v3.26.1
Related Parties (Tables)
 3 Months Ended
Mar. 31, 2026
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions The following table presents investment management revenue for the periods indicated below:
Year ended
(in thousands)202520242023
GROZ:
Management fees$290 $290 290 
GDEV I:
Management fees1,915 2,124 2,430 
GDEV II:
Management fees2,658 2,551 2,031 
GREC II:
Management fees4,400 5,871 3,855 
Performance participation fee— 1,088 1,654 
Administrative fees$2,392 $6,876 3,478 
The following table presents investment management fees receivable as of December 31, 2025 and 2024:
(in thousands)December 31, 2025December 31, 2024
GROZ:
Management fees receivable$73 $145 
GDEV I:
Management fees receivable— (4)
GDEV II:
Management fees receivable— — 
GREC II:
Management fees receivable5,885 1,484 
Performance participation fee receivable— 853 
Administrative fee receivable(1)
$3,901 $5,320 
__________________
(1)Includes amounts owed from GREC II of $1.8 million and $3.1 million related to administrative fees and $2.1 million and $2.2 million related to capitalized labor costs pursuant to the Administration Agreement (as defined in the GREC II discussion below) as of December 31, 2025 and 2024, respectively.
Effective January 1, 2025, the base management fees under GCM's advisory fee agreement with GREC II are calculated at a monthly rate of 1.00% annually of the aggregate NAV of the net assets attributable to Class F shares of GREC II plus an annual percentage of the aggregate NAV of the net assets attributable to Class I, Class D, Class T, and Class S shares in accordance with the following schedule as of December 31, 2025:
Aggregate NAV
(Class I, Class D, Class T, and Class S shares)		Management Fee
On NAV up to and including $1,500,000,000
1.50% (0.13% monthly)
On NAV in excess of $1,500,000,000
1.25% (0.10% monthly)
The following table presents investment management revenue for the periods indicated below:
Three months ended
March 31,
(in thousands)20262025
GROZ:
Management fees$73 $73 
GDEV I:
Management fees518 461 
GDEV II:
Management fees646 642 
GREC II:
Management fees952 1,163 
Administrative fees$102 $952 
The following table presents investment management fees receivable as of March 31, 2026 and 2025:
(in thousands)March 31, 2026December 31, 2025
GROZ:
Management fees receivable$24 $73 
GREC II:
Management fees receivable952 5,885 
Administrative fee receivable(1)
$329 $3,901 
__________________
(1)Includes amounts owed from GREC II of $0.1 million and $1.8 million related to administrative fees and $0.2 million and $2.1 million related to capitalized labor costs pursuant to the Administration Agreement (as defined in the GREC II discussion below) as of March 31, 2026 and December 31, 2025, respectively.