Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2025

The following is a reconciliation of basic and diluted earnings (loss) per share for the three months ended March 31, 2025 and 2024:


	Three Months Ended March 31,
	2025		2024
Numerator for earnings (loss) per share calculation:
Net income attributable to GCM Grosvenor Inc., basic	$	463	$	2,124


Exchange of Partnership units	(4,555)		(25,652)

Net income (loss) attributable to common stockholders, diluted	(4,092)		(23,528)

Denominator for earnings (loss) per share calculation:
Weighted-average shares, basic	45,630,941		43,670,260


Exchange of Partnership units	144,235,246		144,235,246

Weighted-average shares, diluted	189,866,187		187,905,506

Basic EPS
Net income attributable to common stockholders, basic	$	463	$	2,124
Weighted-average shares, basic	45,630,941		43,670,260
Net income per share attributable to common stockholders, basic	$	0.01	$	0.05

Diluted EPS
Net income (loss) attributable to common stockholders, diluted	$	(4,092)	$	(23,528)
Weighted-average shares, diluted	189,866,187		187,905,506
Net income (loss) per share attributable to common stockholders, diluted	$	(0.02)	$	(0.13)

When applying the if-converted method to calculate the potential dilutive impact of the exchangeable common units of the Partnership, the earnings (loss) per share numerator adjustment reflects the net income (loss) attributable to noncontrolling interests in GCMH, as reported, adjusted for the hypothetical incremental provision for income taxes that would have been recorded by the Company if the units had been converted.

Shares of the Company’s Class C common stock do not participate in the earnings or losses of the Company and are therefore not participating securities. As such, a separate presentation of basic and diluted earnings (loss) per share of Class C common stock under the two-class method has not been presented.

The following outstanding potentially dilutive securities were excluded from the calculations of diluted earnings (loss) per share attributable to common stockholders because their impact would have been antidilutive for the periods presented:


	Three Months Ended March 31,
	2025	2024
Public warrants	16,697,261	16,784,970
Private warrants	900,000	900,000
Unvested RSUs under the treasury stock method	2,594,014	2,270,669