GCM Grosvenor Inc.GCMG

GCM Grosvenor Inc. Earnings Per Share Disclosure

10-KFiled Feb 19, 20262 min read
Earnings (Loss) Per Share
The following is a reconciliation of basic and diluted earnings (loss) per share for the years ended December 31, 2025, 2024 and 2023:

Year Ended December 31,
202520242023
Numerator for earnings (loss) per share calculation:
Net income attributable to GCM Grosvenor Inc., basic$45,371 $18,695 $12,774 
Exchange of Partnership units42,241 (12,156)(65,812)
Exercise of private warrants(316)— — 
Exercise of public warrants(5,095)— — 
Net income (loss) attributable to common stockholders, diluted$82,201 $6,539 $(53,038)
Denominator for earnings (loss) per share calculation:
Weighted-average shares, basic51,955,627 44,741,33643,198,517
Exchange of Partnership units142,588,005 144,235,246144,235,246 
Exercise of private warrants - incremental shares under the treasury stock method64,644 —— 
Exercise of public warrants - incremental shares under the treasury stock method1,193,123 —— 
Assumed vesting of RSUs - incremental shares under the treasury stock method1,487,111 1,613,459—
Weighted-average shares, diluted 197,288,510 190,590,041187,433,763
Basic EPS
Net income attributable to common stockholders, basic$45,371 $18,695 $12,774 
Weighted-average shares, basic 51,955,627 44,741,336 43,198,517 
Net income per share attributable to common stockholders, basic$0.87 $0.42 $0.30 
Diluted EPS
Net income (loss) attributable to common stockholders, diluted$82,201 $6,539 $(53,038)
Weighted-average shares, diluted197,288,510 190,590,041 187,433,763 
Net income (loss) per share attributable to common stockholders, diluted$0.42 $0.03 $(0.28)
When applying the if-converted method to calculate the potential dilutive impact of the exchangeable common units of the Partnership, the earnings (loss) per share numerator adjustment reflects the net income attributable to noncontrolling interests in GCMH, as reported, adjusted for the hypothetical incremental provision for income taxes that would have been recorded by the Company if the units had been converted.
Shares of the Company’s Class C common stock do not participate in the earnings or losses of the Company and are therefore not participating securities. As such, a separate presentation of basic and diluted earnings (loss) per share of Class C common stock under the two-class method has not been presented.
The following outstanding potentially dilutive securities were excluded from the calculations of diluted earnings (loss) per share attributable to common stockholders because their impact would have been antidilutive for the periods presented:
Year Ended December 31,
202520242023
Public warrants— 16,784,970 16,784,970 
Private warrants— 900,000 900,000 
Unvested RSUs under the treasury stock method— — 808,716 

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Other Available Disclosures

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