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GCM Grosvenor Inc. (GCMG+0.15%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details financial statements for the quarter, reporting management fees of $98.5 million, an increase from $94.6 million in the same quarter the previous year. This increase was attributed to higher private markets strategies fees and absolute return strategies fees.
Incentive fees for the quarter were $23.3 million, down from $26.1 million in the same quarter the previous year. The decrease was primarily due to lower carried interest.
Operating expenses for the quarter totaled $97.9 million, slightly up from $97.8 million in the previous year. Employee compensation and benefits accounted for $73.3 million of these expenses.
The company reported an operating income of $25.0 million for the quarter, compared to $23.9 million in the previous year.
Net income attributable to GCM Grosvenor Inc. was $4.2 million for the quarter, down from $5.9 million in the previous year.
Fee-paying assets under management (FPAUM) increased to $63.7 billion from $61.7 billion at the end of the previous quarter.
GCM Grosvenor declared a quarterly dividend of $0.11 per share of Class A common stock, payable on December 16, 2024.
The company continues to focus on expanding its business through new lines and geographic markets, despite challenging market conditions.
GCM Grosvenor's management remains committed to maintaining compliance with all financial covenants and regulatory requirements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the GCM Grosvenor Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.