GCM Grosvenor Inc.

Previous wording

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 have observed such volatility in the first half of 2025 in the United States, driven by elevated inflation, economic slowdown and potential implications of U.S. trade tariffs. 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.

Current wording

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 have observed such volatility in 2025 in the United States, driven by elevated inflation, economic slowdown and potential implications of U.S. trade tariffs. 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.

Previous wording

Section 163(j) of the Internal Revenue Code, and changes to the computation of taxes related to international operations. As the OBBBA was passed after June 30, 2025, there is no impact on our financial statements for the three and six months ended June 30, 2025, but we are currently evaluating the impact that OBBBA may have on our future financial condition and results of operations. Regulations and other United States Internal Revenue Service guidance implementing the OBBBA may give rise to new issues that we did not foresee, and further changes to tax laws may be implemented.

Current wording

Section 163(j) of the Internal Revenue Code, and changes to the computation of taxes related to 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.

Previous wording

(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.

Current wording

(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.

Previous wording

(5)As of August 4, 2025, there were 53,220,319 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 the Company’s 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 4, 2025, 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.

Current wording

(5)As of November 3, 2025, there were 52,530,599 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 the Company’s 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 November 3, 2025, 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.

Previous wording

We provided investment management / advisory services on assets of $85.9 billion and $80.1 billion as of June 30, 2025 and December 31, 2024, respectively.

Current wording

We provided investment management / advisory services on assets of $87.0 billion and $80.1 billion as of September 30, 2025 and December 31, 2024, respectively.

Previous wording

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 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, 2025, deferred revenue relating to constrained realized carried interest was approximately $6.1 million.

Current wording

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 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 September 30, 2025, deferred revenue relating to constrained realized carried interest was approximately $6.7 million.

Previous wording

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 $47.4 billion as of June 30, 2025.

Current wording

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 $47.8 billion as of September 30, 2025.

Previous wording

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 $14.3 billion as of June 30, 2025.

Current wording

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 $14.4 billion as of September 30, 2025.

Previous wording

The following is a discussion of our consolidated results of operations for thethree and six months ended June 30, 2025 and 2024. 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”).

Current wording

The following is a discussion of our consolidated results of operations for thethree and nine months ended September 30, 2025 and 2024. 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”).

Previous wording

Management fees increased $2.1 million, or 2%, to $101.9 million for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. Private markets strategies fees increased $0.8 million, or 1%, primarily due to a $0.3 million increase in private market strategies specialized funds fees and a$0.5 million increase in private markets strategies customized separate accounts fees, both as a result of capital raising and deployment. Absolute return strategies fees increased$0.6 million, or 2%, primarily as a result of capital raising and higher returns for certain absolute return strategies funds. Fund expense reimbursement revenue increased $0.6 million, or 19% to $4.0 million.

Current wording

Management fees increased $7.4 million, or 7%, to $105.9 million for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. Private markets strategies fees increased $4.4 million, or 8%, primarily due to a $3.1 million increase in private market strategies specialized funds fees and a$1.1 million increase in private markets strategies customized separate accounts fees, both as a result of capital raising and deployment. Absolute return strategies fees increased$2.1 million, or 6%, primarily as a result of higher returns for certain absolute return strategies funds. Fund expense reimbursement revenue increased $0.9 million, or 27% to $4.4 million.

Previous wording

Incentive fees consisted of carried interest and performance fees. Carried interest increased $3.1 million, or 27%, to $14.8 million for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This increase is primarily due to higher distributions from investments and tax carry realizations during three months ended June 30, 2025, as compared to the three months ended June 30, 2024. Performance fees decreased $2.9 million, or 67%, to $1.4 million, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily due to lower returns from absolute return strategies funds with a different fiscal year than us. Performance fees are generally determined at the end of the calendar year and are generally minimal in interim periods.

Current wording

Incentive fees consisted of carried interest and performance fees. Carried interest increased $3.6 million, or 17%, to $24.1 million for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. This increase is primarily due to higher tax carry realizations and distributions from investments during three months ended September 30, 2025, as compared to the three months ended September 30, 2024. Performance fees decreased $1.4 million, or 51%, to $1.3 million, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024, primarily due to lower returns from absolute return strategies funds with a different fiscal year than us. Performance fees are generally determined at the end of the calendar year and are generally minimal in interim periods.

Previous wording

Management fees increased $15.5 million, or 8%, to $211.2 million for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. Private market strategies fees increased $12.1 million, or 11%, primarily due to a $11.4 million increase in private market strategies specialized funds fees and a $0.8 million increase in private market strategies customized separate accounts fees, both as a result of capital raising and deployment. Absolute return strategies fees increased$2.0 million, or 3%, primarily as a result of capital raising and higher returns for certain absolute return strategies funds. Fund expense reimbursement revenue increased$1.4 million, or 19% to$8.7 million.

Current wording

Management fees increased $22.9 million, or 8%, to $317.2 million for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. Private market strategies fees increased $16.4 million, or 10%, primarily due to a $14.5 million increase in private market strategies specialized funds fees and a $1.9 million increase in private market strategies customized separate accounts fees, both as a result of capital raising and deployment. Absolute return strategies fees increased$4.1 million, or 4%, primarily as a result of capital raising and higher returns for certain absolute return strategies funds. Fund expense reimbursement revenue increased$2.3 million, or 22% to$13.1 million.

Previous wording

Incentive fees consisted of carried interest and performance fees. Carried interest increased $10.3 million, or 65%, to $26.1 million for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily due to higher distributions from investments and carry realizations and higher tax carry realizations related to 2024 taxable income during the six months ended June 30, 2025, as compared to the six months ended June 30, 2024. Performance fees decreased $5.1 million, or 49%, to $5.3 million for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily due to lower fees earned from funds with a different fiscal year than us. Performance fees are generally determined at the end of the calendar year and are generally minimal in interim periods.

Current wording

Incentive fees consisted of carried interest and performance fees. Carried interest increased $13.8 million, or 38%, to $50.2 million for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. This increase is primarily due to higher tax carry realizations and distributions from investments during the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024. Performance fees decreased $6.5 million, or 50%, to $6.6 million for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily due to lower fees earned from funds with a different fiscal year than us. Performance fees are generally determined at the end of the calendar year and are generally minimal in interim periods.

Previous wording

Employee compensation and benefits increased $6.9 million, or 10%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The overall increase was primarily driven by an increase in partnership interest-based compensation and carried interest compensation. Partnership interest-based compensation increased $4.7 million, or 41%, primarily due to award modifications during the second quarter of 2025. This was partially offset by lower expense of the Holdings Awards that were granted in 2023 and were fully expensed during the year ended December 31, 2024, and the GCMH Equityholders Awards that were granted in 2022 and were fully expensed during the six months ended June 30, 2025.

Current wording

Employee compensation and benefits decreased $7.2 million, or 10%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The overall decrease was primarily driven by a decrease in partnership interest-based compensation partially offset by an increase in carried interest compensation and equity-based compensation. Partnership interest-based compensation decreased $11.7 million, or 87%, primarily due to lower expense of the Holdings Awards that were granted in 2023 and were fully expensed during the year ended December 31, 2024 and the GCMH Equityholders Awards that were granted in 2022 and were fully expensed during the nine months ended September 30, 2025.

Previous wording

Holdings Awards and GCMH Equityholders Awards 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 increased$2.4 million, or 35%, primarily due to higher realized carried interest during the three months ended June 30, 2025 compared to the three months ended June 30, 2024.

Current wording

Holdings Awards and GCMH Equityholders Awards 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 net cash flows. Carried interest compensation increased$2.1 million, or 17%, primarily due to higher realized carried interest during the three months ended September 30, 2025 compared to the three months ended September 30, 2024. Equity-based compensation increased$2.1 million, or 53%, primarily due an increase in expense for equity classified RSUs during the three months ended September 30, 2025 compared to the three months ended September 30, 2024.

Previous wording

Employee compensation and benefits decreased $10.5 million, or 6%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The overall decrease was primarily driven by decreases in partnership interest-based compensation partially offset by an increase in carried interest compensation. Partnership interest-based compensation decreased $13.0 million, or 31%, primarily due to award modifications that occurred in the first quarter of 2024 and expenses recorded for the Holdings Awards and GCMH Equityholders Awards for the six months ended June 30, 2024. Holdings Awards did not have any expense recorded for the six months ended June 30, 2025 as they were fully expensed during the year ended December 31, 2024. GCMH Equityholders Awards were fully expensed during the six months ended June 30, 2025. Holdings Awards and GCMH Equityholders Awards are further described in Note 9 in the Notes to Condensed Consolidated Financial Statements included in Part I, Item 2 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 increased$5.2 million, or 55%, primarily due tohigher realized carried interest during thesix months ended June 30, 2025.

Current wording

Employee compensation and benefits decreased $17.7 million, or 7%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The overall decrease was primarily driven by decreases in partnership interest-based compensation partially offset by an increase in carried interest compensation. Partnership interest-based compensation decreased $24.8 million, or 45%, primarily due to expenses recorded for the Holdings Awards and GCMH Equityholders Awards for the nine months ended September 30, 2024 and incremental expense recorded for award modifications that occurred in the first quarter of 2024. Holdings Awards did not have any expense recorded for the nine months ended September 30, 2025 as they were fully expensed during the year ended December 31, 2024. GCMH Equityholders Awards were fully expensed during the nine months ended September 30, 2025. Holdings Awards and GCMH Equityholders Awards are further described in Note 9 in thenotes 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 increased$7.3 million, or 34%, primarily due tohigher realized carried interest during thenine months ended September 30, 2025 compared to the nine months ended September 30, 2024.

Previous wording

Investment income was $5.8 million for the three months ended June 30, 2025 compared to $1.3 million for thethree months ended June 30, 2024, the change was primarily due to the change in value of private and public market investments.

Current wording

Investment income was $7.3 million for the three months ended September 30, 2025 compared to $2.7 million for thethree months ended September 30, 2024, primarily due to the change in value of private and public market investments.

Previous wording

Interest expense was$5.9 million for the three months ended June 30, 2025, which was generally consistent with interest expense of$6.1 million for the three months ended June 30, 2024.

Current wording

Interest expense was$5.6 million for the three months ended September 30, 2025, which was generally consistent with interest expense of$5.9 million for the three months ended September 30, 2024.

Previous wording

Other income was$1.2 million for the three months ended June 30, 2025, compared to other income of $0.4 million for the three months ended June 30, 2024, and consisted primarily of interest income in each period.

Current wording

Other income was$0.9 million for the three months ended September 30, 2025, compared to other income of $0.5 million for the three months ended September 30, 2024, and consisted primarily of interest income in each period.

Previous wording

Change in fair value of warrant liabilities of $19.4 million for the three months ended June 30, 2025 was due to a decrease in the fair value of the warrants from March 31, 2025 to June 30, 2025.

Current wording

Change in fair value of warrant liabilities of $1.9 million for the three months ended September 30, 2025 was due to a decrease in the fair value of the warrants from June 30, 2025 to September 30, 2025.

Previous wording

Investment income was $6.5 million for the six months ended June 30, 2025 compared to $7.0 million for the six months ended June 30, 2024, primarily due to the change in value of private and public market investments.

Current wording

Investment income was $13.8 million for the nine months ended September 30, 2025 compared to $9.6 million for the nine months ended September 30, 2024, primarily due to the change in value of private and public market investments.

Previous wording

Interest expense of$11.6 million for the six months ended June 30, 2025 was generally consistent with the interest expense of$12.1 million for the six months ended June 30, 2024.

Current wording

Interest expense of$17.1 million for the nine months ended September 30, 2025 was generally consistent with the interest expense of$18.0 million for the nine months ended September 30, 2024.

Previous wording

Other income was$2.0 million for the six months ended June 30, 2025 compared to$0.9 million for the six months ended June 30, 2024, and consisted primarily of interest income in each period.

Current wording

Other income was$3.0 million for the nine months ended September 30, 2025 compared to$1.5 million for the nine months ended September 30, 2024, and consisted primarily of interest income in each period.

Previous wording

Change in fair value of warrant liabilities of$10.6 million for the six months ended June 30, 2025 was due to a decrease in the fair value of the warrants from December 31, 2024 to June 30, 2025.

Current wording

Change in fair value of warrant liabilities of$12.5 million for the nine months ended September 30, 2025 was due to a decrease in the fair value of the warrants from December 31, 2024 to September 30, 2025.

Previous wording

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 the our subsidiaries.

Current wording

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.

Previous wording

Our effective tax rate was (1)% and 20% for the three months ended June 30, 2025 and 2024, respectively, and 8% and (273)% for the six months ended June 30, 2025 and 2024, respectively. Our overall effective tax rate was greater than the statutory rate 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.

Current wording

Our effective tax rate was 7% and 21% for the three months ended September 30, 2025 and 2024, respectively, and 8% and 55% for the nine months ended September 30, 2025 and 2024, respectively. Our overall effective tax rate was lower than the statutory rate for the three and nine months ended September 30, 2025 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.

Previous wording

Net income (loss) attributable to noncontrolling interests in subsidiaries was $1.0 million and $(0.9) million for the three months ended June 30, 2025 and 2024, respectively, and $1.2 million and $0.4 million for the six months ended June 30, 2025 and 2024, respectively. The increase for the three and six months ended June 30, 2025, as compared to the three and six months ended June 30, 2024, was primarily attributable to an increase in income generated by our consolidated subsidiaries not wholly owned by us.

Current wording

Net income (loss) attributable to noncontrolling interests in subsidiaries was $1.5 million and $0.7 million for the three months ended September 30, 2025 and 2024, respectively, and $2.7 million and $1.1 million for the nine months ended September 30, 2025 and 2024, respectively. The increase for the three and nine months ended September 30, 2025, as compared to the three and nine months ended September 30, 2024, was primarily attributable to an increase in income generated by our consolidated subsidiaries not wholly owned by us.

Previous wording

Net income (loss) attributable to noncontrolling interests in GCMH was $23.5 million and $9.1 million for the three months ended June 30, 2025 and 2024, respectively, and $21.7 million and $(13.3) million for the six months ended June 30, 2025 and 2024, respectively. The change in net income (loss) attributable to noncontrolling interests in GCMH for the three and six months ended June 30, 2025, as compared to the three and six months ended June 30, 2024, was primarily attributable to an increase and decrease in partnership-interest based compensation for the three and six months ended June 30, 2025, respectively, which was fully allocated to noncontrolling interest in GCMH .

Current wording

Net income (loss) attributable to noncontrolling interests in GCMH was $33.1 million and $7.3 million for the three months ended September 30, 2025 and 2024, respectively, and $54.8 million and $(6.0) million for the nine months ended September 30, 2025 and 2024, respectively. The change in net income (loss) attributable to noncontrolling interests in GCMH for the three and nine months ended September 30, 2025, as compared to the three and nine months ended September 30, 2024, was primarily attributable to the underlying performance of GCMH as well as a decrease in partnership-interest based compensation for the three and nine months ended September 30, 2025, respectively, which was fully allocated to noncontrolling interest in GCMH.

Previous wording

Of the $8.7 billion CNYFPAUM as of June 30, 2025, approximately $2.3 billion is subject to an agreed upon fee ramp in schedule. The ramp in schedule will result in management fees being charged on approximately $0.3 billion, $0.8 billion and $1.2 billion of such amount in the remainder of 2025, in 2026, and in 2027 and beyond, respectively. Management fees will be charged on the remaining approximately $6.4 billion of CNYFPAUM as such capital is invested, which will depend on a number of factors, including the availability of eligible investment opportunities.

Current wording

Of the $9.2 billion CNYFPAUM as of September 30, 2025, approximately $2.2 billion is subject to an agreed upon fee ramp in schedule. The ramp in schedule will result in management fees being charged on approximately $0.1 billion, $0.8 billion and $1.3 billion of such amount in the remainder of 2025, in 2026, and in 2027 and beyond, respectively. Management fees will be charged on the remaining approximately $7.0 billion of CNYFPAUM as such capital is invested, which will depend on a number of factors, including the availability of eligible investment opportunities.

Previous wording

FPAUM increased$2.7 billion, or 4%, to$69.1 billion during the three months ended June 30, 2025 due to $2.0 billion of contributions and a $1.1 billion increase in market value, respectively, partially offset by $0.6 billion of distributions.

Current wording

FPAUM increased$1.1 billion, or 2%, to$70.2 billion during the three months ended September 30, 2025 due to $1.5 billion of contributions and a $0.8 billion increase in market value, respectively, partially offset by $0.4 billion of withdrawals and distributions.

Previous wording

•Private markets strategies FPAUM increased $1.1 billion, or 2%, to $45.5 billion during the three months ended June 30, 2025, primarily due to $1.3 billion of contributions, partially offset by $0.5 billion of distributions.

Current wording

•Private markets strategies FPAUM increased $0.8 billion, or 2%, to $46.2 billion during the three months ended September 30, 2025, primarily due to $1.4 billion of contributions, partially offset by $0.4 billion of distributions.

Previous wording

•Absolute return strategies FPAUM increased$1.6 billion, or 7%, to$23.6 billion during the three months ended June 30, 2025, primarily due to a $1.1 billion increase in market value and $0.7 billion of contributions, respectively, and partially offset by $0.1 billion of withdrawals.

Current wording

•Absolute return strategies FPAUM increased$0.3 billion, or 1%, to$23.9 billion during the three months ended September 30, 2025, primarily due to a $0.7 billion increase in market value, and partially offset by $0.4 billion of withdrawals.

Previous wording

CNYFPAUM increased$0.5 billion, or 6%, to $8.7 billion during the three months ended June 30, 2025 due to the closing of new commitments during the period, net of reductions for CNYFPAUM that became FPAUM during the period.

Current wording

CNYFPAUM increased$0.5 billion, or 5%, to $9.2 billion during the three months ended September 30, 2025 due to the closing of new commitments during the period, net of reductions for CNYFPAUM that became FPAUM during the period.

Previous wording

AUMincreased $4.0 billion, or 5%, to$85.9 billion during the three months ended June 30, 2025, primarily driven by a $2.7 billion increase in FPAUMand a $0.5 billion increase in CNYFPAUM, as well as mark to market increases that do not impact FPAUM.

Current wording

AUMincreased $1.1 billion, or 1%, to$87.0 billion during the three months ended September 30, 2025, primarily driven by a $1.1 billion increase in FPAUMand a $0.5 billion increase in CNYFPAUM, as well as mark to market decreases that do not impact FPAUM.

Previous wording

FPAUM increased $4.3 billion, or 7%, to $69.1 billion during the six months ended June 30, 2025, primarily due to $4.7 billion of contributions and a $1.1 billion increase in market value, offset by $0.6 billion and $1.1 billion of withdrawals and distributions, respectively.

Current wording

FPAUM increased $5.4 billion, or 8%, to $70.2 billion during the nine months ended September 30, 2025, primarily due to $6.2 billion of contributions and a $1.9 billion increase in market value, partially offset by $1.0 billion and $1.6 billion of withdrawals and distributions, respectively.

Previous wording

•Private markets strategies FPAUM increased $2.7 billion, or 6%, to $45.5 billion during the six months ended June 30, 2025, primarily due to $3.7 billion of contributions, partially offset by $1.0 billion of distributions.

Current wording

•Private markets strategies FPAUM increased $3.5 billion, or 8%, to $46.2 billion during the nine months ended September 30, 2025, primarily due to $5.1 billion of contributions, partially offset by $1.4 billion of distributions.

Previous wording

•Absolute return strategies FPAUM increased $1.6 billion, or 7%, to $23.6 billion during the six months ended June 30, 2025, primarily due to a $1.1 billion increase in market value and $1.0 billion of contributions, respectively, partially offset by $0.5 billion of withdrawals.

Current wording

•Absolute return strategies FPAUM increased $1.9 billion, or 9%, to $23.9 billion during the nine months ended September 30, 2025, primarily due to a $1.8 billion increase in market value and $1.1 billion of contributions, respectively, partially offset by $0.9 billion of withdrawals.

Previous wording

CNYFPAUM increased$0.5 billion, or 7%, to $8.7 billion during the six months ended June 30, 2025 due to the closing of new commitments during the period, net of reductions for CNYFPAUM that became FPAUM during the period.

Current wording

CNYFPAUM increased$1.0 billion, or 12%, to $9.2 billion during the nine months ended September 30, 2025 due to the closing of new commitments during the period, net of reductions for CNYFPAUM that became FPAUM during the period.

Previous wording

AUM increased $5.9 billion, or 7%, to $85.9 billion during the six months ended June 30, 2025, primarily driven by a $4.3 billion increase in FPAUM and a $0.5 billion increase in CNYFPAUM, as well as mark to market increases that do not impact FPAUM.

Current wording

AUM increased $6.9 billion, or 9%, to $87.0 billion during the nine months ended September 30, 2025, primarily driven by a $5.4 billion increase in FPAUM and a $1.0 billion increase in CNYFPAUM, as well as mark to market increases that do not impact FPAUM.

Previous wording

(1)Excludes fund expense reimbursement revenue, net of $3.2 million and $3.3 million, for the three months ended June 30, 2025 and 2024, respectively, and $7.8 million and $7.3 million for the six months ended June 30, 2025 and 2024, respectively, and excludes net revenue of noncontrolling interests of $0.2 million and $0.3 million in a consolidated subsidiary for the three and six months ended June 30, 2025, respectively. There was no net revenue of noncontrolling interests in a consolidated subsidiary for each of the three and six months ended June 30, 2024.

Current wording

(1)Excludes fund expense reimbursement revenue, net of $4.2 million and $3.5 million, for the three months ended September 30, 2025 and 2024, respectively, and $12.0 million and $10.8 million for the nine months ended September 30, 2025 and 2024, respectively, and excludes net revenue of noncontrolling interests of $0.4 million and $0.6 million in a consolidated subsidiary for the three and nine months ended September 30, 2025, respectively. There was no net revenue of noncontrolling interests in a consolidated subsidiary for each of the three and nine months ended September 30, 2024.