GCMG Form 4: Stephen Malkin Receives 5,179 RSUs; Settlement Conditions Specified

Rhea-AI Filing Summary

Stephen Malkin, a director of GCM Grosvenor Inc. (GCMG), was granted 5,179 Restricted Stock Units (RSUs) on 09/30/2025 in lieu of quarterly cash compensation. Each RSU represents the contingent right to one share of Class A Common Stock and the award is fully vested as of the grant date. The reported exercise/settlement price shown is $12.07 per share and the filing reports 90,405 shares of Class A Common Stock beneficially owned by the reporting person following the transaction. Settlement of the vested RSUs will occur upon the earliest of the reporting person’s separation from service, a change in control of the issuer, or the reporting person’s death or disability.

Positive

• Granted 5,179 RSUs in lieu of cash, showing a compensation choice that aligns the director with shareholder equity
• Award fully vested as of grant date, indicating no additional service condition for vesting
• Post-transaction beneficial ownership reported at 90,405 shares, improving transparency of insider holdings

Negative

• Settlement is conditional — vested RSUs will be delivered only upon separation from service, change in control, or death/disability, delaying share receipt
• Form 4 contains no dollar value aggregation beyond the per-share price $12.07, so total award value is not explicitly summarized in the filing

Insights

Corporate Governance Expert

TL;DR: Director received fully vested RSUs instead of cash, increasing reported beneficial ownership to 90,405 shares.

The filing documents a non-cash compensation election by a director under the issuer’s Amended and Restated 2020 Incentive Award Plan: 5,179 RSUs granted on 09/30/2025 and marked as fully vested on grant. The grant is explicit about settlement triggers: separation from service, change in control, or death/disability. From a governance perspective, the director’s choice to take equity aligns the director economically with shareholders, while the specified settlement conditions delay actual share delivery and potential trading until a triggering event occurs. The disclosure is routine for Section 16 reporting and contains no indication of disposition or hedging activity.

Compensation & Benefits Analyst

TL;DR: This is a routine equity-based compensation election, fully vested on grant with defined settlement conditions.

The award was granted pursuant to the company's 2020 Incentive Award Plan and substituted for quarterly cash compensation at the reporting person’s election. The form clearly states each RSU converts to one share of Class A Common Stock and that settlement timing is conditional. The filing quantifies the grant (5,179 RSUs) and the post-transaction beneficial ownership (90,405 shares), providing transparent disclosure of the director’s current holding and the mechanics of the award.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Malkin Stephen

(Last) (First) (Middle)

C/O GCM GROSVENOR INC.

900 NORTH MICHIGAN AVENUE, SUITE 1100

(Street)

CHICAGO IL 60611

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

4. 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 Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)	09/30/2025		A		5,179		(2)	(2)	Class A Common Stock	5,179	$12.07	90,405	D

Explanation of Responses:

1. Each Restricted Stock Unit ("RSU") represents the contingent right to receive one share of Class A Common Stock of the Issuer.

2. This award of RSUs was granted pursuant to the Issuer's Amended and Restated 2020 Incentive Award Plan, in lieu of quarterly cash compensation at the election of the Reporting Person, and is fully vested as of the date of grant. Shares of Class A Common Stock in settlement of vested RSUs will be delivered upon the earliest to occur of the Reporting Person's "separation from service" from the Issuer, a "change in control event" of the Issuer or the Reporting Person's death or disability.

Remarks:

	/s/ Burke Montgomery, Attorney-in-Fact	10/01/2025
	** 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 4 (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 GCMG director Stephen Malkin receive on 09/30/2025?

He was granted 5,179 Restricted Stock Units (RSUs) on 09/30/2025 under the issuer's Amended and Restated 2020 Incentive Award Plan.

Are the RSUs granted to Stephen Malkin vested or subject to vesting?

The filing states the award is fully vested as of the date of grant.

When will the vested RSUs be settled into Class A common shares?

Settlement will occur upon the earliest of the reporting person’s separation from service, a change in control of the issuer, or the reporting person’s death or disability.

How many shares does Stephen Malkin beneficially own after the reported transaction?

The report lists 90,405 shares of Class A Common Stock beneficially owned following the transaction.

What price is shown on the Form 4 for the RSU award?

The form lists a price of $12.07 per share associated with the reported RSUs.