The Company has entered into operating lease agreements for office space. The Company leases office space in various countries around the world and maintains its headquarters in Chicago, Illinois, where it leases primary office space. The leases contain rent escalation clauses based on increases in base rent, real estate taxes and operating expenses. Some leases offer the option to extend for an additional term or terminate early. The Company generally does not include options to renew when determining the lease term as it is not reasonably certain at contract inception that the Company will exercise the option(s). As the implicit rate is not generally readily determinable, the Company uses its incremental borrowing rate to determine the present value of future minimum lease payments. The Company’s leases have remaining lease terms of less than one year to 14 years.

Operating lease costs are recorded within general, administrative and other and sublease income is recorded within other income in the Condensed Consolidated Statements of Income (Loss). The lease cost and sublease income components were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating lease cost(1)	$	1,650	$	1,879	$	3,514	$	3,752
Variable lease cost(2)	76		1,171		1,228		2,200
Less: sublease income	22		53		74		104
Total lease cost	$	1,704	$	2,997	$	4,668	$	5,848

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(1)Includes $0.1 million of short term lease expense for each of the three months ended June 30, 2026 and 2025, respectively, and for the six months ended June 30, 2025 and $0.2 million for the six months ended June 30, 2026.

The following table summarizes cash flows and other supplemental information related to our operating leases:


	Six Months Ended June 30,
	2026			2025
Cash paid for amounts included in the measurement of operating lease liabilities(1)	$	3,110		$	4,110
Non-cash ROU assets obtained in exchange for new and extended operating leases	$	—		$	1,967
Weighted average remaining lease term in years	12.4 years			13.1 years
Weighted average discount rate	6.3		%	6.3		%



Remainder of 2026	$	2,988
2027	7,441
2028	7,348
2029	6,136
2030	6,497
Thereafter	56,391
Total lease payments	$	86,801


Less: tenant improvement allowance	(8,976)
Less: imputed interest	(26,887)
Total operating lease liabilities	$	50,938

The Company had $133.8 million and $140.6 million of unfunded investment commitments as of June 30, 2026 and December 31, 2025, respectively, representing general partner capital funding commitments to several of the GCM Funds and other commitments to our equity method investments.

Beginning in the year ended December 31, 2025, eligible employees may apply for loans from a third-party lender, which may, at its discretion, extend loans directly to such employees for purposes of funding capital calls to specified Company-managed investment vehicles. The loans are collateralized by the employees’ related investment interests and return-of-capital distributions from those investments are applied to reduce outstanding loan balances.

In connection with the loan program, the Company entered into a separate arrangement with the third-party lender that includes a buyback provision, which represents a performance guarantee under applicable accounting guidance. Under the buyback provision, the Company may be required, upon an employee’s failure to perform under a loan agreement, to make a payment to the lender and acquire the pledged investment interests. The Company’s obligation is limited to an amount equal to the lesser of the outstanding loan balance or the fair value of the pledged investment interests at the time the guarantee is triggered. As of June 30, 2026, less than $0.1 million of loans were outstanding subject to the buyback provision. As of June 30, 2026, no defaults or repurchases have occurred under the EIP. The Company believes the risk of default by an employee to be remote.

In the normal course of business, the Company may enter into contracts that contain a number of representations and warranties, which may provide for general or specific indemnifications. The Company’s exposure under these contracts is not currently known, as any such exposure would be based on future claims, which could be made against the Company. The Company’s management is not currently aware of any such pending claims and based on its experience, the Company believes the risk of loss related to these arrangements to be remote.

From time to time, the Company is a defendant in various lawsuits related to its business. The Company’s management does not believe that the outcome of any current litigation will have a material effect on the Company’s Condensed Consolidated Financial Statements.

The Company may be exposed to a risk of loss by virtue of certain subsidiaries serving as the general partner of GCM Funds organized as limited partnerships. As general partner of a GCM Fund organized as a limited partnership, the Company’s

subsidiaries that serve as the general partner have exposure to risk of loss that is not limited to the amount of its investment in such GCM Fund. The Company cannot predict the amount of loss, if any, which may occur as a result of this exposure; however, historically, the Company has not incurred any significant losses and management believes the likelihood is remote that a material loss will occur.