UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-39716 __________________________________ GCM Grosvenor Inc. (Exact Name of Registrant as Specified in Its Charter) __________________________________ Delaware 85-22262 ...

Core Viewpoint - GCM Grosvenor is a significant player in the global alternative asset management sector, with a strong focus on various investment strategies and a substantial amount of assets under management (AUM) [1] Company Overview - GCM Grosvenor has $91 billion in AUM, indicating its robust position in the market [1] - The company specializes in multiple investment strategies, including private equity, infrastructure, real estate, credit, and absolute return [1] Leadership - Michael Sacks has been the Chairman and CEO of GCM Grosvenor since 1994, highlighting his long-term leadership and experience in the industry [1]

Summary of GCM Grosvenor Conference Call Company Overview - **Company**: GCM Grosvenor (NasdaqGM:GCMG) - **AUM**: $91 billion across various investment strategies including private equity, infrastructure, real estate, credit, and absolute return [2][18] Core Business Model - **Solutions Provider**: Over 70% of client relationships are in customized separate accounts, indicating a consultative and interactive approach to client engagement [7][8] - **High Re-Up Rate**: The company boasts a 90% re-up rate for separate accounts, driven by strong performance and significant service value [11][12] Financial Performance - **Record Fundraising**: Raised $10.5 billion in the last year, marking the best year and quarter for fundraising [17][18] - **Margin Improvement**: Achieved operating leverage and margin improvement, indicating operational efficiency [18][49] - **Carry at NAV**: Approximately 20% of total enterprise value is tied to carry at net asset value, which has been depressed due to a challenging realization environment [51][52] Fundraising Environment - **Diversified Pipeline**: The fundraising pipeline for 2026 is larger than the previous year, with growth across all verticals including infrastructure, real estate, private equity, and private credit [22][23] - **Demand for Alternatives**: Despite market fluctuations, demand for alternative investments remains strong, with a full and diversified pipeline of opportunities [24][25] Individual Investor Channel - **Strategic Priority**: The individual investor business represents only 5% of capital but has significant growth potential due to underallocation in alternatives [26][27] - **New Initiatives**: Launched infrastructure interval fund and joint ventures to enhance distribution and presence in the wealth channel [28][29] Market Outlook - **Tailwinds for Wealth Channel**: The company anticipates continued growth in the wealth channel, supported by a favorable market environment [34][35] - **Infrastructure Growth**: Infrastructure is expected to grow due to fundamental demand for capital projects, with GCM Grosvenor positioned well in this space [59][60] Absolute Return Strategies - **Solid Business Model**: The absolute return strategies business has been slower-growing but remains a strong cash-generating segment with high client satisfaction [64][66] - **Market Valuation**: There is a belief that the market undervalues this segment compared to traditional asset management firms [67] Conclusion - **Optimistic Outlook**: GCM Grosvenor is positioned for growth with a strong pipeline, high re-up rates, and a focus on both institutional and individual investors, despite current market challenges [58][59]

Core Insights - GCM Grosvenor is a leading global alternative asset manager with over 50 years of experience in the industry [2] - The firm currently manages $87 billion in assets under management (AUM), with a significant focus on customized separate accounts, which constitute 70% of its AUM [2] Company Overview - Michael Sacks has been with GCM Grosvenor since 1990 and became CEO in 1994, leading the firm through significant growth [2] - GCM Grosvenor has evolved from an early participant in the alternative asset management industry to one of the largest open-architecture managers [2]

Summary of GCM Grosvenor Conference Call Company Overview - **Company**: GCM Grosvenor (NasdaqGM:GCMG) - **Industry**: Alternative Asset Management - **AUM**: $87 billion - **Client Approach**: 70% of AUM in customized separate accounts [1][3] Key Financial Highlights - **Record Fundraising**: $10.5 billion for the year, with $3.5 billion in Q4 [5][10] - **Performance Fees**: Strong performance fees from the ARS business, although realized carry revenue was lighter than expected [6][10] - **Operating Leverage**: Fee-related earnings margin increased by a couple of hundred basis points, with expectations for continued operating leverage [7][10] - **Pipeline Growth**: Current fundraising pipeline is larger than a year ago, indicating strong demand for alternative investments [10][15] Strategic Focus Areas - **Wealth Channel**: Identified as a critical area for long-term growth, with high re-up rates (90%) from clients and significant opportunities for cross-selling [18][21] - **Infrastructure Investments**: Targeting infrastructure assets due to fundamental demand, particularly in power generation and data centers [36][38] - **Credit Business**: Expanded to $17 billion AUM, with interest in credit secondaries and asset-backed credit [30][31] Market Dynamics - **Interest Rates and Demand**: Despite rising interest rates, demand for alternative investments remains strong, with no significant capital withdrawal from institutional clients [15][16] - **SaaS Exposure**: Low exposure (4% of AUM) to SaaS, with a belief that AI presents a significant opportunity for growth [12][13][14] Growth Initiatives - **Grove Lane Partners**: Joint venture aimed at enhancing the wealth platform through a dedicated distribution team [50][52] - **Private Label Products**: Development of customized products for RIA firms, with 11 relationships established in the last two years [56][58] Challenges and Opportunities - **Credit Quality Concerns**: Negative press around private credit has not significantly impacted fundraising, indicating resilience in client relationships [32][33] - **Infrastructure Growth**: Anticipated increase in target allocations for infrastructure investments as demand continues to rise [27][36] Future Outlook - **Long-term Goals**: Aiming to double fee-related earnings (FRE) from 2023 to 2028, with a target of $1.20 adjusted net income per share by 2028 [23][25] - **Market Positioning**: GCM Grosvenor is well-positioned to capitalize on growth opportunities in the wealth channel and infrastructure sectors, with a focus on maintaining strong client relationships and performance [21][22][36]

Core Insights - The firm views SaaS businesses as resilient and believes they will benefit from AI advancements, with protective attachment points in SaaS-related credit [1][2] - The firm reported strong investment results for 2025, with a 15% gross return in Absolute Return Strategies and 11% in Infrastructure, alongside a significant increase in assets under management (AUM) [3][6] - Record fundraising of $10.7 billion in 2025, with a strong pipeline entering 2026, indicates robust client demand and diversified inflows across strategies [7][9] Financial Performance - Year-end AUM reached $91 billion, a 14% increase year-over-year, with fee-related earnings, adjusted EBITDA, and adjusted net income rising by 11%, 15%, and 18% respectively [6][10] - The firm reported a FRE margin of 44%, up 200 basis points from the previous year, indicating improved operational efficiency [12][13] Capital Allocation and Share Repurchases - Management increased buyback authorization by $35 million, with a total of $91 million available for share repurchases, and repurchased 2.8 million shares in Q4 at an average price of $11.11 [5][20] - The firm prepaid $65 million of its term loan to reduce leverage and save over $3 million annually in interest expenses [21] Strategic Initiatives - The firm launched Grove Lane Partners, a wealth management distribution joint venture, and an infrastructure interval fund, indicating a focus on expanding its wealth management capabilities [11] - Management emphasized the importance of diversification across portfolios, with SaaS exposure representing only 4% of total AUM, suggesting a cautious approach to market volatility [2][10]

Market Overview - Stocks have shown a mixed performance with 61.2% of issues advancing and 35.4% declining as of midday [1] - The Federal Reserve indicated it is prepared to keep interest rates flat, affecting major indexes with the Dow up 0.42% and Russell 2000 up 0.34%, while S&P 500 is up 0.05% and Nasdaq down 0.14% [2] Midday Movers Winners - UniFirst has reentered takeover talks with Cintas, leading to a stock increase of 19.4% [3] - GCM Grosvenor announced a larger buyback and debt prepayment plan, resulting in a 16.7% rise after raising $10.7 billion in the latest quarter [4] - Spotify Technology and DataDog saw increases of 15.7% and 12% respectively following their earnings reports [4] Losers - Becton Dickinson & Co experienced a significant decline of 17.3% due to a weak profit outlook for the upcoming year [6] - Medpace Holdings fell by 14.4% despite a strong quarter, overshadowed by declining growth and missed bookings [6] - Goodyear Tire reported a negative earnings report, leading to a 14% decline [6] - Raymond James and Charles Schwab also faced declines of 7.3% and 6.02% respectively, attributed to competition from a new AI tax planning tool [7]

Core Insights - GCM Grosvenor had a strong performance in 2025, with significant growth in investment results and fundraising, marking it as the best year in the firm's history [1][4][13]. Fundraising and Capital Formation - The firm raised a total of $10.7 billion in 2025, with $3.5 billion raised in the fourth quarter alone, both of which are records for the firm [4][14]. - Fundraising was broad-based across all verticals, with positive flows from all investor channels and geographies [4][14]. - The firm has approximately $12 billion of dry powder available for future investments [1]. Financial Performance - Fee-related earnings, adjusted EBITDA, and adjusted net income increased by 11%, 15%, and 18% respectively compared to 2024 [4][25]. - The fee-related earnings margin for the year was 44%, which is 200 basis points higher than in 2024 [4][25]. - The firm ended 2025 with $91 billion in assets under management (AUM), a 14% increase from 2024, and fee-paying AUM increased by 12% year over year [6][25]. Investment Strategies and Performance - The Absolute Return Strategy generated a 15% gross rate of return in 2025, while the Infrastructure strategy returned approximately 11% [1][4]. - The gross unrealized carried interest balance reached an all-time high of $949 million, up 14% from 2024 [6][25]. - The firm launched new initiatives, including Grove Lane Partners and an infrastructure interval fund, which are expected to contribute to future growth [7][19]. Market Outlook and Strategic Initiatives - The firm remains optimistic about the investment opportunity set and has a strong pipeline of activity entering 2026 [1][4]. - The individual investor channel saw an 18% increase in AUM year over year, indicating growth potential in this segment [7][19]. - The firm is focused on maintaining operational efficiency and margin improvement while investing in technology and scalability [24][49]. Shareholder Returns and Capital Allocation - The firm has increased its share buyback authorization by $35 million, with a total of $91 million available for repurchases [12][26]. - The company is also prepaying $65 million of its term loan, which will reduce leverage and save on interest expenses [12][26]. - The current dividend yield is approximately 5%, and the firm is committed to remaining a capital-light business while providing returns to shareholders [12][29].

Financial Data and Key Metrics Changes - In 2025, GCM Grosvenor achieved a record fundraising year, raising $10.7 billion, with $3.5 billion raised in Q4 alone [4][5] - Fee-Related Earnings, Adjusted EBITDA, and Adjusted Net Income increased by 11%, 15%, and 18% respectively compared to 2024 [5][24] - The Fee-Related Earnings margin for the year was 44%, an increase of 200 basis points from 2024 [5][24] - The company ended 2025 with $91 billion in assets under management, a 14% increase from the end of 2024 [7] Business Line Data and Key Metrics Changes - Absolute Return Strategies (ARS) performance was strong, with a Multi-Strategy Composite generating a 15% gross rate of return in 2025 [4] - Infrastructure, the fastest-growing strategy, returned approximately 11% for the year [4] - Fee-Paying AUM increased by 12% year-over-year to $72 billion, while Contracted Not Yet Fee-Paying AUM rose by 27% to $10 billion [8] Market Data and Key Metrics Changes - The individual investor channel saw AUM increase by 18% year-over-year, indicating strong growth potential [8] - The company has less exposure to SaaS businesses, with only 4% of total AUM and less than 6% of credit AUM [10] Company Strategy and Development Direction - GCM Grosvenor is focused on diversifying its investment strategies and enhancing its wealth management distribution through initiatives like Grove Lane Partners [8] - The company aims to double its 2023 Fee-Related Earnings to over $280 million and grow adjusted net income per share to more than $1.20 by 2028 [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the investment opportunity set and noted that the recent market stress has created potential opportunities [9][10] - The company believes it has more exposure to disruptors and beneficiaries of disruption than to businesses at risk from disruption [11] Other Important Information - The company has increased its share buyback authorization by $35 million, totaling $91 million available for repurchase [12][24] - GCM Grosvenor is prepaying $65 million of its term loan, which will reduce leverage and save over $3 million annually in interest expenses [24] Q&A Session Summary Question: Discussion on capital allocation plans - Management indicated a focus on remaining a capital-light business, with plans for share buybacks and debt paydowns [27][28] Question: Operating leverage and margin expansion - Management believes they can continue to drive margin expansion through 2028 [29][30] Question: Outlook for absolute return business and organic growth - Management is cautious about budgeting for organic growth but acknowledges positive performance trends [34][36] Question: Fundraising dynamics for 2026 - Management has a strong pipeline and expects fundraising in 2026 to potentially exceed 2025, but is not officially budgeting for it yet [57] Question: Performance fees and carried interest - Management noted that carried interest realizations were lower than expected but expressed confidence in future increases [58][59]

Financial Data and Key Metrics Changes - In 2025, GCM Grosvenor achieved a record fundraising year, raising $10.7 billion, with $3.5 billion raised in Q4 alone, marking significant growth compared to previous years [4][5] - Fee-Related Earnings, Adjusted EBITDA, and Adjusted Net Income increased by 11%, 15%, and 18% respectively compared to 2024 [5][24] - The company ended 2025 with $91 billion in assets under management (AUM), a 14% increase from the end of 2024 [7] - Fee-Paying AUM grew 12% year-over-year to $72 billion, while Contracted Not Yet Fee-Paying AUM increased by 27% to $10 billion [8] Business Line Data and Key Metrics Changes - Absolute Return Strategies (ARS) performance was strong, with a Multi-Strategy Composite generating a 15% gross rate of return in 2025 [4] - Infrastructure, the fastest-growing strategy, returned approximately 11% for the year [4] - ARS fee-paying AUM and management fees grew 15% and 5% year-over-year respectively [22] Market Data and Key Metrics Changes - The individual investor channel saw AUM increase by 18% year-over-year, indicating strong demand for customized solutions [8] - The company has less exposure to SaaS businesses, with only 4% of total AUM and less than 6% of credit AUM attributed to this sector [10] Company Strategy and Development Direction - GCM Grosvenor is focused on diversifying its investment strategies and enhancing its wealth management distribution through initiatives like Grove Lane Partners [8] - The company aims to double its Fee-Related Earnings to over $280 million by 2028 and grow adjusted net income per share to more than $1.20 [12] - The firm is committed to maintaining a capital-light business model while increasing shareholder returns through share buybacks and debt repayment [27][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the investment opportunity set and the strength of their fundraising pipeline entering 2026 [5][9] - The recent market volatility is viewed as an opportunity, with management emphasizing the importance of diversification in their investment strategy [9][10] - The company anticipates continued operating leverage and margin expansion through 2028 [30] Other Important Information - The gross unrealized carried interest balance reached an all-time high of $949 million, up 14% from the end of 2024 [7] - The company repurchased 2.8 million shares in Q4 at an average price of $11.11 per share, totaling $31 million [24] Q&A Session Summary Question: Capital allocation plans post-warrant exercise - Management indicated a focus on maintaining a capital-light business model, with plans for share buybacks and debt repayment [27] Question: Operating leverage and margin expansion - Management believes they can continue to drive margin expansion through 2028 [30] Question: Future of the absolute return business - Management remains cautious about budgeting for organic growth in the absolute return business but acknowledges recent successes [34] Question: Fundraising outlook for 2026 - Management has a strong pipeline and expects fundraising in 2026 to potentially exceed 2025, but they are not officially budgeting for that yet [58] Question: Performance fees and carried interest - Management noted that carried interest realizations were lower than expected but expressed confidence in future increases [60]