Form 4: Howard Lutnick Divests GCM Grosvenor Indirect Holdings

Howard Lutnick, as trustee, sold voting shares of CF Group Management, Inc., leading to the divestiture of his indirect beneficial ownership of over 6.4 million GCM Grosvenor Class A common shares and 1.8 million warrants.

Summary

• Howard W. Lutnick, acting in his capacity as trustee of a trust, completed the sale of all voting shares of CF Group Management, Inc. (CFGM) to trusts controlled by Brandon G. Lutnick.
• The transaction occurred on October 6, 2025, with the aggregate sale price for the CFGM voting shares totaling $200,000.
• Following this sale, Lutnick no longer has beneficial ownership of 6,451,535 shares of GCM Grosvenor Inc. Class A common stock.
• Additionally, Lutnick no longer has beneficial ownership of 1,800,000 GCM Grosvenor Inc. warrants.
• These securities were previously held indirectly through CF Finance Holdings, LLC (2,951,535 Class A common stock, 300,000 warrants) and CF GCM Investor, LLC (3,500,000 Class A common stock, 1,500,000 warrants).
• The warrants have an exercise price of $11.5 and an expiration date of November 17, 2025.

Sentiment

Score: 5

Explanation: This filing is a standard Form 4 reporting a change in beneficial ownership due to an internal family transaction, not directly reflecting positive or negative performance for GCM Grosvenor Inc.

Future Outlook

This filing reports a past transaction and does not provide any forward-looking statements or guidance regarding GCM Grosvenor Inc.'s future performance or outlook.

Management Comments

• Howard Lutnick disclaims beneficial ownership of all securities held by Holdings and Investor in excess of his pecuniary interest, if any, and this report shall not be deemed an admission that he was the beneficial owner of, or had pecuniary interest in, any such excess securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

Industry Context

This filing details an insider transaction involving a significant shareholder's indirect holdings in GCM Grosvenor Inc. It primarily reflects a change in personal beneficial ownership rather than broader industry trends or competitive dynamics for GCM Grosvenor Inc.

Related Party Transactions

• The reporting person, Howard W. Lutnick, as trustee, sold voting shares of CF Group Management, Inc. to trusts controlled by Brandon G. Lutnick, who is a related party.

Stakeholder Impact

• Shareholders: The divestiture of indirect beneficial ownership of a significant block of Class A common stock and warrants by a 10% owner could be viewed by the market as a notable change in the ownership structure, potentially influencing investor sentiment.

Key Dates

Keywords

GCM Grosvenor, GCMG, Howard Lutnick, beneficial ownership, stock sale, warrants, insider transaction, Form 4