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Fair Value Measurements | 3 Months Ended
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Mar. 31, 2025
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis and level of inputs used for such measurements as of March 31, 2025 and December 31, 2024:
| Fair Value as of March 31, 2025
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Money market funds | $ | 55,201 |  |  | $ | — |  |  | $ | — |  |  | $ | 55,201 |
Other investments | — |  |  | — |  |  | 12,341 |  |  | 12,341 |
Total assets | $ | 55,201 |  |  | $ | — |  |  | $ | 12,341 |  |  | $ | 67,542 |
Liabilities |  |  |  |  |  |  |
Public warrants | $ | 28,788 |  |  | $ | — |  |  | $ | — |  |  | $ | 28,788 |
Private warrants | — |  |  | — |  |  | 1,879 |  |  | 1,879 |
Interest rate derivatives | — |  |  | 8,800 |  |  | — |  |  | 8,800 |
Total liabilities | $ | 28,788 |  |  | $ | 8,800 |  |  | $ | 1,879 |  |  | $ | 39,467 |
| Fair Value as of December 31, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Money market funds | $ | 43,804 |  |  | $ | — |  |  | $ | — |  |  | $ | 43,804 |
Other investments | — |  |  | — |  |  | 11,993 |  |  | 11,993 |
Total assets | $ | 43,804 |  |  | $ | — |  |  | $ | 11,993 |  |  | $ | 55,797 |
Liabilities |  |  |  |  |  |  |
Public warrants | $ | 21,149 |  |  | $ | — |  |  | $ | — |  |  | $ | 21,149 |
Private warrants | — |  |  | — |  |  | 1,361 |  |  | 1,361 |
Interest rate derivatives | — |  |  | 3,532 |  |  | — |  |  | 3,532 |
Total liabilities | $ | 21,149 |  |  | $ | 3,532 |  |  | $ | 1,361 |  |  | $ | 26,042 |
Money Market Funds Money market funds are valued using quoted market prices and are included in cash and cash equivalents in the Condensed Consolidated Statements of Financial Condition. Interest Rate Derivatives Management determines the fair value of its interest rate derivative agreements based on the present value of expected future cash flows based on observable future rates applicable to each swap contract using linear interpolation, inclusive of the risk of non-performance, using a discount rate appropriate for the duration. See Note 12 for additional information regarding interest rate derivatives. Other Investments Investments in the subordinated notes of a structured alternatives investment solution are not publicly traded and are classified as Level 3. Management determines the fair value of these other investments using a discounted cash flow analysis (“Cash Flow Analysis”), which includes assumptions regarding the expected deployment and realization timing of private investments. The position was classified as Level 3 as of March 31, 2025 and December 31, 2024 because of the use of significant unobservable inputs in the Cash Flow Analysis as follows:
|  | March 31, 2025 |  | December 31, 2024 | Impact to Valuation from an Increase in Input(2) |  |
Significant Unobservable Inputs(1) |  | Range |  | Weighted Average |  | Range |  | Weighted Average |  |  |
Discount rate(3) |  | 25.5% – 27.5% |  | 26.5 | % |  | 25.8% - 27.8% |  | 26.8 | % |  | Decrease |  |
Expected remaining term (years) |  | 8 – 12 |  | N/A |  | 8 – 12 |  | N/A |  | Decrease |  |
Expected total value to paid in capital – private assets(4) |  | 1.55x – 2.10x |  | 1.87x |  | 1.55x – 2.13x |  | 1.87x |  | Increase |  |
____________ (1)In determining these inputs, management considers the following factors including, but not limited to: liquidity, estimated yield, capital deployment, diversified multi-strategy appreciation, expected net multiple of investment capital across private assets investments, annual operating expenses, as well as investment guidelines such as concentration limits, position size, and investment periods. (2)Unless otherwise noted, this column represents the directional change in fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. (3)The discount rate was based on the relevant benchmark rate, spread, and yield migrations on related securitized assets. (4)Inputs were weighted based on actual and estimated commitments to the respective private asset investments included in the range. The resulting fair values of $12.3 million and $12.0 million were recorded within investments in the Condensed Consolidated Statements of Financial Condition as of March 31, 2025 and December 31, 2024, respectively. The following table presents changes in Level 3 assets measured at fair value for the three months ended March 31, 2025 and 2024:
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Balance at beginning of period | $ | 11,993 |  |  | $ | 11,192 |  |  |  |  |
Change in fair value | 348 |  |  | 429 |  |  |  |  |
Balance at end of period | $ | 12,341 |  |  | $ | 11,621 |  |  |  |  |
Public Warrants The public warrants are valued using quoted market prices on the Nasdaq Stock Market LLC under the ticker GCMGW. Private Warrants The private warrants were classified as Level 3 as of March 31, 2025 and December 31, 2024 because of the use of significant unobservable inputs in the valuation, however the overall private warrant valuation and change in fair value are not material to the Condensed Consolidated Financial Statements. The valuations for the private warrants were determined to be $2.09 and $1.51 per unit as of March 31, 2025 and December 31, 2024, respectively. The resulting fair values of $1.9 million and $1.4 million were recorded within warrant liabilities in the Condensed Consolidated Statements of Financial Condition as of March 31, 2025 and December 31, 2024, respectively. See Note 7 for additional information regarding the warrant activity. The following table presents changes in Level 3 liabilities measured at fair value for the three months ended March 31, 2025 and 2024:
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Balance at beginning of period | $ | 1,361 |  |  | $ | 389 |  |  |  |  |
Change in fair value | 518 |  |  | 129 |  |  |  |  |
Balance at end of period | $ | 1,879 |  |  | $ | 518 |  |  |  |  |

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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