RE:q1 gcm vs. cxbforgot to mention cxb does not have the 4% dividend that gcm has.
the difference between net income and adj. net income was the non-cash liability for the warrants and debenture, just because gcm share price moved up during q1.
q2 the share price has gone down even more, which would reverse this non-cash liability and add a big non-cash gain to gcm net income for q2.
this is stupid, the unadjusted net income having big up and down movements just because the share price went up and down, but that is how it is, and the reason why adj number is given.