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GCMGW

GCM Grosvenor Inc.

GCMGW

GCM Grosvenor Inc. • NASDAQ
$0.01 ▲ -28.67% (+0.01)
Market Cap $499027
52w High $0.17
52w Low $0.01
Dividend Yield 0%
P/E 0
Volume 200
Outstanding Shares 52.53M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $138.677M ▲ $94.503M ▼ $10.495M ▼ 7.568% ▼ $0.2 ▼ $55.433M ▲
Q2-2025 $123.964M ▼ $104.719M ▼ $15.437M ▲ 12.453% ▲ $0.3 ▲ $46.748M ▲
Q1-2025 $125.147M ▼ $109.817M ▲ $463K ▼ 0.37% ▼ $0.01 ▼ $9.174M ▼
Q4-2024 $170.106M ▲ $44.626M ▲ $7.615M ▲ 4.477% ▲ $0.17 ▼ $43.618M ▲
Q3-2024 $122.931M $24.617M $4.156M 3.381% $0.27 $22.284M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $182.749M ▲ $685.933M ▲ $682.11M ▲ $-7.39M ▲
Q2-2025 $136.334M ▲ $636.859M ▲ $657.498M ▼ $-12.289M ▲
Q1-2025 $94.499M ▲ $579.818M ▼ $669.492M ▼ $-28.325M ▼
Q4-2024 $89.454M ▼ $612.731M ▲ $703.07M ▲ $-27.62M ▲
Q3-2024 $98.447M $575.042M $688.087M $-31.879M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $45.082M ▲ $79.817M ▲ $-6.84M ▼ $-26.228M ▼ $46.415M ▲ $78.269M ▲
Q2-2025 $39.891M ▲ $41.977M ▲ $-6.491M ▼ $5.651M ▲ $41.835M ▲ $40.755M ▲
Q1-2025 $-1.09M ▼ $33.264M ▼ $-1.14M ▲ $-27.703M ▲ $5.045M ▲ $32.094M ▼
Q4-2024 $30.419M ▲ $38.1M ▼ $-6.726M ▲ $-38.85M ▼ $-8.993M ▼ $36.984M ▼
Q3-2024 $12.131M $68.992M $-8.611M $-37.192M $24.526M $62.246M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Asset Management
Asset Management
 $100.00M ▲$210.00M ▲$110.00M ▼$100.00M ▼
Expense Reimbursement
Expense Reimbursement
 $0 ▲$10.00M ▲$0 ▼$0 ▲
Management Fees Before Reimbursement Revenue
Management Fees Before Reimbursement Revenue
 $100.00M ▲$200.00M ▲$100.00M ▼$100.00M ▲
Management Service Incentive
Management Service Incentive
 $20.00M ▲$70.00M ▲$20.00M ▼$20.00M ▲
Management Service Incentive Carried Interest
Management Service Incentive Carried Interest
 $20.00M ▲$30.00M ▲$10.00M ▼$10.00M ▲
Management Service Incentive Performance Fees
Management Service Incentive Performance Fees
 $0 ▲$50.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been fairly steady over the past several years, with a small upward trend recently. Profitability dipped in the middle of the period but has recovered, with operating profits and EBITDA back in positive territory. Net income remains modest, which suggests that while the core business is working, there is not a large profit cushion. The big swing in reported earnings per share a couple of years ago likely reflects one‑off items or accounting impacts rather than a simple change in the underlying business. Overall, this looks like a relatively stable fee business with improving, but still thin, margins.

Balance Sheet

Balance Sheet The balance sheet is asset‑light, as is typical for an asset manager, but it is also highly leveraged. Debt is sizeable relative to the company’s total assets, and reported equity is negative, which points to an unusual capital structure, likely shaped by the SPAC history and capital returns or intangibles. Cash on hand has moved around, at times much higher than today, but is not especially large versus the debt load. The key risk here is financial flexibility: the firm appears able to operate, but it does not have a particularly strong balance‑sheet buffer if conditions worsen.

Cash Flow

Cash Flow Despite the thin accounting profits, cash generation from operations has been consistently positive, and free cash flow has also been positive in each of the past years. Capital spending is very low, underscoring the asset‑light nature of the business. This pattern suggests the company converts a healthy portion of its fee income into cash and does not require heavy reinvestment to maintain operations. The main question is how this free cash flow is balanced between debt service, shareholder returns, and growth initiatives, given the leveraged balance sheet.

Competitive Edge

Competitive Edge GCM Grosvenor operates in a competitive part of the asset‑management industry but has carved out a defensible niche in alternatives. Its strongest advantages are long‑standing relationships with institutional clients, a heavy tilt toward customized separate accounts, and a long operating history in complex strategies like hedge funds, private equity, infrastructure, and private credit. These factors tend to make client relationships sticky and raise the cost of switching providers. Scale and sourcing networks also help it access deals that smaller rivals may not see. The flip side is that the broader alternatives space is crowded, with fee pressure, performance scrutiny, and competition from both large global managers and specialist boutiques.

Innovation and R&D

Innovation and R&D The firm is not a technology company, but it uses technology in a focused way to strengthen its advisory and investment work. Its internal data platform, heavy use of public cloud infrastructure, and partnerships with specialized software providers support better analytics, reporting, and portfolio monitoring. The “citizen developer” program encourages staff to build tools that solve day‑to‑day problems, which can drive incremental efficiency. On the product side, GCM is innovating through ESG and impact strategies, infrastructure programs, and new vehicles designed for individual investors, including interval funds and joint ventures for distribution. The main execution risk is whether these new channels and products can scale without diluting performance or straining operational resources.

Summary

GCM Grosvenor looks like a mature alternative asset manager with a stable, fee‑driven business, improving profitability, and consistently positive free cash flow, but with a notably leveraged and equity‑light balance sheet. Its competitive strengths lie in deep institutional relationships, customization, and long‑developed expertise in alternative strategies, supported by targeted technology use rather than headline‑grabbing R&D. Strategic initiatives to expand into the individual investor market, grow in infrastructure and private credit, and pursue international partnerships offer clear growth avenues, but they introduce execution and regulatory complexity. Overall, the story is of a specialized, relationship‑driven manager balancing steady cash generation and innovation in product and distribution against the constraints and risks created by its capital structure and the inherently cyclical, performance‑sensitive nature of asset management.