AlTi Global, Inc.
For the period ended Mar 31, 2026. Filed May 11, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 11, 2026
ALTI$2.34-1.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-13.
0001628280-25-051776
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-11.
0001628280-26-033621
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 174 previous paragraphs and 169 current paragraphs.
73 unchanged; 51 reworded; 41 added; 47 removed; 3 previous and 4 current paragraphs rearranged.
Tables are not compared: 13 previous and 9 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (41)
Current report
Incentive Fees
Current report
Other income/fees
Current report
During the first quarter of 2026, global equity markets were marked by elevated volatility and changing performance patterns across asset classes, following a strong start to the year. Major equity indices reached or approached highs in January, but sentiment deteriorated later in the quarter amid rising geopolitical tensions and higher energy prices. In the U.S., equity markets ended modestly lower, with the S&P 500 declining approximately 4% and the Nasdaq Composite posting similar losses, largely driven by weakness in large-cap technology stocks. In contrast, international and value-oriented markets demonstrated relative resilience, aided by commodity exposure and rotation away from growth, with emerging markets outperforming developed markets during the period.
Current report
The U.S. economic backdrop showed signs of deceleration toward the end of 2025. According to the updated estimate from the Bureau of Economic Analysis, the relevant data remains pending.
Current report
Inflation remained above the Federal Reserve’s long‑term target and showed renewed persistence early in 2026. The core PCE price index increased 3.1% year‑over‑year in January and moderated slightly to 3% in February, reflecting continued pressure in services inflation despite some easing in goods prices. Energy price increases related to geopolitical disruptions are expected to put additional upward pressure on near‑term inflation readings.
Current report
Our operations are also affected by movements in interest rates, which influence the value of our clients’ portfolios and, in turn, our revenue. Following three quarter‑point rate reductions in late 2025, the Federal Reserve held the federal funds rate steady at a target range of 3.50%–3.75% at both its January and March 2026 meetings. Policymakers emphasized a data‑dependent stance, citing heightened inflation uncertainty and geopolitical risks, and signaled a willingness to remain on hold until there is greater clarity on the trajectory of inflation and economic growth.
Current report
(1)The fair value of this investment is reported on a one-month lag from the fund financial statements due to timing of the information provided by the fund and third-party entity unless information is available on a more timely basis. As a result, any changes in the markets in which our managed funds operate, and the impact market conditions have on underlying asset valuations, may not yet be reflected in reported amounts.
Current report
Incentive Fees
Current report
Other income
Current report
Other income for the three months ended March 31, 2026 increased by $8.2 million compared to the three months ended March 31, 2025. During the three months ended March 31, 2026, due to the gains on the write-off of third party payables related to the administration of International Real Estate and higher unrealized gains on investments carried at fair value. These were partially offset by lower gains on the fair value of earn-out liabilities and the preferred tranche right liability.
Current report
Over the next 12 months from the time of this filing and the foreseeable future, we believe our cash and cash equivalents are sufficient to meet all of our normal operational and liquidity needs. However, to fund new initiatives and accelerate our growth, we may be required to obtain additional funds. This is because periods of low cash balances, caused by potential mismatches between projected revenue and the timing of receipts, could specifically impact the capital available for expansion and/or business initiative efforts to grow or scale the business.
Current report
Administrators Term Loan
Current report
On March 19, 2026, the Company and certain of its affiliates on the one hand and the International Real Estate Businesses and the Administrators on the other hand entered into a binding settlement and intercompany loan deed memorializing the terms of the settlement. The settlement amount of £11.2 million ($15.0 million) is noninterest bearing and paid in installments through November 2027. As of March 31, 2026, the outstanding balance of the settlement was $14.5 million.
Current report
Kontora Credit Facility
Current report
On April 30, 2025, the Company acquired Kontora. See Note 4 (Business Combinations) in our accompanying condensed consolidated financial statements. Kontora has a term loan with HypoVereinsbank. Throughout the period of the term loan Kontora Family Office GmbH, as a standalone entity, is required to maintain economic equity of the higher of $1.8 million or 30% of the total assets of this standalone entity. At March 31, 2026, the term loan had an outstanding principal amount of $0.4 million. In addition, Kontora has a revolving line of credit, with an aggregate borrowing facility of $0.9 million with HypoVereinsbank, which expires on July 25,
Current report
The funded amounts under this revolving line of credit bear no restrictions on its use. At March 31, 2026, there was no outstanding borrowings under the revolving line of credit.
Current report
On May 13, 2025, Allianz exercised the Allianz Tranche Right (as defined above) to purchase an additional 18,471 shares of Series A Preferred Stockat $1,000 per share for $18.5 million.
Current report
There was no movement in cash provided by or used by investing activities during the three months ended March 31, 2026.
Current report
Net cash used by financing activities of $2.8 million for the three months ended March 31, 2025, primarily resulted from the repurchase of Class A Common Stock
Current report
Pointwise Deferred Consideration
Current report
Kontora Earn-out Consideration
Current report
On April 30, 2025, the Company acquired all of the issued and outstanding ownership interests of Kontora. The Kontora Acquisition was accounted for using the acquisition method of accounting and the fair value of the total purchase consideration transferred was $15.7 million. Included in the total purchase consideration is contingent consideration of $5.7 million, comprised of the Kontora earn-out liability, for which the Company may be required to make additional cash payments tied to certain revenue streams acquired in the Kontora Acquisition between the Closing Date and December 31, 2035. As of March 31, 2026 and December 31, 2025, the Kontora earn-out liability of $7.0 million is reported in the Earn-out liabilities, at fair value, in the Condensed Consolidated Statements of Financial Position.
Current report
Litigation
Current report
From time to time, we may be named as a defendant in legal or regulatory actions. Although there can be no assurance of the outcome of such matters, management’s current assessment is that no loss contingency reserve is required to be recorded as of March 31, 2026 for any potential liability related to any current legal or regulatory proceeding or claim that would individually or in the aggregate materially affect our results of operations, financial position, or cash flows.
Current report
On July 11, 2025, after conducting the previously announced strategic review of the International Real Estate Businesses, the Company approved the appointment of the Administrators for the International Real Estate Businesses. Potential litigation related to that business, including Home REIT and HLIF below, will be dealt with as appropriate by the Administrators.
Current report
Home REIT
Current report
Home REIT is a real estate investment trust company listed on the London Stock Exchange. AFM UK, a wholly owned subsidiary of the Company, is one of the International Real Estate entities which entered into administration, and was Home REIT’s alternative investment fund manager (“AIFM”) until August 21, 2023 and AHRA was its investment adviser until June 30, 2023. Services are no longer provided by any AlTi companies or any legacy Alvarium companies to Home REIT. AHRA was owned by ARE (another wholly owned subsidiary of the Company, and one of the International Real Estate entities which entered into administration) up until December 30, 2022, when it was sold. AlTi was formed on January 3, 2023, through the Business Combination that included certain legacy Alvarium companies, including AFM UK. While the sale of AHRA occurred prior to the Business Combination, under GAAP, its results were required to be consolidated in our financial statements until June 30, 2023, when it was deconsolidated. For UK regulatory purposes, up until June 30, 2023, AHRA was permitted to perform certain limited regulated activities as an “appointed representative” of its regulated principal firm, ARE (which is authorized and regulated by the UK FCA).
Current report
Since November 2022, Home REIT and AHRA have been the subject of a series of allegations in the UK media regarding Home REIT’s operations, triggered by a report issued by a short seller. Home REIT’s stock price fell materially as a result and its shares are currently suspended from trading.
Current report
On October 6, 2023, pre-action steps were commenced by a law firm acting on behalf of a group of current and former shareholders in Home REIT (in the UK, pre-action correspondence is required under the Practice Direction on Pre-Action Protocols and Conduct contained in the United Kingdom’s Ministry of Justice Civil Procedure Rules prior to a claimant commencing litigation). In the pre-action correspondence, the claimant group alleges that there were misstatements in Home REIT’s offering documents and certain other public filings between 2020 and 2022 and asserts potential claims against AFM UK and ARE (as well as against Home REIT itself and its directors, among others) in connection with such matters and the historic management and advisory services provided to Home REIT by certain legacy Alvarium companies.
Current report
On April 12, 2024, pre-action steps were commenced by Home REIT and its directors against AFM UK and ARE. This relates to the historic management of Home REIT by certain legacy Alvarium companies. In the pre-action correspondence, Home REIT and its directors assert potential claims against AFM UK and ARE and state their intention to bring claims against those entities: (i) for a 100% contribution to any losses incurred by Home REIT or its directors if current or former shareholders in Home REIT issue claims against them as outlined in the preceding paragraph; and (ii) on a standalone basis, for losses they assert have been incurred by Home REIT as a result of alleged breaches of contractual, tortious and fiduciary duties, unlawful means conspiracy and deceit by AFM UK and/or AHRA, and, in the case of ARE, they assert that ARE is liable to Home REIT for any acts or omissions of AHRA under the UK’s appointed representative regime.
Current report
There have been no material developments in the potential litigation relating to Home REIT since the appointment of administrators on July 11, 2025.
Current report
HLIF
Current report
HLIF is a private fund which pursues a similar investment strategy to Home REIT. In the period from June 30, 2022 to December 31, 2023, the estimated value of its underlying real estate investment portfolio declined by approximately 50%, due to a decrease in the timely collection of rents on the underlying portfolio, but also due to higher interest rates and other macro-economic factors. HLIF was managed by AFM UK as its AIFM and ‘authorized corporate director’ and was advised by SHIA, (one of the International Real Estate entities which entered into administration), until August 2025, when management of HLIF was transitioned to a third party manager and AFM UK’s and SHIA’s services were terminated. Like AHRA, SHIA was permitted to perform certain limited regulated activities as an “appointed representative” of its regulated principal firm, ARE.
Current report
In February 2024, the UK FCA commenced investigations into the historic performance of certain International Real Estate entities, in their services to Home REIT and/or HLIF, and whether they breached certain civil or criminal regulatory rules and/or principles. The investigations relate to the historic management of Home REIT and/or HLIF by certain legacy Alvarium companies. The investigations are focused primarily on whether any false or misleading statements were made in relation to Home REIT and/or HLIF and/or whether these group entities breached other FCA rules and/or principles. ARE and AFM UK have voluntarily requested the imposition of requirements by the UK FCA which primarily involves the companies agreeing to maintain their current assets and not undertaking any new business without UK FCA consent. The commencement of the investigations does not mean that the UK FCA has determined that any such breaches have occurred. However, it is possible that the UK FCA may determine that certain breaches have occurred, and it may seek to impose financial penalties or other outcomes on one or more group entities, that may potentially be material. We are not able to estimate how long it might take for the UK FCA to complete such investigations, but it is possible that the investigations may continue for a prolonged period, potentially over several years.
Current report
Potential Redress in Relation to Real Estate Products
Current report
As part of ongoing examinations with regulators and our review of client relationships, it has been agreed, that if certain conditions are met, redress will be paid to a limited number of clients in relation to certain Real Estate Products. As of the issuance of these financial statements all impacted clients have been informed of this proposal.
Current report
As of the three months ended March 31, 2026, a provision of $3.6 million has been recognized in relation to this potential future liability. The ultimate loss could differ from the accrued amount.
Current report
Tolleson Wealth Management
Current report
The Company was involved in a dispute with Tolleson related to alleged improper solicitation of Tolleson’s clients and employees. Certain former Tolleson employees who joined AlTi were party to Tolleson employment agreements which contained a one-year client and employee non-solicit and a lost client fee clause requiring payment for lost revenue.
Current report
In September 2024, despite offers by the Company to pay for the departed clients, Tolleson filed a lawsuit against AlTi and the former Tolleson employees. The parties reached an agreement later in September 2024, dismissing the litigation and agreeing to mediation.
Showing the first 40 of 41 passages. Open the source sections for the rest.
Removed paragraphs (47)
Previous report
Distributions from investments are earned through our profit or revenue sharing arrangements with the External Strategic Managers. Our economic interests in the External Strategic Managers are as follows:
Previous report
During the third quarter of 2025, equity markets extended their gains and the S&P 500 crossed new record highs, driven by strong performance among large-cap technology and growth names. Meanwhile, small-cap and value segments also posted meaningful outperformance, narrowing valuation dispersion across equity styles. International equities contributed positively. The S&P 500, Nasdaq Composite and MSCI ACWI ex USA index returned 8%, 11%, and 7%, respectively, as of September 30, 2025.
Previous report
Although data for the third quarter of 2025 has not been published, U.S. real gross domestic product increased at an annual rate of 3.8% in the second quarter of 2025, according to the third estimate from the Bureau of Economic Analysis (BEA). This represents an upward revision from previous estimates, largely driven by stronger consumer spending, particularly on services, and a smaller decrease in imports. The revised figure marks a significant rebound from the first quarter’s 0.6% decline. Looking ahead, the Federal Bank of Atlanta’s gross domestic product (GDP) tracker currently estimates third quarter growth of 3.9%, supported by continued strength in consumption and a narrower trade deficit
Previous report
Inflation also remained elevated in the quarter as tariffs boosted prices for imported goods. According to the U.S. Bureau of Economic Analysis, core Personal Consumption Expenditures (PCE) price index—a key inflation gauge—rose at an annualized rate of 3% in the twelve months through September.
Previous report
Our operations are also impacted by interest rates, which cause the value of our clients’ portfolios to fluctuate, and consequently impact our revenue. Changes in interest rates are largely influenced by Federal Reserve policy decisions to address the state of the economy, specifically employment and inflation. In its October meeting, the Federal Reserve enacted its second rate reduction of the year—a 25 basis point cut—bringing the federal funds target range to 3.75% to 4.00% as it seeks to stimulate economic growth and revive the weak labor market, despite concerns over ongoing inflation.
Previous report
(b)Add-back of non-cash expense related to awards of Class A Common stock (approved pre-Business Combination).
Previous report
(h)Add-back of impairment of carried interest/equity method investments and intangible assets.
Previous report
(i)Add-back of impairment of goodwill.
Previous report
(j)Add-back of the amortization of the step-up in equity method investments.
Previous report
(b)Add-back of non-cash expense related to awards of Class A Common stock (approved pre-Business Combination).
Previous report
(h)Add-back of impairment of carried interest/equity method investments and intangible assets.
Previous report
(i)Add-back of impairment of goodwill.
Previous report
(j)Add-back of the amortization of the step-up in equity method investments.
Previous report
The Company generates arrangement fees in its co-investment division by arranging private debt or equity financing, generally in connection with an acquisition. Arrangement fees range from 0.5% to 1.75% of the equity value contributed into a transaction and are payable upon close of the deal. The Company also generates brokerage fees which are similar to arrangement fees except that they are generally paid for assisting public companies in raising capital.
Previous report
Condensed Consolidated Results of Operations – For the Three Months Ended September 30, 2025 Compared to the Three Months Ended September 30, 2024
Previous report
Other income (expenses)
Previous report
Other income (expenses) for the three months ended September 30, 2025 increased by $38.9 million compared to the three months ended September 30, 2024. During the three months ended September 30, 2025, an impairment loss on intangible assets of $35.0 million was recognized. During the three months ended September 30, 2024, an impairment loss on goodwill and intangibles of $74.3 million was recognized.
Previous report
Condensed Consolidated Results of Operations – For the Nine Months Ended September 30, 2025 Compared to the Nine Months Ended September 30, 2024
Previous report
Revenue
Previous report
Incentive fees. For the nine months ended September 30, 2025, incentive fees increased by $2.7 million compared to the nine months ended September 30, 2024. This increase is attributable to fund redemptions resulting in crystallized incentive fees in the TIG Arbitrage strategy for the current year, which led to higher crystallized incentive fees in the current period.
Previous report
Distributions from investments. Distributions from investments for the nine months ended September 30, 2025 increased by $8.0 million compared to the nine months ended September 30, 2024. This increase was primarily due to higher distributions related to incentive fees in the European Equities and Asian Credit and Special Situation strategies in the current period resulting from stronger performance in both of these strategies compared to the prior year.
Previous report
Other fees / income. Other fees and income for the nine months ended September 30, 2025 decreased by $0.1 million compared to the nine months ended September 30, 2024. This decrease was primarily driven by lower transactional income, as we are in the process of exiting businesses that generate such fees.
Previous report
Non-compensation expense. Non-compensation expenses for the nine months ended September 30, 2025 increased by $36.6 million as compared to the nine months ended September 30, 2024, primarily driven by a $14.8 million increase in one-time and transactional professional fees and a $18.2 million increase in general, administrative and other costs primarily due to non-recurring bad debt and redress provisions.
Previous report
Other income (expenses)
Previous report
Other income (expenses) for the nine months ended September 30, 2025 increased by $(0.4) million compared to the nine months ended September 30, 2024. During the nine months ended September 30, 2025, an impairment loss on intangible assets of $35.0 million, partially offset by unrealized gains on earn-out liabilities of $9.9 million, was recognized. During the nine months ended September 30, 2024, an impairment loss on goodwill and intangibles of $74.3 million, partially offset by unrealized gains on earn-out liabilities of $41.9 million, was recognized.
Previous report
Taxes
Previous report
During the fourth quarter ended December 31 2024, the Company repaid its debt outstanding under the bank credit facility (see Note 15 (Debt, net of unamortized deferred financing costs) to our condensed consolidated financial statements included in this Quarterly Report) with the proceeds raised from the Allianz Transaction and the Constellation Transaction (see Note 1 (Description of the Business) to our condensed consolidated financial statements included in this Quarterly Report). On January 3, 2023, concurrent with the consummation of the Business Combination, the Company had entered into a $250.0 million credit facility with a syndicate led by BMO Capital Markets Corp. The facility, which had a term of five years and was comprised of a $150.0 million revolving credit facility and a $100.0 million term loan facility, was to be used to pay down subsidiary debt and fund growth initiatives.
Previous report
Consummation of the Allianz Transaction closed as of July 31, 2024. Refer to Note 1 (Description of the Business) in our accompanying condensed consolidated financial statements for additional details.
Previous report
For the Nine Months Ended September 30, 2025 Compared to the Nine Months Ended September 30, 2024
Previous report
Net cash used investing activities of $85.9 million during the nine months ended September 30, 2024, were primarily driven by the deployment of approximately $95.9 million of capital related to the acquisition of EEA, Pointwise, and Envoi.
Previous report
Net cash provided by financing activities of $306.7 million for the nine months ended September 30, 2024, primarily resulted from the issuance of common and preferred equity, net of transaction costs paid, partially offset by the net pay down of our credit facility, member distributions, and tax payments associated with settlements of equity compensation awards.
Previous report
As discussed in Note 20 (Commitments and Contingencies) to our condensed consolidated financial statements included in this Quarterly Report, we may in the future be required to make payments under the TRA.
Previous report
Estimation of Fair Values
Previous report
Investments at Fair Value – External Strategic Managers: The fair values of our Investments in External Strategic Managers were determined using significant unobservable inputs. The assumptions used could have a material impact on the valuation of these assets and include our best estimates of expected future cash flows and an appropriate discount rate. Changes in the estimated fair values of these assets may have a material impact on our results of operations in any given period, as any decreases in these assets have a corresponding negative impact on our GAAP results of operations in the period in which the changes occur.
Previous report
TRA Liability: We carry a portion of our TRA liability at fair value, as it is a contingent consideration related to the Business Combination. The valuation of the TRA liability is sensitive to our expectation of future cash savings that we may ultimately realize related to our tax goodwill and other intangible assets deductions. We then apply a discount rate that we believe is appropriate given the nature of and expected timing of payments of the liability. A decrease in the discount rate assumption would result in an increase in the fair value estimate of the liability, which would have a correspondingly negative impact on our US GAAP results of operations.
Previous report
However, payments under the TRA are ultimately only made to the extent we realize the offsetting cash savings on our income taxes due to the tax goodwill and other intangibles deduction.
Previous report
Earn-out Liabilities: The fair values of our Business Combination Earn-out Securities liability, our EEA earn-out liability, our Envoi earn-out consideration liability, our Envoi earn-out growth consideration liability, and our Kontora earn-out liability were determined using various significant unobservable inputs. The assumptions used could have a material impact on the valuation of these liabilities, and include our best estimate of expected volatility, expected holding periods and appropriate discounts for lack of marketability. Changes in the estimated fair values of these liabilities may have material impacts on our results of operations in any given period, as any increases in these liabilities have a corresponding negative impact on our US GAAP results of operations in the period in which the changes occur. See Note 2 (Summary of Significant Accounting Policies) for additional details.
Previous report
Equity-based Compensation: The Company issued stock grants to certain employees as bonus compensation. The fair value of the grants was determined based on the share price on the date of issuance.
Previous report
Fair Value of Assets Acquired and Liabilities Assumed in Business Combinations: The determination of the fair values of assets acquired and liabilities assumed in business combinations involves significant judgment and estimation. We utilize various valuation techniques, including discounted cash flow approach and market approach, to assess the fair value of identifiable assets and liabilities. These valuation methodologies incorporate assumptions regarding future cash inflows and outflows, discount rates, useful lives of assets, market multiples, and the realization of tax assets. Additionally, we allocate the purchase price consideration among identifiable assets acquired and liabilities assumed, considering any contingent consideration. The realization of tax assets is assessed based on historical performance, future taxable income projections, and applicable tax laws and regulations. Uncertainties and contingencies inherent in the fair value measurement process are carefully evaluated and disclosed as appropriate to ensure transparency in our financial reporting.
Previous report
Fair Value of Reporting Units for Goodwill Impairment Testing: In assessing goodwill impairment, we determine the fair value of reporting units using established valuation methodologies, primarily the discounted cash flow approach and market approach. The income approach involves discounting future cash flows generated by the reporting units, considering key assumptions such as revenue growth rates, discount rates, terminal value calculations, and market multiples. Goodwill is allocated to reporting units, and impairment is evaluated by comparing the carrying amount of goodwill to the fair value of the reporting units. We conduct regular assessments for triggering events or changes in circumstances that may necessitate goodwill impairment testing. These disclosures ensure stakeholders understand the methodologies, assumptions, and sensitivities involved in our goodwill impairment testing process.
Showing the first 40 of 47 passages. Open the source sections for the rest.
Reworded paragraphs (51)
Previous wording
In this section, unless the context otherwise requires, references to “AlTi,” “we,” “us,” and “our” are intended to mean the business and operations of AlTi and its consolidated subsidiaries. The following discussion analyzes the financial condition and results of operations of AlTi and should be read in conjunction with the condensed consolidated audited financial statements and the related notes included in this Quarterly Report.
Current wording
In this section, unless the context otherwise requires, references to “AlTi,” “we,” “us,” and “our” are intended to mean the business and operations of AlTi and its consolidated subsidiaries. The following discussion analyzes the financial condition and results of operations of AlTi and should be read in conjunction with the condensed consolidated unaudited financial statements and the related notes included in this Quarterly Report.
Previous wording
AlTi is an independent global wealth manager providing entrepreneurs, multi-generational families, institutions, and emerging next-generation leaders with fiduciary advisory services. We manage or advise approximately $89.2 billion in combined assets as of September 30, 2025. We have approximately 490 professionals operating in 19 cities in 9 countries across three continents as of September 30, 2025. We provide holistic solutions for our wealth management and Outsourced Chief Investment Officer (“OCIO”) clients through an array of services, including discretionary investment management services, non-discretionary investment advisory services, estate and wealth planning, trust and fiduciary, governance and education, philanthropy and purposeful giving, and family office services. We also provide our wealth management clients with access to alternative investment opportunities, including investments in strategies and asset classes to which they would otherwise likely not be able to gain exposure.
Current wording
AlTi is a global wealth and investment partner to families, foundations and institutions, helping clients activate capital with clarity, bring structure to complexity, and plan with purpose across borders and generations. AlTi combines the breadth of a global firm with the service offering of a family office to deliver solutions designed to meet the full complexity of wealth and capital. We manage or advise approximately $90.1 billion in combined assets as of March 31, 2026. We have approximately 490 professionals operating in 19 cities in 9 countries across three continents as of March 31, 2026. We provide holistic solutions for our UHNW and institutional clients through an array of services, including discretionary investment management services, non-discretionary investment advisory services, estate and wealth planning, trust and fiduciary, governance and education, philanthropy and purposeful giving, and family office services. We also provide our clients with access to alternative investment opportunities, including investments in strategies and asset classes to which they would otherwise likely not be able to gain exposure.
Previous wording
Our services generate a diverse array of revenue streams that fall broadly into four categories: (i) recurring management, advisory, trustee, or administration fees (“management fees”); (ii) performance or incentive fees; (iii) distributions from investments and (iv) other income or fees:
Current wording
The Company generates a diverse array of revenue streams that fall broadly into four categories: (i) recurring management, advisory, trustee, or administration fees (“management fees”); (ii) performance or incentive fees; (iii) distributions from investments and (iv) other income or fees:
Previous wording
•Management / advisory fees are historically more predictable across market conditions than our other revenue sources. These fees are recurring in nature (usually being annual or quarterly fees) and are earned from investment management, investment advisory, trusts, and family office services, as well as from the management of the TIG Arbitrage fund. The recurring nature of these fees is largely underpinned by the client retention rate of wealth management services which means that these fees are also relatively stable.
Current wording
Management, advisory, trustee, and administration fees are the Company’s primary source of revenue, and are historically more predictable across market conditions than our other revenue sources. These fees are recurring in nature (usually being annual or quarterly fees) and are earned from investment management, investment advisory, trusts, and family office services. The recurring nature of these fees is underpinned by the client retention rate of wealth management services which means that these fees are also relatively stable.
Previous wording
Investment management or advisory fees are the primary source of revenue in our operating segment. These fees are generally calculated on the basis of a percentage of the value of each client’s assets (AUM or AUA) and are charged using either an average daily balance or ending balance, quarterly in arrears. Fees from internal fund management and advisory services related to our capital solutions platform are approximately 0.75% to 1.5% of the NAV of the underlying investments.
Current wording
These fees are generally calculated on the basis of a percentage of the value of each client’s assets (AUM or AUA) and are charged using either an average daily balance or ending balance, quarterly in arrears. Fees from internal fund management and advisory services related to our capital solutions platform are approximately 0.75% to 1.5% of the net asset value of the underlying investments.
Previous wording
AUM refers to the market value of all assets that we manage, provide discretionary investment advisory services on, and have execution responsibility for, including both billable assets (on which we charge fees) and non-billable assets (exempt from fees, such as cash and cash equivalents in certain client agreements). AUM also includes assets managed or supervised by operating partner subsidiaries, affiliates, and joint ventures in which the Company holds a majority or minority stake. AUA consists of all assets we oversee and report on, regardless of whether fees are charged. While billable assets are those on which we charge fees, non-billable assets—such as cash and cash equivalents in certain agreed-upon situations, personally owned real estate, and other designated assets—are exempt. Our calculations of AUM and AUA may differ from those used by other wealth managers, and as a result, these measures may not be comparable to similar metrics presented by others in the industry.
Current wording
AUA consists of all assets we are responsible for overseeing and reporting on, but we do not necessarily charge fees on all such assets. Billable assets represent the portion of our assets on which we charge fees. Non-billable assets are exempt from fees and consist of assets such as cash and cash equivalents in certain agreed upon situations, personally owned real estate, and other designated assets. Our calculations of AUM and AUA may differ from the calculation methodologies of other wealth managers and, as a result, this measure may not be comparable to similar measures presented by other wealth managers.
Previous wording
•Incentive or performance fees are comprised primarily of annual performance or incentive fees earned for providing investment management and advisory services within our wealth management business, as well as incentive fees related to the TIG Arbitrage fund. These fees, being performance related, are variable in nature and more susceptible to impact from exogenous factors. As a result, performance and incentive fees provide potential upside to our revenues in the future and, in our view, can be highly accretive to our profitability.
Current wording
Incentive or performance fees are comprised primarily of annual performance or incentive fees which may be earned by providing investment management and advisory as well as fund management activities. It also includes carried interest payments we earn on co-investment. These fees, being performance related, are variable in nature and more susceptible to impact from exogenous factors. As a result, performance and incentive fees provide potential upside to our revenues in the future and, in our view, can be highly accretive to our profitability.
Previous wording
TIG Arbitrage is entitled to receive incentive fees from the assets it manages if certain performance returns have been achieved. These incentive fees range from 15% to 20% of net profits. In compliance with ASC 606, we recognize these fees only when it is probable that a significant revenue reversal will not occur. Our incentive fees are not subject to clawback provisions.
Current wording
Our internally managed TIG Arbitrage fund is entitled to receive incentive fees from the assets it manages if certain performance returns have been achieved. These incentive fees range from 15% to 20% of net profits. In compliance with ASC 606, we recognize these fees only when it is probable that a significant revenue reversal will not occur. Our incentive fees are not subject to clawback provisions.
Previous wording
In selected jurisdictions, certain wealth management clients pay performance or incentive fees, in addition to management fees, if their portfolio achieves returns in excess of an agreed benchmark or hurdle rate. Typically, such fees are paid annually upon crystallization and are not accrued prior to being earned.
Current wording
Wealth and institutional clients in certain jurisdictions may also pay performance or incentive fees if their portfolio achieves returns in excess of an agreed benchmark or hurdle rate. Typically, such fees are paid annually upon crystallization and are not accrued prior to being earned.
Previous wording
•Distributions from investments are generated from the equity interests we have in three external managers. Distributions from each external manager are recorded upon receipt of the distribution. These distributions are generated through our equity interest in the external manager’s management fees and incentive fees. The management fee component of the distributions is recurring in nature, while the incentive portion, which is performance based, is more susceptible to impact from exogenous factors.
Current wording
Distributions from investments are generated from the equity interests we have in three external managers. Distributions from each external manager are recorded upon receipt of the distribution. These distributions are generated through our equity interest in the external manager’s management fees and incentive fees. The management fee component of the distributions is recurring in nature, while the incentive portion, which is performance based, is more susceptible to impact from exogenous factors. Our economic interests in the External Strategic Managers are as follows:
Previous wording
•Other income or fees included primarily transaction fees from businesses we have exited such as brokerage and placement agency services. Transaction fees are generally non-recurring in nature, are typically commission based, and are payable on the successful completion of a transaction.
Current wording
Other income or fees primarily include transaction fees, which are generally non-recurring in nature, are typically commission based, and are received upon the successful completion of a transaction.
Previous wording
(c)Add-back of transaction expenses related to the Business Combination, subsequent acquisitions or divestitures, and issuance of preferred and common stock, including compensation arrangements, legal fees, accounting advisory fees, technology implementation costs, litigation settlements, and M&A-related audit fees among others.
Current wording
(b)Add-back of transaction expenses related to acquisitions or divestitures, including compensation arrangements, legal fees, accounting advisory fees, litigation settlements, and M&A related audit fees among others.
Previous wording
(d)Add-back of the change in unrealized gains/losses related to Investments held at fair value and non-recurring realized gain/losses on sale.
Current wording
(c)Add-back of the change in unrealized gains/losses related to Investments held at fair value.
Previous wording
(e)Add-back of the change in fair value of the earnout liabilities.
Current wording
(d)Add-back of the change in fair value of the earnout liabilities.
Previous wording
(f)Add-back of the change in unrealized gains/losses related primarily to the TRA liability.
Current wording
(e)Add-back of the change in unrealized gains/losses related primarily to the TRA liability.
Previous wording
(g)Add-back of cost to implement organization change to derive cost synergy, including consulting fees, severance charges, technology implementation costs, and bad debt expense related to strategic portfolio realignment.
Current wording
(f)Add-back of cost to implement organization change to derive cost synergy, including consulting fees, severance charges, technology implementation costs, and bad debt expense related to strategic realignment.
Previous wording
(k) Add-back of the change in fair value of Preferred stock tranche liability.
Current wording
(g)Add-back of the change in fair value of Preferred stock tranche liability.
Previous wording
The following table presents the reconciliation of net income as reported in our Condensed Consolidated Statement of Operations to Adjusted Net Income and Adjusted EBITDA for the periods indicated:
Current wording
The following table presents the reconciliation of net income as reported in our Condensed Consolidated Statements of Operations to Adjusted Net Income and Adjusted EBITDA for the periods indicated:
Previous wording
(c)Add-back of transaction expenses related to the Business Combination, subsequent acquisitions or divestitures, and issuance of preferred and common stock, including compensation arrangements, legal fees, accounting advisory fees, litigation settlements, technology implementations, consultancy fees, and M&A-related audit fees among others.
Current wording
(b)Add-back of transaction expenses related to acquisitions or divestitures, including compensation arrangements, legal fees, accounting advisory fees, litigation settlements, and M&A related audit fees among others.
Previous wording
(e)Add-back of the change in unrealized gains/losses related to Investments held at fair value and non-recurring realized gain/losses on sale.
Current wording
(c)Add-back of the change in unrealized gains/losses related to Investments held at fair value.
Previous wording
(f)Add-back of the change in fair value of the earnout liabilities.
Current wording
(d)Add-back of the change in fair value of the earnout liabilities.
Previous wording
(d)Add-back of the change in unrealized gains/losses related primarily to the TRA liability.
Current wording
(e)Add-back of the change in unrealized gains/losses related primarily to the TRA liability.
Previous wording
(g)Add-back of cost to implement organization change to derive cost synergy, including consulting fees, severance charges, technology implementation costs, and bad debt expense related to strategic portfolio realignment.
Current wording
(f)Add-back of cost to implement organization change to derive cost synergy, including consulting fees, severance charges, technology implementation costs, and bad debt expense related to strategic realignment.
Previous wording
(k) Add-back of the change in fair value of Preferred stock tranche liability.
Current wording
(g)Add-back of the change in fair value of Preferred stock tranche liability.
Previous wording
We monitor certain operating metrics that are common to the wealth and asset management industry, which are discussed below.
Current wording
We monitor certain operating metrics that are common to the wealth and asset management industry, as of March 31, 2026, which are discussed below.
Previous wording
Within the Alternatives platform, assets consist of assets managed by TIG Arbitrage (AUM $1.7 billion and $1.7 billion as of September 30, 2025 and December 31, 2024, respectively), and the External Strategic Managers (AUA $5.4 billion and $5.1 billion as of September 30, 2025 and December 31, 2024, respectively).
Current wording
Within the Alternatives platform, assets consist of assets managed by TIG Arbitrage (AUM $1.8 billion and $1.8 billion as of March 31, 2026 and December 31, 2025, respectively), and the External Strategic Managers (AUA $5.3 billion and $5.5 billion as of March 31, 2026 and December 31, 2025, respectively).
Previous wording
The tables below present the change in our total AUM/AUA by strategy and product for our alternatives platform for the three and nine months ended September 30, 2025 and September 30, 2024:
Current wording
The tables below present the change in our total AUM/AUA by strategy and product for our alternatives platform for the three months ended March 31, 2026 and March 31, 2025:
Previous wording
Depreciation and Amortization Expenses: Fixed assets are depreciated or amortized on a straight-line basis, with the corresponding depreciation and amortization expense included within depreciation and amortization in the Company’s Condensed Consolidated Statement of Operations. The estimated useful life for leasehold improvements is the lesser of the remaining lease term or the life of the asset, while other fixed assets are generally depreciated over a period of three to fifteen years.
Current wording
Depreciation and Amortization Expenses: Fixed assets and intangible assets are depreciated and amortized on a straight-line basis, with the corresponding depreciation and amortization expense included within depreciation and amortization in the Company’s Condensed Consolidated Statements of Operations. The estimated useful life for leasehold improvements is the lesser of the remaining lease term or the life of the asset, while other fixed assets are generally depreciated over a period of three to fifteen years.
Previous wording
Management / advisory fees. Management and advisory fees for the three months ended September 30, 2025, increased by $3.6 million compared to the three months ended September 30, 2024. This increase was driven by higher fees due to increases in our AUM both domestically and internationally amid strong market performance. These gains were partially offset by lower management fees in the TIG Arbitrage strategy due to fund outflows.
Current wording
Management / advisory fees. Management and advisory fees for the three months ended March 31, 2026, increased by $7.1 million compared to the three months ended March 31, 2025. This increase was driven by higher fees due to increases in our AUM largely attributable to our acquisition of Kontora in Q2 of 2025 and strong portfolio performance. These gains were partially offset by lower management fees in the TIG Arbitrage strategy due to fund outflows.
Previous wording
Incentive fees. For the three months ended September 30, 2025, incentive fees increased by $2.3 million compared to the three months ended September 30, 2024. This increase is attributable to fund redemptions resulting in crystallized incentive fees in the TIG Arbitrage strategy for the current year, which led to higher crystallized incentive fees in the current period.
Current wording
Incentive fees. For the three months ended March 31, 2026, incentive fees decreased by $0.2 million compared to the three months ended March 31, 2025. This decrease is attributable to less fund redemptions resulting in lower crystallized incentive fees in the TIG Arbitrage strategy for the current year as well as fee true-ups occurring in the first quarter, which led to lower crystallized incentive fees in the current period.
Previous wording
Distributions from investments. Distributions from investments for the three months ended September 30, 2025 decreased by $0.5 million compared to the three months ended September 30, 2024. This decrease was primarily due to lower distributions related to management fees in the Asian Credit and Special Situations and European Equities strategies and partially offset by higher distributions from the Real Estate Bridge Lending Strategy.
Current wording
Distributions from investments. Distributions from investments for the three months ended March 31, 2026 increased by $9.1 million compared to the three months ended March 31, 2025. This increase was primarily due to higher distributions related to incentive fees in the European Equities strategy and partially offset by lower distributions from the Real Estate Bridge Lending Strategy and Asian Credit and Special Situations strategies.
Previous wording
Other fees / income. Other fees and income for the three months ended September 30, 2025 was relatively flat compared to the three months ended September 30, 2024 with a slight decrease of $16.0 thousand related to lower fees.
Current wording
Other fees / income. Other fees and income for the three months ended March 31, 2026 was relatively flat compared to the three months ended March 31, 2025 with a slight increase of $25.0 thousand related to higher fees related to one-off arrangements.
Previous wording
Compensation expense. Compensation expense for the three months ended September 30, 2025 increased by $3.3 million compared to the three months ended September 30, 2024. This increase was primarily due to higher compensation costs tied to acquisition driven-compensation and benefits, acquisition-related earn-outs, new equity grants, and organizational streamlining initiatives that continue to be undertaken in 2025.
Current wording
Compensation expense. Compensation expense for the three months ended March 31, 2026 increased by $15.9 million compared to the three months ended March 31, 2025. This increase was primarily due to higher compensation costs tied to acquisition driven compensation and benefits, acquisition-related earn-outs, new equity grants, management restructuring expenses, and organizational streamlining initiatives that continue to be undertaken in 2026.
Previous wording
Non-compensation expense. Non-compensation expenses for the three months ended September 30, 2025 increased by $21.1 million as compared to the three months ended September 30, 2024, primarily driven by a $4.6 million increase in one-time and transaction related professional fees and a $16.3 million increase in general, administrative and other costs primarily due to non-recurring bad debt and redress provisions.
Current wording
Non-compensation expense. Non-compensation expenses for the three months ended March 31, 2026 increased by $2.4 million as compared to the three months ended March 31, 2025, primarily driven by a $3.3 million increase in general, administrative and other costs primarily due to negative FX adjustments, higher directors’ fees, and other miscellaneous expenses. This was partially offset by lower bad debt expenses when compared to the prior year.
Previous wording
The Company’s effective tax rate was (39.1)% for the three months ended September 30, 2025 compared to 7.8% for three months ended September 30, 2024. The effective tax rate for the three months ended September 30, 2024 differed from the statutory U.S. corporate tax rate primarily due to the tax impact of mark-to-market losses associated with contingent liabilities, equity consideration in the Business Combination, and nondeductible professional fees incurred in connection with the Business Combination. The effective tax rate for the three months ended September 30, 2025 differed from the statutory U.S. corporate tax rate primarily due to the portion of income allocated to noncontrolling interest, state and local taxes, and the impact of a full valuation allowance on the Company’s deferred tax assets, including those generated in the Company’s subsidiaries in the U.S. and the U.K and its investment in Umbrella.
Current wording
The Company’s effective tax rate was (0.5)% for the three months ended March 31, 2026 compared to 35.9% for three months ended March 31, 2025. The effective tax rate for the three months ended March 31, 2025 differed from the statutory U.S. corporate tax rate primarily due to the tax impact of mark-to-market losses associated with contingent liabilities, equity consideration in the Business Combination, and nondeductible professional fees incurred in connection with the Business Combination. The effective tax rate for the three months ended March 31, 2026 differed from the statutory U.S. corporate tax rate primarily due to the portion of income allocated to noncontrolling interest, state and local taxes, and the impact of a full valuation allowance on many of the Company’s deferred tax assets, including those generated at the Company, in certain of the Company’s U.S. and non-U.S. subsidiaries and its investment in Umbrella.
Previous wording
The following tables and discussion summarize our Condensed Consolidated Statement of Cash Flows by activity attributable to AlTi for the periods indicated. Negative amounts represent an outflow or use of cash.
Current wording
The following tables and discussion summarize our Condensed Consolidated Statements of Cash Flows by activity attributable to AlTi for the periods indicated. Negative amounts represent an outflow or use of cash.
Previous wording
Cash and cash equivalents decreased by $28.5 million during the nine months ended September 30, 2025 primarily due to the Company’s net operating activities during the period, partially offset by the Company’s net investing and financing activities during the period.
Current wording
Cash and cash equivalents decreased by $1.4 million during the three months ended March 31, 2026 primarily due to the Company’s net financing activities during the period, partially offset by the Company’s net operating activities during the period.
Previous wording
Our cash inflows from operating activities are comprised of cash collected through management and advisory fees, incentive fees, distributions from investments, and other income/fees. Cash outflows primarily include operating expenses, with the most significant components being compensation and benefits and professional fees. Our net operating cash outflow of $53.5 million for the nine months ended September 30, 2025, was primarily driven by the Company’s net operating loss from continuing operations for the period, as operating expenses exceeded revenues, as well as a decrease in Accrued compensation and profit sharing of $14.8 million.
Current wording
Our cash inflows from operating activities are comprised of cash collected through management and advisory fees, incentive fees, distributions from investments, and other income/fees. Cash outflows primarily include operating expenses, with the most significant components being compensation and benefits and professional fees. Our net operating cash inflow of $5.3 million for the three months ended March 31, 2026, was primarily driven by a decrease in Fees receivable of $31.1 million and partially offset by a decrease in Accrued compensation and profit sharing of $25.6 million.
Previous wording
Our net operating cash outflow of $16.4 million for the nine months ended September 30, 2024, was primarily driven by the Company’s net operating loss from continuing operations for the period, as operating expenses exceeded revenues, as well as a decrease in Accrued compensation and profit sharing of $39.4 million.
Current wording
Our net operating cash outflow of $30.4 million for the three months ended March 31, 2025, was primarily driven by the Company’s net operating loss from continuing operations for the period, as operating expenses exceeded revenues, as well as a decrease in Accrued compensation and profit sharing of $22.7 million.
Previous wording
Net cash provided by investing activities of $13.2 million during the nine months ended September 30, 2025, was driven primarily by the proceeds received of $20.4 million from the sale of an equity method investment, partially offset by the acquisition of Kontora, net of cash acquired of $6.6 million.
Current wording
Net cash provided by investing activities of $19.8 million during the three months ended March 31, 2025, was driven primarily by the proceeds received of $20.4 million from the sale of an equity method investment.
Showing the first 40 of 51 pairs. Open the source sections for the rest.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
AUM refers to the market value of all assets that we manage, provide discretionary investment advisory services on, and have execution responsibility for. Although we have investment responsibility for AUM, we include both billable (assets charged fees) and non-billable assets (assets exempt from fees) in our AUM calculation (e.g., we have agreements with certain clients under which we do not bill on certain securities or cash and cash equivalents held within their portfolios). AUM includes the value of all assets managed or supervised by operating partner subsidiaries, affiliates, and joint ventures in which the Company holds either a majority or minority stake.
Current report — wording carried from elsewhere
Other income or fees primarily include transaction fees, which are generally non-recurring in nature, are typically commission based, and are received upon the successful completion of a transaction.
Current report — wording carried from elsewhere
Consolidated Results of Operations – For the Three Months Ended March 31, 2026 Compared to the Three Months Ended March 31, 2025
Current report — wording carried from elsewhere
For the Three Months Ended March 31, 2026 Compared to the Three Months Ended March 31, 2025
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
Management / advisory fees. Management and advisory fees for the nine months ended September 30, 2025, increased by $9.3 million compared to the nine months ended September 30, 2024. This increase was driven by higher fees due to rising AUM amounts year over year. These gains were partially offset by lower management fees in the TIG Arbitrage strategy due to fund outflows.
Previous report — wording carried elsewhere
Compensation expense. Compensation expense for the nine months ended September 30, 2025 increased by $20.3 million compared to the nine months ended September 30, 2024. This increase was primarily due to higher compensation costs tied to acquisition-driven compensation and benefits, acquisition-related earn-outs and new equity grants and to organizational streamlining initiatives that continue to be undertaken in 2025.
Previous report — wording carried elsewhere
The Company’s effective tax rate was (20.4)% for the nine months ended September 30, 2025 compared to 9.1% for nine months ended September 30, 2024. The effective tax rate for the nine months ended September 30, 2024 differed from the statutory U.S. corporate tax rate primarily due to the tax impact of mark-to-market losses associated with contingent liabilities, equity consideration in the Business Combination, and nondeductible professional fees incurred in connection with the Business Combination. The effective tax rate for the nine months ended September 30, 2025 differed from the statutory U.S. corporate tax rate primarily due to the portion of income allocated to noncontrolling interests, state and local taxes, and the impact of a full valuation allowance on the Company’s deferred tax assets, including those generated in the Company’s subsidiaries in the U.S. and the U.K and its investment in Umbrella.