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Equity
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Equity Equity
Shares of Common Stock Outstanding
The following table shows a rollforward of the common stock outstanding for the three months ended March 31, 2025 and 2024:
Three Months Ended March 31, 2025
Class A common stock Class B common stock Class C common stock
Beginning of period44,899,246— 144,235,246
Exercise of warrants240,190 — — 
Net shares delivered for vested RSUs94,355 — — 
End of period45,233,791—144,235,246
Three Months Ended March 31, 2024
Class A common stock Class B common stock Class C common stock
Beginning of period42,988,563— 144,235,246
Net shares delivered for vested RSUs8,213 — — 
End of period42,996,776—144,235,246
During the three months ended March 31, 2025, 240,190 public warrants were exercised resulting in $2.8 million of proceeds.
As of March 31, 2025, 1,199,399 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 as well as RSUs that are settled in cash.
Dividends
Dividends are reflected in the Condensed Consolidated Statements of Equity (Deficit) when declared by the Board of Directors. The table below summarizes dividends declared to date during 2025:
Declaration Date Record Date Payment Date Dividend per Common Share
February 6, 2025March 3, 2025March 17, 2025$0.11
May 5, 2025June 6, 2025June 16, 2025$0.11
Dividend equivalent payments of $2.9 million were accrued for holders of RSUs as of March 31, 2025. Distributions to partners represent distributions made to GCMH Equityholders.
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 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, 2024, the total authorization was $140 million, excluding fees and expenses. On February 6, 2025, GCMG’s Board of Directors increased the firm's existing repurchase authorization by $50 million, from $140 million to $190 million.
During the three months ended March 31, 2025, the Company repurchased 22,760 shares for RSUs that were settled in cash, including amounts withheld in connection with the payment of tax withholding obligations, for $0.3 million, or an average of $13.70 per share. See Note 10 for additional information regarding RSUs. Other than the deemed repurchases described above, the Company did not repurchase shares of Class A common stock during the three months ended March 31, 2025. As of March 31, 2025, the Company had $81.7 million remaining under the stock repurchase plan.
In April 2025, the Company repurchased 1,299,364 shares for RSUs that were settled in cash, including amounts withheld in connection with the payment of tax withholding obligations, for $16.4 million, or an average of $12.61 per share. On May 1, 2025, the Company repurchased 168,600 shares for RSUs that were released, including amounts withheld in connection with the payment of tax withholding obligations, for $2.1 million, or an average of $12.59 per share. As of May 1, 2025, the Company had $63.2 million remaining under the stock repurchase plan.