GCM Grosvenor Inc.
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 19, 2026
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, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities | |||
| Net income (loss) | $142,040 | $36,604 | $(29,206) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation and amortization expense | 4,422 | 3,320 | 2,696 |
| Equity-based compensation, equity-classified awards | 40,401 | 31,366 | 21,606 |
| Deferred income tax expense | 4,078 | 7,761 | 2,826 |
| Other non-cash compensation | 448 | 558 | 1,157 |
| Partnership interest-based compensation | 46,181 | 72,068 | 103,934 |
| Amortization of debt issuance costs | 776 | 902 | 1,100 |
| Amortization of terminated swap | (7,583) | (7,604) | (6,703) |
| Loss on extinguishment of debt | — | 157 | — |
| Change in fair value of warrants liabilities | (21,737) | 16,079 | (1,429) |
| Change in payable to related parties pursuant to tax receivable agreement | (1,787) | 859 | 1,583 |
| Proceeds received from investments | 16,763 | 13,089 | 10,485 |
| Non-cash investment income | (16,258) | (15,589) | (11,640) |
| Non-cash lease expense | 3,803 | 5,589 | 6,911 |
| Other | 97 | 519 | 513 |
| Change in assets and liabilities: | |||
| Management fees receivable | 4,559 | (3,438) | (6,207) |
| Incentive fees receivable | (15,514) | (30,975) | (10,893) |
| Due from related parties | (1,919) | 900 | (462) |
| Other assets | (7,520) | (3,500) | 2,344 |
| Accrued compensation and employee related obligations | (6,351) | 13,170 | 8,222 |
| Lease liabilities | (4,789) | 4,221 | (7,022) |
| Accrued expenses and other liabilities | 3,429 | 2,718 | 2,250 |
| Net cash provided by operating activities | 183,539 | 148,774 | 92,065 |
| Cash flows from investing activities | |||
| Purchases of premises and equipment | (8,497) | (16,729) | (3,763) |
| Contributions/subscriptions to investments | (34,676) | (26,241) | (27,635) |
| Distributions from investments | 16,665 | 11,136 | 12,558 |
| Net cash used in investing activities | (26,508) | (31,834) | (18,840) |
| Cash flows from financing activities | |||
| Capital contributions received from noncontrolling interest | 3,153 | 1,869 | 2,255 |
| Capital distributions paid to partners and member | (82,249) | (69,627) | (58,278) |
| Capital distributions paid to the noncontrolling interest | (14,891) | (12,389) | (15,431) |
| Proceeds from senior loan issuance | — | 50,000 | — |
| Principal payments on senior loan | (4,380) | (3,190) | (4,000) |
| Debt issuance costs | — | (556) | — |
| Payments to repurchase Class A common stock | (30,657) | — | (4,478) |
| Proceeds from exercise of warrants | 119,719 | — | — |
| Settlement of equity-based compensation in satisfaction of withholding tax requirements | (16,248) | (12,747) | (10,219) |
| Proceeds from Share Purchase Agreement, net | 49,832 | — | — |
| Dividends paid | (25,343) | (20,549) | (20,321) |
| Payments to related parties, pursuant to tax receivable agreement | (3,797) | (3,189) | (3,190) |
| Net cash used in financing activities | (4,861) | (70,378) | (113,662) |
| Effect of exchange rate changes on cash | 492 | (1,462) | (372) |
| Net increase (decrease) in cash and cash equivalents | $152,662 | $45,100 | $(40,809) |
| Cash and cash equivalents | |||
| Beginning of year | 89,454 | 44,354 | 85,163 |
| End of year | $242,116 | $89,454 | $44,354 |
Consolidated Statements of Cash Flows — (Continued)
| Supplemental disclosure of cash flow information | |||
|---|---|---|---|
| Cash paid during the year for interest | $28,613 | $32,266 | $30,025 |
| Cash paid during the year for income taxes, net | $6,498 | $5,016 | $3,446 |
| Supplemental disclosure of cash flow information from operating activities | |||
| Non-cash right-of-use assets obtained in exchange for new and amended operating leases | $2,967 | $9,075 | $34,116 |
| Non-cash adjustment to operating lease right-of-use assets from lease modification | $(444) | $(790) | $(836) |
| Supplemental disclosure of cash flow information from investing activities | |||
| Non-cash premises and equipment additions in accrued expenses and other liabilities | $1,835 | $781 | $693 |
| Supplemental disclosure of non-cash information from financing activities | |||
| Deemed contributions from GCMH Equityholders | $46,181 | $72,068 | $103,934 |
| Establishment of deferred tax assets, net related to non-cash activities | $(768) | $(492) | $384 |
| Non-cash change in payable to related parties pursuant to tax receivable agreement | $7,004 | $859 | $1,583 |
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