Equity

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Equity

Equity

The following table shows a rollforward of the common stock outstanding for the three and six months ended June 30, 2022:

	Three Months Ended June 30, 2022			Six Months Ended June 30, 2022
	Class A common stock	Class B common stock	Class C common stock	Class A common stock	Class B common stock	Class C common stock
Beginning of period	43,741,355	—	144,235,246	43,964,090	—	144,235,246
Exercise of warrants	10	—	—	30	—	—
Net shares delivered for vested RSUs	58,502	—	—	73,979	—	—
Repurchase of Class A Shares	(1,269,525)	—	—	(1,507,757)	—	—
End of period	42,530,342	—	144,235,246	42,530,342	—	144,235,246

As of June 30, 2022, 1,809,523 RSUs were vested, but not yet delivered, and are therefore not yet included in outstanding Class A common stock.

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 2022:

Declaration Date	Dividend per Common Share	Record Date	Payment Date
February 10, 2022	$0.10	March 1, 2022	March 15, 2022
May 5, 2022	$0.10	June 1, 2022	June 15, 2022
August 8, 2022	$0.10	September 1, 2022	September 15, 2022

Dividend equivalent payments of $1.7 million were accrued for holders of RSUs as of June 30, 2022. Distributions to partners represent distributions made to GCMH Equityholders.

On August 6, 2021, GCMG’s Board of Directors authorized a stock repurchase plan of up to an aggregate of $25.0 million, excluding fees and expenses, 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, as well as to reduce shares of Class A common stock to be issued to employees to satisfy associated tax obligations in connection with the settlement of equity-based awards granted under our 2020 Incentive Award Plan (and any successor equity plan thereto). Class A common stock and warrants may be repurchased from time to time in open market transactions, in privately negotiated transactions, pursuant to the requirements of Rule 10b5-1 and Rule 10b-18 of the Exchange Act, or otherwise, 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. On February 10, 2022, GCMG’s Board of Directors increased its stock repurchase authorization for shares and warrants by $20.0 million, from $25.0 million to $45.0 million. On May 5, 2022, GCMG’s Board of Directors further increased its stock repurchase authorization for shares and warrants by $20.0 million, from $45.0 million to $65.0 million.

In the six months ended June 30, 2022, the Company is deemed to have repurchased 61,012 shares withheld in connection with the payment of tax liabilities on behalf of employees upon the settlement of vested RSUs for $0.6 million, or an average of $9.71 per share. No shares were withheld in the three months ended June 30, 2022. In the three and six months ended June 30, 2022, the Company repurchased 2,360,083 and 2,812,764 public warrants to purchase shares of Class A common stock, respectively, for $1.9 million and $2.6 million, respectively, or an average of $0.82 and $0.91 per warrant, respectively. In the three and six months ended June 30, 2022, the Company repurchased 1,269,525 and 1,507,757 shares of Class A common stock, respectively, for $10.0 million and $12.5 million, respectively, or an average of $7.89 and $8.26 per share, respectively. As of June 30, 2022, the Company had $40.3 million remaining under the stock repurchase plan.