Grosvenor Capital Management, L.P. (NASDAQ:GCMG) Q4 2022 Earnings Conference Call February 14, 2023 10:00 AM ET Company Participants Stacie Selinger - Head IR Michael Sacks - Chairman and Chief Executive Officer Jonathan Levin - President Pamela Bentley - Chief Financial Officer Conference Call Participants Chris Kotowski - Oppenheimer Jeff Schmitt - William Blair Ken Worthington - JPMorgan Adam Beatty - UBS Michael Cyprys - Morgan Stanley Operator Good day, and welcome to the GCM Grosvenor Fourth Quarter a ...

2022 Third Quarter Results Earnings Presentation GCM GROSVENOR Presenters | --- | --- | --- | --- | --- | --- | --- | --- | |---------------|-------|----------------|-------|----------------|-------|-------|-----------------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Michael Sacks | | Jonathan Levin | | Pamela Bentley | | | Stacie Selinger | Chairman and Chief Executive Officer President Chief Financial Officer Head of Investor Relations 2 Third Quarter 2022 Results • Third q ...

Grosvenor Capital Management, L.P. (NASDAQ:GCMG) Q3 2022 Earnings Conference Call November 9, 2022 10:00 AM ET Company Participants Stacie Selinger - Head IR Michael Sacks - Chairman and Chief Executive Officer Jonathan Levin - President Pamela Bentley - Chief Financial Officer Conference Call Participants William Katz - Credit Suisse Samantha Platt - Bank of America Kenneth Worthington - JPMorgan Christoph Kotowski - Oppenheimer Michael Cyprys - Morgan Stanley Operator Good day, and welcome to the GCM Gros ...

Part I [Item 1. Financial Statements (unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) The unaudited financial statements detail the company's financial condition and operating results, showing a decrease in total assets and an increase in net income Condensed Consolidated Statements of Financial Condition (Selected Items) | Account | Sep 30, 2022 (Unaudited) (in thousands) | Dec 31, 2021 (in thousands) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $101,575 | $96,185 | | Investments | $223,969 | $226,345 | | Total assets | $549,054 | $581,624 | | **Liabilities & Equity** | | | | Debt | $388,348 | $390,516 | | Warrant liabilities | $10,540 | $30,981 | | Total liabilities | $596,021 | $637,425 | | Total deficit | $(46,967) | $(55,801) | Condensed Consolidated Statements of Income (Selected Items) | Account | Three Months Ended Sep 30, 2022 (in thousands) | Three Months Ended Sep 30, 2021 (in thousands) | Nine Months Ended Sep 30, 2022 (in thousands) | Nine Months Ended Sep 30, 2021 (in thousands) | | :--- | :--- | :--- | :--- | :--- | | Total operating revenues | $137,214 | $118,075 | $346,702 | $340,997 | | Operating income | $28,730 | $25,077 | $66,533 | $42,629 | | Net income | $14,165 | $22,706 | $68,075 | $64,545 | | Net income attributable to GCM Grosvenor Inc. | $3,099 | $4,056 | $15,430 | $7,259 | | Diluted EPS | $0.02 | $0.03 | $0.23 | $0.03 | Condensed Consolidated Statements of Cash Flows (Nine Months Ended Sep 30) | Cash Flow Activity | 2022 (in thousands) | 2021 (in thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | $159,929 | $144,796 | | Net cash used in investing activities | $(10,338) | $(11,953) | | Net cash used in financing activities | $(140,219) | $(209,962) | | Net increase (decrease) in cash | $5,390 | $(78,165) | [Notes to Condensed Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Key notes detail revenue composition, equity, debt, and subsequent events, including lease accounting adoption and capital management activities - The company adopted ASU 2016-02, Leases (Topic 842) on January 1, 2022, resulting in the recognition of approximately **$16 million** of lease right-of-use assets and **$21 million** of lease liabilities[52](index=52&type=chunk) Revenue Breakdown (Nine Months Ended Sep 30, 2022) | Revenue Type | Amount (in thousands) | | :--- | :--- | | Management fees, net | $267,669 | | Fund expense reimbursement revenue | $7,986 | | **Total management fees** | **$275,655** | | Performance fees | $2,324 | | Carried interest | $65,640 | | **Total incentive fees** | **$67,964** | - On August 6, 2021, the Board authorized a stock repurchase plan, subsequently increased multiple times to **$65.0 million** by May 5, 2022, with **$26.4 million** remaining available as of September 30, 2022[81](index=81&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk) 2022 Dividend Declarations | Declaration Date | Dividend per Common Share ($) | Record Date | Payment Date | | :--- | :--- | :--- | :--- | | February 10, 2022 | $0.10 | March 1, 2022 | March 15, 2022 | | May 5, 2022 | $0.10 | June 1, 2022 | June 15, 2022 | | August 8, 2022 | $0.10 | September 1, 2022 | September 15, 2022 | | November 7, 2022 | $0.11 | December 1, 2022 | December 15, 2022 | - Subsequent to quarter-end, on November 7, 2022, the Board increased the stock repurchase authorization by **$25 million** to **$90 million** and declared a quarterly dividend of **$0.11** per share[161](index=161&type=chunk) - In October 2022, the company terminated existing interest rate swap agreements, receiving **$40.3 million** in cash, and entered a new swap agreement with a notional amount of **$300 million** at a fixed rate of **4.37%** effective November 1, 2022[162](index=162&type=chunk)[163](index=163&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, highlighting capital raising, fee trends, FPAUM changes, and improvements in non-GAAP metrics - The company's business is affected by its ability to retain and attract investors, expand into new business lines, realize investments, identify suitable opportunities, and generate strong returns amidst a complex regulatory environment and geopolitical turmoil[170](index=170&type=chunk)[171](index=171&type=chunk)[173](index=173&type=chunk) Fee-Paying AUM (FPAUM) Roll-Forward (Nine Months Ended Sep 30, 2022) | FPAUM (in millions) | Private Markets (in millions) | Absolute Return (in millions) | Total FPAUM (in millions) | | :--- | :--- | :--- | :--- | | **Balance, beginning of period** | **$33,080** | **$25,575** | **$58,655** | | Contributions | $3,842 | $534 | $4,376 | | Withdrawals | $(141) | $(1,537) | $(1,678) | | Distributions | $(987) | $(24) | $(1,011) | | Change in market value | $(79) | $(1,795) | $(1,874) | | **Balance, end of period** | **$35,488** | **$22,563** | **$58,051** | - Contracted, not yet fee-paying AUM increased to **$8.0 billion** as of September 30, 2022, from **$7.7 billion** at year-end 2021, indicating a pipeline for future management fees[235](index=235&type=chunk)[242](index=242&type=chunk) Non-GAAP Financial Measures (Nine Months Ended Sep 30) | Metric (in thousands) | 2022 (in thousands) | 2021 (in thousands) | % Change | | :--- | :--- | :--- | :--- | | Fee-Related Earnings | $95,637 | $83,619 | +14.4% | | Adjusted EBITDA | $113,769 | $98,504 | +15.5% | | Adjusted Net Income | $72,420 | $62,048 | +16.7% | - The company maintains adequate liquidity with **$101.6 million** in cash and **$48.2 million** of available borrowing capacity under its Revolving Credit Facility as of September 30, 2022[179](index=179&type=chunk)[269](index=269&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=49&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) No material changes in market risks are reported, with primary exposure linked to fair value movements of fund investments - There have been no material changes in market risks since the fiscal year ended December 31, 2021, with predominant exposure related to the fair value of fund investments, affecting investment income, management fees, and incentive fees[296](index=296&type=chunk) [Item 4. Controls and Procedures](index=49&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective, with no material changes to internal control over financial reporting - Based on an evaluation, the principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective as of the end of the reporting period[298](index=298&type=chunk) - No changes in internal control over financial reporting during the third quarter of 2022 have materially affected, or are reasonably likely to materially affect, these controls[299](index=299&type=chunk) Part II [Item 1. Legal Proceedings](index=49&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine lawsuits, but management does not expect a material effect on its financial statements - Management does not believe that the outcome of any current litigation will have a material effect on the Company's Condensed Consolidated Financial Statements[301](index=301&type=chunk) [Item 1A. Risk Factors](index=49&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the company's risk factors since its Annual Report on Form 10-K for the fiscal year ended December 31, 2021 - There have been no material changes to risk factors since the Annual Report on Form 10-K for the fiscal year ended December 31, 2021[303](index=303&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=50&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased Class A common stock during the quarter, with a significant amount remaining available under the repurchase plan Share Repurchases (Three Months Ended Sep 30, 2022) | Period | Total Shares Purchased | Average Price Paid Per Share ($) | Approximate Dollar Value of Shares that May Yet Be Purchased ($) | | :--- | :--- | :--- | :--- | | July 1-31, 2022 | 410,102 | $7.07 | $37,386,095 | | August 1-31, 2022 | 319,954 | $8.22 | $28,902,728 | | September 1-30, 2022 | 312,215 | $8.00 | $26,404,802 | | **Total** | **1,042,271** | | | - The stock repurchase plan authorization was increased to **$65.0 million** on May 5, 2022, and further increased by **$25 million** to a total of **$90 million** on November 7, 2022[305](index=305&type=chunk) [Item 3. Defaults Upon Senior Securities](index=50&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) None reported [Item 4. Mine Safety Disclosures](index=50&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Not applicable [Item 5. Other Information](index=50&type=section&id=Item%205.%20Other%20Information) None reported [Item 6. Exhibits](index=51&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed as part of the Quarterly Report on Form 10-Q

Grosvenor Capital Management, L.P. (NASDAQ:GCMG) Q2 2022 Earnings Conference Call August 9, 2022 10:00 AM ET Company Participants Stacie Selinger - Head IR Michael Sacks - Chairman & CEO Jonathan Levin - President Pamela Bentley - CFO Conference Call Participants Christoph Kotowski - Oppenheimer Kenneth Worthington - JPMorgan Michael Cyprys - Morgan Stanley Operator Good day, and welcome to today's GCM Grosvenor 2022 Second Quarter Results Call. [Operator Instructions] As a reminder, this call will be rec ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________ FORM 10-Q __________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-39716 __________________________________ GCM Grosvenor Inc. ...

Grosvenor Capital Management, L.P. (NASDAQ:GCMG) Q1 2022 Results Conference Call May 10, 2022 10:00 AM ET Company Participants Stacie Selinger - Head, Investor Relations Michael Sacks - Chairman and Chief Executive Officer Jon Levin - President Pam Bentley - Chief Financial Officer Conference Call Participants Ken Worthington - JPMorgan Jeff Schmitt - William Blair Adam Beatty - UBS Kevin Tripp - Oppenheimer & Co Michael Cyprys - Morgan Stanley Operator Good day, and welcome to the GCM Grosvenor 2022 First ...

2022 First Quarter Results Earnings Presentation Presenters Michael Sacks Chairman and Chief Executive Officer Jonathan Levin President Pamela Bentley Chief Financial Officer Stacie Selinger Head of Investor Relations GCM GROSVENOR 2 First Quarter 2022 Results 3 • Q1 2022 Fee-Related Revenue growth of 10% and Fee-Related Earnings growth of 26% compared to quarter ended March 31, 2021 • Fundraising of $1.3 billion in Q1 2022 and $8.2 billion for the last twelve months • GCM Grosvenor's Board of Directors app ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________ FORM 10-Q __________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-39716 __________________________________ GCM Grosvenor Inc ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________ FORM 10-K __________________________________ GCM Grosvenor Inc. (Exact Name of Registrant as Specified in Its Charter) __________________________________ | Delaware | | 85-2226287 | | --- | --- | --- | | (State or Other Jurisdiction of Incorporation or | | (IRS Employer Identification No.) | | Organization) | | | | 900 North Michigan Avenue, Suite 1100 | | | | Chicago, IL | | 60611 | | (Address of prin ...