GCM Grosvenor Inc. · NASDAQ:GCMG
GCM Grosvenor — Q3 2026 Earnings Presentation
35 slides from GCM Grosvenor's earnings presentation, Nov 9, 2026
Slide 1: 2026 Third Quarter Results Earnings Presentation
2026 Third Quarter Results Earnings Presentation
Slide 2: GCM Grosvenor Reports Q3 2026 Results
GCM GROSVENOR | 2 GCM Grosvenor Reports Q3 2026 Results "We are pleased to report a strong third quarter 2026 with GAAP Net Income, Fee-Related Earnings, Adjusted EBITDA and Adjusted Net Income up 17%, 15%, 15% and 20% from a year ago," said Michael Sacks, GCM Grosvenor's Chairman and Chief Executiv
Slide 3: Forward-Looking Statements
GCM GROSVENOR | 3 THIS PRESENTATION CONTAINS CERTAIN FORWARD- LOOKING STATEMENTS within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the expected future performance of GCM Grosvenor’s business. These forward-looking statements generally are iden
Slide 4: Q3 2026 Financial Highlights
GCM GROSVENOR | 4 $bn SEPTEMBER 30, 2025 SEPTEMBER 30, 2026 % CHANGE VS Q3 25 AUM $ 87.0 $ 98.0 13 % FPAUM 70.2 78.1 11 % Private Markets FPAUM 46.2 50.0 8 % Absolute Return Strategies FPAUM 23.9 28.2 18 % CNYFPAUM1 9.2 10.6 16 % $mm THREE MONTHS ENDED SEPTEMBER 30, 2026 % CHANGE VS QTD Q3 25 NINE M
Slide 5: Adjusted Earnings Longer-Term Trends
GCM GROSVENOR | 5 Adjusted Earnings Fee-Related Earnings (mm) Adjusted EBITDA (mm) Adjusted Net Income (mm) Longer-Term Trends $91.0 $181.5 91.0 181.5 2020 LTM $95.1 $200.6 2020 LTM $147.0 $261.7 2020 LTM 11% CAGR 13% CAGR 14% CAGR $104.6 $119.8 104.6 119.8 YTD 2025 YTD 2026 $135.3 $150.8 YTD 2025 Y
Slide 6: Growth in Key Business Drivers
GCM GROSVENOR | 6 Growth in Key Business Drivers December 31, 2020 September 30, 2026 Growing Earnings Power $62bn $98bn AUM Private Markets Growing as a Percentage 59% 70% Private Markets % of AUM Shifting Towards Direct- Oriented Strategies 39% 55% Direct-Oriented Strategies % of Private Markets A
Slide 7: Growing, Recurring Management Fees and Key Long-Term Growth Drivers
GCM GROSVENOR | 7 80%+ Average annual management fees, net as a % of revenue over the last five years8 $2.4bn Insurance fundraising in the last 2 years $2.2bn Individual investor fundraising in the last 2 years Growing, Recurring Management Fees 1, 6-10. See Notes towards the end of the document. Cl
Slide 8: GCM Grosvenor: Central to the Alternatives Ecosystem
GCM GROSVENOR | 8 Private Equity $33.1bn Credit12 $17.6bn Infrastructure $20.2bn Absolute Return $29.9bn Real Estate $7.6bn Flexible Client Solutions Diversified Open Architecture Investment Platform GCM Grosvenor: Central to the Alternatives Ecosystem Co-Investments | Secondaries | Direct Investmen
Slide 9: Growing and Diversifying AUM and Earnings Power
GCM GROSVENOR | 9 Growing and Diversifying AUM and Earnings Power $61.9 $72.1 $73.7 $76.9 $80.1 $90.9 $98.0 $4.7 $6.2 $5.0 $5.1 $5.8 $5.3 $7.2 $25.2 $26.6 $23.0 $22.4 $23.3 $26.8 $29.9 $9.2 $13.1 $16.6 $20.0 $20.6 $25.9 $27.8$22.8 $26.2 $29.1 $29.4 $30.4 $32.9 $33.1 Private Equity Real Assets Absolu
Slide 10: Diversified Fundraising Drives Stability & Growth
GCM GROSVENOR | 10 Diversified Fundraising Drives Stability & Growth $7.0 $9.4 $7.8 $5.1 $7.1 $10.7 $10.0 $1.4 $1.0 $0.5 $0.2 $1.9 $1.5 $1.7 $1.4 $1.9 $0.5 $0.5 $1.3 $1.9 $2.3 $0.9 $1.6 $0.9 $0.3 $1.4 $1.3 $1.2 $3.5 $2.1 $2.7 $1.2 $3.8 $2.4 $3.0 $2.1 $3.1 $0.8 $2.4 $2.1 $2.3 Private Equity Infrastru
Slide 11: Scaling and Expanding Private Markets Specialized Fund Franchises
GCM GROSVENOR | 11 $3.9 $4.8 $5.2 $7.4 $8.8 $9.8 $11.7 $13.6 $14.9 $2.3 $2.8 $3.2 $4.9 $6.1 $6.2 $7.0 $7.3 $7.8 $1.6 $2.0 $2.1 $2.5 $2.6 $3.5 $4.0 $5.0 $5.5 $0.1 $0.7 $1.3 $1.6 Private Equity Real Assets Credit 2018 2019 2020 2021 2022 2023 2024 2025 Through Q3 2026 Scaling and Expanding Private Mar
Slide 12: Private Markets Growth Led by Direct-Oriented Shift
GCM GROSVENOR | 12 Private Markets Growth Led by Direct-Oriented Shift Private Markets Assets Under Management (bn) 70% Private Markets % of Total AUM $45bn Private Markets Fundraising since 202016 $36.8 $45.6 $50.7 $54.5 $56.8 $64.1 $68.1 $22.3 $25.2 $26.0 $26.2 $27.4 $29.7 $30.4 $14.5 $20.4 $24.7
Slide 13: Management Fee-Centric and Scalable Business
GCM GROSVENOR | 13 Management Fee-Centric and Scalable Business $302 $341 $356 $361 $387 $408 $430 $8 $7 $4 $5 $6 $8 $8 $61 $83 $25 $31 $73 $89 $89 $371 $431 $385 $397 $466 $505 $527 Firm-Share of Incentive Fees Admin & Other Management Fees, Net 2020 2021 2022 2023 2024 2025 LTM $158 $160 $159 $149
Slide 14: Growing Carried Interest Earnings Power
GCM GROSVENOR | 14 133 585 592262 557 549 Non-Firm Share of Carried Interest Firm Share of Carried Interest 6. See Notes towards the end of the document. Unrealized Carried Interest at Net Asset Value as of Q3 2026 147 programs with unrealized carried interest Unrealized carried interest by vintage
Slide 15: Meaningful Earnings Upside from Incentive Fees
GCM GROSVENOR | 15 Unrealized Carried Interest vs. Gross Incentive Fees (mm) Meaningful Earnings Upside from Incentive Fees $395 $788 $789 $776 $836 $949 $1,141 Gross Unrealized Carried Interest $111.7 $173.9 $75.2 $64.9 $106.2 $123.5 $121.0 $52.8 $52.0 $2.6 $15.3 $55.3 $68.2 $70.6 $58.9 $121.9 $72.
Slide 16: Capital Returns, Ownership, Cash and Debt Metrics
GCM GROSVENOR | 165, 18-20. See Notes towards the end of the document. • GCM Grosvenor repurchased 0.1 million shares of Class A common stock for $0.9 million during the quarter ended September 30, 202618. ◦ $54 million remained in the approved share repurchase program as of September 30, 2026. • GC
Slide 17: Supplemental Information
GCM GROSVENOR | 17 Supplemental Information
Slide 18: Consolidated Statements of Operations
GCM GROSVENOR | 18 $000, EXCEPT PER SHARE AMOUNTS AND WHERE OTHERWISE NOTED THREE MONTHS ENDED NINE MONTHS ENDED SEP 30, 2025 SEP 30, 2026 SEP 30, 2025 SEP 30, 2026 Revenues Management fees $ 105,916 $ 118,766 $ 317,155 $ 344,398 Incentive fees 25,471 24,762 56,797 54,347 Other operating income 3,58
Slide 19: Fee-Related Earnings and Adjusted EBITDA Reconciliation
GCM GROSVENOR | 19 2-4, 17, 21-23. See Notes towards the end of the document. $000, except per share amounts and where otherwise noted THREE MONTHS ENDED NINE MONTHS ENDED ADJUSTED EBITDA SEP 30, 2025 SEP 30, 2026 SEP 30, 2025 SEP 30, 2026 Revenues Private markets strategies2 $ 62,116 $ 66,435 $ 189
Slide 20: Condensed Consolidated Balance Sheets
GCM GROSVENOR | 20 $000, except per share amounts and where otherwise noted DEC 31, 2025 SEP 30, 2026 Assets Cash and cash equivalents $ 242,116 $ 196,485 Management fees receivable 23,937 24,202 Incentive fees receivable 73,860 20,685 Due from related parties 14,606 18,629 Investments 275,313 291,2
Slide 21: Components of GAAP Employee Compensation and Benefits
GCM GROSVENOR | 21 $000 THREE MONTHS ENDED NINE MONTHS ENDED SEP 30, 2025 JUN 30, 2026 SEP 30, 2026 SEP 30, 2025 SEP 30, 2026 Fee-Related Earnings Compensation Cash-based employee compensation and benefits, net21 $ 37,466 $ 38,434 $ 39,179 $ 112,697 $ 115,014 Incentive Fee Related Compensation Cash-
Slide 22: Net Incentive Fees Attributed to GCM Grosvenor
GCM GROSVENOR | 22 $000 THREE MONTHS ENDED NINE MONTHS ENDED NET INCENTIVE FEES ATTRIBUTED TO GCM GROSVENOR SEP 30, 2025 JUN 30, 2026 SEP 30, 2026 SEP 30, 2025 SEP 30, 2026 Incentive fees: Performance fees $ 1,342 $ 1,414 $ 2,049 $ 6,593 $ 8,964 Carried interest 24,129 16,178 22,713 50,204 45,383 To
Slide 23: Adjusted Pre-Tax Income & Adjusted Net Income
GCM GROSVENOR | 23 $000 THREE MONTHS ENDED NINE MONTHS ENDED ADJUSTED PRE-TAX INCOME & ADJUSTED NET INCOME SEP 30, 2025 JUN 30, 2026 SEP 30, 2026 SEP 30, 2025 SEP 30, 2026 Net income attributable to GCM Grosvenor Inc. $ 10,495 $ 9,564 $ 12,253 $ 26,395 $ 27,284 Plus: Net income attributable to nonco
Slide 24: Adjusted EBITDA and Fee-Related Earnings Reconciliation
GCM GROSVENOR | 24 $000 THREE MONTHS ENDED NINE MONTHS ENDED ADJUSTED EBITDA SEP 30, 2025 JUN 30, 2026 SEP 30, 2026 SEP 30, 2025 SEP 30, 2026 Adjusted Net Income $ 37,233 $ 39,163 $ 44,617 $ 104,597 $ 119,789 Plus: Adjusted income taxes4 12,411 12,572 14,323 34,865 38,454 Depreciation expense 830 1,
Slide 25: Adjusted Shares
GCM GROSVENOR | 25 Note: Amounts may not foot due to rounding. $000, except per share amounts and where otherwise noted THREE MONTHS ENDED NINE MONTHS ENDED ADJUSTED SHARES SEP 30, 2025 JUN 30, 2026 SEP 30, 2026 SEP 30, 2025 SEP 30, 2026 Weighted-average shares of Class A common stock outstanding -
Slide 26: Change in FPAUM and AUM
GCM GROSVENOR | 26 $mm PRIVATE MARKETS STRATEGIES ABSOLUTE RETURN STRATEGIES TOTAL FPAUM CONTRACTED NOT YET FPAUM TOTAL AUM Fee-Paying AUM Beginning of Period (July 1, 2026) $ 49,303 $ 28,803 $ 78,106 $ 9,678 $ 96,717 Contributions from CNYFPAUM 734 132 866 Contributions from New Capital Raised 666
Slide 27: Management Fee Detail
GCM GROSVENOR | 27 $000 THREE MONTHS ENDED NINE MONTHS ENDED MANAGEMENT FEES SEP 30, 2025 JUN 30, 2026 SEP 30, 2026 SEP 30, 2025 SEP 30, 2026 Private Markets Specialized Funds26 $ 25,987 $ 28,225 $ 28,680 $ 82,694 $ 82,979 Average Fee Rate27 0.81 % 0.80 % 0.79 % 0.81 % 0.78 % Customized Separate Acc
Slide 28: Investment Performance by Strategy
GCM GROSVENOR | 28 STRATEGY COMMITMENTS CONTRIBUTIONS DISTRIBUTIONS CURRENT VALUE INVESTMENT NET TVPI INVESTMENT NET IRR PME IRR PME INDEX Private Equity Primary Fund Investments28 $ 15,383 $ 17,168 $ 28,972 $ 1,979 1.80 13.2 % 9.9 % S&P 500 Secondary Investments29 751 685 957 182 1.66 14.8 % 12.2 %
Slide 29: Investment Performance by Strategy (Since Inception)
GCM GROSVENOR | 29 STRATEGY COMMITMENTS CONTRIBUTIONS DISTRIBUTIONS CURRENT VALUE INVESTMENT NET TVPI INVESTMENT NET IRR PME IRR PME INDEX Private Equity Primary Fund Investments28 $ 28,302 $ 26,847 $ 32,610 $ 11,134 1.63 12.4 % 11.3 % S&P 500 Secondary Investments29 3,428 2,995 1,583 2,651 1.41 13.
Slide 30: Absolute Return Strategies Performance
GCM GROSVENOR | 30 AS OF SEP 30, 2026 THREE MONTHS ENDED ANNUALIZED RETURNS PERIODS ENDED SEP 30, 2026 Assets Under Management (bn) SEP 30, 2026 ONE YEAR THREE YEAR FIVE YEAR SINCE INCEPTION Gross Net Gross Net Gross Net Gross Net Gross Net Absolute Return Strategies (Overall) $ 29.9 (2.1) % (2.1) %
Slide 31: Footnotes
GCM GROSVENOR | 31 Data in the presentation is as of September 30, 2026 unless otherwise noted. 1. Of the $10.6 billion CNYFPAUM as of September 30, 2026, approximately $1.9 billion is subject to an agreed upon fee ramp-in schedule that will result in management fees being charged on approximately l
Slide 32: Footnotes (continued)
GCM GROSVENOR | 32 20. Debt principal at pricing of Term SOFR + 225bps as of September 30, 2026, subject to a Term SOFR floor of 50bps. 21. Excludes severance expenses of $0.4 million, $0.6 million and $0.5 million for the three months ended September 30, 2025, June 30, 2026 and September 30, 2026,
Slide 33: Non-GAAP Measure Definitions: Adjusted Net Income
GCM GROSVENOR | 33 Adjusted Net Income is a non-GAAP measure that we present on a pre-tax and after-tax basis to evaluate our profitability. Adjusted Pre-Tax Income represents net income attributable to GCM Grosvenor Inc. including (a) net income (loss) attributable to noncontrolling interests in GC
Slide 34: Fee-Paying AUM Definitions
GCM GROSVENOR | 34 Fee-Paying Assets Under Management (“FPAUM” or “Fee-Paying AUM”) is a key performance indicator we use to measure the assets from which we earn management fees. Our FPAUM comprises the assets in our customized separate accounts and specialized funds from which we derive management
Slide 35: Non-GAAP Financial Measures
GCM GROSVENOR | 35 Non-GAAP Financial Measures The non-GAAP financial measures contained in this presentation are not GAAP measures of GCM Grosvenor’s financial performance or liquidity and should not be considered as alternatives to net income (loss) as a measure of financial performance or cash fl