v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis and level of inputs used for such measurements as of June 30, 2026 and December 31, 2025:
Fair Value as of June 30, 2026
Level 1Level 2Level 3Total
Assets
Money market funds
$96,566 $— $— $96,566 
Other investments— — 25,773 25,773 
Total assets$96,566 $— $25,773 $122,339 
Liabilities
Interest rate derivatives
— 3,459 — 3,459 
Total liabilities
$— $3,459 $— $3,459 
Fair Value as of December 31, 2025
Level 1Level 2Level 3Total
Assets
Money market funds$202,553 $— $— $202,553 
Other investments— — 19,462 19,462 
Total assets$202,553 $— $19,462 $222,015 
Liabilities
Interest rate derivatives— 10,694 — 10,694 
Total liabilities
$— $10,694 $— $10,694 
Money Market Funds
Money market funds are valued using quoted market prices and are included in cash and cash equivalents in the Condensed Consolidated Statements of Financial Condition.
Interest Rate Derivatives
Management determines the fair value of its interest rate derivative agreements based on the present value of expected future cash flows based on observable future rates applicable to each swap contract using linear interpolation, inclusive of the risk of non-performance, using a discount rate appropriate for the duration. See Note 12 for additional information regarding interest rate derivatives.
Other Investments
Investments in the subordinated notes of structured alternatives investment solutions are not publicly traded and are classified as Level 3. Management determines the fair value of its other investments using a discounted cash flow analysis (“Cash Flow Analysis”), which includes assumptions regarding the expected deployment and realization timing of the private investment. These positions were classified as Level 3 as of June 30, 2026 and December 31, 2025 because of the use of significant unobservable inputs in the Cash Flow Analysis as follows:
June 30, 2026December 31, 2025
Impact to Valuation from an Increase in Input(2)
Significant Unobservable Inputs(1)
RangeWeighted Average RangeWeighted Average
Discount rate(3)
25.0% – 27.3%
26.2 %
25.3% – 30.8%
26.9 %Decrease
Expected remaining term (years)
6 – 11
N/A
4 – 11
N/ADecrease
Expected total value to paid in capital – private assets(4)
1.42x – 2.24x
1.75x
1.44x – 2.18x
1.78xIncrease
____________
(1)In determining these inputs, management considers the following factors including, but not limited to: liquidity, estimated yield, capital deployment, diversified multi-strategy appreciation, expected net multiple of investment capital across private assets investments, annual operating expenses, as well as investment guidelines such as concentration limits, position size, and investment periods.
(2)Unless otherwise noted, this column represents the directional change in fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect.
(3)The discount rate was based on the relevant benchmark rate, spread, and yield migrations on related securitized assets.
(4)Inputs were weighted based on actual and estimated commitments to the respective private asset investments included in the range.
The resulting fair values of $25.8 million and $19.5 million were recorded within investments in the Condensed Consolidated Statements of Financial Condition as of June 30, 2026 and December 31, 2025, respectively.
The following table presents changes in Level 3 assets measured at fair value for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Balance at beginning of period$19,780 $12,341 $19,462 $11,993 
Purchases3,953 — 4,770 — 
Distributions— — (428)— 
Change in fair value2,040 168 1,969 516 
Balance at end of period$25,773 $12,509 $25,773 $12,509 
Public Warrants
All outstanding public warrants were exercised or expired unexercised during the year ended December 31, 2025. Prior to exercise, the public warrants were valued using quoted market prices on the Nasdaq Stock Market LLC under the ticker GCMGW.
Private Warrants
All outstanding private warrants were exercised during the year ended December 31, 2025. Prior to exercise, the private warrants were classified as Level 3 as of December 31, 2025 because of the use of significant unobservable inputs in the valuation, however the overall private warrant valuation and change in fair value are not material to the Condensed Consolidated Financial Statements.
The following table presents changes in Level 3 liabilities measured at fair value for the three and six months ended June 30, 2025:
Three Months Ended June 30,Six Months Ended June 30,
20252025
Balance at beginning of period$1,879 $1,361 
Change in fair value(1,188)(670)
Balance at end of period$691 $691