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
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.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| holding | Warrants | -- | -- | -- |
| holding | Class A common stock | -- | -- | -- |
Footnotes (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. 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.
