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Fair Value Measurements
 3 Months Ended
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 1Level 2Level 3Total
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 1Level 2Level 3Total
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, 2025December 31, 2024
Impact to Valuation from an Increase in Input(2)
Significant Unobservable Inputs(1)
RangeWeighted Average RangeWeighted 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/ADecrease
Expected total value to paid in capital – private assets(4)
1.55x – 2.10x
1.87x
1.55x – 2.13x
1.87xIncrease
____________
(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,
20252024
Balance at beginning of period$11,993 $11,192 
Change in fair value348 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,
20252024
Balance at beginning of period$1,361 $389 
Change in fair value518 129 
Balance at end of period$1,879 $518