
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Cash-based employee compensation and benefits	$	39,369	$	38,658	$	77,719	$	77,705
Equity-based compensation	10,650		6,776		33,604		27,077
Partnership interest-based compensation	7,626		16,323		13,004		28,548
Carried interest compensation	8,977		9,281		13,399		14,606
Cash-based incentive fee related compensation	4,505		3,832		8,723		8,990
Other non-cash compensation	51		(7)		97		177
Total employee compensation and benefits	$	71,178	$	74,863	$	146,546	$	157,103

Payments and settlements for partnership interest awards to the employees are made by GCMH Equityholders. As a result, the Company records a non-cash profits interest compensation charge and an offsetting deemed contribution to equity (deficit) to reflect the payments or settlements made or owed by the GCMH Equityholders. Since payments or settlements are made by Holdings, Holdings II and Management LLC, the expense that is pushed down to GCMH and the offsetting deemed contribution are each attributed solely to noncontrolling interests in GCMH. Any liability related to the awards is recognized at Holdings, Holdings II or Management LLC as Holdings, Holdings II or Management LLC is the party responsible for satisfying the obligation, and is not shown in the Company’s Condensed Consolidated Financial Statements. The Company has recorded deemed contributions to equity (deficit) from Holdings, Holdings II and Management LLC of $7.6 million and $16.3 million for the three months ended June 30, 2026 and 2025, respectively, and $13.0 million and $28.5 million for the six months ended June 30, 2026 and 2025, respectively, for partnership interest-based compensation expense which was or will ultimately be paid or settled by Holdings, Holdings II or Management LLC.

GCMH Equityholders have modified awards to certain individuals upon their voluntary retirement or intention to retire as employees. These awards generally include a stated target amount that, upon payment, terminates the recipient’s rights to future distributions and allows for a lump sum buy-out of the awards, at the discretion of the managing member of Holdings, Holdings II, and Management LLC. The awards are accounted for as partnership interest-based compensation at the fair value of these expected future payments, in the period the employees accepted the offer when there is no continued service required. The Company recognized partnership interest-based compensation expense related to award modifications of $2.5 million and $7.3 million for the three months ended June 30, 2026 and 2025, respectively, and $5.0 million and $12.7 million for the six months ended June 30, 2026 and 2025, respectively.

The liability associated with awards that contain a stated target has been retained by Holdings as of June 30, 2026 and December 31, 2025 and is re-measured at each reporting date, with any corresponding changes in liability being reflected as employee compensation and benefits expense of the Company. Certain recipients had unvested stated target payments of $20.7 million and $13.3 million as of June 30, 2026 and 2025, respectively, which will be reflected as employee compensation and

In the year ended December 31, 2022, GCMH Equityholders entered into agreements that will transfer equity ownership between certain existing employee members of the GCMH Equityholders (“GCMH Equityholders Awards”). The GCMH Equityholders Awards will entitle recipients to receive Class A common stock upon vesting. The non-cash awards serve to transfer equity ownership from existing GCMH Equityholders to other existing member employees upon vesting. The GCMH Equityholders Awards did not dilute Class A common stockholders and did not impact cash flows of the Company. The GCMH Equityholders Awards are accounted for under ASC 718, Compensation—Stock Compensation. The awards vested in May 2025 and do not entitle the recipients to dividends or distributions made on Class A common stock until delivery. As such, the fair value of the GCMH Equityholders Awards is based on the closing price of Class A common stock on the accounting grant date less the present value of dividends expected to be paid during the vesting period. GCMH Equityholders can settle the awards at various dates after vesting by exchanging outstanding GCMH common units or by otherwise acquiring and delivering Class A common stock, and therefore the vesting of such awards will not dilute Class A common stockholders. As such, the expense that is pushed down to GCMH and the offsetting deemed contribution are each attributed solely to noncontrolling interests in GCMH, consistent with the accounting for payments to employees described above. The GCMH Equityholders Awards of 7,169,415 units had an aggregate grant date fair value of $53.4 million, or an average grant date fair value of $7.45 per unit. During the six months ended June 30, 2025, a modification of a GCMH Equityholder Award was made that changed settlement of 200,000 shares to be from the Company’s 2020 Incentive Award Plan. This modification did not impact partnership interest-based compensation expense recognized. The Company recognized partnership interest-based compensation expense related to the GCMH Equityholders Awards of $1.7 million and $5.6 million for the three and six months ended June 30, 2025. The Company did not recognize any partnership interest-based compensation expense related to the GCMH Equityholders Awards for the three and six months ended June 30, 2026 as all compensation expense related to the GCMH Equityholders Awards was previously recognized.