Brandon Lutnick's Trusts Disclose 1.8M Warrants, $11.50 Strike

Rhea-AI Filing Summary

Brandon Lutnick filed a Form 3 reporting indirect ownership of GCM Grosvenor Inc. (GCMG) securities following a transaction closed on 10/06/2025. Through trusts and controlled entities, he may be deemed to beneficially own 6,451,535 shares of Class A common stock and warrants underlying 1,800,000 shares exercisable at $11.50. The ownership arises because trusts he controls purchased all voting shares of CF Group Management, Inc., which controls the entities holding these securities. The aggregate purchase price for the voting shares was $200,000.

Positive

• Indirect ownership of 6,451,535 Class A shares established via trusts and affiliated entities
• Warrants covering 1,800,000 shares exercisable at $11.50, providing potential additional equity exposure
• Acquisition completed on 10/06/2025 with a disclosed aggregate purchase price of $200,000 for the voting shares of CFGM

Negative

• None.

Insights

Corporate Governance Analyst

Indirect control creates meaningful disclosed stake through affiliated entities.

The filing shows indirect beneficial ownership via trusts and operating entities: combined holdings include 6,451,535 Class A shares and warrants for 1,800,000 shares exercisable at $11.50. The control path runs from trusts to CF Group Management, Inc., to Cantor Fitzgerald, L.P., then to the record holders.

The main dependencies are the legal relationships and trustee decision authority documented in the filing and the remaining warrant expiration on 11/17/2025. Monitor the exercise or transfer of the warrants before that date because they change potential share count and voting dynamics.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Lutnick Brandon

(Last) (First) (Middle)

110 EAST 59TH STREET

(Street)

NEW YORK NY 10022

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
10/06/2025

3. Issuer Name and Ticker or Trading Symbol
GCM Grosvenor Inc. [ GCMG ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A common stock	6,451,535	I	See Footnotes(1)(2)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Warrants	12/17/2020	11/17/2025	Class A common stock	1,800,000	$11.5	I	See Footnotes(1)(2)

Explanation of Responses:

1. On October 6, 2025, the reporting person, through trusts for which he is trustee with decision making control, closed the purchase of all of the voting shares of CF Group Management, Inc. ("CFGM"), which is the managing general partner of Cantor Fitzgerald, L.P. ("CFLP"), from Howard W. Lutnick. CFLP is the sole member of CF Finance Holdings, LLC ("Holdings") and CF GCM Investor, LLC ("Investor"). Holdings owns 2,951,535 shares of Class A common stock and 300,000 warrants of the issuer and Investor owns 3,500,000 shares of Class A common stock and 1,500,000 warrants of the issuer. Following the closing of the transaction, the reporting person may be deemed to have beneficial ownership of the securities held by Holdings and Investor. The aggregate purchase price of the voting shares of CFGM was $200,000.

2. Holdings and Investor are each the record holder of the securities reported herein. CFLP is the sole member of each of Holdings and Investor. CFGM is the managing general partner of CFLP. The reporting person is the Chairman and Chief Executive Officer of CFLP and CFGM and also the trustee with decision making control of trusts that hold all of the voting shares of CFGM. The reporting person disclaims beneficial ownership of all securities held by CFAC in excess of his pecuniary interest, if any, and this report shall not be deemed an admission that he was the beneficial owner of, or had pecuniary interest in, any such excess securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

	/s/ Brandon Lutnick	10/06/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Brandon Lutnick report on Form 3 for GCMG?

He reported indirect beneficial ownership of 6,451,535 Class A shares and warrants for 1,800,000 underlying shares exercisable at $11.50.

How did Lutnick obtain indirect ownership of GCMG securities?

Trusts for which he is trustee purchased all voting shares of CF Group Management, Inc., which controls the entities that hold the reported securities.

When did the transaction giving rise to the Form 3 occur?

The transaction closed on 10/06/2025, the date listed as the event requiring the Form 3 filing.

What was the purchase price for the voting shares of CF Group Management, Inc.?

The aggregate purchase price disclosed for the voting shares of CFGM was $200,000.

Are the reported warrants time-limited?

Yes; the filing shows warrants with an expiration date of 11/17/2025 and an original issuance date of 12/17/2020.