GCMGMEDIUM SIGNALFINANCIAL10-K

GCMG reported substantially higher operating income alongside meaningful growth in assets under management and operating cash flow generation.

The company demonstrates strong operational leverage with operating income growing substantially faster than revenue growth, suggesting improved efficiency in converting management fees to profits. The increase in Class A shares outstanding (to 60.8M from 44.9M) indicates potential equity-related transactions or compensation, which investors should monitor for dilution impact.

Comparing 2026-02-19 vs 2025-02-21View on EDGAR →
FINANCIAL ANALYSIS

GCMG's financial performance strengthened meaningfully with operating income substantially higher year-over-year, while operating cash flow grew robustly to $183.5M. Total assets expanded notably to $813.8M, reflecting the firm's growing scale, while capital expenditures declined by roughly half to $8.5M. The overall picture signals improved profitability and cash generation efficiency as the alternative asset manager scales its operations.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
+81.6%
$73.5M→$133.5M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Capital Expenditure
Cash Flow
-49.2%
$16.7M→$8.5M

Capex reduced 49.2% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Total Assets
Balance Sheet
+32.8%
$612.7M→$813.8M

Asset base grew 32.8% — expansion through organic growth, acquisitions, or capital deployment.

Operating Cash Flow
Cash Flow
+23.4%
$148.8M→$183.5M

Operating cash flow grew 23.4% — strong conversion of earnings to cash, healthy business fundamentals.

LANGUAGE CHANGES
NEW — 2026-02-19
PRIOR — 2025-02-21
ADDED
As of February 16, 2026, there were 60,810,959 shares of the registrant s Class A common stock, par value $0.0001 per share, outstanding and 141,665,831 shares of the registrant s Class C common stock, par value $0.0001 per share, outstanding.
In both cases, our clients rely on our investment expertise and differentiated, diversified investment sourcing to navigate the alternatives market.
As of December 31, 2025, we had 553 employees, including 185 investment professionals, operating in nine offices throughout the United States and in Frankfurt, Hong Kong, London, Seoul, Sydney, Tokyo and Toronto.
For the years ended December 31, 2025 and 2024, our total management fees were $426 million and $402 million, respectively , our total operating revenues were $558 million and $514 million, respectively, our net income was $45 million and $19 million, respectively, our fee related earnings were $185 million and $166 million, respectively, and our adjusted net income was $166 million and $141 million, respectively.
Investment Strategies 1 Credit Investments overlap with investments in other strategies We operate at scale across the full range of private markets and absolute return strategies.
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REMOVED
As of February 14, 2025, there were 44,911,734 shares of the registrant s Class A common stock, par value $0.0001 per share, outstanding and 144,235,246 shares of the registrant s Class C common stock, par value $0.0001 per share, outstanding.
In both cases, our clients rely on our investment expertise and differentiated investment access to navigate the alternatives market.
As of December 31, 2024, we had 549 employees, including 181 investment professionals, operating in nine offices throughout the United States and in Frankfurt, Hong Kong, London, Seoul, Sydney, Tokyo and Toronto.
For the years ended December 31, 2024 and 2023, our total management fees were $402 million and $375 million, respectively , our total operating revenues were $514 million and $445 million, respectively, our net income was $19 million and $13 million, respectively, our fee related earnings were $166 million and $140 million, respectively, and our adjusted net income was $141 million and $103 million, respectively.
Investment Strategies 6 1 AUM as of December 31, 2024 2 Sustainable Investing and Alternative Credit investments overlap with investments in other strategies.
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