GCMG

Image source: The Motley Fool. Monday, Aug. 10, 2026 at 10:00 a.m. ET Chairman and Chief Executive Officer - Michael Jay Sacks Head of Investor Relations - Stacie Driebusch Selinger Jonathan Reisin Levin Pamela Bentley Operator: Good day, and welcome to the GCM Grosvenor Second Quarter 2026 Results Webcast. Later, we will conduct a question-and-answer session. If you are interested in asking a question, please ensure you dial in using the numbers you have been provided for this call and press *1 on your keypad to join the queue. If anyone should require operator assistance, please press 0 on your telephone. As a reminder, this call will be recorded. I would now like to hand the call over to Stacie Driebusch Selinger, Head of Investor Relations You may begin. Stacie Driebusch Selinger: Thank you. Good morning. Before we discuss our results, a reminder that all statements made on this call that do not relate to matters of historical fact should be considered forward looking statements. This includes statements regarding our current expectations for the business, our financial performance, and projections. These statements are neither promises nor guarantees. They involve known and unknown risks, uncertainties, and other important factors that may cause our actual results to differ materially from those indicated by the forward looking statements on this call. Please refer to the factors in the Risk Factors section of our filings with the SEC related to these statements. We will also refer to non GAAP measures that we view as important in assessing the performance of our business. A reconciliation of non GAAP measures to the nearest GAAP metric can be found in our earnings presentation and earnings supplement both of which are available on our website. Thank you again for joining us. And now I will turn the call over to Michael Jay Sacks, our Chairman and CEO. Michael Jay Sacks: Thanks, Stacie. And thank you to all listening to the second quarter 2026 earnings call. I am pleased to report that GCM Grosvenor had another strong quarter both generating returns for our clients while growing revenue and profits for the firm and our shareholders. We ended the second quarter with $97 billion of assets under management and $78 billion of fee paying assets under management an increase of approximately 13% for each from a year ago. Instructively, all investment strategies and all investor channels contributed to that growth. During the quarter, as expected, we saw an increase in fundraising from the first quarter's $1.5 billion to $2.3 billion in the second quarter bringing first half fundraising to approximately $3.9 billion. Importantly, those results were again broad based across the platform. We continue to expect second half fundraising to exceed the levels experienced in the first half and are pleased to report that our pipeline remains full. Credit was the largest contributor to second quarter fundraising, accounting for more than $900 million of the $2.3 billion raised in Q2 making credit $1.4 billion of the first half $3.9 billion of fundraising. John is going to go into some detail on our credit vertical in his remarks. it is worth mentioning that the individual investor and insurance channels were significant drivers of fundraising. Representing 23, 18% of our year to date fundraising against the 54% of AUM they represented respectively at the start of the year. As you know, both channels are areas of focus for us. From a revenue and profitability perspective, we saw second quarter fee related revenue grow by 11% fee related earnings grew by 21%, and adjusted net income grow by 22% as compared to the second quarter of 2025. On the last couple of earnings calls, we have been asked about the impact of AI disruption generally. We have maintained that we have more upside from AI disruption than risk associated with it, and noted that we have some direct exposure to disruptors. We continue to believe that. Last quarter, we were specifically asked about SpaceX. And we said that we thought that in the wake of a successful IPO, it would likely be appropriate to address that exposure. And so I want to do that now. GCM Grosvenor in our ARS and private marketss portfolios through primary fund allocations to managers direct investments into dedicated vehicles and secondary market share purchases invested approximately $150 million in SpaceX, a conservative sum for our capital base. The average cost of our investment is approximately $6.37 per share, And as of last week's market close, those investments had a value of approximately $3.5 billion split fairly evenly between ARS and private markets portfolios. While these gains have not yet been realized, and generally remain subject to lockup, that investment is the largest single issuer gain in the history of the firm. For the overwhelming majority of our SpaceX exposure, the timing and form of exit is controlled by underlying managers. Should we receive shares in a distribution, we will decide on a course of action in real time based on facts and circumstances. The SpaceX investment is a good example of the strength of our origination platform and the breadth and quality of opportunities we can bring to investors as well as the way our various verticals strengthen and enhance the whole of our firm for our investors. We are, of course, pleased with this investment thus far. Given the magnitude of the SpaceX success, real time versus 1-quarter lag timing difference in mark to market policy between ARS and private marketss and stock price variability we feel it is important to highlight for all of our constituents ARS returns both inclusive and exclusive of SpaceX impact. For the quarter, our ARS multi strategy composite delivered gross returns of approximately 14% inclusive of SpaceX. and 10% excluding SpaceX. Year to date, those numbers are 15, 11%. It is worth noting that excluding SpaceX, ARS performance is very strong on both an absolute and relative to peer and benchmark basis. Pam will talk in a bit about how to think about SpaceX, with regard to annual ARS performance fees. The combination of strong second quarter investment performance and positive net ARS inflows drove a 22% year-over-year increase in ARS fee paying AUM as of June 30 and our ARS pipeline remains full. Investment results were also strong across private market strategies, without the benefit of the SpaceX IPO marks, where private equity infrastructure, real estate, and private credit all delivered positive quarter over quarter performance. We remain long origination with considerable operating leverage, meaning our sourcing capacity meaningfully exceeds our current investment pace leaving substantial room to scale activity without sacrificing selectivity. The middle market the area of private markets where we primarily operate, has held up better than the broader private equity market. While deal activity and realizations are not yet firing on all cylinders, we see the opportunity for a pickup in activity and acceleration of realizations going forward. The precise timing of that is not predictable. Importantly, as we have discussed in the past, we have a high ratio of firm unrealized carry relative to market cap. Meaning that as the realization environment improves, there is significant upside to our earnings. We remain confident in our ability to achieve the profitability targets we laid out at our Investor Day and think that our durable, highly visible management fee growth significant upside from embedded incentive fee earnings, full fundraising pipeline across verticals, operating leverage and dividend, provide an attractive value proposition for shareholders today and over the long term. And with that, I will turn the call over to John. Jonathan Reisin Levin: Thank you, Michael. Today, I will cover our credit platform. which is 1 of the fastest growing areas of our business and an increasingly important differentiator for the firm with clients. As of quarter end, our credit platform managed nearly $18 billion of assets. The credit vertical was the largest contributor to fundraising in the quarter, reflecting strong client demand and what has been frankly an uncertain credit environment. That to me is a great endorsement of our capabilities. We raised over $900 million for credit strategies in Q2, doubling what we raised in Q1. During the quarter, we successfully closed our inaugural credit secondaries fund. Which raised approximately $1.2 billion across the flagship fund and related vehicles. We are pleased with that outcome, but believe it is just the beginning of what can be a huge opportunity for us. Secondary markets develop, of course, after the formation of the primary market. But as the primary market matures, the secondary market growth almost always grows considerably faster than the overall category. And when you think about the total addressable market here, it is important to remember that the overall size of the credit markets far exceed that of the private equity markets. So being early and meaningful in a category with such massive growth opportunities is an exciting opportunity for the firm. Providing liquidity to the private credit markets through purchasing other investors, positions in funds, or specified assets, at a discount to market is a huge opportunity. Not all of the headlines surrounding private credit this year have been positive. Certain parts of the market, particularly direct lending, have experienced increased scrutiny around valuation, exposure to software categories, leverage levels, and liquidity. Particularly in the evergreen semiliquid market. Fortunately, our exposure to those more challenged areas is relatively limited. What continues to resonate with clients is the highly diversified and flexible nature of our credit platform. From an investment perspective, our competitive advantage begins with sourcing. And broad coverage of the market. Across our global platform, we review 1.4 thousand investment opportunities annually. Spanning virtually every corner of the private credit market. That breadth of sourcing allows us to identify attractive opportunities across primary funds, co investments, secondaries, and direct transactions. Which we then combine into client portfolios diversified across strategy, sub strategy, geography, vintage year, and industry. The result is portfolios with dozens of underlying investments, rather than concentrated exposure to a small number of transactions or a specific part of the credit market. Equally important is the flexibility in how we deliver those investments to clients. Every client enters the credit market from a different starting point. Some have mature credit programs and are seeking complementary strategies or specialized exposures. Others are entering private credit for the first time and need assistance. Designing an allocation from the ground up. Our platform allows us to partner effectively with both types of investors. A couple fundraising examples from this quarter illustrate that flexibility. First, in credit co investments, we expanded our relationship with a long-standing institutional client by developing a strategic partner designed to accelerate deployment into credit co investments. The program combines our sourcing capabilities with the client's own deal flow and includes both discretionary investments as well as client originated opportunities. Enabling the client to pursue attractive opportunities that otherwise would have been difficult to execute on. The result is a highly tailored solution that leverages the strengths of both organizations. A second example highlights the range of our broader capabilities of which credit is an important piece. We were selected by an institutional investor making its first allocation to private markets. Rather than starting with a single strategy, we designed a customized program providing diversified exposure across both private equity and private credit. The solution incorporated co investments in secondaries alongside fund investments, to accelerate deployment reduce the J-curve, and provide immediate diversification. These examples exhibit that we are not tied to a single part of the credit market or implementation style. Instead, we begin with the client's objectives and then utilize the full toolset we have as a platform to deliver a solution that best fits the needs. We believe our position in delivering those solutions for clients has never been stronger. And with that, I will turn the call over to Pamela. Pamela Bentley: Thanks, John. Fee paying AUM grew a healthy 13% year-over-year, ending the quarter at $78 billion. Contracted, not yet fee paying AUM, grew to $9.7 billion, up 11% from a year ago, which provides a strong foundation for continued organic growth as that capital is deployed and converted into fee paying AUM over the coming years. Private markets management fees this quarter continued to benefit from solid fundraising and investment activity, and increased 10% over the second quarter of last year. As we look ahead to the third quarter, we expect private markets management fees to increase in the mid single digits year over year. As a reminder, based on the timing of our specialized funds in the market, we are not expecting material catch up fees in the back half of the year. Absolute return strategies had another outstanding quarter driven by strong investment performance combined with positive net inflows. ARS management fees in the quarter increased 11% year-over-year. ARS management fees are primarily charged in advance So given the strong second quarter investment performance, we expect third quarter ARS management fees to increase by approximately 10% sequentially which would equate to a nearly 20% growth rate year over year. Total fee related revenue for the quarter was $111 million, an increase of 11% year over year reflecting solid management fee growth across both private markets and absolute return strategies. Turning to expenses. We remain disciplined in managing our expense base, while investing thoughtfully in the business. FRE compensation and benefits totaled approximately $38 million during the quarter and we estimate FRE compensation to be $1 million higher in the third quarter. Q2 non GAAP general administrative and other expenses were almost $22 million in line with our expectations. While we continue to invest in technology, including AI initiatives across the firm, we remain focused on driving operating leverage and expect G&A expenses in the third quarter to remain relatively consistent with Q2. Putting these factors together, fee related earnings for the quarter were $50 million, representing growth of 21% year-over-year-over-year and our FRE margin was 45%. We believe there is significant scalability embedded in our business and remain confident in our ability to further expand margins over time. Turning briefly to incentive fees. Investment performance across the platform remains strong. We earned approximately $7 million of annual performance fees in the first half of the year. And we estimate, based on recent ARS investment performance, we have approximately $35 million to $40 million of unrealized annual performance fees. The majority of our performance fees crystallized in the fourth quarter, so the amount of performance fees ultimately realized will depend on ARS investment performance in the second half of the year, of which SpaceX is an important driver. Specifically, as Michael discussed, SpaceX has been a great investment for the firm and is a terrific example of our origination power. We made investments across many different ARS and private markets portfolios that were appropriately sized for the risk at the time, and we have generated billions of dollars of profits for our clients. Given the current size of the position, you can expect some variability in our unrealized incentive fees as the price moves. The $35 million to $40 million of unrealized performance fees I mentioned assumed $110 share price for SpaceX. That number would be higher as of the end of last week. Each additional $10 movement in SpaceX's share price is worth about $4 million of performance fees. Ultimately, performance fees will fluctuate based on broader ARF investment performance for the year. As of June 30, gross unrealized carried interest was $965 million, with $493 million attributable to the firm's share. A variety of factors can cause fluctuations to our unrealized carry balance from quarter to quarter. Our private markets portfolios are marked on a 1-quarter lag, meaning that next quarter's unrealized carry balance will reflect valuations as of June 30. For example, the SpaceX exposure in our Q2 unrealized carried interest was marked at $84 per share So we could see a meaningful increase in our unrealized carry next quarter due to our SpaceX exposure, again, given the 1-quarter lag. Our balance sheet remains strong, providing us with significant financial flexibility. We are maintaining our quarterly dividend of $0.12 per share, while also investing in the long term growth of the business and opportunistically repurchasing shares. We continue to actively manage dilution through our buyback program, repurchasing 1.6 million shares for approximately $17 million during the quarter. We have $55 million remaining in our buyback authorization. Overall, we are pleased with our results for second quarter and first half of the year. Accelerating fundraising, strong investment performance, expanding management fees, growing embedded incentive fee earnings and ongoing operating leverage position us well for the balance of 2026 We remain confident in both our near term outlook and our long term financial objectives. Thank you again for joining us today. We would now be happy to take your questions. Operator: Thank you. Once again, *1 for questions. We will take our first question from Chris Kotowski with Oppenheimer. Chris Kotowski: Yes. Good morning, and thanks for taking the question. Pamela mentioned that the mark on SpaceX was $84 a share, I think, at March 30. I am curious what that was at year end. And then I guess I think how typical is that kind of you know, lift in the marks between, you know, say, 6 months before an IPO or monetization event and the ultimate outcome. And I guess I am curious if you think about some of the other high profile IPOs that are in the pipeline. Is that a typical lift that we might expect if some of these major IPOs come to fruition in the next you know, 3, 6, 9 months? Michael Jay Sacks: Thanks, Chris, for the questions, Michael. I do not think anything about SpaceX is typical. And I think it would be I think it would be a mistake to look at that and try to project that out onto anything. I think it is but, you know, obviously, a lot of these, companies have they have built tremendous revenue streams and tremendous value a short period of time, and there are a range of views as to how that plays out going forward. But you know, SpaceX is just the, you know, sort of everything about it is a little bit a little bit 101. And I would not look to put that onto anything. And I think you just got to, you know, see how it all rolls forward. Chris Kotowski: Okay. Fair enough. Michael Jay Sacks: And then you saw, you know, you know, from the fourth quarter of last year to the first quarter to the IPO and frankly, since the IPO, you know, you have just seen a tremendous amount of movement in valuation and, for what it is worth, they seem to have done a terrific job. Some of the concerns with regard to the magnitude of expiring lockups seem to have been, you know, a bit overinflated. But I do not think you project anything from that onto anything else. Okay. Chris Kotowski: And then can you remind us how is ARS billed Is that billed an a value at the beginning of each quarter or at the beginning of each month? Pamela Bentley: Yeah. For the most part in ARS, it is quarterly fees are quarterly in advance based on the beginning-of-quarter AUM number. So the performance of the second quarter is in the third quarter beginning AUM number. You bill on that number, for the third quarter. You then have your inflows and outflows, and you have your appreciation and hopefully not depreciation, and then you bill for the fourth quarter and so on. Okay. Great. that is it for me. Thank you. Operator: Thank you. We will take our next question from Bill Katz with TD Cowen. William Katz: Okay, thank you very much. I want to come back to a couple different things. In your prepared remarks, at least on the press release, I you are sort of quoted saying excited around the momentum on the franchise. Wondering if you can maybe as you look ahead, where you see the greatest lift It sounds like a lot of good things are happening on the ARS side. Maybe just broaden out the pipe of when you what your perspective is on that, quote, unquote, exciting momentum. Thank you. Michael Jay Sacks: Yeah. I think, Bill and I am not being you know, I am not going to go into anything with you. I it is really we are doing well everywhere. And this would have been a good upbeat positive call without the SpaceX conversation. And the reality is that SpaceX, you know, IPO and the increase in value in Q2 did not really impact revenue or, you know, or at all yet. So in Q2. So, you know, we talk-- I, you know, I mentioned our insurance efforts, our individual investor efforts. We highlighted credit, which we think has real momentum. We mentioned our pipeline. We, you know, so we are just you know, we are head down. We are working. Nobody's taken anything for granted. We have all been around for a long time and get that. You know? But it is we are we are we are enthusiastic about a lot of different areas of the business right now, and, and it feels good to us. Jonathan Reisin Levin: Bill, I would just add 1 other comment there, which is we mentioned that we thought second quarter fundraising would be larger than first and it was. We mentioned again that we think second half will be fundraising will be larger than first half, and you know, obviously, what we see in our pipeline and in our activity, you know, gives us the confidence to, you know, go out there with that prediction. William Katz: Great. Thank you. Just as a follow-up, you mentioned, excuse me, that you also, feel good about the realization opportunity So how do how should we be thinking about that on the kind of line of sight you have just given your footprint? And then just from a technical perspective, when we think through the compensation waterfall, how are we thinking about maybe the carry payout ratio and then the overall firm payout ratio once you get to the net level. Thank you. Pamela Bentley: Let me take the last piece first. Because, and then just get back to the macro market environment. We have maintained, you know, roughly, I think for 50% margin, I think, where the firm holds you know, 50% of the firm share. Of the incentive fees for a long time. We have said a number of times and, you know, it starts out in the year we hold beginning of the year, we hold a little bit less. We see how the year evolves, and we have landed at about 50%, at least, I think, the last 2 years. And we have said at times when we start to see that carry asset, you know, cash flow more. And or you see extraordinary performance fees out of the ARS business growth and extraordinary performance through the ARS business, we think the firm can hold more of that over time. And so we do think we have margin there over time when we start to see that the sort of real value of that come through. We have never put a number on that. We are not gonna put a number on that. 50% assumption's been a safe base case for the last couple of years. But we do think we have opportunity We do think we have opportunity, you know, in excess of that over time because as you have noted in the past, it is a very big asset. Relative to our market cap. Michael Jay Sacks: As far as realizations, you know, it was mentioned on the call, improving But, you know, not yet, I would not say, like, robust. You have got a better IPO market for us in the middle market that is probably a little bit less relevant. But, as we see in our co invest business, transaction activity is up pretty significantly from this time a year ago. And so we have seen the number of transactions that have been done inside our co invest portfolios is up significantly and that is positive sign. And so we but we just cannot-- nobody can predict timing. And frankly, I think the whole industry has been waiting for this for a little while. So, you know, it has been a volatile it is been a volatile world. So Thank you. You know, the important thing is that the assets there and that the value of the asset is growing and Pamela touched on that a little bit in her remarks. We are gonna see a lift in that asset. Next quarter as Q2 values roll through. for Q2 into, you know, for the Q3 mark. And SpaceX alone is gonna give you a lift there. So you know, that value continues to move in the right direction. Thank you. Operator: We will take our next question from Jeffrey Schmitt with William Blair. Jeffrey Schmitt: Hi, good morning. On the ARS business performance was obviously really good. Michael, I think you mentioned the timing of fees earlier. So is that what kind of drove the average fee rate down a bit? The strong AUM growth and the denominator effect versus any sort of fee pressures? Michael Jay Sacks: Yeah. So no fee pressures Anything that impacts that fee growth is really just about mix of investor size and, you know, the size of money coming in, that type of thing. it is there is no we have not had any kind of rewriting of fees or anything like that, and we are not feeling that, and that is not a that is not in any place we are feeling any pressure. And I and I and I do not believe that the second quarter numbers were impacted by anything that went on with you know, Profitability in the funds or marks or anything like that in Q2. That would not affect the second quarter numbers at all. Jeffrey Schmitt: Okay. Great. And then in international, fundraising, it is been pretty strong. I think you recently added some senior talent. In a couple of markets there. Just curious how scalable is your international platform today? Will you need to make additional investments as you as you scale that or you know, would you expect to see operating leverage from here? Michael Jay Sacks: Do you want to take that, John? Jonathan Reisin Levin: Sure. In general, I would say, Jeffrey, yes and yes. Meaning, the business overall is scalable. So, our ability to continue to raise assets from all of our channels, whether it is the insurance channel, the individual investor channel, the institutional channel in the U.S., outside the U.S., is something we have, you know, proven the ability to do now over the last several years as we continue to raise capital from the investments we are making. And the nice thing is those are, you know, relative modest investments because we have been able to do that with pretty good controls around expenses generally. That being said, we are always looking to add talent in where we see opportunities to accelerate distribution efforts. And so we continue to think there is just great opportunity out there kind of everywhere, for all businesses and particularly for our business that can meet anyone where they are on their alts journey. Jeffrey Schmitt: Great. Thank you. Operator: We will take our next question from Kenneth Worthington with JPMorgan. Kenneth Worthington: Hi, good morning, and thanks for taking the question. So solid fundraising quarter, you mentioned the $900 million in credit. How much of the $2.3 billion this quarter was in private market funds versus the SMA business? Jonathan Reisin Levin: John, do you have that number handy or Stacie? Stacie Driebusch Selinger: Stacie, I do not know if I have that right in front of me. Do you? Kenneth Worthington: May maybe asked another way. Which of the funds in market had closes this quarter and about how big were those closes? Michael Jay Sacks: Let me just Well, John's looking, Kenneth, for a specific number. Let me just you know, what is interesting is so we are in market. We are at a place now where, and it is funny because we talked about this a little. We are we are in market all the time. With all kinds of different funds. And we are in different markets. And so we are in traditional institutional markets with traditional closed end you know, specialized funds. And we are in the wealth channel with open-end, you know, with an open-end product. And we are you know, so there is the most we are we are we are, you know, that which fund had a close and when that fund expire? And those questions are a little bit less you know, impactful today. Than they were, you know, 7 years ago with just maybe the exception of the general comments we give on catch up fees because, as you know, some of these funds are in market. You know, for 18 months and last closed the power of that last close is pretty significant when you have a catch fee involved. And so we still try to give you a sense of where you know, what kind of catch up fees we are we are we are looking at. But there are, you know, we are always-- there is we always have there is there is always funds in market now, and they are always you know, you know, there is a just a lot more activity than there was originally. I do not know, John, if you found anything specific you wanted to touch on or not. Jonathan Reisin Levin: I think year to date, Stacie, you can correct me if I am wrong here. About 400 million of it is for private market specialized funds. Stacie Driebusch Selinger: that is correct. Yeah. But just to add on to Michael's commentary to give you some perspective around it. Kenneth. We probably have at any given time 10 to 12 specialized funds in market. So you are gonna have around half of those be closed end private market funds, You are gonna have the other half be Evergreen, which could either be for ARS or for the individual investor channel. So at any given time, you have obviously got a lot going on there and I think Okay. Right. So yeah, to that point, like, I think the number John gave is really the traditional closed end institutional specialized or commingled funds, not including the wealth channel where you had other flows in the first half in those channels. Michael Jay Sacks: So that just to put a point on the number John gave you. Kenneth Worthington: Perfect. And then you mentioned the pickup expected for second half. You clearly see the pipeline and we see the generalized pipeline. Where do you expect the pickup in second half sales to come from? Jonathan Reisin Levin: I think it will be pretty broad based, Kenneth. Just like what we have seen so far, you know, this year, meaning all this stuff we just touched on, meaning your specialized funds that are your traditional private market funds, your evergreen specialized funds, which could be either in the ARS space or in the semi liquid or individual investor channel, your separate accounts, I think you will see it across asset classes. You know, credit and infrastructure still tend to be the kind of leading contributors. Right now. I think you will see it from, you know, all the different types of channels and geographies. Just in general, when we look across our pipeline right now, the strength is pretty broad based. Great. Thank you very much. Operator: We will take our next question from Crispin Love with Piper Sandler. Crispin Love: Thank you. Good morning. I am looking Slide 9 focusing on the 20% plus real assets CAGR. Definitely a step function higher looking at 2025 relative to 2024 and then solid momentum recently. Just with all of the anxiety year to date around direct lending and credits uncertainty as you referenced, have you seen investors lean more into real assets? And then can you just share what you have been seeing as it relates to demand and infrastructure versus real estate? Michael Jay Sacks: So, John, you should address it. The 1 thing I would say is that I do not I think that the demand-- you know, we just talked about growth in credit. John just talked about growth in credit in a tough environment for credit with lots of headlines swirling around and all kinds of stuff. And, you know, so I sort of think of it the demand is pretty significant everywhere. And I think in real assets, it is not like demand has increased necessarily. it is been strong for a while. And it is been, as you point out, growing at a terrific rate for a while. Maybe it is just has a it is, you know, got a little bit less headwinds and a little bit less noise. Fair bit less headwinds and noise than the you know, than credit has had. But we have experienced growth in credit. So I think we are seeing this, you know, growth everywhere. And, it is, you know, John, I do not know what you want to add to that, but I Look. Jonathan Reisin Levin: Look, infrastructure has been on at least a I would call it, a 10- to 12-year run so far, and I do not see the run stopping anytime soon. I think that it is a fantastic asset class for what investors look for generally in the terms of a stable return profile, a yield based profile to it, an inflation protection profile to it, a long duration asset that is a nice matching for liabilities, So in general, I just see the infrastructure market continuing to grow. it is been 25% of our it was 25% of our quarter fundraising. it is been the highest contributor over the last 12 months. Our platform there is very experienced and has excellent flexibility with respect to how to deliver solutions. And that is obviously before you get into what all the, you know, consultants around the world would be talking about in terms of the trillions and trillions of dollars that are needed over the next you know, several decades to improve infrastructure globally. So I think it has a lot going for it. I do not think that it necessarily has been all of a sudden a good thing because of what is going on in credit by any stretch. Although, I do think that it also does show that the ability for the role it can play in a portfolio that you thought you know, private credit played, that it competes well with that, not a zero sum game, but that it is also a nice asset class to have part of your, you know, well-constructed portfolio generally. Crispin Love: Great. Thank you. And then can you just discuss what you are seeing in Grove Lane recently, the wealth channel distribution? Just any update there would be helpful. Jonathan Reisin Levin: Sure. We mentioned in the prepared remarks that the individual investor and we mentioned insurance being much more meaningful contributors to our, capital formation than they are of our AUM. Just means they are obviously growing quickly. So our efforts there, in terms of the investments we have made to expand our distribution are paying off, but it is still early. And still feel like there is just a, you know, a tremendous amount of growth opportunity, but also a tremendous amount of product creation opportunity there. We have got infrastructure product. We have got absolute return registered product. We talked on the last quarter about coming to market with a private equity registered product that we think will be differentiated in the marketplace. And as Michael has always cautioned, it will be some time before all of that momentum and excitement is hugely meaningful to the financial results of the business. But it is absolutely, you know, going well and will be a great growth driver for the business for years to come. Thank you. Operator: With no questions in queue at this time, I would like to turn the call back over to our speakers for any other closing remarks. Michael Jay Sacks: Thank you. I appreciate everyone joining this morning, and thank you for your questions and engagement. We, look forward to speaking with you again next quarter. Have a great day. Operator: That will conclude today's call. Before you buy stock in Gcm Grosvenor, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Gcm Grosvenor wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $421,511!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,381,960!* Now, it’s worth noting Stock Advisor’s total average return is 981% — a market-crushing outperformance compared to 216% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of August 17, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. GCM Grosvenor (GCMG) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Get insights on thousands of stocks from the global community of over 7 million individual investors at Simply Wall St. GCM Grosvenor (GCMG) shares are in focus after the company reported second quarter 2026 results on 10 August, combining higher revenue with lower net income and confirming its regular cash dividend. See our latest analysis for GCM Grosvenor. The recent earnings and dividend affirmation have come alongside firm price momentum for GCM Grosvenor, with a 90 day share price return of 28.61% and a 3 year total shareholder return of 99.02% signalling strengthening sentiment over time. If this earnings update has you thinking about where else capital could work, it may be worth broadening your search with the 19 top founder-led companies GCM Grosvenor now trades about 11% below the average analyst target after a strong 90 day run, while some models point to a large premium instead. Is this a mispriced recovery story, or a cautious market sending a clear signal? GCM Grosvenor closed at $13.98, while the most followed narrative sets fair value at $15.25 using an 8.08% discount rate and detailed earnings assumptions. Read the complete narrative. Want to see what is baked into that $15.25 fair value for GCM Grosvenor? The story leans heavily on recurring fees, moderating margins, and a richer future earnings multiple that is still compared against a higher industry benchmark. Result: Fair Value of $15.25 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, GCM Grosvenor investors still need to watch fee pressure from clients and the gradual shift of contracted AUM into fee paying status, which could unsettle this narrative. Find out about the key risks to this GCM Grosvenor narrative. The narrative fair value for GCM Grosvenor points to 8.3% upside, yet our DCF model paints a very different picture. On those numbers, GCM Grosvenor at about $13.98 sits well above an estimated future cash flow value of $1.30, so the stock screens as expensive. Which story do you think fits better with your expectations for cash generation? Look into how the SWS DCF model arrives at its fair value. Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out GCM Grosvenor for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 51 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity. Does the split between optimism and caution around GCM Grosvenor match your own read of the story so far? Act quickly, review both the upside drivers and the pressure points in detail, and then weigh the 2 key rewards and 2 important warning signs. Do not stop with one stock. Use this momentum with GCM Grosvenor as a prompt to widen your search now and avoid missing other potential opportunities. Spot potential future leaders early by scanning 20 elite penny stocks with strong financials that already show stronger financial footing than many expect from smaller companies. Focus on quality at a reasonable price with the 51 high quality undervalued stocks that highlights companies combining solid fundamentals with lower implied expectations. Prioritise resilience by checking the 83 resilient stocks with low risk scores that filters for businesses with steadier risk profiles and fewer financial red flags. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include GCMG. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

This article first appeared on GuruFocus. Assets Under Management (AUM): $97 billion, up approximately 13% year-over-year. Fee-Paying AUM: $78 billion, up approximately 13% year-over-year. Fundraising: $2.3 billion in Q2, bringing first-half fundraising to approximately $3.9 billion. Fee-Related Revenue: $111 million, up 11% year-over-year. Fee-Related Earnings (FRE): $50 million, up 21% year-over-year. Adjusted Net Income: Up 22% year-over-year. FRE Margin: 45%. Private Markets Management Fees: Increased 10% year-over-year. ARS Management Fees: Increased 11% year-over-year. FRE Compensation and Benefits: Approximately $38 million in Q2. Non-GAAP G&A Expenses: Almost $22 million in Q2. Unrealized Annual Performance Fees: Estimated at $35 million to $40 million. Gross Unrealized Carried Interest: $965 million as of June 30, with $493 million attributable to the firm. Dividend: Maintained quarterly dividend of $0.12 per share. Share Repurchases: Repurchased 1.6 million shares for approximately $17 million during the quarter. Warning! GuruFocus has detected 6 Warning Sign with GCMG. Is GCMG fairly valued? Test your thesis with our free DCF calculator. Release Date: August 10, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. GCM Grosvenor Inc (NASDAQ:GCMG) reported strong financial results with fee-related revenue up 11%, fee-related earnings up 21%, and adjusted net income up 22% year-over-year. The company's SpaceX investment has generated approximately $3.5 billion in value from a $150 million investment, showcasing its strong origination platform. Fundraising momentum is broad-based, with Q2 fundraising of $2.3 billion exceeding Q1, and the company expects second-half fundraising to be even stronger. The credit platform is a key growth driver, with $18 billion in AUM and the successful close of its inaugural credit secondaries fund at $1.2 billion. The company is expanding into high-growth channels, with individual investor and insurance channels representing 23% and 18% of year-to-date fundraising, respectively. Strong investment performance across ARS and private markets, with ARS multi-strategy composite delivering 14% gross returns in Q2 (10% excluding SpaceX). The company's significant SpaceX exposure introduces volatility in performance fees and unrealized carry, with each $10 share price movement affecting performance fees by $4 million. The realization environment for private markets remains uncertain, with deal activity and realizations not yet firing on all cylinders. The company expects no material catch-up fees in the second half of the year due to the timing of specialized funds. The private credit market faces scrutiny and uncertainty, particularly in direct lending, which could impact investor sentiment. The company's ARS fee rate may be affected by mix shifts, though management notes no fee pressure. The company's performance fees are subject to timing lags, with private markets marks on a one-quarter lag, potentially causing fluctuations in reported results. Q: How should investors think about the impact of the SpaceX investment on the firm's financials, particularly regarding the mark-to-market valuation and potential performance fees?A: Michael Sacks (Chairman and CEO) and Pam Bentley (CFO) provided detailed color on the SpaceX position. The firm invested approximately $150 million at an average cost of $6.37 per share, which has grown to a value of roughly $3.5 billion. Pam noted that the Q2 unrealized carried interest was marked at $84 per share, but given the one-quarter lag in private markets valuations, the firm could see a meaningful increase in unrealized carry next quarter. She estimated $35 million to $40 million of unrealized annual performance fees based on a $110 share price, with each additional $10 movement in SpaceX's share price worth about $4 million of performance fees. Michael emphasized that SpaceX is a unique situation and cautioned against extrapolating its trajectory to other potential IPOs. Q: Can you provide more detail on the fundraising breakdown, specifically how much came from private market funds versus separate accounts, and what is driving the expected pickup in second-half fundraising?A: Jon Levin (President) noted that year-to-date, approximately $400 million of fundraising came from private market specialized funds, with the remainder coming from other channels including separate accounts and evergreen products. He explained that the firm typically has 10-15 specialized funds in market at any given time, split between closed-end private market funds and evergreen products for ARS or the individual investor channel. Regarding the second-half pickup, Jon expects it to be broad-based across asset classes, with credit and infrastructure continuing to be leading contributors, and strength across all channels and geographies. Q: How should we think about the carry payout ratio and overall firm payout ratio as realizations improve?A: Michael Sacks explained that the firm has historically maintained roughly a 50% holdback of the firm's share of incentive fees, which has been a safe base case for the last couple of years. However, he noted that as carry asset cash flows increase and/or extraordinary performance fees from the ARS business materialize, the firm believes it can hold more of that over time. He declined to provide a specific number but emphasized that the unrealized carry is a very large asset relative to market cap, providing significant upside potential. On realizations, he noted that transaction activity in co-invest portfolios is up significantly year-over-year, though timing remains unpredictable. Q: Was the decline in the average fee rate in ARS driven by fee pressures or the denominator effect from strong AUM growth?A: Michael Sacks clarified that there are no fee pressures and no rewriting of fees occurring. Any impact on fee growth is purely related to the mix of investor size and the size of capital coming in. He confirmed that Q2 numbers were not impacted by fund profitability or marks, and the firm is not feeling pressure in any area of fee negotiations. Q: How scalable is the international platform, and will additional investments be needed to scale it further?A: Jon Levin responded that the business is scalable overall, and the firm has proven its ability to raise assets across all channels, including insurance, individual investor, and institutional channels in the US and internationally. He noted that these are relatively modest investments given the firm's expense controls, but they are always looking to add talent where opportunities exist to accelerate distribution efforts. He emphasized the continued opportunity for alts businesses, particularly those that can meet investors wherever they are on their alternatives journey. Q: With all the anxiety around direct lending and credit uncertainty, have investors leaned more into real assets? Can you share what you're seeing in demand for infrastructure versus real estate?A: Jon Levin highlighted that infrastructure has been on a 10-12 year run and he doesn't see it stopping, citing its stable return profile, yield-based characteristics, inflation protection, and long-duration nature that matches liabilities well. Infrastructure represented 25% of Q2 fundraising and has been the highest contributor over the last 12 months. He noted that while infrastructure competes well with private credit for portfolio allocation, it's not a zero-sum game, and both asset classes can play important roles in well-constructed portfolios. Michael Sacks added that demand is significant across all areas, with credit experiencing growth despite the negative headlines. Q: Can you provide an update on Grove Lane and the wealth channel distribution efforts?A: Jon Levin noted that the individual investor and insurance channels are growing quickly and are much more meaningful contributors to capital formation than their current AUM percentages suggest. The firm has infrastructure and absolute return registered products, and is planning to bring a differentiated private equity registered product to market. While Michael Sacks cautioned that it will take time for this momentum to become hugely meaningful to financial results, Jon emphasized that it's going well and will be a great growth driver for years to come. Q: How typical is the kind of valuation lift seen in SpaceX between six months before an IPO and the ultimate outcome? Should we expect similar moves from other high-profile IPOs in the pipeline?A: Michael Sacks emphasized that nothing about SpaceX is typical and it would be a mistake to project its trajectory onto other companies. He noted that SpaceX has built tremendous revenue streams and value in a short period, and while there has been significant valuation movement from Q4 through the IPO and since, he cautioned against extrapolating that to other situations. He did note that concerns about expiring lockups appear to have been somewhat overinflated. Q: How is ARS billed, and does the timing of fees explain the strong sequential growth expected in Q3?A: Michael Sacks explained that ARS fees are primarily charged quarterly in advance based on the beginning quarter AUM number. The strong Q2 investment performance will be reflected in the Q3 beginning AUM number, driving the approximately 10% sequential increase in ARS management fees expected in Q3, which equates to nearly 20% year-over-year growth. He confirmed there are no fee pressures and the growth is purely a function of the billing mechanics and strong performance. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in GCM Grosvenor Inc.? Here are five stocks we like better. Strong growth continued: GCM Grosvenor ended Q2 with $97 billion in AUM and $78 billion in fee-paying AUM, both up about 13% year over year. Second-quarter fundraising rose to $2.3 billion, bringing first-half fundraising to approximately $3.9 billion. Credit led fundraising: Credit contributed more than $900 million in Q2, including the closing of a new credit secondaries fund that raised about $1.2 billion. Management expects second-half fundraising to exceed the first half amid broad demand across strategies and investor channels. Earnings benefited from fee growth and SpaceX exposure: Fee-related revenue increased 11% to $111 million and fee-related earnings rose 21% to $50 million. SpaceX holdings boosted ARS returns and could significantly increase future performance fees, though the gains remain unrealized and subject to lockups. GCM Grosvenor (NASDAQ:GCMG) reported higher assets, fundraising, revenue and fee-related earnings for the second quarter of 2026, with executives pointing to broad-based demand across its investment strategies and client channels. Chairman and CEO Michael Sacks said the firm ended the quarter with $97 billion in assets under management and $78 billion in fee-paying assets under management, each approximately 13% higher than a year earlier. Growth came from all investment strategies and investor channels, he said. → MarketBeat Week in Review – 08/03 - 08/07 The firm raised $2.3 billion during the second quarter, up from $1.5 billion in the first quarter, bringing first-half fundraising to approximately $3.9 billion. Management said it expects fundraising in the second half to exceed first-half levels, citing a full pipeline of prospective business. Credit was the largest contributor to second-quarter fundraising, accounting for more than $900 million of the $2.3 billion raised. Credit fundraising totaled $1.4 billion in the first half. Jon Levin, who discussed the credit business on the call, said the platform managed nearly $18 billion in assets at quarter-end. → Quantum Earnings Week: Winners and Losers Are Finally Emerging During the quarter, GCM Grosvenor closed its inaugural credit secondaries fund, raising approximately $1.2 billion across the flagship fund and related vehicles. Levin said the firm sees an expanding opportunity in credit secondaries, which provide liquidity by acquiring investors’ fund interests or specified assets at discounts. Levin acknowledged increased scrutiny of portions of private credit, including direct lending, valuation practices, software-sector exposure, leverage and liquidity in evergreen semi-liquid products. However, he said GCM Grosvenor has relatively limited exposure to those areas. → Take-Two’s Q1 Results Leave GTA 6 Bulls Stuck in the Fog of War The firm reviews about 1,400 investment opportunities annually across the private credit market, Levin said. Its credit portfolios combine primary funds, co-investments, secondaries and direct transactions, with diversification by strategy, geography, vintage year and industry. Management also highlighted demand from individual investors and insurers. Those channels represented 23% and 18%, respectively, of year-to-date fundraising, while accounting for 5% and 4%, respectively, of assets under management at the start of the year. Fee-related revenue rose 11% year over year to $111 million in the second quarter. Fee-related earnings increased 21% to $50 million, while adjusted net income grew 22% from the second quarter of 2025, according to Sacks. Fee-paying AUM reached $78 billion, while contracted but not yet fee-paying AUM rose 11% from a year earlier to $9.7 billion. Pam, who presented the firm’s financial results, said that committed capital provides a base for future fee-paying AUM growth as it is deployed. Private markets management fees increased 10% year over year in the second quarter. The company expects private markets management fees to rise in the mid-single digits year over year in the third quarter and does not expect material catch-up fees during the second half of 2026. Absolute Return Strategies, or ARS, management fees increased 11% year over year in the quarter. Since ARS fees are generally charged quarterly in advance based on beginning-of-quarter assets, management expects third-quarter ARS management fees to increase about 10% sequentially, equating to nearly 20% year-over-year growth. The firm reported a 45% fee-related earnings margin. Compensation and benefits associated with fee-related earnings totaled about $38 million in the second quarter and are expected to increase by roughly $1 million in the third quarter. Non-GAAP general and administrative expenses were almost $22 million and are expected to remain relatively consistent in the third quarter. Sacks also detailed GCM Grosvenor’s exposure to SpaceX through its ARS and private markets portfolios. The firm invested approximately $150 million through primary fund allocations, investments in dedicated vehicles and secondary-market share purchases. The average cost was approximately $6.37 per share, and management said the holdings were valued at about $3.5 billion as of the prior week’s market close. The gains have not been realized and are generally subject to lock-up restrictions, Sacks said. For most of the position, the timing and form of any exit is controlled by underlying managers. The ARS multi-strategy composite generated gross returns of about 14% in the quarter including the SpaceX impact and 10% excluding it. Year-to-date gross returns were approximately 15% including SpaceX and 11% excluding it, according to Sacks. Management said the SpaceX investment was the firm’s largest single-issuer gain in its history, but cautioned against treating it as representative of other potential IPO-related investments. In response to an analyst question, Sacks said that “nothing about SpaceX is typical.” Annual performance fees totaled approximately $7 million in the first half. The firm estimated $35 million to $40 million in unrealized annual performance fees based on recent ARS performance, assuming a SpaceX share price of $110. Management said every additional $10 move in SpaceX’s share price would affect performance fees by about $4 million. As of June 30, gross unrealized carried interest was $965 million, with $493 million attributable to the firm’s share. Private-markets portfolios are marked on a one-quarter lag, and management said the next quarter’s unrealized carry balance could rise meaningfully due to the June 30 valuation of SpaceX exposure. GCM Grosvenor maintained its quarterly dividend at $0.12 per share. It repurchased 1.6 million shares for approximately $17 million during the quarter and had $55 million remaining under its repurchase authorization. Sacks said the firm remains “long origination” and has sourcing capacity that exceeds its current investment pace. While private-market deal activity and realizations have not fully recovered, he said the middle market has performed better than the broader private equity market and could see improving activity and realizations over time. Management said it remains confident in its profitability objectives, citing management-fee growth, potential incentive-fee realization, fundraising momentum, operating leverage and its dividend. GCM Grosvenor is a global alternative asset management firm that specializes in customized investment solutions across a range of private markets and hedge fund strategies. The firm partners with institutional clients—including pension funds, endowments, insurers and sovereign wealth funds—to design and implement portfolios that span private equity, infrastructure, real estate, credit and multi‐strategy hedge fund products. Through its multi‐manager platforms and direct co‐investment vehicles, GCM Grosvenor provides diversified access to opportunities that can enhance returns and manage risk in client portfolios. Founded in 1971 as Grosvenor Capital Management, the firm has built a track record of sourcing, structuring and monitoring alternative investments on behalf of its clients. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "GCM Grosvenor Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

GCM Grosvenor Inc. (GCMG) came out with quarterly earnings of $0.19 per share, in line with the Zacks Consensus Estimate . This compares to earnings of $0.16 per share a year ago. These figures are adjusted for non-recurring items. A quarter ago, it was expected that this company would post earnings of $0.18 per share when it actually produced earnings of $0.18, delivering no surprise. Over the last four quarters, the company has surpassed consensus EPS estimates two times. GCM Grosvenor, which belongs to the Zacks Financial - Investment Management industry, posted revenues of $134.34 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.37%. This compares to year-ago revenues of $119.66 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. GCM Grosvenor shares have added about 20% since the beginning of the year versus the S&P 500's gain of 13.3%. While GCM Grosvenor has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for GCM Grosvenor was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.21 on $146.45 million in revenues for the coming quarter and $0.86 on $585.01 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Investment Management is currently in the top 25% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Eagle Point Credit (ECC), another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 13. This management investment company is expected to post quarterly earnings of $0.18 per share in its upcoming report, which represents a year-over-year change of -21.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Eagle Point Credit's revenues are expected to be $40.28 million, down 16.8% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report GCM Grosvenor Inc. (GCMG) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

GCM Grosvenor Inc. (GCMG) reported $134.34 million in revenue for the quarter ended June 2026, representing a year-over-year increase of 12.3%. EPS of $0.19 for the same period compares to $0.16 a year ago. The reported revenue compares to the Zacks Consensus Estimate of $133.84 million, representing a surprise of +0.37%. The company has not delivered EPS surprise, with the consensus EPS estimate being $0.19. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how GCM Grosvenor performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Fee-paying AUM - Private Markets Strategies: $49.3 billion versus the four-analyst average estimate of $48.97 billion. Fee-paying AUM Total: $78.11 billion versus $75.5 billion estimated by four analysts on average. Fee-paying AUM - Absolute Return Strategies: $28.8 billion versus the four-analyst average estimate of $26.55 billion. Assets Under Management: $96.72 billion compared to the $93.7 billion average estimate based on two analysts. Revenues- Other operating income: $1.99 million versus the four-analyst average estimate of $1.89 million. The reported number represents a year-over-year change of +34.6%. Revenues- Incentive fees: $17.59 million compared to the $20.5 million average estimate based on three analysts. The reported number represents a change of +8.2% year over year. Revenues- Management fees: $114.76 million versus the two-analyst average estimate of $111.14 million. The reported number represents a year-over-year change of +12.6%. View all Key Company Metrics for GCM Grosvenor here>>> Shares of GCM Grosvenor have returned -0.7% over the past month versus the Zacks S&P 500 composite's +3.4% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report GCM Grosvenor Inc. (GCMG) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

In its upcoming report, GCM Grosvenor Inc. (GCMG) is predicted by Wall Street analysts to post quarterly earnings of $0.19 per share, reflecting an increase of 18.8% compared to the same period last year. Revenues are forecasted to be $133.84 million, representing a year-over-year increase of 11.9%. Over the last 30 days, there has been no revision in the consensus EPS estimate for the quarter. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe. Prior to a company's earnings announcement, it is crucial to consider revisions to earnings estimates. This serves as a significant indicator for predicting potential investor actions regarding the stock. Empirical research has consistently demonstrated a robust correlation between trends in earnings estimate revision and the short-term price performance of a stock. While investors typically use consensus earnings and revenue estimates as a yardstick to evaluate the company's quarterly performance, scrutinizing analysts' projections for some of the company's key metrics can offer a more comprehensive perspective. Bearing this in mind, let's now explore the average estimates of specific GCM Grosvenor metrics that are commonly monitored and projected by Wall Street analysts. The consensus estimate for 'Revenues- Incentive fees' stands at $20.50 million. The estimate points to a change of +26.1% from the year-ago quarter. Analysts predict that the 'Revenues- Management fees' will reach $111.14 million. The estimate points to a change of +9% from the year-ago quarter. According to the collective judgment of analysts, 'Fee-paying AUM - Private Markets Strategies' should come in at $48.97 billion. The estimate compares to the year-ago value of $45.46 billion. Analysts forecast 'Fee-paying AUM Total' to reach $75.50 billion. Compared to the present estimate, the company reported $69.07 billion in the same quarter last year. The consensus among analysts is that 'Fee-paying AUM - Absolute Return Strategies' will reach $26.55 billion. Compared to the current estimate, the company reported $23.61 billion in the same quarter of the previous year. The combined assessment of analysts suggests that 'Assets Under Management' will likely reach $93.70 billion. The estimate is in contrast to the year-ago figure of $85.93 billion. View all Key Company Metrics for GCM Grosvenor here>>> Over the past month, shares of GCM Grosvenor have returned -0.2% versus the Zacks S&P 500 composite's +3.3% change. Currently, GCMG carries a Zacks Rank #3 (Hold), suggesting that its performance may align with the overall market in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> . Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report GCM Grosvenor Inc. (GCMG) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Great Elm Capital (GECC) came out with quarterly earnings of $0.32 per share, missing the Zacks Consensus Estimate of $0.34 per share. This compares to earnings of $0.51 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -5.88%. A quarter ago, it was expected that this company would post earnings of $0.23 per share when it actually produced earnings of $0.36, delivering a surprise of +56.52%. Over the last four quarters, the company has surpassed consensus EPS estimates just once. Great Elm Capital, which belongs to the Zacks Financial - Investment Management industry, posted revenues of $10.9 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 2.1%. This compares to year-ago revenues of $14.28 million. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Great Elm Capital shares have lost about 24.9% since the beginning of the year versus the S&P 500's gain of 13%. While Great Elm Capital has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Great Elm Capital was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.21 on $10.03 million in revenues for the coming quarter and $1.10 on $40.74 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Investment Management is currently in the top 24% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. GCM Grosvenor Inc. (GCMG), another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 10. This company is expected to post quarterly earnings of $0.19 per share in its upcoming report, which represents a year-over-year change of +18.8%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. GCM Grosvenor Inc.'s revenues are expected to be $133.84 million, up 11.9% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Great Elm Capital Group, Inc. (GECC) : Free Stock Analysis Report GCM Grosvenor Inc. (GCMG) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research