GCMG Form 4 shows warrant sale at $0.01 and 6.45M shares held

Rhea-AI Filing Summary

GCM Grosvenor Inc. (GCMG) director-affiliated entities reported warrant activity and updated share ownership. On November 17, 2025, CF Finance Holdings, LLC sold 33,358 warrants in GCM Grosvenor at an average price of $0.01 per warrant, and the remaining 1,766,642 warrants held by CF Finance Holdings, LLC and CF GCM Investor, LLC expired on the same date.

After these transactions, the reporting group is shown as indirectly beneficially owning 6,451,535 shares of GCM Grosvenor Class A common stock, consisting of 2,951,535 shares held by CF Finance Holdings, LLC and 3,500,000 shares held by CF GCM Investor, LLC. Cantor Fitzgerald, L.P., CF Group Management, Inc. and Mr. Lutnick may be deemed to share beneficial ownership through their control of these entities, but each disclaims beneficial ownership beyond any pecuniary interest.

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

CANTOR FITZGERALD, L. P.

(Last) (First) (Middle)

110 EAST 59TH STREET

(Street)

NEW YORK NY 10022

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
11/17/2025

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

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

	Form filed by One Reporting Person
X	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
Class A common stock								6,451,535	I	See Footnotes(2)

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
Warrants	$11.5	11/17/2025		S			33,358	12/17/2020	11/17/2025	Class A common stock	33,358	$0.01	1,766,642	I	See Footnotes(2)
Warrants	$11.5	11/17/2025		J			1,766,642	12/17/2020	11/17/2025	Class A common stock	1,766,642	(1)	0	I	See Footnotes(2)

1. Name and Address of Reporting Person^*

CANTOR FITZGERALD, L. P.

(Last) (First) (Middle)

110 EAST 59TH STREET

(Street)

NEW YORK NY 10022

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

CF Finance Holdings LLC

(Last) (First) (Middle)

110 EAST 59TH STREET

(Street)

NEW YORK NY 10022

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

CF GCM Investor, LLC

(Last) (First) (Middle)

110 EAST 59TH STREET

(Street)

NEW YORK NY 10022

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

CF GROUP MANAGEMENT INC

(Last) (First) (Middle)

110 EAST 59TH STREET

(Street)

NEW YORK NY 10022

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Lutnick Brandon

(Last) (First) (Middle)

110 EAST 59TH STREET

(Street)

NEW YORK NY 10022

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

1. On November 17, 2025, CF Finance Holdings, LLC ("Holdings") sold 33,358 warrants in GCM Grosvenor, Inc. ("GCMG") at an average price of $0.01 per warrant and the remaining 1,766,642 warrants held by Holdings and CF GCM Investor, LLC ("Investor") expired.

2. Holdings owns 2,951,535 shares of Class A common stock of GCMG and Investor owns 3,500,000 shares of Class A common stock of GCMG. Cantor Fitzgerald, L.P. ("CFLP") is the sole member of each of Holdings and Investor. CF Group Management, Inc. ("CFGM") is the managing general partner of CFLP. Mr. Lutnick 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. As such, each of CFLP, CFGM and Mr. Lutnick may be deemed to have beneficial ownership of the securities directly held by Holdings and Investor. Each such entity or person disclaims any beneficial ownership of the reported shares other than to the extent of any pecuniary interest they may have therein, directly or indirectly.

	/s/ Brandon G. Lutnick	11/18/2025
	/s/ Brandon G. Lutnick, as Chief Executive Officer of Cantor Fitzgerald, L.P.	11/18/2025
	/s/ Brandon G. Lutnick, as Chief Executive Officer of CF Finance Holdings, LLC	11/18/2025
	/s/ Brandon G. Lutnick, as Chief Executive Officer of CF GCM Investor, LLC	11/18/2025
	/s/ Brandon G. Lutnick, as Chief Executive Officer of CF Group Management Inc.	11/18/2025
	** 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 insider transaction did GCM Grosvenor (GCMG) report on November 17, 2025?

On November 17, 2025, CF Finance Holdings, LLC sold 33,358 GCM Grosvenor warrants at an average price of $0.01 per warrant, and the remaining 1,766,642 warrants held by CF Finance Holdings, LLC and CF GCM Investor, LLC expired.

How many GCM Grosvenor warrants expired in this Form 4 filing?

The filing states that 1,766,642 warrants in GCM Grosvenor held by CF Finance Holdings, LLC and CF GCM Investor, LLC expired on November 17, 2025.

How many GCMG Class A shares do the reporting entities beneficially own after the transactions?

After the reported transactions, the reporting group is shown as indirectly beneficially owning 6,451,535 GCM Grosvenor Class A common shares, with 2,951,535 shares held by CF Finance Holdings, LLC and 3,500,000 shares held by CF GCM Investor, LLC.

Who are the entities and individuals connected to the GCMG holdings in this Form 4?

CF Finance Holdings, LLC and CF GCM Investor, LLC directly hold the GCMG shares. Cantor Fitzgerald, L.P. is the sole member of both entities, CF Group Management, Inc. is the managing general partner of Cantor Fitzgerald, L.P., and Mr. Lutnick is Chairman and CEO of both entities and controls the trusts that hold all voting shares of CF Group Management, Inc.

Do Cantor Fitzgerald, CF Group Management, Inc., and Mr. Lutnick claim full beneficial ownership of the GCMG shares?

The filing states that Cantor Fitzgerald, L.P., CF Group Management, Inc., and Mr. Lutnick may be deemed to have beneficial ownership of the securities held by CF Finance Holdings, LLC and CF GCM Investor, LLC, but each disclaims beneficial ownership of the reported shares other than to the extent of any pecuniary interest.

What type of securities were involved in the GCM Grosvenor Form 4 filing?

The Form 4 covers GCM Grosvenor warrants with an exercise price of $11.50 per warrant that were sold or expired, and Class A common stock that remains beneficially owned indirectly through CF Finance Holdings, LLC and CF GCM Investor, LLC.