Share-based Compensation (Tables)

6 Months Ended

Jun. 30, 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:


	Three months ended June 30,				Six months ended June 30,
(in thousands)	2026		2025		2026		2025
Restricted stock units	$	1,736	$	1,314	$	3,274	$	2,756
Cash-settled restricted stock units	—		8		—		(64)
Performance restricted stock units	767		(242)		1,004		13
Director's fees	20		38		40		84
GDEV incentive fees(1)	(45)		(467)		(210)		(871)
GDEV II incentive fees(1)	(150)		(215)		(622)		232
GDEV II special profits interest	—		15		—		20
GDEV Management Holdings LLC member interests	76		82		151		1,832
Total	$	2,404	$	533	$	3,637	$	4,002

(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 Units	Weighted Average Fair Value




Unvested balance as of December 31, 2025	2,589	$	5.78
Granted	2,151	1.83
Vested	(876)	5.74
Forfeited	(141)	5.81
Unvested balance as of June 30, 2026	3,723	$	3.51

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 Units	Weighted Average Fair Value




Unvested balance as of December 31, 2025	2,834	$	4.82
Granted	2,348	1.83

Forfeited	(188)	4.76
Unvested balance as of June 30, 2026	4,994	$	3.42