You should read the following discussion and analysis of our financial condition and results of operations together with the Annual Report on Form 10-K for the fiscal year ended December 31, 2025. This discussion contains forward-looking statements that reflect our plans, estimates, and beliefs that involve risks and uncertainties. As a result of many factors, such as those set forth under the “Risk Factors” section of Part I, Item 1A in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and under the “Forward-Looking Statements” section elsewhere in this Quarterly Report on Form 10-Q, our actual results may differ materially from those anticipated in these forward-looking statements. Overview We are a leading alternative asset management solutions provider that invests across all major alternative investment strategies. We invest on a primary basis and through direct-oriented strategies, which we define as secondaries, co-investments, direct investments and seed investments. We operate customized separate accounts and commingled funds. We collaborate with our clients to invest on their behalf across the private and public markets, either through portfolios customized to meet a client’s specific objectives or through specialized commingled funds that are developed to meet broad market demands for strategies and risk-return objectives. We operate at scale across the full range of private markets and absolute return strategies. Private markets and absolute return strategies are primarily defined by the liquidity of the underlying securities purchased, the length of the client commitment, and the form and timing of incentive fees. For private markets strategies, clients generally commit to invest over a three-year time period and have an expected duration of seven years or more. In private markets strategies, carried interest is typically based on realized gains on liquidation of the investment. For absolute return strategies, the securities tend to be more liquid, clients have the ability to redeem assets more regularly, and performance fees can be earned on an annual basis. We offer the following investment strategies: •Private Equity •Infrastructure •Real Estate •Absolute Return Strategies •Alternative Credit Our clients include large, sophisticated, global institutional investors who rely on our investment expertise and differentiated investment access to navigate the alternatives market, but also include a growing individual investor client base. As one of the pioneers of the customized separate account solutions, we are equipped to provide investment services to clients with a wide variety of needs, internal resources and investment objectives, and our client relationships are deep and frequently span decades. Trends Affecting Our Business As a global alternative asset manager, our results of operations are impacted by a variety of factors, including conditions in the global financial markets and economic and political environments, particularly in the United States, Europe, Asia-Pacific, Latin America and the Middle East. While economic factors, such as interest rates, can make alternative investments more or less attractive relative to other asset classes, investors have increasingly gravitated towards the returns generated by alternative investments in order to meet their return objectives. In addition, increased equity market volatility can also contribute to increased investor demand for alternative strategies. We observed such volatility in 2025 and we have continued to observe such volatility during the first half of 2026 in the United States, driven by elevated inflation, the risk of economic slowdown, the ongoing implementation of U.S. trade tariffs, uncertainty regarding retaliatory measures by trading partners, geopolitical conflict, and the resulting impact on global equity and credit markets. This environment can influence when clients choose to commit capital, the pace at which we invest those commitments, and the timing of realizations and related fees. Finally, the opportunities in private markets continue to expand as firms raise new funds and launch new vehicles and products to access private markets across the globe. 31 In addition to the trends discussed above, we believe the following factors, among others, will influence our future performance and results of operations: Our ability to retain existing investors and attract new investors in our funds. Our ability to retain existing assets under management and attract new investors in our funds is partially dependent on the extent to which investors continue to favorably see the alternative asset management industry relative to traditional publicly listed equity and debt securities. A decline in the pace or the size of our fundraising efforts or investments as a result of increased competition in the private markets investing environment or a shift toward public markets may impact our revenues, which are generated from management fees and incentive fees. Our ability to expand our business through new lines of business and geographic markets. Our ability to grow our revenue base is partially dependent upon our ability to offer additional products and services by entering into new lines of business and by entering into, or expanding our presence in, new geographic markets. Entry into certain lines of business or geographic markets or the introduction of new types of products or services may subject us to the evolving macroeconomic and regulatory environment of the various countries where we operate or in which we invest. Our ability to realize investments. Challenging market and economic conditions may adversely affect our ability to exit and realize value from our investments and we may not be able to find suitable investments in which to effectively deploy capital. During periods of adverse economic conditions, such as current geopolitical turmoil abroad and elevated inflation and interest rates, our funds may have difficulty accessing financial markets, which could make it more difficult to obtain funding for additional investments and impact our ability to successfully exit positions in a timely manner. A general market downturn, a recession or a specific market dislocation may result in lower investment returns for our funds, which would adversely affect our revenues. Our ability to identify suitable investment opportunities for our clients. Our success largely depends on the identification and availability of suitable investment opportunities for our clients, including the success of the investment vehicles managed by third-party investment managers in which GCM Funds invest. The availability of investment opportunities is subject to certain factors outside of our control, including the market environment at a given point in time. Although there can be no assurance that we will be able to secure the opportunity to invest on behalf of our clients in all or a substantial portion of the investments we select, or that the size of the investment opportunities available to us will be as large as we would desire, we seek to maintain excellent relationships with investment managers that we have invested with previously or who we may invest with in the future. These investment managers include investment managers of investment funds as well as sponsors of investments that might provide co-investment opportunities in portfolio companies alongside the fund manager. Our ability to identify attractive investments and execute those investments is dependent on a number of factors, including the general macroeconomic environment, valuation, transaction size, and expected duration of such investment opportunity. Our ability to generate competitive returns. The ability to attract and retain clients is partially dependent on returns we are able to deliver versus client objectives, our peers and industry benchmarks. The capital we are able to attract drives the growth of our assets under management and the management and incentive fees we earn. Similarly, in order to maintain our desired fee structure in a competitive environment, we must be able to continue to provide clients with investment returns and service that incentivize our investors to pay our desired fee rates. Our ability to comply with increasing and evolving regulatory requirements. The complex and evolving regulatory and tax environment may have an adverse effect on our business and subject us to additional expenses or capital requirements, as well as restrictions on our business operations. For example, on July 4, 2025, H.R. 1, the “One Big Beautiful Bill Act” (the “OBBBA”) was signed into law in the United States. Among other changes, the OBBBA modifies key business tax provisions, including the restoration of 100% bonus depreciation under Section 168(k) of the Internal Revenue Code (the “Code”), the restoration of the immediate deduction of U.S. domestic research and experimental expenditures under Section 174A of the Code, the restoration of the EBITDA-based business interest expense limitation under Section 163(j) of the Code, and changes to the computation of taxes related to 32 international operations. Based on our evaluation of the tax law changes outlined in the OBBBA, we do not expect the legislation to have a material impact on our financial statements. Operating Segments We have determined that we operate in a single operating and reportable segment. This is consistent with how our chief operating decision maker, who is our Chief Executive Officer, allocates resources and assesses performance. Organizational Structure The diagram below depicts our current organizational structure: Note: The diagram depicts a simplified version of our structure and does not include all legal entities in our structure. Approximate ownership percentages are as of August 5, 2026. (1)Mr. Sacks, the chairman of our board of directors and our Chief Executive Officer, ultimately owns and controls GCM V. The address for Mr. Sacks is c/o GCM Grosvenor, 900 North Michigan Avenue, Suite 1100, Chicago, Illinois 60611. (2)Percentage of combined voting power represents voting power with respect to all shares of Class A common stock and Class C common stock, voting together as a single class. Each holder of Class A common stock is entitled to one vote per share, and each holder of Class C common stock is entitled to the lesser of (i) 10 votes per share and (ii) the Class C Share Voting Amount on all matters submitted to stockholders for their vote or approval. From and after the Sunset Date, holders of Class C Common Stock will be entitled to one vote per share. Class C common stock does not have any of the economic rights (including rights to dividends and distributions upon liquidation) associated with Class A common stock. (3)Mr. Sacks is the ultimate managing member of each of (i) Holdings, (ii) Management LLC, (iii) Holdings II, and (iv) GCM Progress Subsidiary LLC, a Delaware limited liability company (collectively, the “GCMH Equityholders”). Any distribution of proceeds derived from the securities held by the GCMH Equityholders is shared among the respective members of such entities in accordance with the applicable operating agreements of such entities. (4)As of August 5, 2026, there were 61,126,269 shares of Class A common stock outstanding and 141,665,831 common units of GCMH (“Common Units”) outstanding held by the GCMH Equityholders, which may be exchanged for shares of Class A common stock on a one-to-one basis, or, at our election, for cash, pursuant to and subject to the restrictions set forth in the Fifth Amended and Restated Limited Liability Limited Partnership Agreement of GCMH. As of August 5, 2026, GCM V held 141,665,831 shares of Class C common stock, which corresponds to the number of Common Units held by the GCMH Equityholders. As of August 5, 2026, the GCMH Equityholders held 6,988 shares of Class A common stock. 33 Components of Results of Operations Revenues We generate revenues from management fees and incentive fees, which includes carried interest and performance fees. Management Fees Management Fees We earn management fees from providing investment management services to specialized funds and customized separate account clients. Specialized funds are generally structured as partnerships or companies having multiple investors. Customized separate account clients may be structured using an affiliate-managed entity or may involve an investment management agreement between us and a single client. Certain separate account clients may have us manage assets both with full discretion over investments decisions as well as without discretion over investment decisions and may also receive access to various other advisory services the firm may provide. Certain of our management fees, typically associated with our private markets strategies, are based on client commitments to those funds during an initial commitment or investment period. During this period, fees may be charged on total commitments, on invested capital (capital committed to underlying investments) or on a ratable ramp-in of total commitments, which is meant to mirror typical invested capital pacing. Following the expiration or termination of such period, certain fees continue to be based on client commitments while others are based on invested assets or based on invested capital and unfunded deal commitments less returned capital or based on a fixed ramp down schedule. Certain of our management fees, typically associated with absolute return strategies, are based on the NAV of those funds. Such GCM Funds either have a set fee for the entire fund or a fee scale through which clients with larger commitments pay a lower fee. Management fees are determined quarterly and are more commonly billed in advance based on the management fee rate applied to the management fee base at the end of the preceding quarterly period as defined in the respective contractual agreements. We provided investment management / advisory services on assets of $96.7 billion and $90.9 billion as of June 30, 2026 and December 31, 2025, respectively. Fund expense reimbursement revenue We incur certain costs, primarily related to accounting, client reporting, investment-decision making and treasury-related expenditures, for which we receive reimbursement from the GCM Funds in connection with our performance obligations to provide investment management services. We concluded that we control the services provided and resources used before they are transferred to the customer, and therefore we act as a principal. Accordingly, the reimbursement for these costs incurred by us are presented on a gross basis within management fees. Expense reimbursements are recognized at a point in time, in the periods during which the related expenses are incurred and the reimbursements are contractually earned. Incentive Fees Incentive fees are based on the results of our funds, in the form of performance fees and carried interest income, which together comprise incentive fees. Carried Interest Carried interest is a performance-based capital allocation from a fund’s limited partners earned by us in certain GCM Funds, more commonly in private markets strategies. Carried interest is typically a percentage of the profits calculated in accordance with the terms of fund agreements, certain fees and a preferred return to the fund’s limited partners. Carried interest is ultimately realized when underlying investments distribute proceeds or are sold and therefore carried interest is highly susceptible to market factors, judgments, and actions of third parties that are outside of our control. Agreements generally include a clawback provision that, if triggered, would require us to return up to the cumulative amount of carried interest distributed, typically net of tax, upon liquidation of those funds, if the aggregate amount paid as carried interest exceeds the amount actually due based upon the aggregate performance of each fund. We have defined the 34 portion to be deferred as the amount of carried interest, typically net of tax, that we would be required to return if all remaining investments had no value as of the end of each reporting period. As of June 30, 2026, deferred revenue relating to constrained realized carried interest was approximately $5.9 million. Assets under management that are subject to carried interest, excluding investments of the firm and our professionals from which we generally do not earn incentive fees, were approximately $51.0 billion as of June 30, 2026. Performance Fees We may receive performance fees from certain GCM Funds, more commonly in funds associated with absolute return strategies. Performance fees are typically a fixed percentage of investment gains, subject to loss carryforward provisions that require the recapture of any previous losses before any performance fees can be earned in the current period. Performance fees may or may not be subject to a hurdle or a preferred return, which requires that clients earn a specified minimum return before a performance fee can be assessed. These performance fees are determined based upon investment performance at the end of a specified measurement period, generally the end of the calendar year. Investment returns are highly susceptible to market factors, judgments, and actions of third parties that are outside of our control. Accordingly, performance fees are variable consideration and are therefore constrained and not recognized until it is probable that a significant reversal will not occur. In the event that a client redeems from one of the GCM Funds prior to the end of a measurement period, any accrued performance fee is ordinarily due and payable by such redeeming client as of the date of the redemption. Assets under management that are subject to performance fees, excluding investments of the firm and our professionals from which we generally do not earn incentive fees, were approximately $17.2 billion as of June 30, 2026. Other Operating Income Other operating income primarily consists of administrative fees from certain private investment vehicles where we perform a full suite of administrative functions, but for which we do not manage or advise. We satisfy our performance obligations for administrative fees over time as the services are rendered and the customer simultaneously receives and consumes the benefits of the services as they are performed, using the same time-based measure of progress towards completion. Other operating income also includes placement fees earned when we raise capital for certain investment vehicles. These fees are recognized upon the successful placement and funding of the related securities. Expenses Employee Compensation and Benefits Employee compensation and benefits primarily consists of (1) cash-based employee compensation and benefits, (2) equity-based compensation, (3) partnership interest-based compensation, (4) carried interest compensation, (5) cash-based incentive fee related compensation and (6) other non-cash compensation. Bonus and incentive fee related compensation is generally determined by our management and is discretionary taking into consideration, among other things, our financial results and the employee’s performance. In addition, various individuals, including certain senior professionals have been awarded partnership interests and/or restricted stock units (“RSUs”). These partnership interests grant the recipient the right to certain cash distributions from GCMH Equityholders’ profits (to the extent such distributions are authorized) and/or to certain net sale proceeds after threshold distributions, resulting in non-cash profits interest compensation expense. We recognize compensation expense attributable to the RSUs on a straight-line basis over the requisite service period, which is generally the vesting period. Certain employees and former employees are also entitled to a portion of the carried interest and performance fees realized from certain GCM Funds, which is payable upon a realization of the carried interest or performance fees. General, Administrative and Other General, administrative and other consists primarily of professional fees, travel and related expenses, IT operations, communications and information services, occupancy, fund expenses, depreciation and amortization, and other costs associated with our operations. 35 Net Other Income (Expense) Investment Income (Loss) Investment income (loss) primarily consists of gains and losses arising from our equity method investments. Interest Expense Interest expense includes interest paid and accrued on our outstanding debt, along with the amortization of deferred debt issuance costs incurred from debt issued by us, including the Senior Loan and the Revolving Credit Facility entered into by us. Interest expense also includes (1) the impact of qualifying effective cash flow hedges and (2) the amortization of realized gains or losses on interest rate swaps that initially qualified for hedge accounting and were subsequently terminated. The unrealized gains or losses are reclassified from accumulated other comprehensive income into interest expense over the original life of the swap for terminated derivative instruments. Other Income Other income consists primarily of other non-operating items, including write-off of unamortized debt issuance costs due to prepayments and refinancing of debt and interest income. Change in Fair Value of Warrant Liabilities Change in fair value of warrant liabilities was non-cash and consisted of fair value adjustments related to the outstanding public and private warrants issued in connection with the Transaction. The warrant liabilities were classified as marked-to-market liabilities pursuant to ASC 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity, and the corresponding increase or decrease in value impacted our net income (loss). No warrants remained outstanding during the three or six months ended June 30, 2026. Provision for Income Taxes We are a corporation for U.S. federal income tax purposes and therefore are subject to U.S. federal and state income taxes on our share of taxable income generated by us and our subsidiaries. GCMH is treated as a pass-through entity for U.S. federal and state income tax purposes. As such, income generated by GCMH flows through to its partners, and is generally not subject to U.S. federal or state income tax at the partnership level. Our non-U.S. subsidiaries generally operate as corporate entities in non-U.S. jurisdictions, with certain of these entities subject to local or non-U.S. income taxes. The tax liability with respect to income attributable to noncontrolling interests in GCMH is borne by the holders of such noncontrolling interests. Net Income Attributable to Noncontrolling Interests Net income attributable to noncontrolling interests in subsidiaries represents the economic interests of third parties in certain consolidated subsidiaries. Net income attributable to noncontrolling interests in GCMH represents the economic interests of GCMH Equityholders in GCMH. Profits and losses, other than partnership interest-based compensation, are allocated to the noncontrolling interests in GCMH in proportion to their relative ownership interests regardless of their basis. 36 Results of Operations The following is a discussion of our consolidated results of operations for the three and six months ended June 30, 2026 and 2025. This information is derived from our accompanying Condensed Consolidated Financial Statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in thousands, unaudited) Revenues Management fees $ 114,762 $ 101,924 $ 225,632 $ 211,239 Incentive fees 17,592 16,258 29,585 31,326 Other operating income 1,985 1,475 3,900 2,938 Total operating revenues 134,339 119,657 259,117 245,503 Expenses Employee compensation and benefits 71,178 74,863 146,546 157,103 General, administrative and other 27,676 25,549 56,604 53,825 Total operating expenses 98,854 100,412 203,150 210,928 Operating income 35,485 19,245 55,967 34,575 Investment income 3,472 5,782 7,393 6,546 Interest expense (4,431) (5,908) (9,294) (11,571) Other income 1,015 1,182 2,355 2,028 Change in fair value of warrant liabilities — 19,388 — 10,612 Net other income 56 20,444 454 7,615 Income before income taxes 35,541 39,689 56,421 42,190 Provision (benefit) for income taxes 3,688 (202) 6,824 3,389 Net income 31,853 39,891 49,597 38,801 Less: Net income attributable to noncontrolling interests in subsidiaries 623 980 1,487 1,155 Less: Net income attributable to noncontrolling interests in GCMH 21,666 23,474 33,079 21,746 Net income attributable to GCM Grosvenor Inc. $ 9,564 $ 15,437 $ 15,031 $ 15,900 Revenues Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in thousands, unaudited) Private markets strategies $ 66,948 $ 59,600 $ 130,495 $ 126,458 Absolute return strategies 42,453 38,334 84,111 76,109 Fund expense reimbursement revenue 5,361 3,990 11,026 8,672 Total management fees 114,762 101,924 225,632 211,239 Incentive fees 17,592 16,258 29,585 31,326 Administrative fees 1,169 1,295 2,462 2,577 Other 816 180 1,438 361 Total other operating income 1,985 1,475 3,900 2,938 Total operating revenues $ 134,339 $ 119,657 $ 259,117 $ 245,503 37 Three Months Ended June 30, 2026 and June 30, 2025 Management fees increased $12.8 million, or 13%, to $114.8 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. Private markets strategies fees increased $7.3 million, or 12%, primarily due to a $3.6 million increase in private market strategies specialized funds fees and a $2.6 million increase in private markets strategies customized separate accounts fees, both as a result of capital raising and deployment. Absolute return strategies fees increased $4.1 million, or 11%, primarily as a result of higher returns for certain absolute return strategies funds as well as capital raising. Fund expense reimbursement revenue increased $1.4 million, or 34% to $5.4 million. Incentive fees consisted of carried interest and performance fees. Carried interest increased $1.4 million, or 9%, to $16.2 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. This increase is primarily due to higher carry realizations and distributions from investments during three months ended June 30, 2026, as compared to the three months ended June 30, 2025. Performance fees were generally consistent for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. Performance fees are generally determined at the end of the calendar year and are generally minimal in interim periods. Six Months Ended June 30, 2026 and June 30, 2025 Management fees increased $14.4 million, or 7%, to $225.6 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. Absolute return strategies fees increased $8.0 million, or 11%, primarily as a result of capital raising and higher returns for certain absolute return strategies funds. Private market strategies fees increased $4.0 million, or 3%, primarily due to a $4.4 million increase in private market strategies customized separate accounts fees, as a result of capital raising and deployment, partially offset by a $2.4 million decrease in private market strategies specialized funds fees, as a result of lower catch-up management fees. Fund expense reimbursement revenue increased $2.4 million, or 27% to $11.0 million. Incentive fees consisted of carried interest and performance fees. Carried interest decreased $3.4 million, or 13%, to $22.7 million for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. This decrease is primarily due to lower carry realizations and distributions from investments during the six months ended June 30, 2026, as compared to the six months ended June 30, 2025. Performance fees increased $1.7 million, or 32%, to $6.9 million for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to higher fees earned from one fund with a different fiscal year than us as well as higher crystallized fees earned on redemptions from certain funds, partially offset by lower true-up fees. Performance fees are generally determined at the end of the calendar year and are generally minimal in interim periods. Expenses Employee Compensation and Benefits Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in thousands, unaudited) Cash-based employee compensation and benefits $ 39,369 $ 38,658 $ 77,719 $ 77,705 Equity-based compensation 10,650 6,776 33,604 27,077 Partnership interest-based compensation 7,626 16,323 13,004 28,548 Carried interest compensation 8,977 9,281 13,399 14,606 Cash-based incentive fee related compensation 4,505 3,832 8,723 8,990 Other non-cash compensation 51 (7) 97 177 Total employee compensation and benefits $ 71,178 $ 74,863 $ 146,546 $ 157,103 Three Months Ended June 30, 2026 and June 30, 2025 Employee compensation and benefits decreased $3.7 million, or 5%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The overall decrease was primarily driven by a decrease in partnership interest-based compensation partially offset by an increase in equity-based compensation. Partnership interest-based compensation decreased $8.7 million, or 53%, primarily due to lower expense recorded for the GCMH Equityholders Awards and award modifications during the three months ended June 30, 2026. GCMH Equityholders Awards and award modifications are further described in 38 Note 9 in the notes to Condensed Consolidated Financial Statements included in Part I, Item 1 of the Quarterly Report on Form 10-Q. These awards do not dilute Class A common stockholders or impact our net cash flows. Equity-based compensation increased $3.9 million, or 57%, primarily due to an increase in equity-classified and liability-classified RSUs outstanding during the three months ended June 30, 2026 compared to the three months ended June 30, 2025. Six Months Ended June 30, 2026 and June 30, 2025 Employee compensation and benefits decreased $10.6 million, or 7%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The overall decrease was primarily driven by decreases in partnership interest-based compensation and carried interest compensation partially offset by an increase in equity-based compensation. Partnership interest-based compensation decreased $15.5 million, or 54%, primarily due to lower expense recorded for the GCMH Equityholders Awards and award modifications during the six months ended June 30, 2026. GCMH Equityholders Awards and award modifications are further described in Note 9 in the notes to Condensed Consolidated Financial Statements included in Part I, Item 1 of the Quarterly Report on Form 10-Q. These awards do not dilute Class A common stockholders or impact our net cash flows. Carried interest compensation decreased $1.2 million, or 8%, primarily due to lower realized carried interest during the six months ended June 30, 2026 compared to the six months ended June 30, 2025. Equity-based compensation increased $6.5 million, or 24%, primarily due to an increase in equity-classified and liability-classified RSUs granted and outstanding during the six months ended June 30, 2026 compared to the six months ended June 30, 2025. General, Administrative and Other Three and Six Months Ended June 30, 2026 and June 30, 2025 General, administrative and other increased $2.1 million, or 8%, to $27.7 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily driven by an increase in IT related costs of $1.2 million and reimbursable fund expenses of $1.1 million, partially offset by a decrease in occupancy related costs of $1.3 million. General, administrative and other increased $2.8 million, or 5%, to $56.6 million for the six months ended June 30, 2026 compared to the six months ended months ended June 30, 2025, primarily driven by an increase in reimbursable fund expenses of $1.8 million and IT related costs of $1.6 million, partially offset by a decrease in occupancy related costs of $1.2 million. Net Other Income (Expense) Three Months Ended June 30, 2026 and June 30, 2025 Investment income was $3.5 million for the three months ended June 30, 2026 compared to $5.8 million for the three months ended June 30, 2025, primarily due to the change in value of private and public market investments. Interest expense was $4.4 million for the three months ended June 30, 2026, compared to $5.9 million for the three months ended June 30, 2025, primarily due to lower average debt balance. Other income was $1.0 million for the three months ended June 30, 2026, compared to $1.2 million for the three months ended June 30, 2025, and consisted primarily of interest income in each period. There was no change in fair value of warrant liabilities for the three months ended June 30, 2026, as no public or private warrants were outstanding following their exercise or expirations during the three months ended December 31, 2025. Six Months Ended June 30, 2026 and June 30, 2025 Investment income was $7.4 million for the six months ended June 30, 2026 compared to $6.5 million for the six months ended June 30, 2025, primarily due to the change in value of private and public market investments. Interest expense was $9.3 million for the six months ended June 30, 2026 compared to $11.6 million for the six months ended June 30, 2025, primarily due to lower average debt balance. Other income was $2.4 million for the six months ended June 30, 2026 compared to $2.0 million for the six months ended June 30, 2025, and consisted primarily of interest income in each period. There was no change in fair value of warrant liabilities for the six months ended June 30, 2026, as no public or private warrants were outstanding following their exercise or expirations during the three months ended December 31, 2025. 39 Provision for Income Taxes Three and Six Months Ended June 30, 2026 and June 30, 2025 Provision for income taxes primarily reflect U.S. federal and state income taxes on our share of taxable income generated by us, as well as local and foreign income taxes of certain of our subsidiaries. Our effective tax rate was 10% and (1)% for the three months ended June 30, 2026 and 2025, respectively, and 12% and 8% for the six months ended June 30, 2026 and 2025, respectively. Our overall effective tax rate was lower than the statutory rate for the three and six months ended June 30, 2026 primarily due to the portion of income allocated to the noncontrolling interest holders, including profit interest expense, as well as a valuation allowance recorded against deferred tax assets and discrete tax adjustments recorded in the periods. Net Income Attributable to Noncontrolling Interests Three Months Ended June 30, 2026 and June 30, 2025 Net income attributable to noncontrolling interests in subsidiaries was $0.6 million and $1.0 million for the three months ended June 30, 2026 and 2025, respectively. The decrease for the three months ended June 30, 2026, as compared to the three months ended June 30, 2025, was primarily attributable to a decrease in income generated by our consolidated subsidiaries not wholly owned by us. Net income attributable to noncontrolling interests in GCMH was $21.7 million and $23.5 million for the three months ended June 30, 2026 and 2025, respectively. The change in net income (loss) attributable to noncontrolling interests in GCMH for the three months ended June 30, 2026, as compared to the three months ended June 30, 2025, was primarily attributable to the underlying performance of GCMH, partially offset by a decrease in partnership-interest based compensation for the three months ended June 30, 2026, which was fully allocated to noncontrolling interest in GCMH. Six Months Ended June 30, 2026 and June 30, 2025 Net income attributable to noncontrolling interests in subsidiaries was $1.5 million and $1.2 million for the six months ended June 30, 2026 and 2025, respectively. The increase for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, was primarily attributable to an increase in income generated by our consolidated subsidiaries not wholly owned by us. Net income attributable to noncontrolling interests in GCMH was $33.1 million and $21.7 million for the six months ended June 30, 2026 and 2025, respectively. The change in net income (loss) attributable to noncontrolling interests in GCMH for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, was primarily attributable to the underlying performance of GCMH as well as a decrease in partnership-interest based compensation for the six months ended June 30, 2026, which was fully allocated to noncontrolling interest in GCMH. Fee-Paying AUM FPAUM is a metric 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. Our FPAUM for 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 NAV, which includes impacts of any market appreciation or depreciation. 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. 40 Three Months Ended June 30, 2026 Six Months Ended June 30, 2026 (in millions, unaudited) Private Markets Strategies Absolute Return Strategies Total FPAUM Private Markets Strategies Absolute Return Strategies Total FPAUM Fee-paying AUM Balance, beginning of period $ 47,999 $ 25,537 $ 73,536 $ 47,180 $ 25,319 $ 72,499 Contributions 1,873 623 2,496 3,470 1,083 4,553 Withdrawals (44) (439) (483) (61) (685) (746) Distributions (581) (92) (673) (1,319) (102) (1,421) Change in market value 81 3,191 3,272 115 3,246 3,361 Foreign exchange and other (25) (17) (42) (82) (58) (140) Balance, end of period $ 49,303 $ 28,803 $ 78,106 $ 49,303 $ 28,803 $ 78,106 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. As of (in millions) June 30, 2026 December 31, 2025 Contracted, not yet Fee-Paying AUM $ 9,678 $ 10,405 AUM $ 96,717 $ 90,928 Of the $9.7 billion CNYFPAUM as of June 30, 2026, approximately $1.7 billion is subject to an agreed upon fee ramp in schedule. The ramp in schedule will result in management fees being charged on approximately $0.2 billion, $0.5 billion and $1.0 billion of such amount in the remainder of 2026, in 2027, and in 2028 and beyond, respectively. Management fees will be charged on the remaining approximately $8.0 billion of CNYFPAUM as such capital is invested, which will depend on a number of factors, including the availability of eligible investment opportunities. Three Months Ended June 30, 2026 FPAUM increased $4.6 billion, or 6%, to $78.1 billion during the three months ended June 30, 2026 due to $2.5 billion of contributions and a $3.3 billion increase in market value, respectively, partially offset by $0.7 billion of distributions and $0.5 billion of withdrawals. •Private markets strategies FPAUM increased $1.3 billion, or 3%, to $49.3 billion during the three months ended June 30, 2026, primarily due to $1.9 billion of contributions partially offset by $0.6 billion of distributions. •Absolute return strategies FPAUM increased $3.3 billion, or 13%, to $28.8 billion during the three months ended June 30, 2026, primarily due to a $3.2 billion increase in market value and $0.6 billion in contributions, partially offset by $0.4 billion of withdrawals. CNYFPAUM decreased $0.2 billion, or 2%, to $9.7 billion during the three months ended June 30, 2026 primarily due to CNYFPAUM that became FPAUM during the period. AUM increased $5.2 billion, or 6%, to $96.7 billion during the three months ended June 30, 2026, primarily driven by a $4.6 billion increase in FPAUM and a $0.2 billion decrease in CNYFPAUM, as well as mark to market increases that do not impact FPAUM. Six Months Ended June 30, 2026 FPAUM increased $5.6 billion, or 8%, to $78.1 billion during the six months ended June 30, 2026, primarily due to $4.6 billion of contributions and a $3.4 billion increase in market value, partially offset by $1.4 billion of distributions and $0.7 billion of of withdrawals. •Private markets strategies FPAUM increased $2.1 billion, or 4%, to $49.3 billion during the six months ended June 30, 2026, primarily due to $3.5 billion of contributions, partially offset by $1.3 billion of distributions. 41 •Absolute return strategies FPAUM increased $3.5 billion, or 14%, to $28.8 billion during the six months ended June 30, 2026, primarily due to a $3.2 billion increase in market value and $1.1 billion of contributions, partially offset by $0.7 billion of withdrawals. CNYFPAUM decreased $0.7 billion, or 7%, to $9.7 billion during the six months ended June 30, 2026 primarily due to CNYFPAUM that became FPAUM during the period. AUM increased $5.8 billion, or 6%, to $96.7 billion during the six months ended June 30, 2026, primarily driven by a $5.6 billion increase in FPAUM as well as mark to market increases that do not impact FPAUM, partially offset by a $0.7 billion decrease in CNYFPAUM. Non-GAAP Financial Measures In addition to our results of operations 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 are reconciled below. 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 revenues and 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. 42 Summary of Non-GAAP Financial Measures Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in thousands, unaudited) Revenues Private markets strategies(1) $ 66,363 $ 60,148 $ 129,530 $ 127,073 Absolute return strategies(1) 42,453 38,334 84,111 76,109 Management fees, net 108,816 98,482 213,641 203,182 Administrative fees and other operating income 1,985 1,475 3,900 2,938 Fee-Related Revenue(1) 110,801 99,957 217,541 206,120 Less: Cash-based employee compensation and benefits, net (2) (38,434) (37,134) (75,835) (75,231) General, administrative and other, net (1,3) (22,085) (21,206) (44,757) (42,615) Fee-Related Earnings 50,282 41,617 96,949 88,274 Fee-Related Earnings Margin(4) 45 % 42 % 45 % 43 % Incentive fees: Performance fees 1,414 1,433 6,915 5,251 Carried interest 16,178 14,825 22,670 26,075 Incentive fee related compensation and NCI: Cash-based incentive fee related compensation (4,505) (3,832) (8,723) (8,990) Carried interest compensation, net (5) (8,927) (8,564) (13,330) (14,583) Carried interest attributable to noncontrolling interests (475) (1,306) (1,035) (1,758) Realized investment income, net of amount attributable to noncontrolling interests in subsidiaries (6) 1,185 3,339 2,383 5,092 Interest income 1,022 1,019 2,747 1,899 Other (income) expense (8) 163 21 129 Depreciation 1,033 822 1,953 1,503 Adjusted EBITDA 57,199 49,516 110,550 102,892 Depreciation (1,033) (822) (1,953) (1,503) Interest expense (4,431) (5,908) (9,294) (11,571) Adjusted Pre-Tax Income 51,735 42,786 99,303 89,818 Adjusted income taxes (7) (12,572) (10,696) (24,131) (22,454) Adjusted Net Income $ 39,163 $ 32,090 $ 75,172 $ 67,364 ____________ (1)Excludes fund expense reimbursement revenue, net of $5.1 million and $3.2 million for the three months ended June 30, 2026 and 2025, respectively, and $10.5 million and $7.8 million for the six months ended June 30, 2026 and 2025, and excludes net revenue of noncontrolling interests of $0.8 million and $0.2 million in a consolidated subsidiary for the three months ended June 30, 2026 and 2025, respectively, and $1.5 million and $0.3 million for the six months ended June 30, 2026 and 2025, respectively. (2)Excludes severance expense of $0.6 million and $1.5 million for the three months ended June 30, 2026 and 2025, respectively, and $1.5 million and $2.6 million for the six months ended June 30, 2026 and 2025, respectively. (3)Excludes amortization of intangibles of $0.3 million and $0.7 million for the three and six months ended June 30, 2025, respectively. There were no amortization of intangibles for the three and six months ended June 30, 2026, respectively. Also excludes $0.3 million and $0.8 million for the three and six months ended ended June 30, 2026, respectively, and $0.1 million and $1.6 million for the three and six months ended June 30, 2025, respectively, of completed and contemplated corporate transaction related costs. Also excludes non-core expenses of $0.5 million and $0.7 million for the three months ended June 30, 2026 and 2025, respectively, and $0.9 million and $1.1 million for the six months ended June 30, 2026 and 2025, respectively. Also excludes fund reimbursement expense of $4.8 million and $3.2 million for the three months ended June 30, 2026 and 2025, respectively, and $10.2 million and $7.9 million for the six months ended June 30, 2026 and 2025, respectively. (4)Fee-related earnings margin represents fee-related earnings as a percentage of fee-related revenue. (5)Excludes the impact of non-cash carried interest compensation and other of $(0.7) million for the three months ended June 30, 2025, and $(0.1) million for the six months ended June 30, 2026. The net non-cash carried interest compensation and other for the three months ended June 30, 2026 and six months ended June 30, 2025 was de minimis. 43 (6)Investment income or loss is generally realized when we redeem all or a portion of our investment or when we receive or is due cash, such as a from dividends or distributions. (7)Represents corporate income taxes at a blended statutory rate of 24.3% and 25.0% applied to Adjusted Pre-Tax Income for the three and six months ended June 30, 2026 and 2025, respectively. The 24.3% and 25.0% are based on a federal statutory rate of 21.0% and a combined state, local and foreign rate net of federal benefits of 3.3% and 4.0%, respectively. Net Incentive Fees Attributable to GCM Grosvenor 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 Attributable to GCM Grosvenor 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 our earnings and are used by management in making compensation and capital allocation decisions. The following table shows reconciliations of incentive fees to net incentive fees attributable to GCM Grosvenor for the three and six months ended June 30, 2026 and 2025: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in thousands, unaudited) Incentive fees: Performance fees $ 1,414 $ 1,433 $ 6,915 $ 5,251 Carried interest 16,178 14,825 22,670 26,075 Less incentive fees contractually owed to others: Cash carried interest compensation (8,977) (9,281) (13,399) (14,606) Non-cash carried interest compensation and other 50 717 69 23 Carried interest attributable to other noncontrolling interest holders (475) (1,306) (1,035) (1,758) Firm share of incentive fees(1) 8,190 6,388 15,220 14,985 Less: Cash-based incentive fee related compensation (4,505) (3,832) (8,723) (8,990) Net Incentive Fees Attributable to GCM Grosvenor $ 3,685 $ 2,556 $ 6,497 $ 5,995 ____________ (1)Firm share of incentive fees represents incentive fees net of contractual obligations but before discretionary cash-based incentive compensation. Adjusted Pre-Tax Income, Adjusted Net Income and Adjusted EBITDA Adjusted Pre-Tax Income, Adjusted Net Income and Adjusted EBITDA are non-GAAP measures used to evaluate our profitability. 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 interest in GCMH, excluding (b) provision (benefit) for income taxes, (c) changes in fair value of warrant 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 and (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 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. We are a holding company with no material assets other than its indirect ownership of equity interests in GCMH and certain deferred tax assets. The GCMH Equityholders may from time to time cause GCMH to redeem any or all of their GCMH common units in exchange, at our election, for either cash (based on the market price for a share of the Class A common stock) or shares of Class A common stock. As such, net income (loss) attributable to noncontrolling interests in GCMH is added back 44 in order to reflect the full economics of the underlying business as if GCMH Equityholders converted their interests to shares of Class A common stock. Other noncontrolling interests do not have the ability to convert those interests into our equity interests, and as such, income (loss) attributable to these noncontrolling interests are not adjusted for in our non-GAAP financial measures. 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. The following table shows reconciliations of net income attributable to GCM Grosvenor Inc. and Adjusted Pre-Tax Income, Adjusted Net Income and Adjusted EBITDA for the three and six months ended June 30, 2026 and 2025: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in thousands, unaudited) Adjusted Pre-Tax Income & Adjusted Net Income Net income attributable to GCM Grosvenor Inc. $ 9,564 $ 15,437 $ 15,031 $ 15,900 Plus: Net income attributable to noncontrolling interests in GCMH 21,666 23,474 33,079 21,746 Provision (benefit) for income taxes 3,688 (202) 6,824 3,389 Change in fair value of warrant liabilities — (19,388) — (10,612) Amortization expense — 330 — 658 Severance 598 1,524 1,547 2,628 Transaction expenses (1) 286 101 758 1,555 Loss on extinguishment of debt — — 414 — Changes in TRA liability and other — 14 — 65 Partnership interest-based compensation 7,626 16,323 13,004 28,548 Equity-based compensation 10,650 6,776 33,604 27,077 Other non-cash compensation 51 (7) 97 177 Less: Unrealized investment income, net of noncontrolling interests (2,444) (2,313) (5,124) (1,336) Non-cash carried interest compensation and other 50 717 69 23 Adjusted Pre-Tax Income 51,735 42,786 99,303 89,818 Less: Adjusted income taxes (2) (12,572) (10,696) (24,131) (22,454) Adjusted Net Income $ 39,163 $ 32,090 $ 75,172 $ 67,364 Adjusted EBITDA Adjusted Net Income $ 39,163 $ 32,090 $ 75,172 $ 67,364 Plus: Adjusted income taxes (2) 12,572 10,696 24,131 22,454 Depreciation expense 1,033 822 1,953 1,503 Interest expense 4,431 5,908 9,294 11,571 Adjusted EBITDA $ 57,199 $ 49,516 $ 110,550 $ 102,892 ____________ (1)Represents 2026 and 2025 expenses related to completed or contemplated corporate transactions. 45 (2)Represents corporate income taxes at a blended statutory rate of 24.3% and 25.0% applied to Adjusted Pre-Tax Income for the three and six months ended June 30, 2026 and 2025, respectively. The 24.3% and 25.0% are based on a federal statutory rate of 21.0% and a combined state, local and foreign rate net of federal benefits of 3.3% and 4.0%, respectively. Adjusted Net Income Per Share 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. and the dilution from outstanding equity-based compensation. We believe adjusted net income per share is useful to investors because it enables them to better evaluate per-share performance across reporting periods. The following table shows a reconciliation of diluted weighted-average shares of Class A common stock outstanding to adjusted shares outstanding used in the computation of adjusted net income per share for the three and six months ended June 30, 2026 and 2025: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in thousands, except share and per share amounts; unaudited) Adjusted Net Income Per Share Adjusted Net Income $ 39,163 $ 32,090 $ 75,172 $ 67,364 Weighted-average shares of Class A common stock outstanding - basic 61,065,330 51,074,156 61,045,007 48,367,585 Exercise of private warrants - incremental shares under the treasury stock method — 63,298 — 94,589 Exercise of public warrants - incremental shares under the treasury stock method — 1,163,618 — 1,749,494 Exchange of partnership units 141,665,831 142,823,480 141,665,831 143,525,463 Assumed vesting of RSUs - incremental shares under the treasury stock method 852,435 1,214,043 1,463,117 1,904,029 Weighted-average shares of Class A common stock outstanding - diluted 203,583,596 196,338,595 204,173,955 195,641,160 Adjusted shares 203,583,596 196,338,595 204,173,955 195,641,160 Adjusted Net Income Per Share $ 0.19 $ 0.16 $ 0.37 $ 0.34 Fee-Related Revenue and Fee-Related Earnings 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, and (c) realized investment income, net of amount attributable to noncontrolling interests in subsidiaries, and to include (a) incentive fee-related compensation, (b) carried interest attributable to other noncontrolling interest holders, net, and (c) depreciation expense. We believe FRE is useful to investors because it provides additional insights into the management fee driven operating profitability of our business. The following table shows reconciliations of Total Operating Revenues to Fee-Related Revenue for the three and six months ended June 30, 2026 and 2025: 46 Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in thousands, unaudited) Fee Related Revenue Total Operating Revenues $ 134,339 $ 119,657 $ 259,117 $ 245,503 Less: Incentive fees (17,592) (16,258) (29,585) (31,326) Fund expense reimbursement revenue, net (5,119) (3,247) (10,519) (7,775) Other adjustments(1) (827) (195) (1,472) (282) Fee-Related Revenue $ 110,801 $ 99,957 $ 217,541 $ 206,120 ____________ (1)Represents net revenue of noncontrolling interests in consolidated subsidiary The following table shows reconciliations of Adjusted EBITDA to Fee-Related Earnings for the three and six months ended June 30, 2026 and 2025: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in thousands, unaudited) Adjusted EBITDA $ 57,199 $ 49,516 $ 110,550 $ 102,892 Less: Incentive fees (17,592) (16,258) (29,585) (31,326) Depreciation expense (1,033) (822) (1,953) (1,503) Other non-operating expense (1,014) (1,182) (2,768) (2,028) Realized investment income, net of amount attributable to noncontrolling interests in subsidiaries(1) (1,185) (3,339) (2,383) (5,092) Plus: Incentive fee-related compensation 13,432 12,396 22,053 23,573 Carried interest attributable to other noncontrolling interest holders, net 475 1,306 1,035 1,758 Fee-Related Earnings $ 50,282 $ 41,617 $ 96,949 $ 88,274 ____________ (1)Investment income or loss is generally realized when we redeem all or a portion of our investment or when we receive or is due cash, such as a from dividends or distributions. Liquidity and Capital Resources We have historically financed our operations and working capital through net cash provided by operating activities and borrowings under our Senior Loan and Revolving Credit Facility. As of June 30, 2026, we had $139.6 million of cash and cash equivalents and available borrowing capacity of $50.0 million under our Revolving Credit Facility. On July 9, 2025, the SEC declared effective our Registration Statement on Form S-3, pursuant to which we may issue a combination of securities described in the prospectus in one or more offerings from time to time. On November 17, 2025, we entered into an equity distribution agreement pursuant to which we may offer and sell up to $100.0 million in shares of our Class A common stock through an at-the-market (“ATM”) equity program. On November 18, 2025, we filed a prospectus supplement relating to the ATM equity sales program. The Company did not issue any shares under the ATM equity program during the six months ended June 30, 2026. Our primary cash needs are to fund working capital requirements, invest in growing our business, make investments in GCM Funds, make scheduled principal payments and interest payments on our outstanding indebtedness, pay dividends to holders of our Class A common stock, and pay tax distributions to members. Additionally, as a result of the Transaction, we need cash to make payments under the tax receivable agreement. We expect that our cash flow from operations, current cash and cash equivalents, available borrowing capacity under our Revolving Credit Facility and potential proceeds from the ATM 47 equity sales program will be sufficient to fund our operations and planned capital expenditures and to service our debt obligations for the next twelve months and the foreseeable future. We are required to maintain minimum net capital balances for regulatory purposes for certain of our foreign subsidiaries as well as our U.S. broker-dealer subsidiary. These net capital requirements are met by retaining cash. As a result, we may be restricted in our ability to transfer cash between different operating entities and jurisdictions. As of June 30, 2026, we are in compliance with these regulatory requirements. Cash Flow Six Months Ended June 30, 2026 2025 (in thousands, unaudited) Net cash provided by operating activities $ 89,841 $ 75,241 Net cash used in investing activities (20,069) (7,631) Net cash used in financing activities (171,528) (22,052) Effect of exchange rate changes on cash (764) 1,322 Net increase (decrease) in cash and cash equivalents $ (102,520) $ 46,880 Net Cash Provided by Operating Activities Net cash provided by operating activities is generally comprised of our net income (loss) in the respective periods after adjusting for significant non-cash activities, including equity-based compensation for equity-classified awards, non-cash partnership interest-based compensation, changes in payable to related parties pursuant to the tax receivable agreement and the change in equity value of our investments, all of which are included in earnings; proceeds received from return on investments; inflows for receipt of management and incentive fees; and outflows for operating expenses, including cash-based compensation and lease liabilities. Net cash provided by operating activities was $89.8 million and $75.2 million for the six months ended June 30, 2026 and 2025, respectively. These operating cash flows were primarily driven by: •net income (loss) of $49.6 million and $38.8 million for the six months ended June 30, 2026 and 2025, respectively; $45.6 million and $43.8 million of net non-cash activities for the six months ended June 30, 2026 and 2025, respectively; •a decrease in the net change in working capital of $10.8 million during the six months ended June 30, 2026 as compared to a decrease of $14.1 million in the net change in working capital during the six months ended June 30, 2025. The decrease is primarily due to collections related to incentive fees partially offset by an increase in billings related to management fees during the six months ended June 30, 2026; and •proceeds received from investments of $5.4 million and $6.8 million for the six months ended June 30, 2026 and 2025, respectively. Net Cash Used in Investing Activities Net cash used in investing activities was $(20.1) million and $(7.6) million for the six months ended June 30, 2026 and 2025, respectively. These investing cash flows were primarily driven by: •purchases of premises and equipment of $(5.7) million and $(2.4) million during the six months ended June 30, 2026 and 2025, respectively; and •contributions/subscriptions to investments of $(21.4) million and $(15.1) million during the six months ended June 30, 2026 and 2025, respectively; partially offset by •distributions received from investments of $7.1 million and $9.8 million during the six months ended June 30, 2026 and 2025, respectively. Net Cash Used in Financing Activities Net cash used in financing activities was $(171.5) million and $(22.1) million for the six months ended June 30, 2026 and 2025, respectively. These financing cash flows were primarily driven by: 48 •capital distributions paid to partners and member of $(45.9) million and $(38.3) million during the six months ended June 30, 2026 and 2025, respectively; •capital distributions paid to noncontrolling interest holders of $(7.4) million and $(7.9) million during the six months ended June 30, 2026 and 2025, respectively; •principal payments on the Senior Loan of $(67.2) million and $(2.2) million during each of the six months ended June 30, 2026 and 2025, respectively; •the settlement of equity-based compensation to satisfy withholding tax requirements of $(16.0) million and $(15.4) million during the six months ended June 30, 2026 and 2025, respectively; •repurchase of Class A common stock of $(19.7) million during the six months ended June 30, 2026; •dividends paid of $(16.7) million and $(12.1) million during the six months ended June 30, 2026 and 2025, respectively; partially offset by •proceeds from the Share Purchase Agreement, net of $49.8 million during the six months ended June 30, 2025; and •proceeds from the exercise of warrants of $2.8 million during the six months ended June 30, 2025. Indebtedness On January 2, 2014, GCMH entered into a credit agreement (as amended, amended and restated, supplemented or otherwise modified, the “Credit Agreement”) that provides GCMH with a senior secured term loan facility (“Senior Loan”) and a $50.0 million Revolving Credit Facility. Under the Revolving Credit Facility, $15.0 million is available for letters of credit and $10.0 million is available for swingline loans. On June 23, 2021, we amended our Senior Loan to increase the aggregate principal amount from $290.0 million to $400.0 million. On June 29, 2023, we entered into Amendment No. 7 to the Credit Agreement to incorporate changes for the contemplated transition to the Term Secured Overnight Financing Rate (“Term SOFR”), and on July 1, 2023, in conjunction with a Benchmark Transition Event, the interest rate defaulted to the Term SOFR plus a Benchmark Replacement Adjustment as recommended by the Relevant Governmental Body (all terms as defined in the Amended Credit Agreement). On May 21, 2024, we amended the Senior Loan to, among other things, increase and extend the maturity date of the Senior Loan. The amendment increased the aggregate principal amount available from $388.0 million to $438.0 million, extended the maturity date from February 24, 2028 to February 25, 2030, decreased the interest rate margin to 2.25% over Term SOFR and removed the Benchmark Replacement Adjustment of 0.11%. During the six months ended June 30, 2026, we completed a voluntary prepayment of $65.0 million on our outstanding 2030 Term Loans. As of June 30, 2026, GCMH had borrowings of $364.2 million outstanding under the Senior Loan and no outstanding balance under the Revolving Credit Facility. As of June 30, 2026, we had available borrowing capacity of $50.0 million under our Revolving Credit Facility. See Note 11 to the Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for a summary of our outstanding indebtedness. The terms of our current debt instruments contain covenants that may restrict us and our subsidiaries from paying distributions to our members. As a holding company, we are dependent upon the ability of GCMH to make distributions to its members, including us. However, the ability of GCMH to make such distributions is subject to its operating results, cash requirements and financial condition, restrictive covenants in our debt instruments and applicable Delaware law. These restrictions include restrictions on the payment of distributions whenever the payment of such distributions would cause GCMH to no longer be in compliance with any of its financial covenants under the Senior Loan. Absent an event of default under the Credit Agreement governing the terms of the Senior Loan, GCMH may make unlimited distributions when the Total Leverage Ratio (as defined in the Credit Agreement) is below stated thresholds. As of June 30, 2026, the Total Leverage Ratio was below such stated thresholds and we were in compliance with all financial covenants. See Note 12 to the Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for a summary of our interest rate derivatives to hedge interest rate risk related to our outstanding indebtedness. 49 Dividend Policy We are a holding company with no material assets other than our indirect ownership of equity interests in GCMH and certain deferred tax assets. As such, we do not have any independent means of generating revenue. However, management of GCM Grosvenor expects to cause GCMH to make distributions to its members, including us, in an amount at least sufficient to allow us to pay all applicable taxes, to make payments under the tax receivable agreement, and to pay our corporate and other overhead expenses. On August 7, 2026, GCMG’s Board of Directors approved a quarterly dividend of $0.12 per share of Class A common stock to record holders as of the close of business on September 1, 2026. The payment date will be September 15, 2026. The payment of cash dividends on shares of our Class A common stock in the future, in this amount or otherwise, will be within the discretion of GCMG’s Board of Directors at such time. Stock Repurchase Plan On August 6, 2021, GCMG’s Board of Directors authorized a stock repurchase plan which may be used to repurchase shares of our outstanding Class A common stock and then outstanding warrants to purchase Class A common stock. Class A common stock may be repurchased from time to time in open market transactions, in privately negotiated transactions, including with employees or otherwise, pursuant to the requirements of Rule 10b5-1 and Rule 10b-18 of the Exchange Act, as well as to retire (by cash settlement or the payment of tax withholding amounts upon net settlement) equity-based awards granted under our 2020 Incentive Award Plan, as amended and restated (and any successor plan thereto), with the terms and conditions of these repurchases depending on legal requirements, price, market and economic conditions and other factors. We are not obligated under the terms of the plan to repurchase any of our Class A common stock, the plan has no expiration date and we may suspend or terminate the plan at any time without prior notice. Any shares of Class A common stock repurchased as part of this program will be canceled. GCMG’s Board of Directors has made subsequent increases to our stock repurchase authorization for shares and, until November 17, 2025, warrants. As of December 31, 2025, the total authorization was $220 million, excluding fees and expenses. On February 9, 2026, GCMG’s Board of Directors increased the firm's existing repurchase authorization by $35 million, from $220 million to $255 million. For the six months ended June 30, 2026, we spent $16.0 million to reduce Class A shares to be issued to employees, which reflects both RSUs that were settled in cash and shares retired in connection with the net share settlement of equity-based awards. We also spent $19.7 million for the six months ended June 30, 2026 to repurchase shares of Class A common stock. As of June 30, 2026, $55.0 million remained available under our stock repurchase plan. We review our capital return plan on an on-going basis, considering our financial performance and liquidity position, investments required to execute our strategic plans and initiatives, acquisition opportunities, the economic outlook, regulatory changes and other relevant factors. As these factors may change over time, the actual amounts expended on repurchase activity, dividends, and acquisitions, if any, during any particular period cannot be predicted and may fluctuate from time to time. Tax Receivable Agreement Exchanges of Grosvenor common units by limited partners of GCMH result in increases in the tax basis in our share of the assets of GCMH and its subsidiaries that otherwise would not have been available. These increases in tax basis increase our depreciation and amortization deductions and create other tax benefits, and therefore may reduce the amount of tax that we would otherwise be required to pay in the future. The tax receivable agreement requires us to pay 85% of the amount of these and certain other tax benefits, if any, that we realize (or are deemed to realize in certain circumstances) to the TRA Parties. As of June 30, 2026, the amount payable to related parties pursuant to the tax receivable agreement was $54.6 million. Contractual Obligations, Commitments and Contingencies See Note 13 in the notes to the Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for a summary of the lease payments. There are no other material changes outside of the ordinary course of business in our contractual obligations, commitments and contingencies from those disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Critical Accounting Policies and Estimates The preparation of our Condensed Consolidated Financial Statements requires us to make estimates that affect the reported amounts of assets, liabilities, revenue and expenses. We base our judgments on our historical experience and on various other assumptions that we believe are reasonable under the circumstances, the results of which form the basis for 50 making estimates about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. For a more complete discussion of the accounting judgments and estimates that we have identified as critical in the preparation of our Condensed Consolidated Financial Statements, please refer to Note 2 in the notes to the Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q. Our critical accounting policies are more fully described under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies and Estimates” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. There have been no material changes to our critical accounting policies since our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Recent Accounting Pronouncements Information regarding recent accounting developments and their impact on our results can be found in Note 2 in the notes to the Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.