v3.26.1
Share-based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-Based Compensation Expense The following table summarizes share-based compensation expense recognized for the periods indicated below:
Year ended December 31,
(in thousands)202520242023
Restricted stock units
$8,484 $7,725 $370 
Cash-settled restricted stock units(64)19 678 
Performance restricted stock units
698 2,053 441 
Director's fees167 192 195 
GDEV incentive fees(1)
(1,321)219 919 
GDEV II incentive fees(1)
760 4,070 — 
GDEV II special profits interest20 72 164 
GDEV Management Holdings LLC member interests2,061 — — 
EO Awards— (13,972)8,481 
Total
$10,805 $378 $11,248 
__________________
(1)The GDEV I and GDEV II incentive units are carried interest awards that were issued by GDEV GP and GDEV GP II to certain employees and non-employee service providers of GCM and GDEV Management Holdings LLC that provide services to GDEV GP and GDEV GP II.
The following table summarizes share-based compensation expense recognized for the periods indicated below:
Three months ended
March 31,
(in thousands)20262025
Restricted stock units$1,538 $1,442 
Cash-settled restricted stock units— (72)
Performance restricted stock units237 255 
Director's fees20 46 
GDEV incentive fees(1)
(165)(404)
GDEV II incentive fees(1)
(472)447 
GDEV II special profits interest— 5 
GDEV Management Holdings LLC member interests75 1,750 
Total$1,233 $3,469 
__________________
(1)The GDEV I and GDEV II incentive units are carried interest awards that were issued by GDEV GP and GDEV GP II to certain employees and non-employee service providers of GCM and GDEV Management Holdings LLC that provide services to GDEV GP and GDEV GP II.
Schedule of Restricted Share Unit Activity
The following table provides a summary of the restricted share unit activity during the periods indicated below:
(in thousands, except per share data)Restricted Share UnitsWeighted Average Fair Value
Unvested balance as of December 31, 2023
267$7.78 
Granted2,6797.77 
Vested(551)8.17 
Forfeited(296)7.66 
Unvested balance as of December 31, 2024
2,099$7.68 
Granted2,1265.09 
Vested(986)7.12 
Forfeited(650)7.64 
Unvested balance as of December 31, 2025
2,589$5.78 
The following table provides a summary of the restricted share unit activity during the periods indicated below:
(in thousands, except per share data)Restricted Share UnitsWeighted Average Fair Value
Unvested balance as of December 31, 2025
2,589$5.78 
Forfeited(122)$5.90 
Unvested balance as of March 31, 2026
2,467$5.77 
Schedule of Performance Restricted Share Unit Activity
The following table provides a summary of performance restricted share unit activity during the periods indicated below:
(in thousands, except per share data)Performance Restricted Share UnitsWeighted Average Fair Value
Unvested balance as of December 31, 2023
1,067 $4.40 
Granted1,987 $3.92 
Forfeited(269)$4.11 
Unvested balance as of December 31, 2024
2,785 $4.08 
Granted1,935 $5.13 
Forfeited(1,886)$4.04 
Unvested balance as of December 31, 2025
2,834 $4.82 
The following table provides a summary of performance restricted share unit activity during the periods indicated below:
(in thousands, except per share data)Performance Restricted Share UnitsWeighted Average Fair Value
Unvested balance as of December 31, 2025
2,834$4.82 
Forfeited(158)$4.92 
Unvested balance as of March 31, 2026
2,676$4.81