AlTi Global, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

For the fiscal year ended December 31, 2025

For the transition period from to

Commission File Number:001-40103

(Exact name of registrant as specified in its charter)

22 Vanderbilt Avenue,27 th Floor

New York, New York 10017

(Address of principal executive offices)

(Zip Code)

(212) 396-5900

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Exchange Act:

Securities registered pursuant to section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yeso No x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yeso No x

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 the preceding 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 90 days. Yes x Noo

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files). Yes x Noo

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 emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange 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 revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

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 over financial 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. o

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 the correction of an error to previously issued financial statements. o

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 the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yeso No x

The aggregate market value of common stock held by non-affiliates of the registrant on June 30, 2025, based on the closing price of $4.15 for shares of the registrant’s Class A Common Stock (as defined herein) as reported by the Nasdaq Capital Market, was approximately $313.7 million. Shares beneficially owned by each executive officer, director, and holder of more than 10% of shares have been excluded in that such persons may be deemed to be affiliates. This determination of affiliate status is not necessarily a conclusive determination for other purposes.

The registrant had outstanding 107,438,077 shares of Class A Common Stock and 43,235,073 shares of Class B Common Stock (as defined herein) as of March 31, 2026.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant’s Definitive Proxy Statement relating to the Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Such Definitive Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended December 31, 2025.

TABLE OF CONTENTS

Defined Terms

Capitalized terms used herein but not otherwise defined herein shall have the respective meanings ascribed to them in the Amended and Restated Business Combination Agreement, a copy of which is filed as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2025 (the “Annual Report”).

•“Administrators” means Matthew Mawhinney and David Soden, employees of Teneo.

•“AFM UK” means Alvarium Fund Managers (UK) Limited, an English private limited company.

•“AHRA” means Alvarium Home REIT Advisors Limited, an English private limited company.

•“Allianz” means Allianz Strategic Investments S.à.r.l., a Luxembourg private limited liability company.

•“AlTi” or “Successor” means AlTi Global, Inc., together with its consolidated subsidiaries.

•“AlTi Global Topco” means AlTi Global Topco Limited, formerly known as Alvarium Topco, an Isle of Man entity which was established by Alvarium and owned by the Alvarium Shareholders.

•“Alvarium” means AlTi Asset Management Holdings 2 Limited, formerly known as Alvarium Investments Limited, an English private limited company.

•“Alvarium Shareholders” means the shareholders of Alvarium.

•“ALWP” means AlTi Wealth Management (Singapore) Pte Limited.

•“ARE” means AlTi RE Limited, formerly known as Alvarium RE Limited, an English private limited company.

•“AUA” means assets under advisement.

•“AUM” means assets under management.

•“AWMS” means Alvarium Investment Managers (Suisse) SA.

•“Board” means the board of directors of AlTi.

•“Business Combination” means the transactions contemplated by the Business Combination Agreement.

•“Business Combination Agreement” means the Amended and Restated Business Combination Agreement, dated as of October 25, 2022, by and among Cartesian, Umbrella Merger Sub, TWMH, TIG GP, TIG MGMT, Alvarium and Umbrella.

•“Business Combination Earn-out” means the Sponsor and the selling shareholders of TWMH, TIG, and Alvarium became entitled to receive earn-out shares contingent on various share price milestones for up to five years following the Closing under the terms of the Business Combination Agreement.

•“Business Combination Earn-out Securities” means the earn-out shares of Class A Common Stock in the Company and Class B Common Units that may be issued or become tradeable upon the achievement of certain stock price-based vesting conditions in accordance with the terms of the Business Combination Agreement.

•“Cartesian” means Cartesian Growth Corporation, a Cayman Islands exempted company, prior to the Business Combination.

•“Class A Common Stock” means the Class A Common Stock, par value $0.0001 per share, of the Company, including any shares of such Class A Common Stock issuable upon the exercise of any warrant or other right to acquire shares of such Class A Common Stock.

•“Class B Common Stock” means the Class B Common Stock, par value $0.0001 per share, of the Company, including any shares of such Class B Common Stock issuable upon the exercise of any warrant or other right to acquire shares of such Class B Common Stock.

•“Class B Paired Interest” means a Class B Unit together with a share of Class B Common Stock.

•“Class B Units” means the limited liability company interests in Umbrella designated as Class B Common Units in the Umbrella LLC Agreement.

•“Closing” means the closing of the Business Combination.

•“Closing Date” means January 3, 2023, the date on which the Closing occurred.

•“Common Stock” refers to shares of the Class A Common Stock and the Class B Common Stock, collectively.

•“Company,” “our,” “we” or “us” means, prior to the Business Combination, Cartesian, as the context suggests, and, following the Business Combination, AlTi.

•“Consolidated Statement of Financial Position” refers to the consolidated balance sheet of AlTi Global, Inc.

•“Consolidated Statement of Operations” refers to the consolidated income statement of AlTi Global, Inc.

•“Constellation” means Constellation Wealth Capital, LLC.

•“DGCL” refers to the Delaware General Corporation Law, as amended.

•“Dodd-Frank Act” means the Dodd-Frank Wall Street Reform and Consumer Protection Act.

•“dollars” or “$” refers to U.S. dollars.

•“EEA” means East End Advisors, LLC.

•“Envoi” means Envoi, LLC.

•“ESG” means environmental, social and governance.

•“EU” means European Union.

•“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended.

•“External Strategic Managers” means global alternative asset managers with whom we partner by making strategic investments in which we actively participate in seeking to leverage the collective resources and synergies of the businesses to facilitate their growth.

•“Externally-Managed Funds” means mutual funds, exchange traded funds, hedge funds, private equity, real estate or other funds managed by a third party.

•“FCPA” means the Foreign Corrupt Practices Act.

• “FDIC” means the Federal Deposit Insurance Corporation.

•“Federal Reserve” means the Board of Governors of the Federal Reserve System.

•“FOS” means the European-based trust and private office service businesses, or European Family Office Services business.

•“HLIF” means “Home Long Income Fund”, a private fund regulated by the UK FCA.

•“HNWI” means high net worth individual, being an individual having investable assets of $1 million or more, excluding primary residence, collectibles, consumables, and consumer durables.

•“Holbein” means Holbein Partners, LLP.

•“Home REIT” means “Home REIT plc”, a real estate investment trust listed on the London Stock Exchange.

•“Impact Investing” means investment practices seeking to generate various levels of financial performance together with the generation of positive measurable environmental and social impacts.

•“Inflation Reduction Act” means the Inflation Reduction Act of 2022.

•“International Real Estate” means the segment, prior to disposal, that included the Company’s public and private real estate, and co-investment business.

•“Investment Company Act” means the Investment Company Act of 1940, as amended.

•“LRA” means LXi REIT Advisors Limited.

•“LXi” means LXi REIT plc.

•“Nasdaq” means the Nasdaq Capital Market.

•“NAV” means net asset value.

•“OFAC” means the Office of Foreign Assets Control of the U.S. Department of the Treasury.

•“PW” means Pointwise Partners Limited.

•“SEC” means the United States Securities and Exchange Commission.

•“Series A Preferred Stock” means the Series A Cumulative Convertible Preferred Stock, $0.0001 par value, of the Company.

•“Series C Preferred Stock” means the Series C Cumulative Convertible Preferred Stock, $0.0001 par value, of the Company.

•“SHIA” means Social Housing Income Advisors Limited, an English private limited company.

•“Sponsor” means CGC Sponsor LLC, a Cayman Islands limited liability company.

•“Target Companies” means, collectively, TWMH, TIG GP, TIG MGMT, and Alvarium.

•“Tax Receivable Agreement” or “TRA” means that certain Tax Receivable Agreement, dated as of January 3, 2023, by and among the Company and the TWMH Members, the TIG GP Members, and the TIG MGMT Members.

•“Teneo” means Teneo Financial Advisory Limited.

•“TIG” means, collectively, the TIG Entities and their subsidiaries and their predecessor entities where applicable.

•“TIG Entities” means, collectively, TIG GP and TIG MGMT and their predecessor entities where applicable.

•“TIG GP” means TIG Trinity GP, LLC, a Delaware limited liability company.

•“TIG GP Members” means the former members of TIG GP.

•“TIG MGMT” means TIG Trinity Management, LLC, a Delaware limited liability company.

•“TIG MGMT Members” means the former members of TIG MGMT.

•“TIH” means Tiedemann International Holdings, AG.

•“TRA Exchange” means the series of transactions in which certain holders of Class B Units and Class B Common Stock have exchanged, or may in the future exchange, a portion of such interests to the Company, in exchange for Class A Common Stock.

•“TWMH” means, collectively, Tiedemann Wealth & Capital Solutions Holdings, LLC, a Delaware limited liability company, and its subsidiaries, and their predecessor entities where applicable.

•“TWMH Members” means the former members of TWMH.

•“UHNW” means ultra high net worth individual, being an individual having investable assets of $30 million or more, excluding primary residence, collectibles, consumables, and consumer durables.

•“UK FCA” means the United Kingdom’s Financial Conduct Authority.

•“Umbrella” means AlTi Global Capital, LLC (formerly known as Alvarium Tiedemann Capital, LLC), a Delaware limited liability company.

•“Umbrella LLC Agreement” means the Fourth Amended and Restated Limited Liability Company Agreement of AlTi Global Capital, LLC, effective as of July 31, 2024.

•“Umbrella Merger Sub” means Rook MS, LLC, a Delaware limited liability company.

•“US GAAP” means United States generally accepted accounting principles, consistently applied.

•“Warrants” means the warrants, which were initially issued in Cartesian’s initial public offering of its units pursuant to its registration statement on Form S-1 declared effective by the SEC on February 23, 2021, entitling the holder thereof to purchase one of Cartesian’s Class A ordinary shares at an exercise price of $11.50, subject to adjustment.

•“Wealth & Capital Solutions” means the segment, prior to the disposal of the International Real Estate segment, that consisted of the Company’s investment management and advisory services, trusts and administrative services, family office services, and the Company’s alternatives platform.

Available Information

We file annual, quarterly and current reports, proxy statements and other information required by the Exchange Act with the SEC. We make available free of charge on our website (www.alti-global.com) our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements and other filings as soon as reasonably practicable after such material is electronically filed with or furnished to the SEC. We also use our website to distribute company information, including assets under management and performance information, and such information as may be deemed material. Accordingly, investors should monitor our website, in addition to our press releases, SEC filings and public conference calls and webcasts.

Also posted on our website in the “Investor Relations” section are the charters for our Audit, Finance and Risk Committee, Environmental, Social, Governance and Nominating Committee, Human Capital and Compensation Committee, and Transaction Committee, as well as our Corporate Governance Guidelines and Code of Business Conduct and Ethics governing our directors, officers, and employees. Information on or accessible through our website is not a part of or incorporated into this Annual Report or any other SEC filing. Copies of our SEC filings or corporate governance materials are available without charge upon written request to the Company at its principal place of business. Any materials we file with the SEC are also publicly available through the SEC’s website (www.sec.gov).

No statements herein, available on our website, or in any of the materials we file with the SEC constitute or should be viewed as constituting an offer to sell, or a solicitation of an offer to buy, securities in any jurisdiction.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Annual Report and some of the information incorporated herein by reference includes forward-looking statements regarding, among other things, our plans, strategies and prospects, both business and financial. These statements are based on the beliefs and assumptions of our management. Although we believe that our plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events or results of operations, and any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. These statements may be preceded by, followed by or include the words “believes,” “continues,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “might,” “will,” “should,” “could,” “seeks,” “plans,” “scheduled,” “possible,” “potential,” “predict,” “project,” “anticipates,” “intends,” “aims,” “works,” “focuses,” “aspires,” “strives” or “sets out” or similar expressions.

Forward-looking statements are not guarantees of performance, and the absence of these words does not mean that a statement is not forward-looking. You should understand that the following important factors could affect our future results and could cause those results or other outcomes to differ materially from those expressed or implied in the forward-looking statements herein:

•our projected financial information, growth rate, and market opportunity;

•our ability to grow and manage growth profitably;

•our ability to raise financings and consummate investments in the future, if and when needed;

•our success in retaining or recruiting, or adapting to changes in, our officers, key employees, or directors;

•our ability to attract and retain our senior management and other highly qualified personnel;

•our ability to achieve or maintain profitability;

•the period over which we anticipate our existing cash and cash equivalents will be sufficient to fund our operating expenses and capital expenditure requirements;

•our ability to successfully protect against security breaches, ransomware attacks, and other disruptions to our information technology structure;

•the impact of increased scrutiny from our clients with respect to the societal and environmental impact of investments we make;

•the impact of changes in international trade law or policy, including tariffs and restrictions on foreign investment in the United States or U.S.-based businesses and financial institutions in other countries;

•the impact of other applicable laws and regulations, whether in the United States, United Kingdom or other foreign countries, and any anticipated or actual changes thereof, on us;

•our ability to successfully compete against other companies;

•our estimates regarding expenses, future revenue, capital requirements, and needs for additional financing;

•interest rate changes or volatility, inflation, as well as the effect of economic downturns and political and market conditions beyond our control, including a reduction in consumer discretionary spending that could adversely affect our business, financial condition, results of operations and prospects;

•the impact of our dependence on leverage by certain funds, underlying investment funds and portfolio companies and related volatility;

•the impact of any defaults by third-party investors;

•the effects of any failure to comply with investment guidelines of our clients, failure or circumvention of our controls and procedures, or any insufficiencies in the due diligence process that we undertake in connection with investments;

•the impact of any termination or non-renewal of our investment advisory contracts;

•the effect of any future pandemics on the foregoing; and

•other factors detailed under the section entitled “Risk Factors.”

The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the other documents we file from time to time with the SEC. There can be no assurance that future developments affecting us will be those that we have anticipated. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.