GCM Grosvenor Inc
For the period ended Dec 31, 2023. Filed Mar 1, 2024.
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FY2023 · Filed Mar 1, 2024
GCMG$13.92+3.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities | |||
| Net income (loss) | $(29,206) | $79,482 | $142,069 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation and amortization expense | 2,696 | 3,856 | 4,020 |
| Equity-based compensation, equity-classified awards | 21,606 | 25,424 | 43,756 |
| Deferred income tax expense | 2,826 | 5,843 | 5,692 |
| Other non-cash compensation | 1,157 | 1,336 | 3,300 |
| Partnership interest-based compensation | 103,934 | 31,811 | 27,671 |
| Amortization of debt issuance costs | 1,100 | 1,111 | 1,025 |
| Amortization of terminated swap | (6,703) | 4,171 | 4,634 |
| Proceeds received (payments made) for terminated interest rate derivatives | — | 40,344 | (26,296) |
| Loss on extinguishment of debt | — | — | 675 |
| Change in fair value of derivatives | — | — | 212 |
| Change in fair value of warrants liabilities | (1,429) | (20,551) | (7,853) |
| Change in payable to related parties pursuant to tax receivable agreement | 1,583 | (729) | — |
| Amortization of deferred rent | — | — | (1,593) |
| Proceeds received from investments | 10,485 | 21,771 | 21,297 |
| Non-cash investment income | (11,640) | (10,108) | (52,495) |
| Non-cash lease expense | 6,911 | 3,856 | — |
| Other | 513 | 87 | 462 |
| Change in assets and liabilities: | |||
| Management fees receivable | (6,207) | 2,803 | (7,202) |
| Incentive fees receivable | (10,893) | 75,123 | (22,177) |
| Due from related parties | (462) | (1,342) | (451) |
| Other assets | 2,344 | (1,061) | 23,008 |
| Accrued compensation and employee related obligations | 8,222 | (40,202) | 24,519 |
| Lease liabilities | (7,022) | (5,512) | — |
| Accrued expenses and other liabilities | 2,250 | (1,000) | (5,470) |
| Net cash provided by operating activities | 92,065 | 216,513 | 178,803 |
| Cash flows from investing activities | |||
| Purchases of premises and equipment | (3,763) | (782) | (577) |
| Proceeds from assignment of aircraft share interest | — | — | 1,337 |
| Contributions/subscriptions to investments | (27,635) | (29,436) | (40,332) |
| Distributions from investments | 12,558 | 20,145 | 11,458 |
| Net cash used in investing activities | (18,840) | (10,073) | (28,114) |
| Cash flows from financing activities | |||
| Capital contributions received from noncontrolling interest | 2,255 | 1,789 | 3,472 |
| Capital distributions paid to partners and member | (58,278) | (118,349) | (77,936) |
| Capital distributions paid to the noncontrolling interest | (15,431) | (37,399) | (81,199) |
| Exercise of Mosaic call option | — | — | (150,122) |
| Proceeds from senior loan issuance | — | — | 110,000 |
| Principal payments on senior loan | (4,000) | (4,000) | (53,259) |
| Debt issuance costs | — | — | (3,080) |
| Payments to repurchase Class A common stock | (4,478) | (26,391) | (887) |
| Proceeds from exercise of warrants | — | — | 24,469 |
| Payments to repurchase warrants | — | (2,569) | (1,273) |
| Settlement of equity-based compensation in satisfaction of withholding tax requirements | (10,219) | (6,445) | (6,934) |
| Dividends paid | (20,321) | (18,432) | (14,525) |
| Payments to related parties, pursuant to tax receivable agreement | (3,190) | (3,271) | — |
| Net cash used in investing activities | (113,662) | (215,067) | (251,274) |
| Effect of exchange rate changes on cash | (372) | (2,395) | (1,376) |
| Net decrease in cash and cash equivalents | $(40,809) | $(11,022) | $(101,961) |
| Cash and cash equivalents | |||
| Beginning of year | 85,163 | 96,185 | 198,146 |
| End of year | $44,354 | $85,163 | $96,185 |
Consolidated Statements of Cash Flows — (Continued)
| Supplemental disclosure of cash flow information | |||
|---|---|---|---|
| Cash paid during the year for interest | $30,025 | $18,411 | $13,779 |
| Cash paid during the year for income taxes, net | $3,446 | $8,543 | $4,370 |
| Supplemental disclosure of cash flow information from operating activities | |||
| Non-cash right-of-use assets obtained in exchange for new operating leases | $34,116 | $693 | $— |
| Non-cash adjustment to operating lease right-of-use assets from lease modification | $(836) | $— | $— |
| Supplemental disclosure of cash flow information from investing activities | |||
| Non-cash premises and equipment additions in accrued expenses and other liabilities | $693 | $— | $— |
| Supplemental disclosure of non-cash information from financing activities | |||
| Deemed contributions from GCMH Equityholders | $103,934 | $31,811 | $27,671 |
| Establishment of deferred tax assets, net related to tax receivable agreement and the Transaction | $384 | $28 | $292 |
| Dividends declared but not paid | $1,667 | $1,366 | $973 |
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