GCM Grosvenor Inc.

Previous wording

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.

Current wording

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, Part II, Item 1A of this Quarterly Report on Form 10-Q 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.

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 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.

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 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 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.

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. The tax law changes under the OBBBA did not have a material impact on our financial statements.

Previous 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.

Current wording

(4)As of November 4, 2026, there were 61,254,140 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 November 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 November 4, 2026, the GCMH Equityholders held 6,988 shares of Class A common stock.

Previous 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.

Current wording

We provided investment management / advisory services on assets of $98.0 billion and $90.9 billion as of September 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 $51.0 billion as of June 30, 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 $53.1 billion as of September 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 $17.2 billion as of June 30, 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 $16.7 billion as of September 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 or six months ended June 30, 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 nine months ended September 30, 2026.

Previous 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”).

Current wording

The following is a discussion of our consolidated results of operations for thethree and nine months ended September 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

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.

Current wording

Management fees increased $12.9 million, or 12%, to $118.8 million for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. Absolute return strategies fees increased$7.5 million, or 19%, primarily as a result of higher returns for certain absolute return strategies funds as well as capital raising. Private markets strategies fees increased $4.9 million, or 8%, primarily due to a $2.7 million increase in private market strategies specialized funds fees and a$1.6 million increase in private markets strategies customized separate accounts fees, both as a result of capital raising and deployment. Fund expense reimbursement revenue increased $0.4 million, or 10% to $4.9 million.

Previous 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.

Current wording

Incentive fees consisted of carried interest and performance fees. Carried interest decreased $1.4 million, or 6%, to $22.7 million for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. This decrease is primarily due to lower carry realizations and distributions from investments during three months ended September 30, 2026, as compared to the three months ended September 30, 2025. Performance fees increased$0.7 million, or 53%, to$2.0 million for the three months ended September 30, 2026 compared to the three months ended September 30, 2025, primarily due to higher crystallized fees earned on redemptions from certain funds. Performance fees are generally determined at the end of the calendar year and are generally minimal in interim periods.

Previous 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.

Current wording

Management fees increased $27.2 million, or 9%, to $344.4 million for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. Absolute return strategies fees increased$15.5 million, or 13%, primarily as a result of capital raising and higher returns for certain absolute return strategies funds. Private market strategies fees increased $8.9 million, or 5%, primarily due to a $6.0 million increase in private market strategies customized separate accounts fees as a result of capital raising and deployment. Fund expense reimbursement revenue increased$2.8 million, or 21% to$15.9 million.

Previous wording

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.

Current wording

Incentive fees consisted of carried interest and performance fees. Carried interest decreased $4.8 million, or 10%, to $45.4 million for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025. This decrease is primarily due to lower carry realizations and distributions from investments during the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025. Performance fees increased $2.4 million, or 36%, to $9.0 million for the nine months ended September 30, 2026, compared to the nine months ended September 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.

Previous wording

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. 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.

Current wording

Employee compensation and benefits increased $5.5 million, or 8%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. The overall increase was primarily driven by increases in cash-based employee compensation and benefits, partnership interest-based compensation and equity-based compensation. Partnership interest-based compensation increased $3.7 million, or 214%, due to higher cash distributions and expense recorded for award modifications during the three months ended September 30, 2026. 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. Equity-based compensation increased$1.8 million, or 30%, primarily due to an increase in equity-classified and liability-classified RSUs outstanding during the three months ended September 30, 2026 compared to the three months ended September 30, 2025.

Previous 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.

Current wording

Employee compensation and benefits decreased $5.1 million, or 2%, for the nine months ended September 30, 2026 compared to the nine months ended September 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 $11.9 million, or 39%, primarily due to lower expense recorded for the GCMH Equityholders Awards and award modifications during the nine months ended September 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$2.4 million, or 8%, primarily due tolower realized carried interest during thenine months ended September 30, 2026 compared to the nine months ended September 30, 2025. Equity-based compensation increased$8.3 million, or 25%, primarily due to an increase in equity-classified and liability-classified RSUs granted and outstanding during thenine months ended September 30, 2026 compared to the nine months ended September 30, 2025.

Previous wording

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.

Current wording

General, administrative and other increased$2.4 million, or 10%, to$27.1 million for the three months ended September 30, 2026 compared to the three months ended September 30, 2025, primarily driven by increases in professional fees of $1.6 million and IT related costs of $1.5 million, partially offset by a decrease in occupancy related costs of $0.9 million.

Previous wording

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.

Current wording

General, administrative and other increased$5.2 million, or 7%, to $83.7 million for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, primarily driven by an increase in reimbursable fund expenses of $2.2 million and IT related costs of $3.1 million, partially offset by a decrease in occupancy related costs of $2.1 million.

Previous wording

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.

Current wording

Interest expense was$4.4 million for the three months ended September 30, 2026, compared to$5.6 million for the three months ended September 30, 2025, primarily due to a lower average debt balance duringthe three months ended September 30, 2026.

Previous wording

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.

Current wording

Investment income was $14.9 million for the nine months ended September 30, 2026 compared to $13.8 million for the nine months ended September 30, 2025, primarily due to the change in value of private and public market investments.

Previous wording

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 tolower average debt balance.

Current wording

Interest expense was$13.7 million for the nine months ended September 30, 2026 compared to$17.1 million for the nine months ended September 30, 2025, primarily due to alower average debt balance.

Previous wording

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.

Current wording

There was no change in fair value of warrant liabilities for the nine months ended September 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 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.

Current wording

Our effective tax rate was 10% and 7% for the three months ended September 30, 2026 and 2025, respectively, and 11% and 8% for the nine months ended September 30, 2026 and 2025, respectively. Our overall effective tax rate was lower than the statutory rate for the three and nine months ended September 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 $0.6 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.

Current wording

Net income attributable to noncontrolling interests in subsidiaries was $1.2 million and $1.5 million for the three months ended September 30, 2026 and 2025, respectively. The decrease for the three months ended September 30, 2026, as compared to the three months ended September 30, 2025, was primarily attributable to a decrease in income generated by our consolidated subsidiaries not wholly owned by us.

Previous 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.

Current wording

Net income attributable to noncontrolling interests in GCMH was $32.5 million and $33.1 million for the three months ended September 30, 2026 and 2025, respectively. The change in net income attributable to noncontrolling interests in GCMH for the three months ended September 30, 2026, as compared to the three months ended September 30, 2025, was primarily attributable to the underlying performance of GCMH allocated to noncontrolling interests.

Previous wording

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.

Current wording

Net income attributable to noncontrolling interests in GCMH was $65.6 million and $54.8 million for the nine months ended September 30, 2026 and 2025, respectively. The change in net income attributable to noncontrolling interests in GCMH for the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, was primarily attributable to the underlying performance of GCMH as well as a decrease in partnership-interest based compensation for the nine months ended September 30, 2026, which was fully allocated to noncontrolling interest in GCMH.

Previous 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.

Current wording

Of the $10.6 billion CNYFPAUM as of September 30, 2026, approximately $1.9 billion is subject to an agreed upon fee ramp in schedule. The ramp in schedule will result in management fees being charged on approximately less than $0.1 billion, $0.7 billion and $1.2 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 $8.7 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

•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.

Current wording

•Private markets strategies FPAUM increased $0.7 billion, or 1%, to $50.0 billion during the three months ended September 30, 2026, primarily due to $1.4 billion of contributions partially offset by $0.6 billion of distributions.

Previous wording

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.

Current wording

CNYFPAUM increased$1.0 billion, or 10%, to $10.6 billion during the three months ended September 30, 2026 due to the closing of new commitments during the period, net of reductions for CNYFPAUM that became FPAUM during the period.

Previous wording

AUMincreased $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 FPAUMand a $0.2 billion decrease in CNYFPAUM, as well as mark to market increases that do not impact FPAUM.

Current wording

AUM increased $1.3 billion, or 1%, to$98.0 billion during the three months ended September 30, 2026, primarily driven by a $1.0 billion increase in CNYFPAUM and mark to market increases that do not impact FPAUM.

Previous wording

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.

Current wording

FPAUM increased $5.6 billion, or 8%, to $78.1 billion during the nine months ended September 30, 2026, primarily due to $6.4 billion of contributions and a $2.7 billion increase in market value, partially offset by $2.1 billion of distributions and $1.1 billion of withdrawals.

Previous 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.

Current wording

CNYFPAUM increased$0.2 billion, or 2%, to $10.6 billion during the nine months ended September 30, 2026 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 $5.8 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.

Current wording

AUM increased $7.1 billion, or 8%, to $98.0 billion during the nine months ended September 30, 2026, primarily driven by a $5.6 billion increase in FPAUM, mark to market increases that do not impact FPAUM, and a $0.2 billion increase in CNYFPAUM.

Previous 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.

Current wording

(1)Excludes fund expense reimbursement revenue, net of $4.7 million and $4.2 million for thethree months ended September 30, 2026 and 2025, respectively, and $15.2 million and $12.0 million for the nine months ended September 30, 2026 and 2025, and excludes net revenue of noncontrolling interests of $0.8 million and $0.4 million in a consolidated subsidiary for the three months ended September 30, 2026 and 2025, respectively, and $2.3 million and $0.6 million for the nine months ended September 30, 2026 and 2025, respectively.

Previous 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.

Current wording

(2)Excludes severance expense of $0.5 million and $0.4 million for thethree months ended September 30, 2026 and 2025, respectively, and $2.0 million and $3.1 million for the nine months ended September 30, 2026 and 2025, respectively.

Previous 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.

Current wording

(3)Excludes amortization of intangibles of $0.3 million and $1.0 million for the three and nine months ended September 30, 2025, respectively. There were no amortization of intangibles for the three and nine months ended September 30, 2026. Also excludes less than $0.1 million and $0.8 million for the three and nine months ended September 30, 2026, respectively, and $(0.4) million and $1.1 million for the three and nine months ended September 30, 2025, respectively, of completed and contemplated corporate transaction related costs. Also excludes non-core expenses of $0.3 million and $0.1 million for the three months ended September 30, 2026 and 2025, respectively, and $1.2 million for each of the nine months ended September 30, 2026 and 2025, respectively. Also excludes fund reimbursement expense of $4.6 million and$4.2 million for the three months ended September 30, 2026 and 2025, respectively, and $14.8 million and$12.1 million for the nine months ended September 30, 2026 and 2025, respectively.

Previous wording

(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.

Current wording

(5)Excludes the impact of non-cash carried interest compensation and other of less than $0.1 million and$(0.1) million for the three and nine months ended September 30, 2026, respectively, and $(0.6) million and $(0.7) million for the three and nine months ended September 30, 2025, respectively.

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 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.

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 andnine months ended September 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 and six months ended June 30, 2026 and 2025:

Current wording

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

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 and six months ended June 30, 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 nine months ended September 30, 2026 and 2025:

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 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.

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 andnine months ended September 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.