly provided by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |||||||
| 99.1 | Press Release, dated November 9, 2026 | |||||||
| 99.2 | 2026 Third Quarter Results—Earnings Presentation, dated November 9, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| GCM Grosvenor Inc. | |||||||||||
Date: | By: | /s/ Michael J. Sacks | |||||||||
| Name: | Michael J. Sacks | ||||||||||
| Title: | Chief Executive Officer | ||||||||||
2
PRESS RELEASE
GCM Grosvenor Reports Third Quarter 2026 Earnings Results With GAAP Net Income up 17%,
Fee-Related Earnings Up 15%, and Adjusted Net Income Up 20% Year-Over-Year
Fee-Related Earnings Up 15%, and Adjusted Net Income Up 20% Year-Over-Year
CHICAGO, November 9, 2026 – GCM Grosvenor (Nasdaq: GCMG), a global alternative asset management solutions provider, today reported its results for the third quarter 2026.
GCM Grosvenor issued a detailed presentation of its results to the Public Shareholders section of GCM Grosvenor’s website at https://www.gcmgrosvenor.com/shareholder-events.
The firm’s Board of Directors also approved a $0.12 per share dividend payable on December 15, 2026 to shareholders on record December 1, 2026.
Conference Call
A conference call to discuss GCM Grosvenor’s financial results will be held today, Monday, November 9, 2026, at 9:00 a.m. ET. The call will be accessible via public webcast from the Public Shareholders section of GCM Grosvenor’s website at https://www.gcmgrosvenor.com/shareholder-events, and a replay of the live broadcast will be available on the website soon after the call’s completion.
The call can also be accessed by dialing (800) 330-6710 (toll-free) or (312) 471-1353 and using the passcode 7681282.
About GCM Grosvenor
GCM Grosvenor (Nasdaq: GCMG) is a global alternative asset management solutions provider with approximately $98 billion in assets under management across private equity, infrastructure, real estate, credit, and absolute return investment strategies. Specializing in alternatives for more than 50 years, the firm serves a global institutional and individual client base through a team of approximately 570 professionals. GCM Grosvenor is headquartered in Chicago, with offices in New York, Toronto, London, Frankfurt, Tokyo, Hong Kong, Seoul, and Sydney. For more information, visit: gcmgrosvenor.com.
Non-GAAP Financial Measures
Included in the results above, we report certain financial measures that are not required by, or presented in accordance with, GAAP. Management uses these non-GAAP measures to assess the performance of our business across reporting periods and believes this information is useful to investors for the same reasons. These non-GAAP measures should not be considered a substitute for the most directly comparable GAAP measures, which we reconcile within the detailed presentation discussed above. Further, these measures have limitations as analytical tools, and when assessing our operating performance, you should not consider these measurements in isolation or as a substitute for GAAP measures including net income (loss). We may calculate or present these non-GAAP financial measures differently than other companies who report measures with the same or similar names, and as a result, the non-GAAP measures we report may not be comparable.
Share Repurchase Plan Authorization
GCMG’s Board of Directors previously authorized a share repurchase plan, which may be used to repurchase shares of our outstanding Class A common stock and then outstanding warrants in open market transactions, in privately negotiated transactions including with employees or otherwise, as well as to retire (by cash settlement or the payment of tax withholding amounts upon net settlement) equity-based awards granted under the Company’s Amended and Restated 2020 Incentive Award Plan (or any
successor equity plan thereto). The Company is not obligated under the terms of plan to repurchase any of its Class A common stock or warrants, and the size and timing of these repurchases will depend on legal requirements, price, market and economic conditions and other factors. The plan has no expiration date and the plan may be suspended or terminated by the Company at any time without prior notice. Any shares of Class A common stock repurchased as part of this plan will be canceled. Of the Company's $255.0 million total share repurchase authorization, $54.1 million remained available as of September 30, 2026.
Public Shareholders Contact
Stacie Selinger
Stacie Selinger
sselinger@gcmlp.com
312-506-6583
Media Contact
Dana Gorman
Dana Gorman
H/Advisors (on behalf of GCM Grosvenor)
dana.gorman@h-advisors.global
212-371-5999
Source: GCM Grosvenor
2026 Third Quarter Results Earnings Presentation
GCM GROSVENOR | 2 GCM Grosvenor Reports Q3 2026 Results "We are pleased to report a strong third quarter 2026 with GAAP Net Income, Fee-Related Earnings, Adjusted EBITDA and Adjusted Net Income up 17%, 15%, 15% and 20% from a year ago," said Michael Sacks, GCM Grosvenor's Chairman and Chief Executive Officer. "Our $2.7 billion of fundraising, robust near-term pipeline, and increased carried interest at NAV position us well for future growth." CHICAGO, November 9, 2026 – GCM Grosvenor (Nasdaq: GCMG), a leading global alternative asset management solutions provider, today reported results for the third fiscal quarter ended September 30, 2026. Dividend GCM Grosvenor's Board of Directors approved a $0.12 per share dividend payable on December 15, 2026 to shareholders of record December 1, 2026. Conference Call Management will host a webcast and conference call at 9:00 a.m. ET today to discuss the company’s results. The conference call will also be available via public webcast from the Public Shareholders section of GCM Grosvenor’s website at www.gcmgrosvenor.com/public- shareholders and a replay will be available on the website soon after the call’s completion. To listen to the live broadcast, participants are encouraged to go to the site 15 minutes prior to the scheduled call time in order to register. The call can also be accessed by dialing (800) 330-6710 / (312) 471-1353 and using the passcode: 7681282. About GCM Grosvenor GCM Grosvenor (Nasdaq: GCMG) is a global alternative asset management solutions provider with approximately $98 billion in assets under management across private equity, infrastructure, real estate, credit, and absolute return investment strategies. Specializing in alternatives for more than 50 years, the firm serves a global institutional and individual client base through a team of approximately 570 professionals. GCM Grosvenor is headquartered in Chicago, with offices in New York, Toronto, London, Frankfurt, Tokyo, Hong Kong, Seoul, and Sydney. For more information, visit: www.gcmgrosvenor.com.
GCM GROSVENOR | 3 THIS PRESENTATION CONTAINS CERTAIN FORWARD- LOOKING STATEMENTS within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the expected future performance of GCM Grosvenor’s business. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward- looking statements in this presentation, including without limitation, the historical performance of GCM Grosvenor's funds may not be indicative of GCM Grosvenor's future results; risks related to redemptions and termination of engagements; the variable nature of GCM Grosvenor's revenues; competition in GCM Grosvenor's industry; effects of government regulation or compliance failures; market, geopolitical and economic conditions; identification and availability of suitable investment opportunities; risks relating to our internal control over financial reporting; and risks related to the performance of GCM Grosvenor's investments. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” sections of the Annual Report on Form 10-K filed by GCM Grosvenor Inc. on February 19, 2026 and its other filings with the U.S. Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward- looking statements. Past performance is not a guarantee or necessarily indicative of future results. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and GCM Grosvenor assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Forward-Looking Statements Media Contact Dana Gorman H/Advisors (on behalf of GCM Grosvenor) dana.gorman@h-advisors.global 212-371-5999 Public Shareholders Contact Stacie Selinger Head of Investor Relations sselinger@gcmlp.com 312-506-6583
GCM GROSVENOR | 4 $bn SEPTEMBER 30, 2025 SEPTEMBER 30, 2026 % CHANGE VS Q3 25 AUM $ 87.0 $ 98.0 13 % FPAUM 70.2 78.1 11 % Private Markets FPAUM 46.2 50.0 8 % Absolute Return Strategies FPAUM 23.9 28.2 18 % CNYFPAUM1 9.2 10.6 16 % $mm THREE MONTHS ENDED SEPTEMBER 30, 2026 % CHANGE VS QTD Q3 25 NINE MONTHS ENDED SEPTEMBER 30, 2026 % CHANGE VS YTD Q3 25 GAAP Revenue $ 145.6 8 % $ 404.7 6 % GAAP net income attributable to GCM Grosvenor Inc. 12.3 17 % 27.3 3 % Earnings (loss) per share of Class A common stock - Diluted 0.17 6 % 0.34 48 % Fee-Related Revenue2 115.2 10 % 332.8 7 % Private Markets Management Fees2 66.4 7 % 196.0 4 % Absolute Return Strategies Management Fees2 46.8 19 % 130.9 13 % Fee-Related Earnings 53.9 15 % 150.8 11 % Adjusted EBITDA3 64.4 15 % 175.0 10 % Adjusted Net Income3, 4 44.6 20 % 119.8 15 % Adjusted Net Income Per Share3 0.22 16 % 0.59 11 % • Raised $2.7 billion of new capital in the third quarter 2026, bringing last twelve month fundraising to $10.0 billion • Fee-Paying AUM increased to $78 billion as of quarter end, increasing 11% over the prior year ◦ Absolute Return Strategies was a key growth driver, with ARS Fee-Paying AUM increasing 18% over the prior year • Solid financial results for the quarter ◦ Q3 2026 GAAP Net Income attributable to GCM Grosvenor Inc. was $12.3 million ◦ Q3 2026 Fee-Related Revenue increased 10% compared to prior year QTD ◦ Q3 2026 Fee-Related Earnings increased 15% compared to prior year QTD ◦ Q3 2026 Adjusted Net Income3, 4 increased 20% and Adjusted Net Income Per Share3 increased 16% compared to prior year QTD Note: Figures may not sum, due to rounding 1-4. See Notes towards the end of the document. Third Quarter 2026 Results
GCM GROSVENOR | 5 Adjusted Earnings Fee-Related Earnings (mm) Adjusted EBITDA (mm) Adjusted Net Income (mm) Longer-Term Trends $91.0 $181.5 91.0 181.5 2020 LTM $95.1 $200.6 2020 LTM $147.0 $261.7 2020 LTM 11% CAGR 13% CAGR 14% CAGR $104.6 $119.8 104.6 119.8 YTD 2025 YTD 2026 $135.3 $150.8 YTD 2025 YTD 2026 $158.9 $175.0 YTD 2025 YTD 2026 10% 15%11%
GCM GROSVENOR | 6 Growth in Key Business Drivers December 31, 2020 September 30, 2026 Growing Earnings Power $62bn $98bn AUM Private Markets Growing as a Percentage 59% 70% Private Markets % of AUM Shifting Towards Direct- Oriented Strategies 39% 55% Direct-Oriented Strategies % of Private Markets AUM Operating Leverage in Business 31% 46% LTM FRE Margin Carried Interest Earnings Potential Increasing $133mm $592mm Firm Share of Unrealized Carried Interest Balance5 5. See Notes towards the end of the document.
GCM GROSVENOR | 7 80%+ Average annual management fees, net as a % of revenue over the last five years8 $2.4bn Insurance fundraising in the last 2 years $2.2bn Individual investor fundraising in the last 2 years Growing, Recurring Management Fees 1, 6-10. See Notes towards the end of the document. Client Retention Insurance Margin Expansion Individual Investor Approximately 90% Private Markets Re-Up Rate10 Key Long-Term Growth Drivers Compounding Capital Expanding Institutional Geographically Meaningful Embedded Growth 47% % of institutional fundraising in the last 2 years outside of the U.S. $10.6bn Contracted Not Yet Fee-Paying AUM1 11% Absolute Return Strategies AUM CAGR since Q4 2023 3. Scalable with Growing Earnings Power 1. Solid Foundation for Growth 2. Planting Seeds for Future Growth9 Significant Incentive Fee Opportunity $1.1bn Unrealized carried interest balance6 $37mm Run-rate annual performance fees7 31% 2020 FRE margin 46% LTM FRE margin
GCM GROSVENOR | 8 Private Equity $33.1bn Credit12 $17.6bn Infrastructure $20.2bn Absolute Return $29.9bn Real Estate $7.6bn Flexible Client Solutions Diversified Open Architecture Investment Platform GCM Grosvenor: Central to the Alternatives Ecosystem Co-Investments | Secondaries | Direct Investments | Seeding | Primaries 11-12. See Notes towards the end of the document. Note: Amounts presented are as of September 30, 2026 $98bn Chicago 9 570 AUM Headquarters Global Offices Employees11 $67.8bn Customized Separate Accounts $30.2bn Specialized Funds Closed-End | Evergreen | Registered
GCM GROSVENOR | 9 Growing and Diversifying AUM and Earnings Power $61.9 $72.1 $73.7 $76.9 $80.1 $90.9 $98.0 $4.7 $6.2 $5.0 $5.1 $5.8 $5.3 $7.2 $25.2 $26.6 $23.0 $22.4 $23.3 $26.8 $29.9 $9.2 $13.1 $16.6 $20.0 $20.6 $25.9 $27.8$22.8 $26.2 $29.1 $29.4 $30.4 $32.9 $33.1 Private Equity Real Assets Absolute Return Strategies Credit and Other Q4 2020 Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q4 2025 Q3 2026 7% Private Equity CAGR 3% Absolute Return Strategies CAGR 21% Real Assets CAGR AUM by Strategy (bn) 13. See Notes towards the end of the document. 8% CAGR 11% Private Markets CAGR 13 13 11% Absolute Return Strategies CAGR Since Q4 2023
GCM GROSVENOR | 10 Diversified Fundraising Drives Stability & Growth $7.0 $9.4 $7.8 $5.1 $7.1 $10.7 $10.0 $1.4 $1.0 $0.5 $0.2 $1.9 $1.5 $1.7 $1.4 $1.9 $0.5 $0.5 $1.3 $1.9 $2.3 $0.9 $1.6 $0.9 $0.3 $1.4 $1.3 $1.2 $3.5 $2.1 $2.7 $1.2 $3.8 $2.4 $3.0 $2.1 $3.1 $0.8 $2.4 $2.1 $2.3 Private Equity Infrastructure Real Estate Absolute Return Strategies Credit and Other 2020 2021 2022 2023 2024 2025 LTM 14. See Notes towards the end of the document. 35% Public Pension 17% Individual Investor 14% Government/Sovereign Entity 9% Insurance 9% Corporation 6% Other 6% Financial Institutions 4% Union Pension 53% Americas 28% APAC 19% EMEA LTM Fundraising LTM Fundraising 14 Diversified by Strategy Diversified by Channel Diversified by Geography (bn) $2.7bn Q3 2026 Fundraising
GCM GROSVENOR | 11 $3.9 $4.8 $5.2 $7.4 $8.8 $9.8 $11.7 $13.6 $14.9 $2.3 $2.8 $3.2 $4.9 $6.1 $6.2 $7.0 $7.3 $7.8 $1.6 $2.0 $2.1 $2.5 $2.6 $3.5 $4.0 $5.0 $5.5 $0.1 $0.7 $1.3 $1.6 Private Equity Real Assets Credit 2018 2019 2020 2021 2022 2023 2024 2025 Through Q3 2026 Scaling and Expanding Private Markets Specialized Fund Franchises Cumulative selected private markets specialized fund closings (bn) 15 Private Markets Specialized Fund Franchises Note: Figures may not sum, due to rounding. 15. See Notes towards the end of the document. Credit • Diversified, Co-Investments, Secondaries* Real Assets • Infrastructure Co-Investments* • Infrastructure Direct Investments* • Real Estate Direct Investments* Private Equity • Co-Investments* • Secondaries* • Opportunistic* • Diversified • Seeding Note: * = currently raising capital
GCM GROSVENOR | 12 Private Markets Growth Led by Direct-Oriented Shift Private Markets Assets Under Management (bn) 70% Private Markets % of Total AUM $45bn Private Markets Fundraising since 202016 $36.8 $45.6 $50.7 $54.5 $56.8 $64.1 $68.1 $22.3 $25.2 $26.0 $26.2 $27.4 $29.7 $30.4 $14.5 $20.4 $24.7 $28.3 $29.4 $34.4 $37.7 Direct-Oriented Primary Funds Q4 2020 Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q4 2025 Q3 2026 11% CAGR 55% Direct-Oriented % of Private Markets AUM 16. See Notes towards the end of the document.
GCM GROSVENOR | 13 Management Fee-Centric and Scalable Business $302 $341 $356 $361 $387 $408 $430 $8 $7 $4 $5 $6 $8 $8 $61 $83 $25 $31 $73 $89 $89 $371 $431 $385 $397 $466 $505 $527 Firm-Share of Incentive Fees Admin & Other Management Fees, Net 2020 2021 2022 2023 2024 2025 LTM $158 $160 $159 $149 $147 $148 $150 $57 $67 $73 $76 $80 $84 $87 $95 $120 $129 $140 $166 $185 $201$310 $347 $361 $366 $393 $416 $438 Fee-Related Earnings G&A and Other, Net Fee-Related Compensation 2020 2021 2022 2023 2024 2025 LTM Fee-Related Revenue and Expenses Breakdown of FRR by fee-related expenses and margin (mm) Management-Fee Driven Earnings (mm) Management fee centricity8 82% 79% 92% 91% 83% 81% 82% 31% FRE Margin 46% FRE Margin Note: Figures may not sum, due to rounding. Firm-Share of Incentive Fees is prior to cash-based incentive fee related compensation. 8, 17. See Notes towards the end of the document. 17
GCM GROSVENOR | 14 133 585 592262 557 549 Non-Firm Share of Carried Interest Firm Share of Carried Interest 6. See Notes towards the end of the document. Unrealized Carried Interest at Net Asset Value as of Q3 2026 147 programs with unrealized carried interest Unrealized carried interest by vintage year (mm) $ million 52% Firm Share 34% Firm Share Gr wing Carried Interest Earnings Power6 Total carried interest continues to experience strong growth, and the firm is keeping a larger share of that carry. Unrealized Carried Interest Bridge (mm) $63 $187 $727 $164 14 89 403 8649 98 324 78 Non-Firm Share of Carried Interest by Vintage Year Firm Share of Carried Interest by Vintage Year 2013 or Earlier 2014-2017 2018-2021 2022+ 48% Firm Share 52% Firm Share 22% Firm Share Q4 2020 Additions Realizations Q3 2026 $395 $(396) (126) (270) +$1,142 $1,141 55% Firm Share
GCM GROSVENOR | 15 Unrealized Carried Interest vs. Gross Incentive Fees (mm) Meaningful Earnings Upside from Incentive Fees $395 $788 $789 $776 $836 $949 $1,141 Gross Unrealized Carried Interest $111.7 $173.9 $75.2 $64.9 $106.2 $123.5 $121.0 $52.8 $52.0 $2.6 $15.3 $55.3 $68.2 $70.6 $58.9 $121.9 $72.6 $49.6 $50.9 $55.3 $50.4 Carried Interest Performance Fees 2020 2021 2022 2023 2024 2025 LTM 6-7. See Notes towards the end of the document. 2024 202320222021 2020 6 $39.9 $69.8 $14.4 $16.7 $25.5 $53.1 AUM Subject to Carried Interest AUM Subject to Performance Fees 2020 Q3'26 +10% CAGR $37mm Run-rate annual performance fees7 14% AUM subject to carried interest CAGR AUM Subject to Incentive Fees (bn) 2025 Q3 2026
GCM GROSVENOR | 165, 18-20. See Notes towards the end of the document. • GCM Grosvenor repurchased 0.1 million shares of Class A common stock for $0.9 million during the quarter ended September 30, 202618. ◦ $54 million remained in the approved share repurchase program as of September 30, 2026. • GCM Grosvenor's Board of Directors approved a $0.12 per share dividend payable on December 15, 2026 to shareholders of record December 1, 2026. SUMMARY OF OWNERSHIP AS OF 9/30/26 (mm) Shares % Management Owned Shares 141.7 70 % Publicly Traded Shares 61.2 30 % Total Shares 202.9 100 % Other Key Items KEY CASH, INVESTMENT AND DEBT METRICS AS OF 9/30/26 ($mm) Cash and Cash Equivalents19 $ 196 Investments5 255 Cash and Investments 451 Unrealized Carried Interest5 592 Cash, Investments and Unrealized Carried Interest5 1,043 Debt20 363 Drawn Revolving Credit Facility ($50 million available) 0
GCM GROSVENOR | 17 Supplemental Information
GCM GROSVENOR | 18 $000, EXCEPT PER SHARE AMOUNTS AND WHERE OTHERWISE NOTED THREE MONTHS ENDED NINE MONTHS ENDED SEP 30, 2025 SEP 30, 2026 SEP 30, 2025 SEP 30, 2026 Revenues Management fees $ 105,916 $ 118,766 $ 317,155 $ 344,398 Incentive fees 25,471 24,762 56,797 54,347 Other operating income 3,580 2,023 6,518 5,923 Total operating revenues 134,967 145,551 380,470 404,668 Expenses Employee compensation and benefits 66,094 71,548 223,197 218,094 General, administrative and other 24,699 27,071 78,524 83,675 Total operating expenses 90,793 98,619 301,721 301,769 Operating income 44,174 46,932 78,749 102,899 Investment income 7,290 7,489 13,836 14,882 Interest expense (5,570) (4,422) (17,141) (13,716) Other income 948 948 2,976 3,303 Change in fair value of warrant liabilities 1,864 — 12,476 — Net other income 4,532 4,015 12,147 4,469 Income before income taxes 48,706 50,947 90,896 107,368 Provision for income taxes 3,624 4,996 7,013 11,820 Net income 45,082 45,951 83,883 95,548 Less: Net income attributable to noncontrolling interests in subsidiaries 1,496 1,203 2,651 2,690 Less: Net income attributable to noncontrolling interests in GCMH 33,091 32,495 54,837 65,574 Net income attributable to GCM Grosvenor Inc. $ 10,495 $ 12,253 $ 26,395 $ 27,284 Earnings per share of Class A common stock: Basic $ 0.20 $ 0.20 $ 0.53 $ 0.45 Diluted $ 0.16 $ 0.17 $ 0.23 $ 0.34 Weighted average shares of Class A common stock outstanding: Basic (in millions) 53.6 61.5 50.1 61.2 Diluted (in millions) 197.5 205.0 196.3 204.4 GAAP Statements of Income
GCM GROSVENOR | 19 2-4, 17, 21-23. See Notes towards the end of the document. $000, except per share amounts and where otherwise noted THREE MONTHS ENDED NINE MONTHS ENDED ADJUSTED EBITDA SEP 30, 2025 SEP 30, 2026 SEP 30, 2025 SEP 30, 2026 Revenues Private markets strategies2 $ 62,116 $ 66,435 $ 189,189 $ 195,965 Absolute return strategies2 39,235 46,753 115,344 130,864 Management fees, net 101,351 113,188 304,533 326,829 Administrative fees and other operating income 3,580 2,023 6,518 5,923 Fee-Related Revenue2 104,931 115,211 311,051 332,752 Less: Cash-based employee compensation and benefits, net21 (37,466) (39,179) (112,697) (115,014) General, administrative and other, net17 (20,434) (22,153) (63,049) (66,910) Fee-Related Earnings 47,031 53,879 135,305 150,828 Fee-Related Earnings Margin 45 % 47 % 43 % 45 % Incentive fees: Performance fees 1,342 2,049 6,593 8,964 Carried interest 24,129 22,713 50,204 45,383 Incentive fee related compensation and NCI: Cash-based incentive fee related compensation (6,216) (5,649) (15,206) (14,372) Carried interest compensation, net22 (13,494) (12,938) (28,077) (26,268) Carried interest attributable to noncontrolling interests (677) (524) (2,435) (1,559) Realized investment income, net of amount attributable to noncontrolling interests in subsidiaries23 2,151 2,883 7,243 5,266 Interest income 1,316 1,111 3,215 3,858 Other income (368) (162) (239) (141) Depreciation 830 1,044 2,333 2,997 Adjusted EBITDA 56,044 64,406 158,936 174,956 Adjusted EBITDA Margin 43 % 46 % 43 % 45 % ADJUSTED NET INCOME PER SHARE Adjusted EBITDA 56,044 64,406 158,936 174,956 Depreciation (830) (1,044) (2,333) (2,997) Interest expense (5,570) (4,422) (17,141) (13,716) Adjusted Pre-Tax Income 49,644 58,940 139,462 158,243 Adjusted income taxes4 (12,411) (14,323) (34,865) (38,454) Adjusted Net Income 37,233 44,617 104,597 119,789 Adjusted shares outstanding (in millions) 197.5 205.0 196.3 204.4 Adjusted Net Income per Share $ 0.19 $ 0.22 $ 0.53 $ 0.59 Summary of Non-GAAP Financial Measures3
GCM GROSVENOR | 20 $000, except per share amounts and where otherwise noted DEC 31, 2025 SEP 30, 2026 Assets Cash and cash equivalents $ 242,116 $ 196,485 Management fees receivable 23,937 24,202 Incentive fees receivable 73,860 20,685 Due from related parties 14,606 18,629 Investments 275,313 291,206 Premises and equipment, net 29,888 33,033 Lease right-of-use assets 40,016 37,021 Goodwill 28,959 28,959 Deferred tax assets, net 56,711 49,820 Other assets 28,356 29,035 Total assets 813,762 729,075 Liabilities and Equity (Deficit) Accrued compensation and employee related obligations 108,146 79,815 Debt 428,435 361,075 Payable to related parties pursuant to the tax receivable agreement 54,636 54,641 Lease liabilities 51,794 49,819 Accrued expenses and other liabilities 43,319 30,469 Total liabilities 686,330 575,819 Commitments and contingencies Preferred stock, $0.0001 par value, 100,000,000 shares authorized, none issued — — Class A common stock, $0.0001 par value, 700,000,000 authorized; 60,721,681 and 61,211,678 issued and outstanding as of December 31, 2025 and September 30, 2026, respectively 6 6 Class B common stock, $0.0001 par value, 500,000,000 authorized, none issued — — Class C common stock, $0.0001 par value, 300,000,000 authorized; 141,665,831 issued and outstanding as of December 31, 2025 and September 30, 2026 14 14 Additional paid-in capital 44,004 45,703 Accumulated other comprehensive income (loss) (770) 1,473 Retained earnings (16,262) (14,103) Total GCM Grosvenor Inc. equity 26,992 33,093 Noncontrolling interests in subsidiaries 44,006 39,384 Noncontrolling interests in GCMH 56,434 80,779 Total equity 127,432 153,256 Total liabilities and equity $ 813,762 $ 729,075 GAAP Balance Sheets
GCM GROSVENOR | 21 $000 THREE MONTHS ENDED NINE MONTHS ENDED SEP 30, 2025 JUN 30, 2026 SEP 30, 2026 SEP 30, 2025 SEP 30, 2026 Fee-Related Earnings Compensation Cash-based employee compensation and benefits, net21 $ 37,466 $ 38,434 $ 39,179 $ 112,697 $ 115,014 Incentive Fee Related Compensation Cash-based incentive fee related compensation 6,216 4,505 5,649 15,206 14,372 Carried interest compensation, net22 13,494 8,927 12,938 28,077 26,268 Non-cash carried interest compensation and other 631 50 (3) 654 66 Equity-Based Compensation Equity-based compensation 5,984 10,650 7,751 33,061 41,355 Other Compensation Partnership interest-based compensation 1,726 7,626 5,417 30,275 18,421 Severance 449 598 480 3,076 2,027 Other compensation, net 128 388 137 151 571 GAAP employee compensation and benefits $ 66,094 $ 71,178 $ 71,548 $ 223,197 $ 218,094 21-22. See Notes towards the end of the document. Components of GAAP Employee Compensation and Benefits
GCM GROSVENOR | 22 $000 THREE MONTHS ENDED NINE MONTHS ENDED NET INCENTIVE FEES ATTRIBUTED TO GCM GROSVENOR SEP 30, 2025 JUN 30, 2026 SEP 30, 2026 SEP 30, 2025 SEP 30, 2026 Incentive fees: Performance fees $ 1,342 $ 1,414 $ 2,049 $ 6,593 $ 8,964 Carried interest 24,129 16,178 22,713 50,204 45,383 Total Incentive Fees $ 25,471 $ 17,592 $ 24,762 $ 56,797 $ 54,347 Less incentive fees contractually owed to others: Cash carried interest compensation (14,125) (8,977) (12,935) (28,731) (26,334) Non-cash carried interest compensation and other 631 50 (3) 654 66 Carried interest attributable to other noncontrolling interest holders (677) (475) (524) (2,435) (1,559) Firm share of incentive fees 11,300 8,190 11,300 26,285 26,520 Less: Cash-based incentive fee related compensation (6,216) (4,505) (5,649) (15,206) (14,372) Net incentive fees attributable to GCM Grosvenor $ 5,084 $ 3,685 $ 5,651 $ 11,079 $ 12,148 Reconciliation to Non-GAAP Metrics
GCM GROSVENOR | 23 $000 THREE MONTHS ENDED NINE MONTHS ENDED ADJUSTED PRE-TAX INCOME & ADJUSTED NET INCOME SEP 30, 2025 JUN 30, 2026 SEP 30, 2026 SEP 30, 2025 SEP 30, 2026 Net income attributable to GCM Grosvenor Inc. $ 10,495 $ 9,564 $ 12,253 $ 26,395 $ 27,284 Plus: Net income attributable to noncontrolling interests in GCMH 33,091 21,666 32,495 54,837 65,574 Provision for income taxes 3,624 3,688 4,996 7,013 11,820 Change in fair value of warrant liabilities (1,864) — — (12,476) — Amortization expense 327 — — 985 — Severance 449 598 480 3,076 2,027 Transaction expenses24 (411) 286 12 1,144 770 Loss on extinguishment of debt — — — — 414 Changes in tax receivable agreement liability and other 15 — — 80 — Partnership interest-based compensation 1,726 7,626 5,417 30,275 18,421 Equity-based compensation 5,984 10,650 7,751 33,061 41,355 Other non-cash compensation 128 51 11 305 108 Less: Unrealized investment income, net of noncontrolling interests (4,551) (2,444) (4,472) (5,887) (9,596) Non-cash carried interest compensation and other 631 50 (3) 654 66 Adjusted Pre-Tax Income 49,644 51,735 58,940 139,462 158,243 Less: Adjusted income taxes4 (12,411) (12,572) (14,323) (34,865) (38,454) Adjusted Net Income $ 37,233 $ 39,163 $ 44,617 $ 104,597 $ 119,789 4, 24. See Notes towards the end of the document. Reconciliation to Non-GAAP Metrics
GCM GROSVENOR | 24 $000 THREE MONTHS ENDED NINE MONTHS ENDED ADJUSTED EBITDA SEP 30, 2025 JUN 30, 2026 SEP 30, 2026 SEP 30, 2025 SEP 30, 2026 Adjusted Net Income $ 37,233 $ 39,163 $ 44,617 $ 104,597 $ 119,789 Plus: Adjusted income taxes4 12,411 12,572 14,323 34,865 38,454 Depreciation expense 830 1,033 1,044 2,333 2,997 Interest expense 5,570 4,431 4,422 17,141 13,716 Adjusted EBITDA $ 56,044 $ 57,199 $ 64,406 $ 158,936 $ 174,956 FEE-RELATED EARNINGS Adjusted EBITDA $ 56,044 $ 57,199 $ 64,406 $ 158,936 $ 174,956 Less: Incentive fees (25,471) (17,592) (24,762) (56,797) (54,347) Depreciation expense (830) (1,033) (1,044) (2,333) (2,997) Other non-operating income (948) (1,014) (949) (2,976) (3,717) Realized investment income, net of amount attributable to noncontrolling interests in subsidiaries23 (2,151) (1,185) (2,883) (7,243) (5,266) Plus: Incentive fee-related compensation 19,710 13,432 18,587 43,283 40,640 Carried interest attributable to other noncontrolling interest holders 677 475 524 2,435 1,559 Fee-Related Earnings $ 47,031 $ 50,282 $ 53,879 $ 135,305 $ 150,828 FEE-RELATED REVENUE Total Operating Revenues $ 134,967 $ 134,339 $ 145,551 $ 380,470 $ 404,668 Less: Incentive fees (25,471) (17,592) (24,762) (56,797) (54,347) Fund expense reimbursement revenue, net (4,214) (5,119) (4,729) (11,989) (15,248) Other adjustments25 (351) (827) (849) (633) (2,321) Fee-Related Revenue $ 104,931 $ 110,801 $ 115,211 $ 311,051 $ 332,752 4, 23, 25. See Notes towards the end of the document. Reconciliation to Non-GAAP Metrics
GCM GROSVENOR | 25 Note: Amounts may not foot due to rounding. $000, except per share amounts and where otherwise noted THREE MONTHS ENDED NINE MONTHS ENDED ADJUSTED SHARES SEP 30, 2025 JUN 30, 2026 SEP 30, 2026 SEP 30, 2025 SEP 30, 2026 Weighted-average shares of Class A common stock outstanding - basic (in millions) 53.6 61.1 61.5 50.1 61.2 Exchange of partnership units (in millions) 141.7 141.7 141.7 142.9 141.7 Exercise of private warrants - incremental shares under the treasury stock method (in millions) 0.1 — — 0.1 — Exercise of public warrants - incremental shares under the treasury stock method (in millions) 1.2 — — 1.6 — Assumed vesting of RSUs - incremental shares under the treasury stock method (in millions) 1.0 0.9 1.8 1.6 1.6 Weighted-average shares of Class A common stock outstanding - diluted (in millions) 197.5 203.6 205.0 196.3 204.4 Adjusted shares (in millions) 197.5 203.6 205.0 196.3 204.4 ADJUSTED NET INCOME PER SHARE SEP 30, 2025 JUN 30, 2026 SEP 30, 2026 SEP 30, 2025 SEP 30, 2026 Adjusted Net Income $ 37,233 $ 39,163 $ 44,617 $ 104,597 $ 119,789 Weighted-average shares of Class A common stock outstanding - basic (in millions) 53.6 61.1 61.5 50.1 61.2 Exchange of partnership units (in millions) 141.7 141.7 141.7 142.9 141.7 Effect of dilutive warrants (in millions) 1.3 — — 1.7 — Effect of RSUs (in millions) 1.0 0.9 1.8 1.6 1.6 Adjusted shares (in millions) 197.5 203.6 205.0 196.3 204.4 Adjusted Net Income Per Share $ 0.19 $ 0.19 $ 0.22 $ 0.53 $ 0.59 Reconciliation to Adjusted Net Income Per Share
GCM GROSVENOR | 26 $mm PRIVATE MARKETS STRATEGIES ABSOLUTE RETURN STRATEGIES TOTAL FPAUM CONTRACTED NOT YET FPAUM TOTAL AUM Fee-Paying AUM Beginning of Period (July 1, 2026) $ 49,303 $ 28,803 $ 78,106 $ 9,678 $ 96,717 Contributions from CNYFPAUM 734 132 866 Contributions from New Capital Raised 666 290 956 Withdrawals (32) (344) (376) Distributions (592) (74) (666) Change in Market Value 6 (676) (670) Foreign Exchange and Other (127) 28 (99) End of Period Balance (September 30, 2026) $ 49,958 $ 28,159 $ 78,117 $ 10,643 $ 97,983 % Change 1 % (2) % 0 % 10 % 1 % Three Months Ended September 30, 2026 Change in FPAUM and AUM $mm PRIVATE MARKETS STRATEGIES ABSOLUTE RETURN STRATEGIES TOTAL FPAUM CONTRACTED NOT YET FPAUM TOTAL AUM Fee-Paying AUM Beginning of Period (January 1, 2026) $ 47,180 $ 25,319 $ 72,499 $ 10,405 $ 90,928 Contributions from CNYFPAUM 2,715 171 2,886 Contributions from New Capital Raised 2,155 1,334 3,489 Withdrawals (93) (1,029) (1,122) Distributions (1,911) (176) (2,087) Change in Market Value 121 2,570 2,691 Foreign Exchange and Other (209) (30) (239) End of Period Balance (September 30, 2026) $ 49,958 $ 28,159 $ 78,117 $ 10,643 $ 97,983 % Change 6 % 11 % 8 % 2 % 8 % Nine Months Ended September 30, 2026
GCM GROSVENOR | 27 $000 THREE MONTHS ENDED NINE MONTHS ENDED MANAGEMENT FEES SEP 30, 2025 JUN 30, 2026 SEP 30, 2026 SEP 30, 2025 SEP 30, 2026 Private Markets Specialized Funds26 $ 25,987 $ 28,225 $ 28,680 $ 82,694 $ 82,979 Average Fee Rate27 0.81 % 0.80 % 0.79 % 0.81 % 0.78 % Customized Separate Accounts 36,129 38,138 37,755 106,495 112,986 Average Fee Rate 0.44 % 0.44 % 0.43 % 0.44 % 0.44 % Private Markets Management Fees26 62,116 66,363 66,435 189,189 195,965 Average Fee Rate - Private Markets27 0.54 % 0.55 % 0.54 % 0.55 % 0.54 % Absolute Return Strategies Management Fees 39,235 42,453 46,753 115,344 130,864 Average Fee Rate - Absolute Return Strategies (Management Fee Only) 0.66 % 0.65 % 0.65 % 0.67 % 0.65 % Average Fee Rate - Absolute Return Strategies (Actual Management Fee + Run-Rate Performance Fee at End of Period)7 0.78 % 0.78 % 0.77 % 0.79 % 0.77 % 2, 7, 26-27. See Notes towards the end of the document. Management Fee Detail2
GCM GROSVENOR | 28 STRATEGY COMMITMENTS CONTRIBUTIONS DISTRIBUTIONS CURRENT VALUE INVESTMENT NET TVPI INVESTMENT NET IRR PME IRR PME INDEX Private Equity Primary Fund Investments28 $ 15,383 $ 17,168 $ 28,972 $ 1,979 1.80 13.2 % 9.9 % S&P 500 Secondary Investments29 751 685 957 182 1.66 14.8 % 12.2 % S&P 500 Co-Investments/Direct Investments30 4,820 4,592 7,692 1,706 2.05 18.7 % 14.5 % S&P 500 Infrastructure Primary Fund Investments31 607 678 940 264 1.78 12.3 % 6.5 % MSCI World Infrastructure Direct-Oriented Investments31 3,511 3,310 4,838 1,191 1.82 14.4 % 5.4 % MSCI World Infrastructure Real Estate32 958 998 1,299 91 1.39 13.2 % 9.5 % NFI-ODCE Index Note: Returns for each strategy are presented from the date the firm established a dedicated team focused on such strategy through June 30, 2026. Investment net returns are net of investment-related fees and expenses, including fees paid to underlying managers, but do not reflect management fees, incentive compensation, or carried interest to GCM Grosvenor or any expenses of any account or vehicle GCM Grosvenor manages. Data does not include investments that were transferred at the request of investors prior to liquidation and are no longer managed by GCM Grosvenor. Past performance is not necessarily indicative of future results. 28-32. See Notes towards the end of the document. Private Markets Strategies Performance Metrics Realized and Partially Realized Investments ($mm)
GCM GROSVENOR | 29 STRATEGY COMMITMENTS CONTRIBUTIONS DISTRIBUTIONS CURRENT VALUE INVESTMENT NET TVPI INVESTMENT NET IRR PME IRR PME INDEX Private Equity Primary Fund Investments28 $ 28,302 $ 26,847 $ 32,610 $ 11,134 1.63 12.4 % 11.3 % S&P 500 Secondary Investments29 3,428 2,995 1,583 2,651 1.41 13.4 % 15.5 % S&P 500 Co-Investments/Direct Investments30 8,976 8,424 7,863 6,981 1.76 15.8 % 15.3 % S&P 500 Opportunistic Programs 3,662 3,710 2,820 3,562 1.72 18.3 % N/A N/A Infrastructure Primary Fund Investments31 5,122 3,762 1,611 3,462 1.35 9.5 % 10.1 % MSCI World Infrastructure Direct-Oriented Investments31 9,281 8,421 5,471 7,099 1.49 11.7 % 8.8 % MSCI World Infrastructure Real Estate32 6,165 5,258 2,430 3,576 1.14 5.7 % 3.0 % NFI-ODCE Index Note: Returns for each strategy are presented from the date the firm established a dedicated team focused on such strategy through June 30, 2026. Investment net returns are net of investment-related fees and expenses, including fees paid to underlying managers, but do not reflect management fees, incentive compensation, or carried interest to GCM Grosvenor or any expenses of any account or vehicle GCM Grosvenor manages. Data does not include investments that were transferred at the request of investors prior to liquidation and are no longer managed by GCM Grosvenor. Past performance is not necessarily indicative of future results. 28-32. See Notes towards the end of the document. Private Markets Strategies Performance Metrics All Investments ($mm)
GCM GROSVENOR | 30 AS OF SEP 30, 2026 THREE MONTHS ENDED ANNUALIZED RETURNS PERIODS ENDED SEP 30, 2026 Assets Under Management (bn) SEP 30, 2026 ONE YEAR THREE YEAR FIVE YEAR SINCE INCEPTION Gross Net Gross Net Gross Net Gross Net Gross Net Absolute Return Strategies (Overall) $ 29.9 (2.1) % (2.1) % 16.4 % 15.4 % 13.6 % 12.7 % 7.7 % 7.0 % 7.4 % 6.3 % GCMLP Diversified Multi- Strategy Composite $ 13.8 (2.0) % (2.2) % 18.7 % 17.6 % 15.1 % 14.2 % 8.9 % 8.0 % 8.4 % 7.1 % Note: Absolute Return Strategies (Overall) is since 1996. GCMLP Diversified Multi-Strategy Composite is since 1993. Absolute Return Strategies Performance
GCM GROSVENOR | 31 Data in the presentation is as of September 30, 2026 unless otherwise noted. 1. Of the $10.6 billion CNYFPAUM as of September 30, 2026, approximately $1.9 billion is subject to an agreed upon fee ramp-in schedule that will result in management fees being charged on approximately less than $0.1 billion of such amount in 2026, approximately $0.7 billion of such amount in 2027, and remaining approximately $1.2 billion in 2028 and beyond. With respect to approximately $8.7 billion of the $10.6 billion, management fees will be charged as such capital is invested, which will depend on a number of factors, including the availability of eligible investment opportunities. 2. Excludes fund expense reimbursement revenue, net and net revenue of noncontrolling interests in consolidated subsidiary. 3. Adjusted EBITDA, Adjusted Net Income and Adjusted Net Income per share are non-GAAP financial measures. See Supplemental Information for the reconciliations of our non-GAAP financial measures to the most comparable GAAP metric. 4. Reflects a corporate and blended statutory tax rate of 25.0% and 24.3% applied to Adjusted Pre-Tax Income for the three and nine months ended September 30, 2025 and 2026, respectively. The 25.0% and 24.3% are based on a federal statutory rate of 21.0% and a combined state, local and foreign rate net of federal benefits of 4.0% and 3.3%, respectively. 5. Represents firm share of Net Asset Value as of September 30, 2026. 6. Represents consolidated view, including all NCI and compensation related awards. 7. Run-Rate Annual Performance Fees reflect the potential annual performance fees generated by performance fee-eligible AUM before any loss carryforwards, if applicable, at an 8% gross return for both multi-strategy and credit strategies, and a 10% gross return for specialized opportunity strategies, and before cash-based incentive fee related compensation. The majority of run-rate annual performance fees relate to ARS. 8. Calculated as management fees, net divided by fee-related revenue plus the firm-share of incentive fee revenue. 9. Fundraising from October 1, 2024 through September 30, 2026. 10. Re-up % for Private Markets customized separate accounts from January 1, 2018 through September 30, 2026. 11. Employee data as of October 1, 2026. Individuals with dual responsibilities are counted only once. 12. Credit Investments overlap with investments in other strategies. 13. Other includes opportunistic strategies. Credit and other is included in private markets CAGR. 14. Other includes opportunistic strategies. 15. Cumulative selected private market specialized fund closings from 2009 to 2018. 16. Fundraising from January 1, 2020 through September 30, 2026. 17. G&A and Other, Net is a non-GAAP financial measure. See below for reconciliations of our non-GAAP financial measure to the most comparable GAAP metric. General, administrative and other, net is comprised of the following: 18. Includes $0.9 million of deemed repurchases for RSUs that were settled in cash, including amounts withheld in connection with the payment of tax withholding obligations, for the three months ended September 30, 2026. 19. Reflects GAAP cash and cash equivalents including $28 million of cash held at consolidated carry plan entities. Notes $000 THREE MONTHS ENDED NINE MONTHS ENDED COMPONENTS OF GENERAL, ADMINISTRATIVE AND OTHER, NET SEP 30, 2025 SEP 30, 2026 SEP 30, 2025 SEP 30, 2026 General, administrative and other $ (24,699) $ (27,071) $ (78,524) $ (83,675) Plus: Transaction expenses(24) (411) 12 1,144 770 Fund reimbursement expense 4,214 4,603 12,142 14,785 Amortization expense 327 — 985 — Non-core items 135 303 1,204 1,210 Total general, administrative and other, net $ (20,434) $ (22,153) $ (63,049) $ (66,910)
GCM GROSVENOR | 32 20. Debt principal at pricing of Term SOFR + 225bps as of September 30, 2026, subject to a Term SOFR floor of 50bps. 21. Excludes severance expenses of $0.4 million, $0.6 million and $0.5 million for the three months ended September 30, 2025, June 30, 2026 and September 30, 2026, respectively, and $3.1 million and $2.0 million for the nine months ended September 30, 2025 and September 30, 2026, respectively. 22. Excludes the impact of non-cash carried interest compensation and other of $(0.6) million and $(0.7) million for the three and nine months ended September 30, 2025, respectively. The net non-cash carried interest compensation and other for the three months ended June 30, 2026 and September 30, 2026, respectively, and the nine months ended September 30, 2026 was de minimis. 23. Investment income or loss is generally realized when the Company redeems all or a portion of its investment or when the Company receives or is due cash, such as from dividends or distributions. 24. Represents 2025 and 2026 expenses related to completed and contemplated corporate transactions. 25. Represents net revenue of noncontrolling interests in consolidated subsidiary. 26. Includes catch-up management fees of $0.1 million for the three months ended September 30, 2025, $0.1 million for each of the three months ended June 30, 2026 and September 30, 2026, respectively, and $7.8 million and $0.1 million for the nine months ended September 30, 2025 and September 30, 2026, respectively. Year to date catch-up management fees exclude intra-year amounts. 27. Average fee rate excludes effect of catch-up management fees, temporary fund expense reimbursements and revenue adjustments related to prior periods. 28. Reflects primary fund investments since 2000. Excludes certain private markets credit fund investments outside of private equity programs. 29. GCM Grosvenor established a dedicated private equity secondaries vertical in September 2014. Track record reflects all secondaries investments since the new vertical was formed. 30. GCM Grosvenor established a dedicated Private Equity Co-Investment Sub-Committee and adopted a more targeted, active co-investment strategy in December 2008. Track record reflects co-investments/direct investments made since 2009. 31. Reflects infrastructure investments since 2009, when we formalized our global approach and launched the first infrastructure specialized fund. Infrastructure investments exclude labor impact investments. 32. Reflects real estate investments since 2010. In 2010, GCM Grosvenor established a dedicated Real Estate team and adopted a more targeted, active real estate strategy. Notes (Continued)
GCM GROSVENOR | 33 Adjusted Net Income is a non-GAAP measure that we present on a pre-tax and after-tax basis to evaluate our profitability. Adjusted Pre-Tax Income represents net income attributable to GCM Grosvenor Inc. including (a) net income (loss) attributable to noncontrolling interests in GCMH, excluding (b) provision (benefit) for income taxes, (c) changes in fair value of warrants liabilities, (d) amortization expense, (e) partnership interest-based and non-cash compensation, (f) equity-based compensation, including cash-settled equity awards (as we view the cash settlement as a separate capital transaction), (g) unrealized investment income, (h) changes in tax receivable agreement liability, (i) certain other items that we believe are not indicative of our core performance, including charges related to completed and contemplated corporate transactions, employee severance, office relocation costs and loss on extinguishment of debt. Adjusted Net Income represents Adjusted Pre-Tax Income fully taxed at each period's blended statutory tax rate. Adjusted Net Income Per Share is a non-GAAP measure that is calculated by dividing Adjusted Net Income by adjusted shares outstanding. Adjusted Shares outstanding assumes the hypothetical full exchange of limited partnership interests in GCMH into Class A common stock of GCM Grosvenor Inc., the dilution from then outstanding warrants for Class A common stock of GCM Grosvenor Inc. and the dilution from outstanding equity-based compensation. We believe Adjusted Net Income Per Share and Adjusted Shares are useful to investors because it enables them to better evaluate per-share performance across reporting periods. Adjusted EBITDA is a non-GAAP measure which represents Adjusted Net Income excluding (a) adjusted income taxes, (b) depreciation and amortization expense and (c) interest expense on our outstanding debt. Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of our total operating revenues, net of fund expense reimbursements. We believe Adjusted Pre-Tax Income, Adjusted Net Income and Adjusted EBITDA are useful to investors because they provide additional insight into the operating profitability of our core business across reporting periods. These measures (1) present a view of the economics of the underlying business as if GCMH Equityholders converted their interests to shares of Class A common stock and (2) adjust for certain non-cash and other activity in order to provide more comparable results of the core business across reporting periods. These measures are used by management in budgeting, forecasting and evaluating operating results. Fee-Related Revenue (“FRR”) is a non-GAAP measure used to highlight revenues from recurring management fees and administrative fees. FRR represents total operating revenues less (a) incentive fees, (b) net revenue of noncontrolling interests in consolidated subsidiary and (c) fund expense reimbursement revenue, net. We believe FRR is useful to investors because it provides additional insight into our relatively stable management fee base separate from incentive fee revenues, which tend to have greater variability. Fee-Related Earnings (“FRE”) is a non-GAAP measure used to highlight earnings from recurring management fees and administrative fees. FRE represents Adjusted EBITDA further adjusted to exclude (a) incentive fees, (b) other non-operating income, (c) realized investment income, net of amount attributable to noncontrolling interests in subsidiaries, (d) incentive fee-related compensation and (e) carried interest attributable to other noncontrolling interest holders, net, and to include (a) depreciation expense. We believe FRE is useful to investors because it provides additional insights into the management fee driven operating profitability of our business. FRE Margin represents FRE as a percentage of our management fee and other operating revenue, net of fund expense reimbursements. Net Incentive Fees Attributable to GCM Grosvenor is a non-GAAP measure used to highlight fees earned from incentive fees that are attributable to GCM Grosvenor. Net incentive fees represent incentive fees excluding (a) incentive fees contractually owed to others and (b) cash-based incentive fee related compensation. Net incentive fees provide investors useful information regarding the amount that such fees contribute to the Company’s earnings and are used by management in making compensation and capital allocation decisions. Certain Definitions and Use of Non-GAAP Financials and Key Performance Indicators
GCM GROSVENOR | 34 Fee-Paying Assets Under Management (“FPAUM” or “Fee-Paying AUM”) is a key performance indicator we use to measure the assets from which we earn management fees. Our FPAUM comprises the assets in our customized separate accounts and specialized funds from which we derive management fees. We classify customized separate account revenue as management fees if the client is charged an asset-based fee, which includes the vast majority of our discretionary AUM accounts. The FPAUM for our private market strategies typically represents committed, invested or scheduled capital during the investment period and invested capital following the expiration or termination of the investment period. Substantially all of our private markets strategies funds earn fees based on commitments or net invested capital, which are not affected by market appreciation or depreciation. Our FPAUM for our absolute return strategy is based on net asset value. Our calculations of FPAUM may differ from the calculations of other asset managers, and as a result, this measure may not be comparable to similar measures presented by other asset managers. Our definition of FPAUM is not based on any definition that is set forth in the agreements governing the customized separate accounts or specialized funds that we manage. Contracted, Not Yet Fee-Paying AUM (“CNYFPAUM”) represents limited partner commitments which are expected to be invested and begin charging fees over the ensuing five years. Contributions from New Capital Raised is new limited partner commitments where fees are charged immediately at the initial commitment date. Assets Under Management (“AUM”) reflects the sum of (a) FPAUM, (b) CNYFPAUM and (c) other mark-to-market, insider capital and non-fee-paying assets under management. GCM Grosvenor refers to the combined accounts of (a) Grosvenor Capital Management Holdings, LLLP (“LLLP” or “GCMH”), a Delaware limited liability limited partnership, and its consolidated subsidiaries and (b) GCM, L.L.C., a Delaware limited liability company. GCM Grosvenor Inc. is a Delaware corporation listed on the Nasdaq under the symbol “GCMG”. NM Not Meaningful LTM Last Twelve Months Certain Definitions and Use of Non-GAAP Financials and Key Performance Indicators (Continued)
GCM GROSVENOR | 35 Non-GAAP Financial Measures The non-GAAP financial measures contained in this presentation are not GAAP measures of GCM Grosvenor’s financial performance or liquidity and should not be considered as alternatives to net income (loss) as a measure of financial performance or cash flows from operations as measures of liquidity, or any other performance measure derived in accordance with GAAP. A reconciliation of such non-GAAP measures to their most directly comparable GAAP measure is included elsewhere in this presentation. You are encouraged to evaluate each adjustment to non-GAAP financial measures and the reasons management considers it appropriate for supplemental analysis. Our presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non- recurring items. In addition, these measures may not be comparable to similarly titled measures used by other companies in our industry or across different industries. This presentation includes certain projections of non-GAAP financial measures including fee-related earnings. Due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from these projected measures, together with some of the excluded information not being ascertainable or accessible, GCM Grosvenor is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measures without unreasonable effort. Consequently, no disclosure of estimated comparable GAAP measures is included and no reconciliation of the forward looking non-GAAP financial measures is included. Share Repurchase Plan Authorization GCMG’s Board of Directors previously authorized a share repurchase plan, which may be used to repurchase shares of our outstanding Class A common stock in open market transactions, in privately negotiated transactions including with employees or otherwise, as well as to retire (by cash settlement or the payment of tax withholding amounts upon net settlement) equity-based awards granted under the Company’s Amended and Restated 2020 Incentive Award Plan (or any successor equity plan thereto). The Company is not obligated under the terms of the plan to repurchase any of its Class A common stock, and the size and timing of these repurchases will depend on legal requirements, price, market and economic conditions and other factors. The plan has no expiration date and the plan may be suspended or terminated by the Company at any time without prior notice. Any shares of Class A common stock repurchased as part of this plan will be canceled. Of the Company's $255.0 million total share repurchase authorization, $54.1 million remained available as of September 30, 2026. Disclosures