GCM Grosvenor Inc-A 2025年度报告

(Mark One) (Registrant's telephone number, including area code) Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☒No☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐No☒ Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of theExchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control overfinancial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☐No☒ As of June30, 2025, the last business day of the registrant’s most recently completed second fiscal quarter, the aggregate market value of the registrant’s common stockheld by non-affiliates was approximately $599.1million, based on the closing price of the registrant’s common stock on the Nasdaq Stock Market on June30, 2025 of $11.56per share.As of February16, 2026, there were 60,810,959 shares of the registrant’s Class A common stock, par value $0.0001 per share, outstanding and 141,665,831 shares of the registrant’s Class C common stock, par value $0.0001 per share, outstanding. DOCUMENTS INCORPORATED BY REFERENCEPortions of the Registrant’s definitive proxy statement relating to its 2026 annual meeting of the shareholders (the “2026 Proxy Statement”) are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. The 2026 Proxy Statement will be filed with the U.S. Securities and Exchange Commission within 120 days afterthe end of the fiscal year to which this report relates. Table of Contents PagePart IItem 1Business6Item 1ARisk Factors34Item 1BUnresolved Staff Comments76Item 1CCybersecurity76Item 2Properties77Item 3Legal Proceedings78Item 4Mine Safety Disclosures78Part IIItem 5Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities79Item 6[Reserved]81Item 7Management’s Discussion and Analysis of Financial Condition and Results of Operations82Item 7AQuantitative and Qualitative Disclosures about Market Risk104Item 8Financial Statements and Supplementary Data106Item 9Changes in and Disagreements With Accountants on Accounting and Financial Disclosure157Item 9AControls and Procedures157Item 9BOther Information157Item 9CDisclosure Regarding Foreign Jurisdictions that Prevent Inspections158Part IIIItem 10Directors, Executive Officers and Corporate Governance159Item 11Executive Compensation159Item 12Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters159Item 13Certain Relationships and Related Transactions, and Director Independence159Item 14Principal Accountant Fees and Services159Part IVItem 15Exhibits and Financial Statement Schedules160Item 16Form 10-K Summary165Signatures166 BASIS OF PRESENTATION As used in this Annual Report on Form 10-K, unless as the context requires otherwise, as used herein, references to “GCM,” the “Company,”“we,” “us,” and “our,” and similar refe