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Equity | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
Equity | Equity The Company has one class of preferred stock authorized, three classes of common stock authorized: Class A common stock, Class B common stock and Class C common stock, and warrants. See Note 8 for additional information regarding the warrants. Holders of Class A common stock and Class C common stock vote together as a single class on all matters submitted to the stockholders for their vote or approval, except as required by applicable law. Preferred Stock The Company is authorized to issue 100,000,000 shares of preferred stock with a par value of $0.0001 per share. Voting and other rights and preferences may be determined from time to time by the Company’s Board of Directors. As of December 31, 2024 and 2023, there were no shares of preferred stock issued or outstanding. Class A Common Stock Holders of Class A common stock are entitled to one vote for each share on all matters submitted to the stockholders for their vote or approval. Additionally, holders of shares of Class A common stock are entitled to receive dividends as and if declared by the Board of Directors out of legally available funds. Class B Common Stock Holders of Class B common stock are not entitled to any votes on any matter that is submitted to a vote by the Company’s stockholders, except as required by Delaware law. Del aware law would permit holders of Class B common stock to vote, with one vote per share, on a matter if it were to (i) change the par value of the Class B common stock or (ii) amend the Charter to alter the powers, preferences, or special rights of the Class B common stock as a whole in a way that would adversely affect the holders of Class B common stock. Holders of shares of Class B common stock are entitled to receive dividends as and if declared by the Board of Directors out of legally available funds. Class C Common Stock Holders of Class C common stock are entitled to carry up to 10 votes per share and represent no more than 75% of the voting power of the total voting stock. Holders of Class C common stock do not have any right to receive dividends other than stock dividends consisting of shares of Class C common stock, paid proportionally with respect to each outstanding share of Class C common stock. Shares of Class C common stock are cancelled upon a sale or transfer of Class A common stock received as a result of any redemption or exchange of GCMH common units outstanding to any person that is not the Chairman of the Board and Chief Executive Officer of the Company or GCMH Equityholders (or affiliate or owner) as of November 17, 2020. Additionally, shares of Class C common stock are cancelled if there happens to be a redemption or exchange of a common unit for cash. The GCMH Equityholders may from time to time cause GCMH to redeem any or all of their GCMH common units in exchange, at the Company’s election, for either cash (based on the market price for a share of the Class A common stock) or shares of Class A common stock. Shares of Class A common stock, Class B common stock and Class C common stock are not subject to any conversion right. Shares of Common Stock Outstanding The following table shows a rollforward of the common stock outstanding for the years ended December 31, 2024, 2023 and 2022:
| Class A common stock |  | Class B common stock |  | Class C common stock
December 31, 2021 | 43,964,090 |  |  | — |  |  | 144,235,246
Exercise of warrants | 30 |  |  | — |  |  | — |
Net shares delivered for vested RSUs | 1,120,432 |  |  | — |  |  | — |
Repurchase of Class A shares | (3,278,337) |  |  | — |  |  | — |
December 31, 2022 | 41,806,215 |  |  | — |  |  | 144,235,246
Net shares delivered for vested RSUs | 1,746,537 |  |  | — |  |  | — |
Repurchase of Class A shares | (564,189) |  |  | — |  |  | — |
December 31, 2023 | 42,988,563 |  |  | — |  |  | 144,235,246
Net shares delivered for vested RSUs | 1,910,683 |  |  | — |  |  | — |
December 31, 2024 | 44,899,246 |  |  | — |  |  | 144,235,246 |
As of December 31, 2024, 309,513 RSUs were vested, but not yet delivered, and are therefore not yet included in outstanding Class A common stock. The delivery of vested RSUs will be reduced by the number of shares withheld to satisfy statutory withholding tax obligations. Dividends Dividends are reflected in the Consolidated Statements of Equity (Deficit) when declared by the Board of Directors. The table below summarizes dividends declared during 2024, 2023 and 2022:
Declaration Date |  | Record Date |  | Payment Date |  | Dividend per Common Share
February 10, 2022 |  | March 1, 2022 |  | March 15, 2022 |  | $0.10
May 5, 2022 |  | June 1, 2022 |  | June 15, 2022 |  | $0.10
August 8, 2022 |  | September 1, 2022 |  | September 15, 2022 |  | $0.10
November 7, 2022 |  | December 1, 2022 |  | December 15, 2022 |  | $0.11
Total dividends paid per share, year ended December 31, 2022 |  | $0.41
February 9, 2023 |  | March 1, 2023 |  | March 15, 2023 |  | $0.11
May 9, 2023 |  | June 1, 2023 |  | June 15, 2023 |  | $0.11
August 8, 2023 |  | September 1, 2023 |  | September 15, 2023 |  | $0.11
November 7, 2023 |  | December 1, 2023 |  | December 15, 2023 |  | $0.11
Total dividends paid per share, year ended December 31, 2023 |  | $0.44
February 8, 2024 |  | March 1, 2024 |  | March 15, 2024 |  | $0.11
May 6, 2024 |  | June 3, 2024 |  | June 17, 2024 |  | $0.11
August 7, 2024 |  | September 3, 2024 |  | September 17, 2024 |  | $0.11
November 7, 2024 |  | December 2, 2024 |  | December 16, 2024 |  | $0.11
Total dividends paid per share, year ended December 31, 2024 |  | $0.44
Dividend equivalent payments of $2.1 million and $1.2 million were accrued for holders of RSUs as of December 31, 2024 and 2023, respectively. Stock Repurchase Plan On August 6, 2021, GCMG’s Board of Directors authorized a stock repurchase plan, which may be used to repurchase shares of the Company’s outstanding Class A common stock and warrants to purchase shares of Class A common stock. Class A common stock and warrants may be repurchased from time to time in open market transactions, in privately negotiated transactions, including with employees or otherwise, pursuant to the requirements of Rule 10b5-1 and Rule 10b-18 of the Exchange Act, as well as to retire (by cash settlement or the payment of tax withholding amounts upon net settlement) equity-based awards granted under our 2020 Incentive Award Plan, as amended and restated (and any successor plan thereto), with the terms and conditions of these repurchases depending on legal requirements, price, market and economic conditions and other factors. The Company is not obligated under the terms of the plan to repurchase any of its Class A common stock or warrants, the program has no expiration date, and the Company may suspend or terminate the program at any time without prior notice. Any shares of Class A common stock and any warrants repurchased as part of this program will be immediately canceled. GCMG’s Board of Directors has made subsequent increases to its original stock repurchase authorization amount for shares and warrants. As of December 31, 2023, the total authorization was $115 million, excluding fees and expenses. On February 8, 2024, GCMG’s Board of Directors increased the firm's existing repurchase authorization by $25 million, from $115 million to $140 million. On February 6, 2025, GCMG’s Board of Directors further increased the firm’s existing repurchase authorization by $50 million, fr om $140 million to $190 million. The table below presents information about deemed repurchases for RSUs that were settled in cash, including amounts withheld in connection with the payment of tax withholding obligations. See Note 12 for additional information regarding RSUs.
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Deemed repurchases of Class A common stock | 3,510,276 |  |  | 3,289,385 |  | 740,699
Average cost per deemed repurchase of Class A common stock | $ | 9.44 |  |  | $ | 7.85 |  |  | $ | 8.70 |
Total cost of deemed repurchases | $ | 33,152 |  |  | $ | 25,835 |  |  | $ | 6,445 |
The table below presents information about the repurchase of public warrants, which each entitle the holder to purchase one share of Class A common stock.
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Public warrants | — |  |  | — |  |  | 2,812,764
Average cost per warrant | $ | — |  |  | $ | — |  |  | $ | 0.91 |
Total cost of public warrants repurchases | $ | — |  |  | $ | — |  |  | $ | 2,569 |
The table below presents information about Class A common stock repurchased on the open market.
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Class A common stock | — |  |  | 564,189 |  | 3,278,337
Average cost per share | $ | — |  |  | $ | 7.94 |  |  | $ | 8.05 |
Total cost of Class A common stock repurchases | $ | — |  |  | $ | 4,478 |  |  | $ | 26,391 |
As of December 31, 2024, the Company had $32.0 million remaining under the stock repurchase plan.

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