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 observed such volatility in 2025 and we have continued to observe such volatility during the first quarter of 2026 and into the second quarter of 2026 in the United States, driven by elevated inflation, economic slowdown, the ongoing implementation and expansion of U.S. trade tariffs, uncertainty regarding retaliatory measures by trading partners, 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.

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 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.

Previous wording

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 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 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.

Current wording

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 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

(4)As of May 4, 2026, there were 60,383,165 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 May 4, 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 May 4, 2026, the GCMH Equityholders held 6,988 shares of Class A common stock.

Current wording

(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.

Previous wording

We provided investment management / advisory services on assets of $91.5 billion and $90.9 billion as of March 31, 2026 and December 31, 2025, respectively.

Current wording

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.

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 $50.2 billion as of March 31, 2026.

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 $51.0 billion as of June 30, 2026.

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 $15.1 billion as of March 31, 2026.

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 $17.2 billion as of June 30, 2026.

Previous wording

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 months ended March 31, 2026.

Current wording

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.

Previous wording

Net income (loss) 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.

Current wording

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.

Previous wording

The following is a discussion of our consolidated results of operations for thethree months ended March 31, 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”).

Current wording

The following is a discussion of our consolidated results of operations for thethree 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”).

Previous wording

Incentive fees consisted of carried interest and performance fees. Carried interest decreased $4.8 million, or 42%, to $6.5 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to lower carry realizations during the three months ended March 31, 2026. Performance fees increased $1.7 million to $5.5 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily due to higher fees earned from one fund with a March 31, 2026 fiscal yearend. Performance fees for the majority of our absolute return strategy funds 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 $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.

Previous wording

Management fees increased $1.6 million, or 1%, to $110.9 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. Absolute return strategies fees increased$3.9 million, or 10%, primarily due to higher returns for certain absolute return strategies funds. Fund expense reimbursement revenue increased $1.0 million, or 21% to $5.7 million. These increases were partially offset by a netdecrease of $3.3 million, or 5%, in private markets strategies fees primarily due to a $6.0 million decrease inprivate markets strategies specialized funds, as a result of lower catch-up management fees, and a$2.2 million increase in private markets strategies customized separate accounts fees, as a result of capital raising and deployment.

Current wording

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.

Previous wording

Employee compensation and benefits decreased $6.9 million, or 8%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The overall decrease was primarily driven by decreases in partnership interest-based compensation partially offset by an increase in equity-based compensation. Partnership interest-based compensation decreased $6.8 million, or 56%, primarily due to lower expense recorded for the GCMH Equityholders Awards during the three months ended March 31, 2026 and award modifications (as further described in Note 9 in the notes to the 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$2.7 million, or 13%, primarily due to more equity-classified and liability-classified RSUs grants during the three months ended March 31, 2026 compared to the three months ended March 31, 2025.

Current wording

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 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 decreased$1.2 million, or 8%, primarily due tolower realized carried interest during thesix 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 thesix months ended June 30, 2026 compared to the six months ended June 30, 2025.

Previous wording

Investment income increased to $3.9 million for the three months ended March 31, 2026 compared to $0.8 million for the three months ended March 31, 2025, primarily due to the change in value of private and public market investments.

Current wording

Investment income was $3.5 million for the three months ended June 30, 2026 compared to $5.8 million for thethree months ended June 30, 2025, primarily due to the change in value of private and public market investments.

Previous wording

Other income was$1.3 million for the three months ended March 31, 2026 compared to $0.8 million for the three months ended March 31, 2025 and consisted primarily of interest income in each period.

Current wording

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.

Previous wording

There was no change in fair value of warrant liabilities for the three months ended March 31, 2026, as no public or private warrants were outstanding following their exercise and expiration during the three months ended December 31, 2025.

Current wording

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.

Previous wording

Our effective tax rate was 15% and 144% for the three months ended March 31, 2026 and 2025, respectively. Our overall effective tax rate was lower than the statutory rate primarily due to the portion of income allocated to the noncontrolling interest holders, including profits 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 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.

Previous wording

Net income attributable to noncontrolling interests in subsidiaries was $0.9 million and $0.2 million for the three months ended March 31, 2026 and 2025, respectively. The increase for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, was primarily attributable to an increase in income generated by our consolidated subsidiaries not wholly owned by us.

Current wording

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.

Previous wording

Net income (loss) attributable to noncontrolling interests in GCMH was $11.4 million and $(1.7) million for the three months ended March 31, 2026 and 2025, respectively. The change in net income (loss) attributable to noncontrolling interests in GCMH for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, was primarily attributable to the underlying performance of GCMH as well as a decrease in partnership-interest based compensation as described above, which was fully allocated to noncontrolling interests in GCMH.

Current wording

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.

Previous wording

Of the $9.8 billion CNYFPAUM as of March 31, 2026, approximately $2.1 billion is subject to an agreed upon fee ramp in schedule. The ramp in schedule will result in management fees being charged on approximately $0.4 billion, $0.6 billion and $1.1 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 $7.7 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 $9.7 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.

Previous wording

CNYFPAUM decreased $0.6 billion, or 5%, to $9.8 billion during the three months ended March 31, 2026 primarily due to CNYFPAUM that became FPAUM during the period.

Current wording

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.

Previous wording

•Private markets strategies FPAUM increased $0.8 billion, or 2%, to $48.0 billion during the three months ended March 31, 2026, primarily due to $1.6 billion of contributions, partially offset by $0.7 billion of distributions.

Current wording

•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.

Previous wording

(1)Excludes fund expense reimbursement revenue, net of $5.4 million and $4.5 million, for the three months ended March 31, 2026 and 2025, respectively, and excludes net revenue of noncontrolling interests of $0.6 million and $0.1 million in a consolidated subsidiary for the three months ended March 31, 2026 and March 31, 2025, respectively.

Current wording

(1)Excludes fund expense reimbursement revenue, net of $5.1 million and $3.2 million for thethree 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.

Previous wording

(2)Excludes severance expense of $0.9 million and $1.1 million for thethree months ended March 31, 2026 and 2025, respectively.

Current wording

(2)Excludes severance expense of $0.6 million and $1.5 million for thethree 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.

Previous wording

(3)Excludes amortization of intangibles of $0.3 million for the three months ended March 31, 2025. There were no amortization of intangibles for the three months ended March 31, 2026. Also excludes completed and contemplated corporate transaction related costs of $0.5 million and $1.5 million for the three months ended March 31, 2026 and 2025, respectively, and non-core expenses of $0.4 million for each of the three months ended March 31, 2026 and 2025. Also excludes fund reimbursement expenses of$5.4 million and $4.7 million for thethree months ended March 31, 2026 and 2025, respectively.

Current wording

(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.

Previous wording

(4)Fee-related earnings margin represents fee-related earnings as a percentage of our fee-related revenue.

Current wording

(4)Fee-related earnings margin represents fee-related earnings as a percentage of fee-related revenue.

Previous wording

(6)Investment income or loss is generally realized when we redeem all or a portion of our investment or when we receive or are due cash, such as a from dividends or distributions.

Current wording

(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.

Previous wording

(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 months ended March 31, 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.

Current wording

(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 andsix 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.

Previous wording

The following table shows reconciliations of incentive fees to Net Incentive Fees Attributable to GCM Grosvenor for thethree months ended March 31, 2026 and 2025:

Current wording

The following table shows reconciliations of incentive fees to net incentive fees attributable to GCM Grosvenor for thethree and six months ended June 30, 2026 and 2025:

Previous wording

We are a holding company with no material assets other than our 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 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.

Current wording

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 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.

Previous wording

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.

Current wording

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.

Previous wording

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 thethree months ended March 31, 2026 and 2025:

Current wording

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 thethree and six months ended June 30, 2026 and 2025:

Previous wording

(1)Represents 2026 and 2025 expenses related to completed and contemplated corporate transactions.

Current wording

(1)Represents 2026 and 2025 expenses related to completed or contemplated corporate transactions.

Previous wording

(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 months ended March 31, 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.

Current wording

(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 andsix 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.

Previous wording

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 thethree months ended March 31, 2026 and 2025:

Current wording

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 thethree and six months ended June 30, 2026 and 2025:

Previous wording

The following table shows reconciliations of Total Operating Revenues to Fee-Related Revenue for thethree months ended March 31, 2026 and 2025:

Current wording

The following table shows reconciliations of Total Operating Revenues to Fee-Related Revenue for thethree and six months ended June 30, 2026 and 2025:

Previous wording

The following table shows reconciliations of Adjusted EBITDA to Fee-Related Earnings for thethree months ended March 31, 2026 and 2025:

Current wording

The following table shows reconciliations of Adjusted EBITDA to Fee-Related Earnings for thethree and six months ended June 30, 2026 and 2025:

Previous wording

(1)Investment income or loss is generally realized when we redeem all or a portion of our investment or when we receive or are due cash, such as from dividends or distributions.

Current wording

(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.

Previous wording

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 March 31, 2026, we had $164.4 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.

Current wording

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.

Previous wording

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 three months ended March 31, 2026.

Current wording

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 thesix months ended June 30, 2026.

Previous wording

Net cash provided by operating activities was $51.7 million and $33.3 million for the three months ended March 31, 2026 and 2025, respectively. These operating cash flows were primarily driven by:

Current wording

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: