GCMGMEDIUM SIGNALOPPORTUNITY10-K

GCMG demonstrated strong operational momentum with significant profitability improvement, substantial cash generation, and notable changes in share structure suggesting potential share buyback activity.

The company's net income more than doubled while operating cash flow increased 23%, indicating improved operational efficiency and strong business fundamentals. The dramatic increase in Class A shares outstanding (35% increase) combined with a decrease in Class C shares suggests active capital structure management, likely share conversions or buybacks that could benefit remaining shareholders.

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

GCMG showed robust financial performance across key metrics, with net income surging 143% to $45.4M and operating income rising 82% to $133.5M, while operating cash flow grew a solid 23% to $183.5M. The company's balance sheet strengthened considerably with stockholders' equity swinging from negative $27.6M to positive $27.0M and cash more than doubling to $242.1M, while prudently reducing capital expenditures by 49%. This financial profile signals a business generating strong returns, improving profitability, and building substantial cash reserves for future growth or shareholder returns.

FINANCIAL STATEMENT CHANGES
Stockholders Equity
Balance Sheet
+197.7%
-$27.6M→$27.0M

Equity base grew 197.7% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Cash & Equivalents
Balance Sheet
+170.7%
$89.5M→$242.1M

Cash position surged 170.7% — strong cash generation or capital raise providing significant financial cushion.

Net Income
P&L
+142.7%
$18.7M→$45.4M

Net income grew 142.7% — bottom-line growth signals improving overall business health.

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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