v3.26.1
Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Equity Equity
Shares of Common Stock Outstanding
The following table shows a rollforward of the common stock outstanding for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30, 2026Six Months Ended June 30, 2026
Class A common stock Class B common stock Class C common stock Class A common stockClass B common stockClass C common stock
Beginning of period59,410,644— 141,665,83160,721,681— 141,665,831
Net shares delivered for vested RSUs1,913,436 — — 2,128,670 — — 
Repurchase of Class A shares(203,807)— — (1,730,078)— — 
End of period61,120,273— 141,665,83161,120,273— 141,665,831
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
Class A common stock Class B common stock Class C common stock Class A common stockClass B common stockClass C common stock
Beginning of period45,233,791— 144,235,24644,899,246— 144,235,246
Exercise of warrants— — — 240,190 — — 
Issuance of Class A common stock3,752,965 — — 3,752,965 — — 
Net shares delivered for vested RSUs1,661,138 — — 1,755,493 — — 
Exchange of Partnership units for Class A common stock and cancellation of Class C common stock2,569,415 — (2,569,415)2,569,415 — (2,569,415)
End of period53,217,309—141,665,83153,217,309—141,665,831
As of June 30, 2026, 333,277 RSUs were vested, but not yet delivered, and are therefore not yet included in outstanding Class A common stock. The delivery of vested RSUs will be reduced by the number of shares withheld to satisfy statutory withholding tax obligations as well as RSUs that are settled in cash. See Note 10 for additional information on the Company’s RSUs.
During the six months ended June 30, 2025, 240,190 public warrants were exercised resulting in $2.8 million of proceeds. No warrants were exercised during the three months ended June 30, 2025 and the three and six months ended June 30, 2026, respectively.
During the three months ended June 30, 2025, the Company entered into a Share Purchase Agreement with Sumitomo Mitsui Trust Bank, Limited (“SuMi Trust”) for the issuance and sale in a registered direct offering of 3,752,965 shares of the Company’s Class A common stock to SuMi Trust at an offering price of $13.322799 per share, which represented the 10-day volume-weighted average price of our Class A common stock ending March 31, 2025, for net proceeds of $49.8 million. The transaction was closed on April 22, 2025.
During the three months ended June 30, 2025, the Company exchanged 2,569,415 Partnership common units for 2,569,415 shares of Class A common stock to deliver in settlement of the vested GCMH Equityholders Awards. At the same time, 2,569,415 shares of Class C common stock were cancelled. This conversion did not result in any cash transferred. As of June 30, 2025, 4,400,000 GCMH Equityholders Awards were vested, but not yet delivered, and are therefore not yet included in outstanding Class A common stock. See Note 9 for additional information on the Company’s GCMH Equityholders Awards.
The Company records a reallocation adjustment between GCMG equity and noncontrolling interests in GCMH to reflect the impact of changes in economic ownership percentages during the respective period and adjust previously recorded equity transactions to the economic ownership percentage as of the end of each reporting period.
At-the-Market Equity Program
On November 17, 2025, the Company entered into an equity distribution agreement (the “Equity Distribution Agreement”) with Morgan Stanley & Co. LLC (the “Agent”), pursuant to which the Company may issue 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, the Company filed a prospectus supplement relating to this ATM equity sales program concurrently.

The Company did not issue any shares under the ATM equity program during the three and six months ended June 30, 2026.
Dividends
Dividends are reflected in the Condensed Consolidated Statements of Equity (Deficit) when declared by the Board of Directors. The table below summarizes dividends declared to date during 2026:
Declaration Date Record Date Payment Date Dividend per Class A Common Share
February 9, 2026March 2, 2026March 16, 2026$0.12
May 5, 2026June 5, 2026June 15, 2026$0.12
August 7, 2026September 1, 2026September 15, 2026$0.12
Dividend equivalent payments of $3.5 million were accrued for holders of undelivered RSUs as of June 30, 2026. Distributions to partners represent distributions made to GCMH Equityholders.
Stock Repurchase Plan
On August 6, 2021, GCMG’s Board of Directors authorized a stock repurchase plan which may be used to repurchase shares of the Company’s outstanding Class A common stock and then outstanding warrants to purchase shares of Class A common stock. Class A common stock may be repurchased from time to time in open market transactions, in privately negotiated transactions, including with employees or otherwise, pursuant to the requirements of Rule 10b5-1 and Rule 10b-18 of the Exchange Act, as well as to retire (by cash settlement or the payment of tax withholding amounts upon net settlement) equity-based awards granted under our 2020 Incentive Award Plan, as amended and restated (and any successor plan thereto), with the terms and conditions of these repurchases depending on legal requirements, price, market and economic conditions and other factors. The Company is not obligated under the terms of the plan to repurchase any of its Class A common stock, the program has no expiration date and the Company may suspend or terminate the program at any time without prior notice. Any shares of Class A common stock repurchased as part of this program will be canceled. GCMG’s Board of Directors has made subsequent increases to its original stock repurchase authorization amount for shares and, until November 17, 2025, warrants. As of December 31, 2025, the total authorization was $220 million, excluding fees and expenses. On February 9, 2026, GCMG’s Board of Directors increased the firm's existing repurchase authorization by $35 million, from $220 million to $255 million.
During the three and six months ended June 30, 2026, the Company was deemed to have repurchased 1,382,385 and 1,479,631 shares, respectively, which reflects both RSUs that were settled in cash and shares retired in connection with the net share settlement of equity-based awards, for $14.9 million and $16.0 million, or an average of $10.76 and $10.82 per share, respectively. See Note 10 for additional information regarding RSUs.
During the three and six months ended June 30, 2026, the Company repurchased 203,807 and 1,730,078 shares of Class A common stock, respectively, for $2.2 million and $19.7 million, or an average of $10.74 and $11.36 per share, respectively. As of June 30, 2026, the Company had $55.0 million remaining under the stock repurchase plan.