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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _________

Commission file number 001-40103

AlTi Global, Inc.

(Exact name of registrant as specified in its charter)


Delaware			92-1552220
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

22 Vanderbilt Avenue, 27th Floor New York, New York			10017
(Address of Principal Executive Offices)			(Zip Code)

(212) 396-5900

(Registrant's telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

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


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A common stock, par value $0.0001 per share	ALTI	Nasdaq Capital Market

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 ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files). Yes ☒ No ☐

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.


Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☒

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. ☐

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

The registrant had outstanding 101,543,149 shares of Class A Common Stock (as defined herein) and 45,110,224 shares of Class B Common Stock (as defined herein) as of August 7, 2025.

Table of Contents


Part I Financial Information			8

Item 1. Financial Statements (Unaudited)			8

Condensed Consolidated Statement of Financial Position (Unaudited)			9

Condensed Consolidated Statement of Operations (Unaudited)			10

Condensed Consolidated Statement of Comprehensive Income (Loss) (Unaudited)			11

Condensed Consolidated Statement of Changes in Mezzanine Equity and Shareholders’ Equity (Unaudited)			12

Condensed Consolidated Statement of Cash Flows (Unaudited)			16

Notes to Condensed Consolidated Financial Statements (Unaudited)			18

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			82

Item 3. Quantitative and Qualitative Disclosures about Market Risk			103

Item 4. Controls and Procedures			104

Part II Other Information			107

Item 1. Legal Proceedings			107

Item 1A. Risk Factors			107

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			107

Item 3. Defaults Upon Senior Securities			107

Item 4. Mine Safety Disclosures			107

Item 5. Other Information			107

Item 6. Exhibits			108

Signatures			109

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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 attached as Exhibit 2.1 to our Annual Report on Form 10-K filed March 17, 2025 (the “Annual Report”).

•“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.

•“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.

•“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.

•“Cayman Islands Companies Act” means the Cayman Islands Companies Act (as revised) of the Cayman Islands, as the same may be amended from time to time.

•“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.

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•“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.

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

•“Domestication” means the continuation of Cartesian by way of domestication into a Delaware corporation, with the ordinary shares of Cartesian becoming shares of common stock of the Delaware corporation under the applicable provisions of the Cayman Islands Companies Act and the DGCL; the term includes all matters and necessary or ancillary changes in order to effect such Domestication, including the adoption of the Company’s certificate of incorporation consistent with the DGCL and changing the name and registered office of Cartesian.

•“EEA” means East End Advisors, LLC.

•“Envoi” means Envoi, LLC.

•“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.

•“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.

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•“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 that includes the Company’s public and private real estate, and co-investment business.

•“LRA” means LXi REIT Advisors Limited.

•“LXi” means LXi REIT plc.

•“Managed Funds” means mutual funds, exchange traded funds, hedge funds, private equity, real estate or other funds.

•“Nasdaq” means the Nasdaq Capital Market.

•“NAV” means net asset value.

•“PIPE Investors” means the subscribers that agreed to purchase shares of Class A Common Stock at the Closing pursuant to the private placements, including without limitation, as reflected in the subscription agreements between Cartesian and each of the PIPE Investors.

•“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.

•“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.

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•“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 that consists of the Company’s investment management and advisory services, trusts and administrative services, family office services, and the Company’s alternatives platform.

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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 Quarterly Report on Form 10-Q for the period ended June 30, 2025 (the “Quarterly 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 Quarterly Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Exchange Act, which reflect our current views with respect to, among other things, future events, operations and financial performance. You can identify these forward-looking statements by the use of forward-looking words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “projects,” “intends,” “plans,” “estimates,” “anticipates,” “target” or the negative version of those words, other comparable words or other statements that do not relate to historical or factual matters. The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. Such forward-looking statements are subject to various risks, uncertainties (some of which are beyond our control) or other assumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Some of these factors are described under the headings “Part II. Item 1A. Risk Factors” and “Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.” These factors should not be construed as exhaustive and should be read in conjunction with the risk factors and other cautionary statements that are included in this Quarterly Report and in our other periodic filings. If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from those indicated in these forward-looking statements. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. Therefore, you should not place undue reliance on these forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made. We do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

AlTi Global, Inc.

Condensed Consolidated Statement of Financial Position (Unaudited)


(Dollars in Thousands, except share data)	As of June 30, 2025		As of December 31, 2024

Assets
Cash and cash equivalents	$	42,414	$	65,494
Fees receivable, net (includes $767 and $920 of related party receivables, respectively)	38,661		33,616



Investments at fair value	148,018		148,674
Equity method investments	5,471		27,517

Intangible assets, net of accumulated amortization	480,726		469,563
Goodwill	386,878		377,842
Operating lease right-of-use assets	49,979		50,436

Deferred tax asset, net	29,484		21,505
Other assets, net	58,847		59,797
Contingent consideration receivable	2,293		1,389

Total assets	$	1,242,771	$	1,255,833

Liabilities
Accounts payable and accrued expenses	$	28,893	$	33,976
Accrued compensation and profit sharing	34,683		60,074
Accrued member distributions payable	3,260		3,355

Earn-out liabilities, at fair value	58,448		64,639

TRA liability (includes $9,822 and $9,378 at fair value, respectively)	30,382		28,765
Preferred stock tranche liability, at fair value	2,150		3,940

Earn-in consideration payable	—		932
Operating lease liabilities	64,338		63,055

Debt, net of unamortized deferred financing cost	673		—
Deferred tax liability, net	14,785		10,977

Other liabilities, net	14,972		15,925

Total liabilities	$	252,584	$	285,638

Commitments and contingencies (Note 19)

Mezzanine Equity
Series A Redeemable Cumulative Convertible Preferred stock, $0.0001 par value, 795,947 shares authorized, 164,914 shares issued and outstanding at June 30, 2025, 140,000 shares authorized, 140,000 issued and outstanding at December 31, 2024	164,914		142,858
Series C Redeemable Cumulative Convertible Preferred stock, $0.0001 par value, 150,000 shares authorized, 150,000 shares issued and outstanding at June 30, 2025, and 150,000 shares authorized, 150,000 issued and outstanding at December 31, 2024	168,681		160,808

Shareholders’ Equity

Common stock, Class A, $0.0001 par value, 875,000,000 authorized, 101,567,545 and 93,686,980 issued and outstanding, respectively	10		9
Common stock, Class B, $0.0001 par value, 150,000,000 authorized, 45,110,224 and 46,138,876 issued and outstanding, respectively	—		—
Common stock, Class C Non-Voting, $0.0001 par value, 9,000,000 authorized, 0 and 0 issued and outstanding, respectively	—		—
Treasury stock, at cost: 0 and 0 shares as of June 30, 2025 and December 31, 2024, respectively	—		—
Additional paid-in capital	665,605		652,857
Retained earnings (accumulated deficit)	(320,768)		(296,561)


Accumulated other comprehensive income (loss)	6,960		(1,569)
Total AlTi Global, Inc. shareholders’ equity	685,402		658,402
Non-controlling interest in subsidiaries	304,785		311,793
Total shareholders’ equity	990,187		970,195
Total liabilities, mezzanine equity, and shareholders’ equity	$	1,242,771	$	1,255,833

The accompanying notes are an integral part of these condensed consolidated financial statements.

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AlTi Global, Inc.

Condensed Consolidated Statement of Operations (Unaudited)


	For the Three Months Ended				For the Six Months Ended
(Dollars in Thousands)	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Revenue
Management/advisory fees	$	49,989	$	47,029	$	95,639	$	93,253
Incentive fees	454		53		550		216
Distributions from investments	2,664		2,240		14,874		6,410
Other income/fees	20		131		27		386
Total income	53,127		49,453		111,090		100,265
Operating Expenses
Compensation and employee benefits	44,601		38,893		86,875		78,450
Systems, technology and telephone	5,241		4,809		10,789		9,123
Sales, distribution and marketing	1,128		1,202		1,811		1,967
Occupancy costs	3,424		4,025		7,190		7,502
Professional fees	18,386		7,602		29,337		18,972
Travel and entertainment	1,008		1,326		1,928		2,737
Depreciation and amortization	4,619		3,813		8,968		6,380
General, administrative and other	4,867		2,738		7,828		4,757
Total operating expenses	83,274		64,408		154,726		129,888
Total operating income (loss)	(30,147)		(14,955)		(43,636)		(29,623)
Other Income (Expenses)
Impairment loss on goodwill and intangible assets	—		(695)		—		(695)
Gain (loss) on investments	4,121		11,357		(2,074)		7,696
Gain (loss) on TRA	(748)		389		(444)		6,322
Gain (loss) on preferred stock tranche liability	(750)		—		1,790		—


Gain (loss) on earnout liabilities	(7,385)		(1,945)		5,198		37,509
Interest expense	(2)		(4,851)		(153)		(9,691)
Interest income	305		563		822		823
Other income (expense)	(146)		13		(749)		(17)
Income (loss) before taxes	(34,752)		(10,124)		(39,246)		12,324
Income tax (expense) benefit	4,709		756		6,321		393
Net income (loss)	(30,043)		(9,368)		(32,925)		12,717
Net (loss) income attributed to non-controlling interests in subsidiaries	(5,681)		(2,965)		(10,473)		(10,569)
Net income (loss) attributable to AlTi Global, Inc.	$	(24,362)	$	(6,403)	$	(22,452)	$	23,286



Net Income (Loss) Per Share
Basic	$	(0.33)	$	(0.18)	$	(0.37)	$	0.16
Diluted	$	(0.33)	$	(0.18)	$	(0.37)	$	0.00
Weighted Average Shares of Class A Common Stock Outstanding
Basic	99,915,503		71,738,190		97,413,553		69,228,309
Diluted	99,915,503		71,738,190		97,413,553		119,355,038

The accompanying notes are an integral part of these condensed consolidated financial statements.

AlTi Global, Inc.

Condensed Consolidated Statement of Comprehensive Income (Loss) (Unaudited)


	For the Three Months Ended		For the Six Months Ended
(Dollars in Thousands)	June 30, 2025	June 30, 2024	June 30, 2025	June 30, 2024
Net income (loss)	(30,043)	(9,368)	(32,925)	12,717
Other Comprehensive Income (Loss)

Foreign currency translation adjustments	8,938	1,060	12,187	(2,929)
Other comprehensive income (loss)	(1)	299	(25)	211
Total comprehensive income (loss)	(21,106)	(8,009)	(20,763)	9,999
Other loss attributed to non-controlling interests in subsidiaries	(2,953)	(2,562)	(6,906)	(12,202)
Comprehensive income (loss) attributable to AlTi Global, Inc.	(18,153)	(5,447)	(13,857)	22,201

The accompanying notes are an integral part of these condensed consolidated financial statements.

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AlTi Global, Inc.

Condensed Consolidated Statement of Changes in Mezzanine Equity and Shareholders’ Equity (Unaudited)


	Mezzanine Equity						Shareholders’ Equity
(Dollars in Thousands, except share data)	Series A Preferred Stock			Series C Preferred Stock			Class A Common Stock			Class B Common Stock			Treasury stock		Additional paid-in-capital		Retained earnings (accumulated deficit)		Accumulated other comprehensive income		Non-controlling interest in subsidiaries		Total Shareholders’ Equity
	Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount
Balance at March 31, 2025	140,000	144,618		150,000	164,761		97,128,692	$	9	45,110,224	$	—	$	(2,838)	$	654,588	$	(296,743)	$	759	$	307,548	$	972,702

Net income (loss)	—	—		—	—		—	—		—	—		—		—		(24,362)		—		(5,681)		(30,043)
Currency translation adjustment	—	—		—	—		—	—		—	—		—		—		—		6,209		2,729		8,938

Other comprehensive income	—	—		—	—		—	—		—	—		—		—		—		—		(1)		(1)
Tax allocation to equity holders	—	—		—	—		—	—		—	—		—		—		337		(8)		163		492
Sale of investment	—	—		—	—		—	—		—	—		—		—		—		—		—		—


Preferred share accrued dividend	6,443	1,825		—	3,920		1,523,289	1		—	—		—		(5,744)		—		—		—		2
Preferred stock tranche issuance	18,471	18,471		—	—		—	—		—	—		—		—		—		—		—		18,471
Issuance of shares for business combination	—	—		—	—		618,453	—		—	—		—		—		—		—		27		27
Share based compensation	—	—		—	—		2,297,111	—		—	—		—		16,761		—		—		—		16,761

Repurchase of shares	—	—		—	—		—	—		—	—		2,838		—		—		—		—		2,838






Other	—	—		—	—		—	—		—	—		—		—		—		—		—		—
Balance at June 30, 2025	164,914	$	164,914	150,000	$	168,681	101,567,545	$	10	45,110,224	$	—	$	—	$	665,605	$	(320,768)	$	6,960	$	304,785	$	990,187

The accompanying notes are an integral part of these condensed consolidated financial statements.

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AlTi Global, Inc.

Condensed Consolidated Statement of Changes in Mezzanine Equity and Shareholders’ Equity (Unaudited)


	Mezzanine Equity						Shareholders’ Equity
(Dollars in Thousands, except share data)	Series A Preferred Stock			Series C Preferred Stock			Class A Common Stock			Class B Common Stock			Treasury stock		Additional paid-in-capital		Retained earnings (accumulated deficit)		Accumulated other comprehensive income		Non-controlling interest in subsidiaries		Total Shareholders’ Equity
	Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount
Balance at January 1, 2025	140,000	142,858		150,000	160,808		93,686,980	$	9	46,138,876	$	—	$	—	$	652,857	$	(296,561)	$	(1,569)	$	311,793	$	970,195

Net income (loss)	—	—		—	—		—	—		—	—		—		—		(22,452)		—		(10,473)		(32,925)
Currency translation adjustment	—	—		—	—		—	—		—	—		—		—		—		8,612		3,575		12,187

Other comprehensive income	—	—		—	—		—	—		—	—		—		—		—		(17)		(8)		(25)
Tax allocation to equity holders	—	—		—	—		—	—		—	—		—		—		(1,755)		(66)		2,229		408
Sale of investment	—	—		—	—		—	—		—	—		—		—		—		—		234		234


Preferred share accrued dividend	6,443	3,585			7,873		1,523,289	1		—	—		—		(11,457)		—		—		—		2
Preferred stock tranche issuance	18,471	18,471		—	—		—	—		—	—		—		—		—		—		—		18,471
Issuance of shares for business combination	—	—		—	—		1,003,732	—		—	—		—		1,298		—		—		27		1,325
Share based compensation	—	—		—	—		4,324,892	—		—	—		—		21,320		—		—		—		21,320




TRA Exchange	—	—		—	—		1,028,652	—		(1,028,652)	—		—		1,587		—		—		(2,592)		(1,005)




Balance at June 30, 2025	164,914	$	164,914	150,000	$	168,681	101,567,545	$	10	45,110,224	$	—	$	—	$	665,605	$	(320,768)	$	6,960	$	304,785	$	990,187

The accompanying notes are an integral part of these condensed consolidated financial statements.

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AlTi Global, Inc.

Condensed Consolidated Statement of Changes in Mezzanine Equity and Shareholders’ Equity (Unaudited)


	Mezzanine Equity			Shareholders’ Equity
(Dollars in Thousands, except share data)	Series C Preferred Stock			Class A Common Stock			Class B Common Stock				Additional paid-in-capital		Retained earnings (accumulated deficit)		Accumulated other comprehensive income		Non-controlling interest in subsidiaries		Total Shareholders’ Equity
	Shares	Amount		Shares	Amount		Shares		Amount
Balance at March 31, 2024	115,000	115,093		71,064,411	$	7	48,265,195		$	—	$	556,197	$	(163,838)	$	6,299	$	387,405	$	901,163

Net income (loss)	—	—		—	—		—		—		—		(6,403)		—		(2,965)		(9,368)
Currency translation adjustment	—	—		—	—		—		—		—		—		778		282		1,060

Other comprehensive income	—	—		—	—		—		—		—		—		179		120		299
Payment for partner’s tax	—	—		—	—		—		—		(1,853)		—		—		—		(1,853)
Issuance of preferred shares, net of issuance costs	35,000	31,642		—	—		—		—		—		—		—		—		31,642
Preferred share dividend		6,707		—	—		—		—		(6,707)		—		—		—		—
Issuance of shares for business combination	—	—		—	—		—		—		1,634		—		—		—		1,634
Share based compensation	—	—		—	—		—		—		6,450		—		—		—		6,450
Shares issued to employees on vesting of equity awards	—	—		816,542	—		—		—		—		—		—		—		—
TRA Exchange	—	—		286,242	—		(286,242)	—	—		(3,243)		—		—		(1,343)		(4,586)
FOS deconsolidation	—	—		—	—		—		—		—		—		(306)		(203)		(509)
LXi deconsolidation	—	—		—	—		—		—		—		—		(8)		8		—
Issuance of Constellation warrants	—	—		—	—		—		—		523		—		—		—		523
Balance at June 30, 2024	150,000	$	153,442	72,167,195	$	7	47,978,953		$	—	$	553,001	$	(170,241)	$	6,942	$	383,304	$	926,455

The accompanying notes are an integral part of these condensed consolidated financial statements.

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AlTi Global, Inc.

Condensed Consolidated Statement of Changes in Mezzanine Equity and Shareholders’ Equity (Unaudited)


	Mezzanine Equity			Shareholders’ Equity
(Dollars in Thousands, except share data)	Series C Preferred Stock			Class A Common Stock			Class B Common Stock				Additional paid-in-capital		Retained earnings (accumulated deficit)		Accumulated other comprehensive income		Non-controlling interest in subsidiaries		Total Shareholders’ Equity
	Shares	Amount		Shares	Amount		Shares		Amount
Balance at January 1, 2024	—	—		65,110,875	$	7	53,219,713		$	—	$	536,509	$	(193,527)	$	9,155	$	430,349	$	782,493

Net income (loss)	—	—		—	—		—		—		—		23,286		—		(10,569)		12,717
Currency translation adjustment	—	—		—	—		—		—		—		—		(1,211)		(1,718)		(2,929)

Other comprehensive income	—	—		—	—		—		—		—		—		127		84		211
Payment for partner’s tax	—	—		—	—		—		—		(1,882)		—		—		—		(1,882)
Issuance of preferred shares, net of issuance costs	150,000	142,800		—	—		—		—		—		—		—		—		142,800
Preferred share dividend		10,642		—	—		—		—		(10,642)		—		—		—		—
Issuance of shares for business combination	—	—		—	—		—		—		948		—		—		—		948
Share based compensation	—	—		—	—		—		—		9,074		—		—		—		9,074
Shares issued to employees on vesting of equity awards	—	—		1,815,560	—		—		—		(4,037)		—		—		—		(4,037)
TRA Exchange	—	—		5,240,760	—		(5,240,760)	—	—		20,028		—		—		(34,092)		(14,064)
FOS deconsolidation	—	—		—	—		—		—		—		—		(306)		(203)		(509)
LXi deconsolidation	—	—		—	—		—		—		—		—		(823)		(547)		(1,370)
Issuance of Constellation warrants	—	—		—	—		—		—		3,003		—		—		—		3,003
Balance at June 30, 2024	150,000	$	153,442	72,167,195	$	7	47,978,953		$	—	$	553,001	$	(170,241)	$	6,942	$	383,304	$	926,455

The accompanying notes are an integral part of these condensed consolidated financial statements.

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AlTi Global, Inc.

Condensed Consolidated Statement of Cash Flows (Unaudited)


	For the Six Months Ended
(Dollars in Thousands)	June 30, 2025		June 30, 2024
Cash Flows from Operating Activities
Net income (loss)	$	(32,925)	$	12,717
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	8,968		6,380
Amortization of debt discounts and deferred financing costs	—		841
Unrealized (gain) loss on investments	1,975		2,923
Realized (gain) loss on investments	561		(10,619)
Impairment loss on goodwill and intangible assets	—		695
Fair value (gain) loss on TRA	444		(6,322)

(Income) loss on equity method investments	258		1,046


Fair value (gain) loss on earnout liability	(5,198)		(37,509)
Fair value gain (loss) on preferred stock tranche liability	(1,790)		—
Deferred income tax (benefit) expense	(6,730)		(8,027)
Equity-settled share-based payments	21,324		9,074
Unrealized foreign currency (gains)/losses	—		16



Forgiveness of debt of notes receivable from members	112		106

Cash flows due to changes in operating assets and liabilities
(Increase) decrease in fees receivable	(1,479)		39,485
(Increase) decrease in other assets	5,083		(11,376)
Operating cash flow from operating leases	1,749		2,052
Increase (decrease) in accounts payable and accrued expenses	(14,635)		(16,013)
Increase (decrease) in accrued compensation and profit sharing	(20,789)		(31,607)

Increase (decrease) in other liabilities	(7,046)		468
Other operating activities	—		14
Net cash provided by (used in) operating activities	(50,118)		(45,656)

(Continued on the following page)

Table of Contents

AlTi Global, Inc.

Condensed Consolidated Statement of Cash Flows (Unaudited)


(Continued from the previous page)	For the Six Months Ended
(Dollars in Thousands)	June 30, 2025		June 30, 2024
Cash Flows from Investing Activities


Receipt of payments of notes receivable from members	—		283


Purchases of investments	(28)		(74)




Cash payment for delayed share purchase agreement	—		(1,818)



Acquisition of Kontora, net of cash acquired	(6,556)		—
Acquisition of EEA, net of cash acquired	—		(69,014)
Acquisition of PW, net of cash acquired	—		(1,467)

Sales of investments	289		825
Proceeds from sale of FOS	—		16,683
Proceeds from sale of LXi REIT Advisors	—		32,202
Proceeds from sale of equity method investment	20,449		—
Loss on disposal of intangible assets	(9)		—

Purchases of fixed assets	(806)		(1,274)
Net cash provided by (used in) investing activities	13,339		(23,654)
Cash Flows from Financing Activities
Proceeds from issuance of preferred stock and Constellation Warrants	18,471		150,000


Member contribution (distribution)	—		(5,534)
Payments on term notes and lines of credit	(82)		(53,612)
Borrowings on term notes and lines of credit	—		32,258
Cash payment for earnout	(5,085)		—
Payments of debt issuance costs	—		(1,519)
Taxes paid on net settled share-based compensation awards	—		(4,037)
Tax payments on behalf of Umbrella partners	—		(270)



Payment of preferred stock and Constellation Warrants issuance costs	—		(4,307)


Cash payment of earn-in liability	(1,300)		(754)


Net cash provided by (used in) financing activities	12,004		112,225
Effect of exchange rate changes on cash	1,695		(1,177)
Net increase (decrease) in cash	(23,080)		41,738
Cash and cash equivalents at beginning of the period	65,494		18,246
Cash and cash equivalents at end of the period	$	42,414	$	59,984




Reconciliation of balance sheet cash and cash equivalents to cash flows:
Cash and cash equivalents on balance sheet	$	42,414	$	59,984
Cash and cash equivalents included in Assets held for sale	—		—
Cash and cash equivalents, including cash in Assets held for sale	$	42,414	$	59,984

Supplemental Disclosure of Cash Flow Information
Cash Paid During the Period for:
Income taxes	$	209	$	843
Interest payments on term notes and lines of credit	$	10	$	8,703

The accompanying notes are an integral part of these condensed consolidated financial statements.

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(1)Description of the Business

AlTi is an independent global wealth manager providing entrepreneurs, multi-generational families, institutions, and emerging next-generation leaders with fiduciary advisor services, underscored by a commitment to impact or values-aligned investing. We manage or advise approximately $97.2 billion in combined assets as of June 30, 2025. We have approximately 520 professionals operating in 19 cities in 9 countries across three continents as of June 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.

Separately, we have one internally managed fund strategy and hold stakes in three externally-managed funds in our alternatives platform, with a largely institutional client base.

Capital Structure

The Company has the following classes of shares and other instruments outstanding:

•Class A Common Stock – Shares of Class A Common Stock that are publicly traded. Class A shareholders are entitled to dividends on shares of Class A Common Stock declared by the Company’s board of directors. As of June 30, 2025, the shares of Class A Common Stock represent 64.1% of the total voting power of all shares of Common Stock.

•Class B Common Stock – Shares of Class B Common Stock that are not publicly traded. Class B shareholders are entitled to distributions declared by the Company’s board of directors. The distributions are paid by Umbrella. As of June 30, 2025, the shares of Class B Common Stock represent 28.4% of the total voting power of all shares of Common Stock.

•Series A Preferred Stock – On July 31, 2024, the Company completed the sale (the “Investment”) to Allianz Strategic Investments S.à.r.l., a Luxembourg private limited liability company (“Allianz”) (together with the Investment, the “Allianz Transaction”) of (i) 140,000 shares of Series A Preferred Stock and (ii) 19,318,580.96 shares of Class A Common Stock for an aggregate purchase price equal to $250 million (the “Allianz Closing”) and issued to Allianz warrants (the “Allianz Warrants”) to purchase 5,000,000 shares of Class A Common Stock at an exercise price of $7.40 per share pursuant to an Investment Agreement dated February 22, 2024, by and between the Company and Allianz (the “Allianz Investment Agreement”). The Allianz Warrants are classified as a component of equity in the line item Additional paid-in capital on the Company’s Condensed Consolidated Statement of Financial Position as of June 30, 2025. No Allianz Warrants were exercised during the current reporting period.

•The Series A Preferred Stock will receive cumulative, compounding dividends at a rate of 9.75% per year, subject to annual adjustments based on the stock price of the Class A Common Stock during the fourth quarter of each applicable year (subject to a maximum rate of 9.75%) on the sum of (i) $1,000 per share plus, (ii) once compounded, any compounded dividends thereon ($1,000 per share plus accumulated compounded dividends and accrued but unpaid dividends through any date of determination). Dividends will be paid 50% in shares of Series A Preferred Stock, which will increase the stated value of the issued shares of Series A Preferred Stock, and 50% in shares of Class A Common Stock. The Series A Preferred Stock will also participate with any dividends or distributions declared on the Class A Common Stock.

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

As of June 30, 2025, the Series A Preferred Stock of 164,914 is inclusive of dividends paid in kind as of and is classified under mezzanine equity on the Company’s Condensed Consolidated Statement of Financial Position. An additional 1,523,289 shares of Class A Common Stock were issued to Allianz as part of the 50% dividends paid in kind. The Series A Preferred Stock has no voting rights and is subject to an ownership cap of 24.9% of the aggregate issued and outstanding shares of Class A Common Stock and Class B Common Stock.

In addition, on February 22, 2024, the Company entered into a Supplemental Series A Preferred Stock Investment Agreement with Allianz (the “Supplemental Investment Agreement”), pursuant to which, for purposes of funding one or more strategic international acquisitions by the Company or its subsidiaries, Allianz is permitted, at its option, to purchase up to 50,000 additional shares of Series A Preferred Stock up to an aggregate amount equal to $50 million (the “Allianz Tranche Right”). Additional Series A Preferred Stock issued upon exercise of the Allianz Tranche Right will abide by the same terms and conditions in the Allianz Investment Agreement at a price of $1,000 per share.

In connection with the Allianz Closing, on July 31, 2024 the Company (i) adopted and filed with the Secretary of State of the State of Delaware (x) a certificate of designations for the Series A Preferred Stock setting forth the rights, preferences, privileges and restrictions applicable to the Series A Preferred Stock and (y) an amendment to the Company’s certificate of incorporation to authorize and designate the Company’s Class C Non-Voting Common Stock, par value $0.0001 per share (the “Non-Voting Common Stock”), which was previously approved by the Company’s stockholders, and (ii) entered into an Investor Rights Agreement with Allianz pursuant to which, among other items, Allianz will have the right to nominate two directors to the Company’s board of directors until such time as Allianz ceases to own at least 50% of the initial shares of Class A Common Stock acquired at the Allianz Closing. The Non-Voting Common Stock will be issued to Allianz if the 24.9% ownership cap is triggered.

Also in connection with the Allianz Closing, the Company and AlTi Global Capital, LLC, a wholly-owned subsidiary of the Company, entered into the Fourth Amended and Restated Limited Liability Company Agreement of AlTi Global Capital, LLC (the “Umbrella LLC Agreement”) to create preferred and common units of AlTi Global Capital, LLC that mirror the rights, preferences, privileges and restrictions applicable to the Series A Preferred Stock, which were issued at the Allianz Closing and the Company’s Non-Voting Common Stock, which may be issued in the future to Allianz. The Umbrella LLC Agreement was also amended to reflect the creation of preferred units of AlTi Global Capital, LLC that mirror the rights, preferences, privileges and restrictions applicable to the Series C Preferred Stock previously issued to Constellation.

•Series C Preferred Stock – Shares of Series C Preferred Stock that are not publicly traded and issued in connection with the sale of 150,000 shares of Series C Preferred Stock that occurred in two transactions (the “Transactions”) to Constellation AlTi Investor LLC, an affiliate of Constellation Wealth Capital, LLC (“Constellation”) (collectively, the “Constellation Transaction”), the first of which closed on March 27, 2024, for the sale of 115,000 shares and the second of which closed on May 15, 2024, for the sale of 35,000 shares. The Series C Preferred Stock will receive cumulative, compounding dividends at a rate of 9.75% per year on the aggregate purchase price of $150 million, subject to annual adjustments based on the stock price of the Class A Common Stock during the fourth quarter of each applicable year (subject to a maximum rate of 9.75%) on the sum of (i) $1,000 per share plus, (ii) once compounded, any compounded dividends thereon ($1,000 per share plus accumulated compounded dividends and accrued but unpaid dividends through any date of determination). Dividends will be paid (at the option of the Company) as payment in kind increases in the stated value of the issued shares of Series C Preferred Stock or in cash. The Series C Preferred Stock will also participate with any dividends or distributions declared on the Class A Common Stock. As of June 30, 2025, the 150,000 outstanding

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

shares of Series C Preferred Stock represent 7.5% of the total voting power of all shares. The Series C Preferred Stock is classified under mezzanine equity on the Company’s Condensed Consolidated Statement of Financial Position.

In connection with the Constellation Transaction, the Company issued warrants (the “Constellation Warrants”) to purchase 2,000,000 shares of the Company’s Class A Common Stock at an exercise price of $7.40 per share. On March 27, 2024 and May 15, 2024, the Company completed the initial and additional issuances of Constellation Warrants to purchase 1,533,333 shares and 466,667 shares, respectively, of the Company’s Class A Common Stock. These warrants have been classified as a component of equity in the line item Additional paid-in capital on the Company’s Condensed Consolidated Statement of Financial Position as of June 30, 2025. No Constellation Warrants were exercised during the current reporting period.

AlTi’s capital structure as of June 30, 2025 is reflected below:

FN 1 - AlTi - Updated Structure Chart-3.31.25.jpg

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

The following table presents the number of shares of the Company that were issued and outstanding as of June 30, 2025 and December 31, 2024:


	As of June 30, 2025	As of December 31, 2024
Class A Common Stock	101,567,545	93,686,980
Class B Common Stock	45,110,224	46,138,876
Series A Preferred Stock	164,914	140,000
Series C Preferred Stock	150,000	150,000

Segments

Our business is organized into two operating segments: Wealth & Capital Solutions and International Real Estate. Described below are the segments and the revenue generated by each, which broadly fall into four categories: (i) recurring management, advisory, or administration fees; (ii) performance or incentive fees; (iii) distributions from investments and (iv) other income or fees.

During the third quarter ended September 30, 2024, management commenced a strategic review of the Company’s Real Estate Co-Investment and Fund Management Businesses (the “International Real Estate Businesses”). In addition to evaluating future strategic options for these businesses, management has reviewed how these business should be reported, including whether any changes were needed to the components of our operating segments. We concluded that the International Real Estate Businesses are no longer considered a core part of our forward-looking strategy. Consequently, during 2024 we combined the results of these businesses and presented them in a standalone operating segment, separately from our core businesses. Due to the change in the composition of our segments, prior period data has been recast for comparative purposes. On July 11, 2025, the Company’s board of directors approved a plan to conduct an orderly wind‑down of the International Real Estate Businesses. See Note 21 (Subsequent Events) for further information.

Wealth & Capital Solutions

Overview

Results generated by our Wealth & Capital Solutions segment primarily consist of wealth and investment management and advisory services, trust services, family office services, and the management fees, incentive fees, and distributions from investments received from our interests in internal and external managers of alternative investment strategies (or “Alternatives Platform”). The wealth management client base includes UHNW individuals, families, single-family offices, foundations, and endowments globally, while Alternatives Platform clients are typically institutional. Investment management or advisory fees, incentive fees, and distributions from investments are the primary sources of revenue in our Wealth & Capital Solutions segment. Management fees are generally calculated based on a percentage of the value of billable AUM or AUA (as applicable), while incentive fees are driven by the underlying performance of managed portfolios. As of June 30, 2025 and December 31, 2024, this segment had $87.8 billion and $67.3 billion, respectively, in AUA.

Investment Management and Advisory Services

We diversify our clients’ portfolios across risk factors, geographies, and asset classes, including private equity, private credit, hedge funds, real estate, infrastructure and other assets through highly experienced, and hard to access, third-party managers. Our team uses proprietary methodologies to monitor valuations in each major asset class across dozens of geographies and sectors, and to position portfolios where we believe they will have the best return. In building portfolios, we also consider the need to access funds for unexpected living or funding expenses, thereby seeking to avoid forced selling of assets at inopportune times, and for clients in certain jurisdictions, such as the U.S., we are focused on understanding tax considerations and optimizing for

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

after tax returns. In addition, we offer robust impact investing services that can be delivered across a broad range of asset classes and with investors from all asset levels.

With regard to the unique opportunities that we offer access to, we have established a platform through which we are able to provide clients of our wealth management services access to investments in strategies and asset classes to which they would otherwise likely not be able to gain exposure, including through our private markets partnership with Allianz (for example, because of very high minimum investment thresholds in the underlying funds). We operate a number of such vehicles focused on vintage private equity, credit, real estate, active global managers and hedge fund strategies. The vehicles, by way of example, invest in either a single underlying private equity fund or a portfolio of private equity or other alternative assets funds, in each case, which are managed by access constrained managers we believe, based upon our thorough manager selection processes, will deliver strong risk adjusted performance, in line with their strategy, for our clients. We intend to launch further vintages of such private market vehicles over time to enable our investment management and advisory clients to include an allocation to these alternative funds in their portfolios on a running basis. These private strategies are expected to include traditional as well as innovative and impact investing offerings.

The independence of our investment management and advisory services is important to us and our wealth management and OCIO clients. By independent, we mean that our investment management and advisory services operate independently of any managers or investment product manufacturers (including our own) to which we may allocate or recommend allocating capital. In all cases, each client’s individual objectives and expectations are our primary concern, and we employ an open architecture approach, whereby we seek to find the best investment solutions for our clients in the marketplace. More specifically, we do not receive undisclosed forms of compensation; and our investment decisions and recommendations are made with each client’s individual best interests in mind.

We provide clients with performance reports, detailing the clients’ portfolio performance and comparing such performance to relevant benchmarks or indices. The reporting can also include information encompassing assets that are not in the portfolio managed by AlTi to provide clients a consolidated view of all their assets. We are also able to report on impact performance for those clients interested in tracking impact specific metrics, in addition to their financial performance.

Trust Services

The trust services that we provide within our U.S. wealth service offering aim to ensure our clients’ wealth is preserved, protected, and distributed as intended. As of June 30, 2025, these services are primarily provided from Delaware, which is one of the most well-developed trust legal regimes in the United States. Our trust services include creating or modifying trust instruments and acting as fiduciary in a full, directed or executor capacity.

Family Office Services

Our family office services are tailored outsourced family office solutions and administrative services which we provide primarily to our larger clients. Our family office services cover:

•bookkeeping and back office services;

•private foundation management and grant making;

•oversight of trust administration;

•financial tracking and reporting;

•cash flow management & bill pay; and

•other financial services.

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

We also offer clients estate and wealth planning, family governance and education, and philanthropic and strategic services.

For part of 2024, the Company also had a European trust and private office services business which was deemed non-strategic to the business and was sold on May 8, 2024. See Note 3 (Business Combinations and Divestitures).

Alternatives Platform

Our alternatives platform assists money managers in building their fund management businesses. We have one internally managed fund and stakes in three externally-managed funds. Our internally-managed fund, TIG Arbitrage strategy (“TIG Arbitrage”), is an event-driven fund which has $1.8 billion of AUM as of June 30, 2025. It is managed by our subsidiary TIG Advisors, LLC, an SEC-registered investment advisor. In addition, we have made strategic investments with External Strategic Managers, who manage approximately $5.2 billion of AUM in the aggregate as of June 30, 2025. The strategies of these External Strategic Managers include real estate bridge lending, European long short equities, and Asian credit and special situations. The External Strategic Managers each focus on capital preservation and uncorrelated returns by managing alpha driven investment strategies that align with the needs of a diverse global investor base. As a growth-oriented partner, we work with our fund managers on marketing, business development, and strategy.

In 2024, our services also included back and middle office solutions for the funds. These services were spun out on November 15, 2024, under the name Altaira Strategic Partners which continues to provide services to the TIG Arbitrage strategy, in addition to other funds.

International Real Estate

Overview

Our International Real Estate segment includes our Real Estate Co-Investment and Real Estate Fund Management businesses. As of June 30, 2025, our AUM/AUA in this segment was $9.4 billion.

Consistent with management’s overall view of the core business, and following a strategic review conducted in the third quarter of 2024, it was determined that the businesses reflected in the International Real Estate segment are not additive to our long-term strategy. On July 11, 2025, the Company’s board of directors approved a plan to conduct an orderly wind‑down of the International Real Estate Businesses. See Note 21 (Subsequent Events) for further information.

Real Estate Co-Investment

Real estate co-investment oversees deal origination, documentation, and structuring from inception to exit for a variety of strategies, including development, income, value-add, and planning. Investors are typically HNWIs, single family offices, and institutional investors.

Real Estate Fund Management

Prior to the first quarter of 2024, our real estate fund management business managed two funds based in the United Kingdom: LXi REIT plc (“LXi”), and Home Long Income Fund (“HLIF”), a private fund. As described further below, during 2024 we exited the management of LXi.

Home Long Income Fund

Home Long Income Fund is an English open-ended investment company launched in October 2018. Its investment objective is to deliver secure inflation-protected income and capital growth by investing in a portfolio of UK homeless shelters. HLIF is advised by SHIA and AFM UK acts as its alternative investment fund manager. Both SHIA and AFM UK are wholly owned subsidiaries of the Company. As of June 30, 2025,

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

HLIF had assets under management of approximately $0.3 billion. We are in discussions with a third-party manager to take over the management of HLIF and AFM UK’s and SHIA’s services to HLIF will terminate if the transition completes.

LXi REIT plc

LXi is an English real estate investment trust company, launched in February 2017, whose shares are traded on the premium segment of the London Stock Exchange’s Main Market. LXi was advised by LXi REIT Advisors Limited (“LRA”), and its investment objective is to deliver inflation-protected income and capital growth over the medium-term for its shareholders through investing in a diversified portfolio of UK property that benefits from long-term index-linked leases with institutional-grade tenants.

On January 9, 2024, AlTi RE Public Markets Limited entered into heads of terms to sell 100% of the equity of LRA, the advisor to the publicly-traded fund LXi, to LondonMetric Property Plc (“LondonMetric”). This disposal was completed on March 6, 2024. See Note 3 (Business Combinations and Divestitures) for further information.

(2)Summary of Significant Accounting Policies

(a)Basis of Presentation

The accompanying unaudited condensed consolidated financial statements comprise the financial statements of the Company and its subsidiaries. These condensed consolidated financial statements have been prepared under the accrual basis of accounting in accordance with U.S. GAAP and conform to prevailing practices within the financial services industry, as applicable to the Company, and should be read in conjunction with the annual financial statements included in the Annual Report. The notes are an integral part of the Company’s condensed consolidated financial statements. In the opinion of management, all adjustments necessary for a fair presentation of the Company’s condensed consolidated financial statements have been included and are of a normal and recurring nature.

The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Certain prior period presentations and disclosures, while not required to be recast, may be reclassified to ensure comparability with current period classifications.

(b)Change in Accounting Principle

During the fourth quarter ended December 31, 2024, the Company changed its classification related to the Allianz and Constellation Warrants from liability-classified to equity-classified within the Statement of Financial Position. The Company changed its accounting principle relating to our interpretation of certain contingent settlement provisions within the Allianz and Constellation Warrants and permissibility of related settlement adjustments under ASC 815-40, Contracts in an Entity’s Own Equity. The Company believes this change in accounting principle is preferable as the Allianz and Constellation Warrants met the equity scope exception under ASC 815-40, Contracts in an Entity’s Own Equity, and the economic substance of the Allianz and Constellation Warrants more closely aligns with that of an equity instrument, and how we measure the operating performance of the Company.

This change in accounting policy was applied retrospectively for the year-ended December 31, 2024. As a result of the accounting change, the Company adjusted Net income (loss) and Additional paid-in capital to reverse previously recorded mark-to-market fair value changes of the liability-classified warrants recorded as of the three and six months ended June 30, 2024 of $0.4 million and $0.1 million, respectively. As of June 30, 2025, the Allianz and Constellation Warrants of $9.6 million are recognized

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

as a component of equity within Additional paid-in capital on the Condensed Consolidated Statement of Financial Position.

(c)Use of Estimates

The preparation of financial statements in conformity with US GAAP requires management to make assumptions and estimates that affect the amounts reported in the condensed consolidated financial statements of the Company. The most critical of these estimates are related to (i) the fair value of the investments included in the billable assets within AUM/AUA, as this impacts the amount of revenues the Company recognizes each period; (ii) the fair values of the Company’s investments and liabilities with respect to the TRA, and Earn-out Securities, as changes in these fair values have a direct impact on the Company’s consolidated net income (loss); (iii) the estimate of future taxable income, which impacts the realizability and carrying amount of the Company’s deferred income tax assets; (iv) the qualitative and quantitative assessments of whether impairments of equity method investments, carried interest vehicles, acquired intangible assets, and goodwill exist; and (v) the determination of whether to consolidate a variable interest entity (“VIE”); and (vi) fair value of assets acquired and liabilities assumed in business combinations, including assumptions with respect to future cash inflows and outflows, discount rates, assets’ useful lives, market multiples, the allocation of purchase price consideration in the business combination valuation of acquired assets and liabilities, the estimated useful lives of intangible assets, goodwill impairment testing, assumptions used to calculate equity-based compensation, and the realization of deferred tax assets. Inherent in such estimates are judgments relating to future cash flows, which include the Company’s interpretation of current economic indicators and market valuations, and assumptions about the Company’s strategic plans with regard to its operations. While management believes that the estimates utilized in preparing the condensed consolidated financial statements are reasonable and prudent, actual results could differ materially from those estimates.

(d)Consolidation

The Company consolidates those entities in which it has a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. The Company determines whether an entity should be consolidated by first evaluating whether it holds a variable interest in the entity. Entities that are not VIEs are further evaluated for consolidation under the voting interest model (“VOE” model).

An entity is considered to be a VIE if any of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) the holders of equity investment at risk, as a group, lack either the direct or indirect ability through voting rights or similar rights to make decisions that have a significant effect on the success of the entity or the obligation to absorb the expected losses or right to receive the expected residual returns, or (c) the voting rights of some equity investors are disproportionate to their obligation to absorb losses of the entity, their rights to receive returns from an entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately few voting rights.

Fees that are customary and commensurate with the level of services provided by the Company, and where the Company does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, are not considered a variable interest. The Company factors in all economic interests, including proportionate interests through related parties, to determine if fees are considered a variable interest. Where the Company’s interests in funds are primarily management fees and insignificant direct or indirect equity interests through related parties, the Company is not considered to have a variable interest in such entities.

The Company consolidates all VIEs for which it is the primary beneficiary. An entity is determined to be the primary beneficiary if it holds a controlling financial interest, which is defined as having (a) the power

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

to direct the activities of the VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The Company does not consolidate any of the products it manages as it does not hold any direct or indirect interests in such entities that could expose the Company to an obligation to absorb losses of an entity or the right to receive benefits from an entity that could potentially be significant to such entities.

The Company determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and continuously reconsiders that conclusion. In evaluating whether the Company is the primary beneficiary, the Company evaluates its direct and indirect economic interests in the entity. The consolidation analysis is generally performed qualitatively, however, if the primary beneficiary is not readily determinable, a quantitative analysis may also be performed. This analysis requires judgment, including: (1) determining whether the equity investment at risk is sufficient to permit the entity to finance its activities without additional subordinated financial support, (2) evaluating whether the equity holders, as a group, can make decisions that have a significant effect on the success of the entity, (3) determining whether two or more parties’ equity interests should be aggregated, (4) determining whether the equity investors have proportionate voting rights to their obligations to absorb losses or rights to receive returns from an entity and (5) evaluating the nature of relationships and activities of the parties involved in determining which party within a related-party group is most closely associated with a VIE and therefore would be deemed the primary beneficiary.

Under the voting interest model, the Company consolidates those entities it controls through a majority voting interest. The Company will generally not consolidate those voting interest entities where a single investor or simple majority of third-party investors with equity have the ability to exercise substantive kick-out or participation rights.

(e)Revenue Recognition

Revenue is recognized when the Company transfers promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. A five-step framework is utilized that requires an entity to: (i) identify the contract(s) with a customer, which includes assessing the collectability of the consideration to which it will be entitled in exchange for the goods or services transferred to the customer, (ii) identify the performance obligation in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligation in the contract, and (v) recognize revenue when the entity satisfies a performance obligation.

Management/Advisory Fees

Revenues from contracts with customers consist of investment management, trustee, and custody fees. The Company recognizes revenue at the time of transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. Revenue recognized is calculated based on contractual terms, including the transaction price, whether a distinct performance obligation has been satisfied and control is transferred to the customer, and when collection of the revenue is assessed as probable.

Investment management, trustee and custody fees are recognized over the period in which the investment management services are performed, using a time-based output method to measure progress. The amount of revenue varies from one reporting period to another as levels of AUA change (from inflows, outflows, and market movements) and the number of days in the reporting period change.

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

For services provided to each client account, the Company charges an investment management fee, inclusive of custody and/or trustee fees, based on the fair value of the AUA of such account representing a single performance obligation. For assets for which valuations are not available on a daily basis, the most recent valuation provided to the Company is used as the fair value for the purpose of calculating the quarterly fee. In certain circumstances, fixed fees are charged to customers on a monthly basis. The nature of the Company’s performance obligation is to provide a series of distinct services in which the customer receives the benefits of the services over time. The Company’s performance obligation is satisfied at the end of each month or quarter, as applicable to the contract with the customer.

Fees are charged on a mixture of methodologies that include quarterly in arrears based upon the market value at the end of the quarter, quarterly based on the average daily balance, or monthly. Receivable balances from contracts with customers are included in the fees receivable line in the Condensed Consolidated Statement of Financial Position.

Our family office services business is also included in the Management/advisory fees line item. Family office services fees are generally structured to reflect an annual agreed upon fee or they can be structured on a project/time-based fee. Family office services fees are typically billed quarterly in arrears. We also generate family office services project/time-based fees arising from accounting, administration fees, set up, the Foreign Account Tax Compliance Act (“FATCA”), and other non-investment advisory services.

Incentive Fees

The Company is entitled to incentive fees if targeted returns have been achieved in accordance with customer contracts. Incentive fees are calculated using a percentage of net profit from the amount the customers earn. Incentive fees are variable consideration that is generally calculated as applicable to the contract with the customer. We recognize our incentive fees when it is no longer probable that a significant reversal of revenue will occur. Our incentive fees are not subject to clawback provisions.

Other Fees/Income

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 50 and 175 basis points 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.

(f)Distributions from Investments

The Company has equity interests in External Strategic Managers pursuant to which it is entitled to distributions based on the terms of the respective arrangements. Distributions from each investment will be recorded upon receipt of the distribution. These distributions are recurring under investment agreements and are structured as either a profit or revenue share of the investment’s management and incentive fees.

(g)Cash and Cash Equivalents

Cash and cash equivalents primarily consist of cash and money market funds. Cash balances maintained by consolidated VIEs are not considered legally restricted and are included in cash and cash equivalents on the Condensed Consolidated Statement of Financial Position.

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

Cash was held across our U.S. and international markets. A majority of cash in the U.S. was held in checking accounts within the credit facility bank group, including at a major global financial institution which management believes is creditworthy.

(h)Restricted Cash and Cash Equivalents

Restricted cash and cash equivalents consist of balances that are restricted as to withdrawal or usage.

As of June 30, 2025 and December 31, 2024, restricted cash and cash equivalents amounted to $7.0 million and $9.9 million, respectively, and are included in the line item Cash and cash equivalents on the Condensed Consolidated Statement of Financial Position as of such dates. These amounts represent the level of liquidity to be maintained by the Company’s certain subsidiaries to meet regulatory requirements. Failing to meet the requirement could lead to censure, fines, and ultimately a loss of license.

(i)Compensation and Employee Benefits

Cash-Based Compensation

Compensation and benefits consist of salaries, bonuses, commissions, benefits and payroll taxes. Compensation is accrued over the related service period.

Equity-Based Compensation

Equity-based compensation awards are reviewed to determine whether such awards are equity-classified or liability-classified. Compensation expense related to equity-classified awards is equal to their grant-date fair value and generally recognized on a straight-line basis over the awards’ requisite service period for time-based awards or recognized over a graded-vesting period for awards with both a service and market condition, as applicable. When certain settlement features require an award to be liability-classified, compensation expense is recognized over the service period, and such amount is adjusted at each statement of financial position date through the settlement date to the then current fair value of such award.

The Company recognizes equity-based award forfeitures in the period they occur as a reversal of previously recognized compensation expense. The reduction in compensation expense is determined based on the specific awards forfeited during that period. Furthermore, the Company recognizes all excess tax benefits and deficiencies as income tax benefits or expenses in the Condensed Consolidated Statement of Operations.

(j)Foreign Currency and Transactions

The Company has multiple functional currencies across various consolidated entities. All functional currencies that are not the U.S. dollar are converted upon consolidation at the reporting date. Monetary assets and liabilities denominated in foreign currency are remeasured into U.S. dollars at the closing rates of exchange on the date of the Condensed Consolidated Statement of Financial Position. Non-monetary assets and liabilities denominated in foreign currencies are remeasured into U.S. dollars using the historical exchange rate. The profit or loss arising from foreign currency transactions is remeasured using the rate in effect on the date of the relevant transaction. Gains and losses on transactions denominated in foreign currencies due to changes in exchange rates are recorded within Foreign currency translation adjustments. Gains and losses on certain financing transactions that the Company intends to repay in the foreseeable future are recorded in net income.

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(k)Income Taxes

The Company accounts for income taxes under the asset and liability method in accordance with ASC 740, Income Taxes. Under this method, deferred tax assets and liabilities are determined based on differences between the condensed consolidated financial statement carrying amounts and tax bases of assets and liabilities and operating loss and tax credit carryforwards and are measured using the enacted tax rates that are expected to be in effect when the differences reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Condensed Consolidated Statement of Operations in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to an amount that, in the opinion of management, is more likely than not to not be realized, meaning the likelihood of realization is less than 50%.

The Company accounts for uncertain tax positions by reporting a liability for unrecognizable tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense.

(l)Other Assets, Net and Other Liabilities, Net

Other assets, net include prepaid expenses, miscellaneous receivables, current income taxes receivable, fixed assets, and software licenses. The Company amortizes assets over their respective useful lives, as applicable.

Other liabilities, net include Pointwise Partners Limited (“PW”) deferred consideration, accrued payroll and payroll related taxes, accrued legal fees, and corporate taxes payable, among other miscellaneous payables.

(m)Investments

Investments in Debt Securities. The Company classifies debt investments as held-to-maturity or trading based on the Company’s intent and ability to hold the debt security to maturity or its intent to sell the security. The Company does not have any held-to-maturity debt investments.

Trading securities are those investments that are purchased principally for the purpose of selling them in the near term. Trading securities are carried at fair value on the Condensed Consolidated Statement of Financial Position with changes in fair value recorded in Loss on investments on the Condensed Consolidated Statement of Operations.

Investments in Equity Securities. Equity securities are generally carried at fair value on the Condensed Consolidated Statement of Financial Position in accordance with ASC 321, Investments – Equity Securities. Changes in fair value are recorded in Loss on investments on the Condensed Consolidated Statement of Operations.

Equity Method. The Company applies the equity method of accounting for equity investments where the Company does not consolidate the investee but can exert significant influence over the financial and operating policies of the investee. The evaluation of whether the Company exerts control or significant influence over the financial and operational policies of its investees is based on the facts and circumstances surrounding each individual investment. The Company’s share of the investee’s underlying net income or loss is recorded as Loss on investments within current period earnings. The Company’s share of net income of the investee is recorded based upon the most current information available at the time, which may precede the date of the Condensed Consolidated Statement of Financial Position. Due to the nature and size of its investees, the Company has adopted a lag in reporting for certain equity method investees for which the Company cannot reliably obtain financial information on a regular basis.

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

Distributions received reduce the Company’s carrying value of the investee and the cost basis if deemed to be a return of capital. For certain investments, the Company may apply the alternative fair value option to the investment at initial measurement. The fair value measurement of investments in which the fair value option is elected will be measured in accordance with ASC 825, Financial Instruments.

For equity method investments and nonmarketable investments, impairment evaluation considers qualitative factors, including the financial conditions and specific events related to an investee, which may indicate the fair value of the investment is less than the carrying value. For held-to-maturity investments, impairment is evaluated using market values, when available, or the expected cash flows of the investment. These losses in value may be considered other than temporary impairment losses.

(n)Leases

The Company determines if an arrangement is a lease at inception of the arrangement and primarily enters into operating leases, as the lessee, for office space. The Company accounts for its leases in accordance with ASC 842, Leases, and recognizes a lease liability and right-of-use asset in the Condensed Consolidated Statement of Financial Position for contracts that it determines are leases or contain a lease. The Company evaluates leases at their inception to determine if they are to be accounted for as an operating lease or a finance lease. A lease is accounted for as a finance lease if it meets one of the following five criteria: (i) the lease has a purchase option that is reasonably certain of being exercised, (ii) the present value of the future cash flows is substantially all of the fair market value of the underlying asset, (iii) the lease term is for a significant portion of the remaining economic life of the underlying asset, (iv) the title to the underlying asset transfers at the end of the lease term, or (v) if the underlying asset is of such a specialized nature that it is expected to have no alternative uses to the lessor at the end of the term. Leases that do not meet the finance lease criteria are accounted for as an operating lease. At the inception of a finance lease, an asset and finance lease obligation are recorded at an amount equal to the lesser of the present value of the minimum lease payments and the property’s fair market value. Finance lease obligations are classified as either current or long-term based on the due dates of future lease payments, net of interest. The Company’s lease portfolio primarily consists of operating leases for office space in various countries around the world. The Company also has operating leases for office equipment and vehicles, which are not significant. The Company does not separate non-lease components from lease components for its office space and equipment operating leases and instead accounts for each separate lease component and its associated non-lease component as a single lease component. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the leases. The Company’s right-of-use assets and lease liabilities are recognized at lease commencement based on the present value of lease payments over the lease term. Lease right-of-use assets include initial direct costs incurred by the Company and are presented net of deferred rent and lease incentives. Absent an implicit interest rate in the lease, the Company uses its incremental borrowing rate, adjusted for the effects of collateralization, based on the information available at commencement in determining the present value of lease payments. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise those options. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Lease right-of-use assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.

The Company does not recognize a lease liability or right-of-use asset on the balance for short-term leases. Instead, the Company recognizes short-term lease payments as an expense on a straight-line basis over the lease term. A short-term lease is defined as a lease that, at the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. When determining whether a lease qualifies as a short-term lease, the Company evaluates the lease term and the purchase option in the same manner as all other leases.

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(o)Intangible Assets Other Than Goodwill, Net

The Company recognized certain finite-lived intangible assets as a result of the Business Combination. The Company’s finite-lived intangible assets consist of Customer Relationships, Trade Names, Investment Management Agreements, Licenses, Internally Developed Software and Backlog. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives.

The Company tests finite-lived intangible assets for impairment if certain events occur or circumstances change indicating that the carrying amount of the intangible asset may not be recoverable. The Company evaluates impairment by comparing the estimated fair value attributable to the intangible asset with its carrying amount. If an impairment exists, the Company adjusts the carrying value to equal the fair value by taking a charge through earnings.

The Company also recognized certain indefinite-lived intangible assets as a result of the Business Combination consisting of certain investment management agreements. These indefinite-lived intangibles are not subject to amortization, but are evaluated for impairment at least annually. In assessing its indefinite-lived intangible assets for impairment, the Company has the option to first perform a qualitative assessment to determine whether events or circumstances exist that lead to a determination that it is unlikely that the fair value of the indefinite-lived intangible asset is less than its carrying amount. If the Company determines that it is unlikely that the fair value of an indefinite-lived intangible asset is less than its carrying amount, the Company is not required to perform any additional tests in assessing the asset for impairment. However, if the Company concludes otherwise or elects not to perform the qualitative assessment, then it is required to perform a quantitative analysis to determine if the fair value of an indefinite-lived intangible asset is less than its carrying value. If through this quantitative analysis the Company determines the fair value of an indefinite-lived intangible asset exceeds its carrying amount, the indefinite-lived intangible asset is considered not to be impaired. If the Company concludes that the fair value of an indefinite-lived intangible asset is less than its carrying value, an impairment loss will be recognized for the amount by which the carrying amount exceeds the indefinite-lived intangible asset’s fair value. See Note 10 (Intangible Assets, net) for details on impairments.

(p)Goodwill

Goodwill represents the excess of the purchase price in a business combination over the fair value of the tangible and intangible assets acquired and the liabilities assumed. Under ASC 350, Intangibles—Goodwill and Other, goodwill is not amortized, but rather is subject to an annual impairment test. Goodwill represents the excess of consideration over identifiable net assets of an acquired business. Goodwill is allocated at a reporting unit level. The Company has two reporting units, Wealth & Capital Solutions and International Real Estate, and tests goodwill annually for impairment at each reporting unit. If, after assessing qualitative factors, the Company believes that it is more likely than not that the fair value of the reporting unit inclusive of goodwill is less than its carrying amount, the Company will perform a quantitative assessment to determine whether an impairment exists. If an impairment exists, the Company adjusts the carrying value of goodwill so that the carrying value of the reporting unit is equal to its fair value by taking a charge through earnings. The Company also tests goodwill for impairment in other periods if an event occurs or circumstances change such that it is more-likely-than-not to reduce the fair value of the reporting unit below its carrying amount. See Note 13 (Goodwill, net) for details on impairments.

(q)Fixed Assets, Net

Fixed assets are recorded at cost, less accumulated depreciation and amortization, and are included in the “Other assets” line item in the Company’s Condensed Consolidated Statement of Financial Position. Fixed assets are depreciated or amortized on a straight-line basis, with the corresponding depreciation and

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

amortization expense included within general, administrative and other expenses in the Company’s Condensed Consolidated Statement of Operations. The estimated useful life for leasehold improvements is the lesser of the remaining lease term and the life of the asset, while other fixed assets are generally depreciated over a period of one to ten years. Fixed assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

(r)Debt Obligations, Net

The Company’s debt obligations are recorded at amortized cost, net of any debt issuance costs, discounts and premiums. Debt issuance costs are deferred and along with discounts and premiums are amortized to interest expense in the Condensed Consolidated Statement of Operations over the life of the related debt instrument using the effective interest method. Unamortized debt issuance costs, discounts and premiums are written off to net losses on retirement of debt in the Condensed Consolidated Statement of Operations when the Company prepays borrowings prior to maturity.

(s)Tax Receivable Agreement

The TRA liability represents amounts payable to certain pre-Business Combination equity holders of the Company. The portion of the TRA liability related to the Business Combination is deemed contingent consideration payable to the previous owners and is carried at fair value, with changes in fair value reported within Gain (loss) on TRA in the Condensed Consolidated Statement of Operations. Future exchanges of Class B Units for shares of Class A Common Stock may increase the TRA liability. Those increases will be carried at a value equal to the expected future payments due under the TRA. See Note 19 (Commitments and Contingencies) for a detailed discussion on TRA exchanges. For future changes in the TRA balance due to exchanges, the Company will record an initial estimate of future payments under the TRA portion as an adjustment to Additional paid-in capital in the Condensed Consolidated Statement of Financial Position. Subsequent adjustments to the liability for future payments under the TRA related to changes in estimated future tax rates or state income tax apportionment are recognized through current period earnings in the Condensed Consolidated Statement of Operations.

(t)Earn-out Liabilities, at Fair Value

The Earn-out liabilities, at fair value, represents contingent consideration payable related to the Business Combination and various acquisitions by the Company. Changes in fair value are recognized in Gain (loss) on earnout liabilities in the Condensed Consolidated Statement of Operations and in Fair value (gain) loss on earnout liability in the Condensed Consolidated Statement of Cash Flows in the period of change. See Note 3 (Business Combinations and Divestitures) and Note 19 (Commitments and Contingencies) for further information.

(u)Preferred Stock Tranche Liability, at Fair Value

The Preferred stock tranche liability, at fair value, represents the right, but not the obligation, of Allianz to purchase up to 50,000 additional shares of Series A Preferred Stock up to an aggregate amount equal to $50 million. Changes in fair value are recognized in Gain (loss) on preferred stock tranche liability in the Condensed Consolidated Statement of Operations in the period of change. See Note 1 (Description of the Business), Note 7 (Fair Value Disclosures), and Note 14 (Debt, net of unamortized deferred financing cost) for additional detail related to the Preferred stock tranche liability.

(v)Equity-Classified Warrants

In connection with the Allianz and Constellation Transactions, the Company issued warrants to purchase shares of the Company’s Class A Common Stock. The Company evaluated the Allianz and Constellation Warrants in accordance with ASC 815-40, Contracts in an Entity’s Own Equity, and determined that the warrants are derivatives that meet the fixed-for-fixed equity classification criteria. As such, the Allianz

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

and Constellation Warrants are classified as a component of equity in the Condensed Consolidated Statement of Financial Position.

(w)Delayed Share Purchase Agreement

Prior to the Business Combination, TWMH entered into a delayed share purchase agreement (the “TIH SPA”) to purchase a remaining non-controlling interest in its consolidated subsidiary representing 51.1% of shares in TIH. This arrangement was agreed upon for consideration of $2.1 million in cash and $1.2 million in Class A Common Stock. On March 25, 2024, the TIH SPA was fully paid. The stock purchase price was recognized in the Condensed Consolidated Statement of Financial Condition as Additional paid-in capital. As of December 31, 2024, the portion of the TIH SPA reported in Additional paid-in capital was $40.0 thousand.

(x)Non-controlling Interests

Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Company’s equity. Non-controlling interests consist of the amount of those interests at the date of the original Business Combination and the minority’s share of changes in equity since the date of the Business Combination. The proportions of profit and loss and changes in equity allocated to the owners of the parent and to the non-controlling interests are determined on the basis of existing ownership interests.

(y)Derivative Financial Instruments

The Company accounts for derivative financial instruments in accordance with ASC 815, Derivatives and Hedging, which requires the Company to recognize all derivative instruments on the Condensed Consolidated Statement of Financial Position as either assets or liabilities and to measure them at fair value each reporting period unless they qualify for normal purchases and normal sales exception. Normal purchases and normal sales contracts are those that provide for the purchase or sale of something other than a financial instrument or derivative instrument that will be delivered in quantities expected to be used or sold by a reporting entity over a reasonable period in the normal course of business.

In connection with the LXi disposal, the Company determined the contingent consideration meets the definition of a derivative and is recorded as Contingent consideration receivable on the Condensed Consolidated Statement of Financial Position as of June 30, 2025. The Contingent consideration receivable will be remeasured at fair value at each reporting date in accordance with ASC 820, Fair Value Measurement, with changes in fair value recognized in the Condensed Consolidated Statement of Operations in the period of change.

(z)Segment Reporting

Our business is organized into two operating segments: Wealth & Capital Solutions and International Real Estate. During the third quarter ended September 30, 2024, the Company changed the composition of its reportable segments and recast prior period amounts to conform to the Company’s current period segment information. Segment information is utilized by the Company’s chief operating decision maker, which is our Chief Executive Officer, to assess performance and to allocate resources. See Note 1 (Description of the Business) and Note 17 (Segment Reporting) for further information.

(aa)Interest Income

Interest income is earned on the Company’s cash balances, money market accounts, or through its investments in exchange-traded notes. These generally include debt securities held on a short- or medium-term basis when the Company has excess cash. The Company recognizes and records interest income in Interest income in the Condensed Consolidated Statement of Operations.

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

Dividend income is earned through investments in common stock, mutual funds, and exchange-traded funds. Dividend income is recorded on the date received and is included in Interest income in the Condensed Consolidated Statement of Operations.

(ab)Interest Expense

Interest is related to the Company’s debt as well as investments in exchange-traded notes. These generally include debt securities held on a short- or medium-term basis when the Company has excess cash. The Company recognizes and records interest expense in Interest expense in the Condensed Consolidated Statement of Operations.

(ac)Other Income and Expenses

Other than Interest income and Interest expense discussed above, other income and expenses include unrealized gains (losses) on investments, income from equity method investees, and other items.

The Company holds investments in common stock, mutual funds, exchange-traded funds, and exchange-traded notes, which represent investments in equity and debt securities. The Company earns realized and unrealized gains and losses which depend on investment performance. Changes in fair value of these investments are recorded in Gain (loss) on investments in the Condensed Consolidated Statement of Operations.

The Company holds interests in various affiliated limited partnerships and limited liability companies, whose purpose is to achieve capital appreciation through investments in financial instruments and investment vehicles. The Company accounts for investments in which it has significant influence but not a controlling financial interest using the equity method of accounting and may earn income related to its equity in income of equity method investees. The equity method investments are in various fund complexes, including funds focused on infrastructure and utilities, high income yields, and multi-strategy, among others. Changes in fair value of these investments are recorded in Gain (loss) on investments in the Condensed Consolidated Statement of Operations.

(ad)Held for Sale Accounting

In circumstances when the Company is evaluating its components, we may establish plans that require us to evaluate whether a component qualifies for held-for-sale accounting under ASC 360, Property, Plant, and Equipment. If a sale is deemed probable within a twelve-month period, the component is classified to either the assets held for sale or liabilities held for sale line items on the Condensed Consolidated Statement of Financial Position. The disposal group will be measured at the lower of its carrying amount or fair value less the cost to sell. Any long-lived assets shall not be depreciated or amortized while classified as held for sale.

(ae)Recent Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. The amendments in this update related to the rate reconciliation and income taxes paid disclosures improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company adopted this guidance on January 1, 2025. The adoption of this guidance did not have a material effect on its condensed consolidated financial statements.

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

In January 2024, the FASB issued ASU 2024-01, Compensation—Stock Compensation (Topic 718) - Scope Application of Profits Interest and Similar Awards. The amendments in this update improve US GAAP by adding an illustrative example that demonstrates how an entity should apply the scope guidance in paragraph 718-10-15-3 to determine whether a profits interest award should be accounted for in accordance with Topic 718. The amendments in paragraph 718-10-15-3 improve their overall clarity and operability without changing the guidance. The amendments are effective for annual periods beginning after December 15, 2024, and interim periods within annual periods beginning after December 15, 2025, with early adoption permitted. The Company adopted this guidance on January 1, 2025. The adoption of this guidance did not have a material effect on its condensed consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). The amendments in this update require disclosure, in the notes to financial statements, of specified information about certain costs and expenses at each interim and annual reporting period. The amendments are effective for annual periods beginning after December 15, 2026, and reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company does not expect the impact of this guidance to be material to its condensed consolidated financial statements.

In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity. The amendments in this update clarify the guidance in determining the acquirer in an acquisition transaction effected primarily by exchanging equity interests when the legal acquiree is a VIE that meets the definition of a business. The amendments require that an entity consider the same factors that are currently required for determining which entity is the accounting acquirer in other acquisition transactions. The amendments are effective for annual periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company does not expect the impact of this guidance to be material to its condensed consolidated financial statements.

In May 2025, the FASB issued ASU 2025-04, Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer. The amendments in this update aim to reduce diversity in practice and improve the decision usefulness and operability of the guidance for share-based consideration payable to a customer in conjunction with selling goods or services. The amendments are effective for annual periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company does not expect the impact of this guidance to be material to its condensed consolidated financial statements.

The Company has considered all newly issued accounting guidance that is applicable to its operations and the preparation of its unaudited condensed consolidated statements, including those it has not yet adopted. ASUs not listed above were assessed and either determined to be not applicable or expected to have minimal impact on the Company’s condensed consolidated financial statements.

(3)Business Combinations and Divestitures

Acquisition of East End Advisors, LLC

On April 3, 2024 (the “EEA Acquisition Date”), the Company acquired all of the issued and outstanding ownership and membership interests of EEA pursuant to the terms of the purchase agreement between the Company and EEA Holding Company, LLC (the “EEA Acquisition”).

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

The EEA Acquisition met the requirements to be considered a business combination under ASC 805. The assets and liabilities acquired from East End Advisors, affected for preliminary adjustments to reflect the fair market values assigned to assets purchased and liabilities assumed, and results of operations, are included in the Company’s condensed consolidated financial statements from the EEA Acquisition Date. The Company has allocated the purchase price to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair market values at the EEA Acquisition Date as required under ASC 805.

The EEA Acquisition was accounted for using the acquisition method of accounting and the fair value of the total purchase consideration transferred was $93.1 million. Included in the total purchase consideration is contingent consideration of $23.3 million, for which the Company may be required to make additional cash payments contingent on the future EBITDA performance targets between the closing date and the fifth anniversary of the closing date. The contingent consideration was measured at fair value at the acquisition date and recorded within the Earn-out liabilities, at fair value line item in the Condensed Consolidated Statement of Financial Position.


(Dollars in Thousands)	Amount
Cash consideration	$	69,013
Contingent consideration installments	23,308
Payment of assumed liabilities	793
Total purchase consideration transferred	$	93,114

The Company incurred $1.3 million of direct acquisition-related expenses, which were recognized in the Professional fees line item of the Condensed Consolidated Statement of Operations during the year ended December 31, 2024.

The following table sets forth the fair values of the assets acquired and liabilities assumed in connection with the EEA Acquisition:


(Dollars in Thousands)	EEA Acquisition Date Fair Value
Cash and cash equivalents	$	218
Management/advisory fees receivable	12
Intangible assets	62,700
Goodwill	30,094
Operating lease right-of-use assets	2,326
Other assets	1,181
Total Assets Acquired	96,531
Accounts payable and accrued expenses	79
Operating lease liabilities	2,326
Other liabilities	1,012
Total Liabilities Assumed	$	3,417
Total Assets Acquired and Liabilities Assumed	$	93,114

During the year ended December 31, 2024, the Company made a measurement period adjustment to the purchase price allocation, which resulted in an increase to goodwill and a decrease to intangibles of $4.6 million.

Fair Value of Net Assets Acquired and Intangibles

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

April 1, 2024. The Company developed the fair value of intangible assets, which includes trade names, customer relationships and developed technology, using various techniques including relief of royalty, excess earnings method, and a discounted cash flow approach. For all other major assets and liabilities acquired, the Company determined that book value approximated fair value. Goodwill is comprised of expected synergies for the combined operations and the assembled workforce acquired in the Business Combination, which does not qualify as a separately recognized intangible asset. The total amount of goodwill arising in the transaction was allocated to the Company’s Wealth & Capital Solutions segment.

Below is a summary of the intangible assets acquired in the EEA Acquisition:


(Dollars in Thousands)	EEA Acquisition Date Fair Value		Estimated Life (Years)
Trade Name	$	1,400	5
Customer Relationships	$	61,000	17
Developed Technology	$	300	5
Total Intangible Assets	$	62,700

The results of operations for EEA have been included in the Company’s condensed consolidated financial statements from the EEA Acquisition Date.

Acquisition of Pointwise Partners Limited

On May 9, 2024 (the “PW Acquisition Date”), the Company acquired the remaining 50% of the issued and outstanding ownership and membership interest of PW, increasing its interest from 50% to 100% (the “PW Acquisition”).

The PW Acquisition met the requirements to be considered a business combination under ASC 805. The assets and liabilities acquired from PW, affected for preliminary adjustments to reflect the fair market values assigned to assets purchased and liabilities assumed, and results of operations, are included in the Company’s condensed consolidated financial statements from the PW Acquisition Date. The Company has allocated the purchase price to the tangible and identifiable intangible assets and liabilities assumed based on their estimated fair market values at the PW Acquisition Date as required under ASC 805.

The PW Acquisition was accounted for using the acquisition method of accounting and the fair value of the total purchase consideration was $8.0 million. The total purchase consideration transferred includes cash consideration, equity consideration, estimated deferred consideration, and the settlement of pre-existing relationships as summarized below:


(Dollars in Thousands)	PW Amount
Initial Cash consideration	$	1,735
Equity consideration	1,705
Deferred consideration	3,328
Settlement of pre-existing relationships	1,186
Total purchase consideration transferred	$	7,954

The estimated deferred consideration of $3.0 million was paid in cash and equity during the first quarter ended March 31, 2025. An additional amount of $1.0 million was paid fully in cash rather than in equity to PW employees upon meeting certain performance milestones. This additional amount was determined to be compensation rather than consideration transferred.

At the PW Acquisition Date, as required by ASC 805, the Company’s existing 50% equity in PW, which was previously recognized as an equity method investment, was revalued to reflect the fair value at this date. The

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

fair value of this existing equity method investment was $6.2 million, which was calculated as 50% of the fair value of PW total equity value, excluding the impact of any synergies or control premium that would be realized by a controlling interest.

The following table sets forth the fair values of the assets acquired, and liabilities assumed in connection with the PW business combination:


(Dollars in Thousands)	PW Acquisition Date Fair Value
Cash and cash equivalents	$	269
Intangible assets	9,700
Goodwill	6,747
Other assets	20
Total Assets Acquired	16,736
Accounts payable and accrued expenses	589
Other liabilities	292
Deferred tax liability	1,749
Total Liabilities Assumed	$	2,630
Total Assets Acquired and Liabilities Assumed	$	14,106

Fair Value of Net Assets Acquired and Intangibles

Goodwill is comprised of expected synergies of the combined operations, including employees acquired in a business combination. The total amount of goodwill arising in the transaction was allocated to the Company’s Wealth & Capital Solutions segment. The components of goodwill do not qualify as a separately recognized intangible asset. The Company will test for impairment in other periods if an event occurs or circumstances change that may indicate impairment.

Below is a summary of the intangible assets acquired in the PW business combination:


(Dollars in Thousands)	PW Acquisition Date Fair Value		Estimated Life (Years)
Customer Relationships	$	9,700	14
Total Intangible Assets	$	9,700

The fair value of customer relationships was determined using the multi-period excess earnings method. The intangible assets are subject to amortization over a useful life of 14 years.

The results of the PW Acquisition have been included in the Company’s condensed consolidated financial statements from the PW Acquisition Date. Prior to the PW Acquisition Date, the results of PW were included as a 50% held equity method investment.

Acquisition of Envoi, LLC

On July 1, 2024 (the “Envoi Acquisition Date”), the Company purchased substantially all of the assets of Envoi, LLC (“Envoi”) pursuant to the terms of the asset purchase agreement by and among the Company and Envoi, as well as Envoi’s individual members (the “Envoi Acquisition”).

The Envoi Acquisition met the requirements to be considered a business combination under ASC 805. The assets and liabilities acquired from Envoi, affected for preliminary adjustments to reflect the fair market values

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

assigned to assets purchased and liabilities assumed, and results of operations, are included in the Company’s condensed consolidated financial statements from the Envoi Acquisition Date. The Company has allocated the purchase price to the tangible and identifiable intangible assets and liabilities assumed based on their estimated fair market values at the Envoi Acquisition Date as required under ASC 805.

The Envoi Acquisition was accounted for using the acquisition method of accounting and the fair value of the total purchase consideration was $34.3 million. Included in the total consideration is cash consideration of $25.3 million, and estimated contingent consideration of $9.0 million comprised of the Envoi earn-out liability and earn-out growth consideration liability. A portion of the contingent consideration will be used to establish a retention pool which is payable in a mixture of cash and equity to employees upon meeting certain revenue thresholds over a required service period. The portion of contingent consideration used to establish the retention pool is treated as compensation rather than consideration transferred. Refer to Note 5 (Equity-Based Compensation) for further details about the related equity award. The amount of contingent consideration related to consideration transferred was measured at fair value at the acquisition date and recorded within the Earn-out liabilities, at fair value line item in the Condensed Consolidated Statement of Financial Position. The total purchase consideration is summarized below:


(Dollars in Thousands)	Envoi Amount
Cash consideration	$	25,258
Earn-out consideration	9,000
Total purchase consideration transferred	$	34,258

The Company incurred $1.1 million of direct acquisition-related expenditures, which were recognized in the Professional fees line item of the Condensed Consolidated Statement of Operations during the third quarter ended September 30, 2024.

The following table sets forth the fair values of the assets acquired, and liabilities assumed in connection with the Envoi Acquisition:


(Dollars in Thousands)	Envoi Acquisition Date Fair Value
Intangible assets	$	23,300
Goodwill	10,824
Operating lease right-of-use assets	196
Other assets	157
Total Assets Acquired	34,477
Accounts payable and accrued expenses	1
Operating lease liabilities	218
Total Liabilities Assumed	219
Total Assets Acquired and Liabilities Assumed	$	34,258

During the year ended December 31, 2024, the Company made a measurement period adjustment to the purchase price allocation, which resulted in an increase to intangibles and a decrease to goodwill of $1.0 million.

Fair Value of Net Assets Acquired and Intangibles

In accordance with ASC 805, the assets and liabilities were recorded at their respective fair values as of July 1, 2024. The Company developed the fair value of intangible assets, which includes customer relationships, using various techniques including the multi-period excess earnings method. For all other major assets and liabilities

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

acquired, the Company determined that book value approximated fair value. Goodwill is comprised of expected synergies for the combined operations and the assembled workforce acquired in the business combination, which does not qualify as a separately recognized intangible asset. The goodwill resulting from this acquisition is expected to be deductible for tax purposes. The total amount of goodwill arising in the transaction was allocated to the Company’s Wealth & Capital Solutions segment. The components of goodwill do not qualify as a separately recognized intangible asset.

Below is a summary of the intangible assets acquired in the Envoi Acquisition:


(Dollars in Thousands)	Envoi Acquisition Date Fair Value		Estimated Life (Years)
Customer Relationships	$	23,300	15
Total Intangible Assets	$	23,300

The results of the Envoi Acquisition have been included in the Company’s condensed consolidated financial statements from the Envoi Acquisition Date.

Acquisition of Kontora Family Office GmbH

On April 30, 2025 (the “Kontora Acquisition Date”), the Company acquired all of the outstanding ownership interests of Kontora Family Office GmbH (“Kontora”) (the “Kontora Acquisition”).

The Kontora Acquisition met the requirements to be considered a business combination under ASC 805. The assets acquired and liabilities assumed from Kontora reflect the fair market values, affected for preliminary adjustments to reflect the fair market values assigned to assets purchased and liabilities assumed, and results of operations, are included and are included in the Company’s Condensed Consolidated Statement of Financial Position and the Company’s Condensed Consolidated Statement of Operations, respectively, as of the Kontora Acquisition Date.

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. The contingent consideration was measured at fair value at the Kontora Acquisition Date and recorded within the Earn-out liabilities, at fair value line item in the Condensed Consolidated Statement of Financial Position. In addition to the contingent consideration, the Company may be required to make additional compensatory payments comprised of a combination of cash and equity at the Company’s option based on Kontora’s adjusted EBITDA (see Note 5 Equity-Based Compensation).


(Dollars in Thousands)	Amount
Initial purchase price	$	8,750
Settlement of debt	1,213
Contingent consideration	5,743
Total purchase consideration transferred	$	15,706

The Company incurred $1.6 million of direct acquisition-related expenses, which were recognized in the Professional fees line item of the Condensed Consolidated Statement of Operations as of the second quarter ended June 30, 2025.

The following table sets forth the fair values of the assets acquired and liabilities assumed in connection with the Kontora Acquisition:

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)


(Dollars in Thousands)	Kontora Acquisition Date Fair Value
Cash and cash equivalents	$	3,440
Fees receivable	2,702
Equity method investments	28
Intangible assets	14,815
Goodwill	542
Operating lease right-of-use assets	1,952
Deferred tax assets, net	1,451
Other assets, net	2,302
Total Assets Acquired	$	27,232
Accounts payable and accrued expenses	526
Accrued compensation and profit sharing	218
Debt, net of unamortized deferred financing cost	732
Operating lease liability	1,952
Deferred tax liability	5,041
Other liabilities, net	3,057
Total Liabilities Assumed	$	11,526
Total Assets Acquired and Liabilities Assumed	$	15,706

Fair Value of Net Assets Acquired and Intangibles

With the exception of operating right-of-use assets and operating lease liabilities accounted for under ASC 842, Leases, in accordance with ASC 805, the assets and liabilities were recorded at their respective fair values as of April 30, 2025. The Company developed the fair value of intangible assets, which includes trade names, customer relationships, and licenses granted by the German Federal Financial Supervisory Authority. Various techniques were applied to derive the fair values of the intangible assets including, but not limited to, relief from royalty method, excess earnings method, replacement cost method, and a discounted cash flow approach.

For all other major assets and liabilities acquired, the Company determined that book value approximated fair value. Goodwill is comprised of expected synergies for the combined operations and the assembled workforce acquired in the Kontora Acquisition, which does not qualify as a separately recognized intangible asset. The total amount of goodwill arising in the transaction was allocated to the Company’s Wealth & Capital Solutions segment.

Below is a summary of the intangible assets acquired in the Kontora Acquisition:


(Dollars in Thousands)	Kontora Acquisition Date Fair Value		Estimated Life (Years)
Brand	$	187	3
License	4,574		15
Customer relationships	9,994		15
Software	60		3
Total Intangible Assets	$	14,815

The results of operations for Kontora have been included in the Company’s condensed consolidated financial statements as of the Kontora Acquisition Date.

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

Supplemental Pro Forma Financial Information (Unaudited)

The following selected unaudited supplemental pro forma financial information is a summary of our combined results for Envoi, EEA, PW, and Kontora for the three and six months ended June 30, 2024. The unaudited supplemental pro forma financial information gives effect to the acquisitions as if they had occurred on January 1, 2024. The unaudited pro forma financial information for Envoi, EEA, and PW have been excluded for the three and six months ended June 30, 2025 and as of April 30, 2025 for Kontora since their results of operations are included in our unaudited condensed consolidated statement of operations for that period.

The unaudited pro forma financial information presented below is for informational purposes only, and is not necessarily indicative of the results that would have been achieved if the Envoi, EEA, PW, and Kontora acquisitions had taken place on January 1, 2024, nor is it indicative of future results.


	For the Three Months Ended				For the Six Months Ended
(Dollars in Thousands)	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Total revenue	$	54,644	$	59,596	$	117,045	$	120,864
Net income (loss)	$	(24,208)	$	(2,483)	$	(22,708)	$	29,426

Disposal of LRA

On January 9, 2024, AlTi RE Public Markets Limited entered into heads of terms to sell 100% of the equity of LRA, the advisor to the publicly-traded fund LXi, to LondonMetric for fixed consideration of approximately $33.1 million and up to an estimated $5.1 million of contingent consideration based on the exchange rate as of the balance sheet date, as applicable. This contingent consideration is payable in installments on each of the first four anniversaries of the sale of LRA. The contingent consideration meets the definition of a derivative and is recorded as Contingent consideration receivable on the Condensed Consolidated Statement of Financial Position as of June 30, 2025. This contingent consideration will be remeasured at fair value at each reporting date in accordance with ASC 820, Fair Value Measurement, with changes in fair value recognized in the Condensed Consolidated Statement of Operations in the period of change.

The disposal was completed on March 6, 2024. For the six months ended June 30, 2024, there was no gain on disposal recognized in the line item Gain (loss) on investments in the Condensed Consolidated Statement of Operations.

Disposal of FOS

On May 8, 2024, the Company sold FOS, the European-based trust and private office service which was part of the Company’s Wealth & Capital Solutions segment, for a cash consideration of approximately $20.1 million. Subsequently, an adjustment to the cash consideration of $(0.6) million was made, resulting in a final cash consideration of approximately $19.5 million.

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(4)Revenue

The following table represents the Company’s revenue disaggregated by fee type for the periods presented below:


	For the Three Months Ended				For the Six Months Ended
(Dollars in Thousands)	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024

Management/advisory fees	$	49,989	$	47,029	$	95,639	$	93,253
Incentive fees	454		53		550		216
Distributions from investments	2,664		2,240		14,874		6,410
Other fees/income	20		131		27		386
Total Income	$	53,127	$	49,453	$	111,090	$	100,265


(Dollars in Thousands)	As of June 30, 2025		As of December 31, 2024

Management/advisory fees receivable
Beginning balance	$	32,194	$	29,539
Ending balance (1)	37,995		32,194

Incentive fees receivable
Beginning balance	$	1,324	$	40,356
Ending balance (2)	557		1,324

Other fees/income receivable
Beginning balance	$	98	$	526
Ending balance	109		98

Deferred management/advisory fees
Beginning balance	$	(1)	$	(66)
Ending balance	(217)		(1)





Deferred other fees/income
Beginning balance	$	—	$	—
Ending balance	—		—

(1) As of June 30, 2025 and December 31, 2024, this amount includes $0.7 million and $0.7 million, respectively, in Management/advisory fees receivable due from related parties. See Note 16 (Related Party Transactions) for further details.

(2) As of June 30, 2025 and December 31, 2024, this amount includes $0.1 million and $0.2 million, respectively, in Incentive fees receivable due from related parties. See Note 16 (Related Party Transactions) for further details.

(5)Equity-Based Compensation

The Company grants equity-based compensation awards in the form of restricted share units (“RSUs”) or performance restricted share units (“PRSUs”) for Class A Common Stock to its management, employees, consultants, and independent members of the board of directors under its 2023 Stock Incentive Plan (the “Plan”). The total number of shares of Class A Common Stock that may be issued under the Plan is 20,798,132, of which 5,880,460 remain available as of June 30, 2025. To the extent that an award expires or is canceled,

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

forfeited, terminated, surrendered, exchanged or withheld to cover tax withholding obligations, the unissued awards will again be available for grant under the Plan.

The Company recognizes equity-based compensation expenses at the Company’s stock price as of the grant date. As of June 30, 2025, the Company has an unrecognized equity-based compensation expense of $35.5 million, which is expected to be recognized over a weighted average period of 1.99 years.

The following table summarizes the equity-based compensation award activity for the six months ended June 30, 2025, and June 30, 2024:


	June 30, 2025		June 30, 2024
	Number of Awards	Weighted Average Grant Date Fair Value	Number of Awards	Weighted Average Grant Date Fair Value
Restricted common stock
Restricted common stock awards outstanding at beginning of period	6,216,514	$4.86	4,797,464	$4.64
Restricted common stock granted	7,696,291	3.82	4,078,237	5.20
Restricted common stock forfeited	(125,000)	6.02	(356,918)	4.45
Restricted common stock vested	(2,231,567)	4.60	(1,823,811)	4.99
Restricted common stock awards outstanding at end of period	11,556,238	$4.21	6,694,972	$4.90

The following table summarizes the equity-based compensation recognized, which is included in Compensation and employee benefits in the Condensed Consolidated Statement of Operations, during the three and six months ended June 30, 2025, and June 30, 2024:


	For the Three Months Ended				For the Six Months Ended
(Dollars in Thousands)	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
RSUs	$	5,736	$	2,136	$	9,117	$	5,093
PRSUs	474		466		1,869		466
Acquisition-related	2,814		1,079		4,332		3,045
TIH SPA	—		—		—		—
Revenue share	(65)		152		206		364
Deferred compensation	219		1,156		1,089		2,375
Accrued compensation	26		—		26		—
Total	$	9,204	$	4,989	$	16,640	$	11,343

RSUs

On May 31, 2023, the Company granted 4,697,317 RSUs to its employees, which vest over a three-year period and had a fair value of $4.35 per share. On June 5, 2024, the Company granted 2,219,661 RSUs to its employees, which vest over a three-year period and had a fair value of $4.78 per share. On February 27, 2025 and May 14, 2025, the Company granted 2,772,576 and 99,245, respectively, of RSUs to its employees, which vest over a three-year period and had a fair value of $3.45 and $3.32, respectively, per share. These grants resulted in compensation expense of $3.7 million and $1.4 million for the three months ended June 30, 2025 and June 30, 2024, respectively, and $6.6 million and $3.4 million for the six months ended June 30, 2025 and June 30, 2024, respectively. Since the initial grant date of these awards, 916,405 shares have been forfeited.

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

On March 23, 2023, in connection with the Business Combination, the Company granted 65,554 RSUs to its board of directors, which vested over an approximate nine-month period and had a fair value of $12.56 per share. On March 1, 2024, the Company granted 138,564 RSUs to its board of directors, which vest over a four-month period and had a fair value of $5.87 per share. On June 27, 2024, the Company granted 123,732 RSUs to its board of directors, which vest over a twelve-month period and had a grant date fair value of $4.91 per share. On August 2, 2024, the Company granted 45,549 RSUs to its board of directors, which vest over an eleven-month period and had a grant date fair value of $4.38 per share. On June 23, 2025, the Company granted 231,889 RSUs to its board of directors, which vest over a twelve-month period and had a grant date fair value of $4.07 per share. These grants resulted in compensation expense of $0.2 million and $0.6 million for the three months ended June 30, 2025 and June 30, 2024, respectively, and $0.4 million and $0.8 million for the six months ended June 30, 2025 and June 30, 2024, respectively.

On various dates throughout 2023, the Company granted 111,148 and 118,987 RSUs to employees, representative of buy-out equity awards as restricted units, vesting generally over a one to three year period, with a fair value of $7.66 and $8.72, respectively, per share. On February 6, 2024, the Company granted 29,154 shares of Class A Common Stock to employees, representative of buy-out equity awards as restricted units, vesting over a two year period, with a fair value of $5.36 per share. On December 23, 2024, the Company granted 57,458 shares of Class A Common Stock to employees, representative of buy-out equity awards as restricted units, vesting over a three year period, with a fair value of $4.14 per share. On April 15, 2025, the Company granted 81,266 shares of Class A Common Stock to employees, representative of buy-out equity awards as restricted units, vesting over a three-year period, with a fair value of $3.31 per share. The Company recognized compensation expense of $0.4 million and $0.1 million for the three months ended June 30, 2025 and June 30, 2024, respectively, and $0.7 million and $0.9 million for the six months ended June 30, 2025 and June 30, 2024, respectively, related to these buy-out equity awards. Since the initial grant date of these awards, 39,662 shares have been forfeited.

During the six months ended June 30, 2025, the Company reclassed certain liability classified retention awards to be equity classified. The Company recognized compensation expense of $1.4 million for both the three and six months ended June 30, 2025 related to these retention awards.

PRSUs

The Company grants PRSUs to selected members of AlTi’s executive team. Vesting of the PRSUs is based on meeting certain market conditions and the requisite service period. The PRSUs are eligible to vest on a graded basis at the end of each of three annual performance periods, subject to the employee’s continued service with the Company through the applicable performance period, and are only earned upon achievement of total shareholder return of the Company’s Class A Common Stock exceeding certain thresholds.

On June 5, 2024, the Company granted 1,567,125 PRSUs to participants and used a Monte Carlo simulation model to determine the average grant date fair value of $5.76 per share using the following model inputs and assumptions: i) ending average stock price of $4.78, ii) volatility rate of 62.1%, iii) risk free rate of 4.5% and iv) expected term of 2.88 years. Compensation expense associated with the PRSUs will be recognized over the longer of the expected achievement period for the service or market condition. On May 22, 2025, the Company granted 263,564 PRSUs to participants and used a Monte Carlo simulation model to determine the average grant date fair value of $2.82 per share using the following model inputs and assumptions: i) ending average stock price of $3.19, ii) volatility rate of 60.7%, iii) risk free rate of 4.0% and iv) expected term of 2.86 years. Compensation expense associated with the PRSUs will be recognized over the longer of the expected achievement period for the service or market condition.These grants resulted in compensation expense of $0.5 million and $0.5 million for the three months ended June 30, 2025 and June 30, 2024, respectively, and $1.9 million and $0.5 million for the six months ended June 30, 2025 and June 30, 2024, respectively. Since the initial grant date of these awards, 289,942 shares have been forfeited.

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

Acquisition-Related Equity-Based Compensation Awards

In connection with TWMH’s historical acquisition of Holbein Partners, LLP (“Holbein”), certain employees of Holbein are entitled to receive a combination of cash and shares of the Company based on Holbein revenues in 2023 and 2024 (the “Holbein Earn-Ins”). The Holbein Earn-Ins were measured at fair value using estimates of future revenues as of the closing date. The earn-ins are expected to be paid in a combination of 50% cash and 50% in shares of the Company’s Class A Common Stock on the second and third anniversaries of the closing date of January 7, 2022. On July 14, 2023, the Company amended the Holbein purchase agreement related to the Holbein acquisition. The amendment crystallized the contingent earn-in consideration amount by replacing the valuation of the Holbein Earn-Ins consideration of an estimate of future revenue. Additionally, the first payment date and second payment date are agreed as April 1, 2024, and April 1, 2025, respectively, replacing the original share purchase agreement payment dates of ten business days after the second and third anniversary of the acquisition of Holbein. The agreed upon first and second date payments are $7.1 million and $8.9 million, respectively. The selling shareholders remain required to maintain certain service agreements to receive the compensatory Holbein Earn-ins. The number of shares awarded will be calculated based on the twenty day average volume weighted average price of the Company’s Class A Common Stock preceding the first and second payment dates. The Company recognized an expense for the earn-ins of $25.6 thousand and $0.5 million for the three months ended June 30, 2025 and June 30, 2024, respectively, and $0.9 million and $2.5 million for the six months ended June 30, 2025 and June 30, 2024, respectively.

Separate from the compensatory Holbein Earn-Ins, the Holbein acquisition consideration included contingent consideration that was measured at fair value using estimates of future revenues as of the closing date. The acquisition consideration was also amended to crystallize the non-compensatory earn-in amount and follows the same pattern as the above-described amendment for the compensatory earn-ins. On April 1, 2025, the final contingent consideration payment was made, extinguishing the liability balance as of June 30, 2025. As of December 31, 2024, this contingent consideration is recorded as a liability of $0.9 million in the Earn-in consideration payable line of the Condensed Consolidated Statement of Financial Condition.

In connection with the Company’s acquisition of East End Advisors (see Note 3 Business Combinations and Divestitures), certain employees of East End Advisors are entitled to receive a portion of the contingent consideration comprised of a combination of additional cash and shares of the Company (the “EEA Equity Awards”) based on the future EBITDA performance targets between the closing date of April 3, 2024 and the fifth anniversary of the closing date. The portion of the EEA Equity Awards to be issued in shares was measured at fair value as of the closing date. The Company recognized compensation expense for the estimated shares in relation to the accrual of the EEA Equity Awards of $0.6 million and $0.3 million for the three months ended June 30, 2025 and June 30, 2024, respectively, and $1.2 million and $0.3 million for the six months ended June 30, 2025 and June 30, 2024, respectively.

In connection with the Company’s acquisition of Envoi (see Note 3 Business Combinations and Divestitures), certain employees of Envoi are entitled to receive a portion of the earn-out growth consideration liability comprised of a combination of cash and additional shares of the Company (the “Envoi Equity Awards”). Compensation expense related to the Envoi Equity Awards is determined in accordance with revenue based formulas provided for in the asset purchase agreement and are payable to eligible employees in 2028. The Company recognized compensation expense in relation to the accrual of the Envoi Equity Awards of $0.1 million and $0.1 million for the three and six months ended June 30, 2025, respectively.

In connection with the Company’s acquisition of PW (see Note 3 Business Combinations and Divestitures), certain employees of PW were entitled to receive additional shares of the Company (the “PW Earn-Ins”). The PW Earn-Ins were payable in equity upon the achievement of certain integration milestones and were due for payment no later than March 1, 2025. The estimated deferred consideration was paid in cash and equity during

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

the first quarter ended March 31, 2025. The Company recognized compensation expense in relation to the accrual of the PW Earn-Ins of $0.2 million for both the three and six months ended June 30, 2024.

In connection with the Company’s acquisition of Kontora (see Note 3 Business Combinations and Divestitures), the Company may be required to make additional compensatory payments comprised of a combination of cash and equity at the Company’s option based on Kontora’s adjusted EBITDA (the “Kontora Earn-Ins”). The Company recognized compensation expense in relation to the accrual of the Kontora Earn-Ins of $2.1 million for both the three and six months ended June 30, 2025.

Revenue Share

During the three months ended June 30, 2025 and June 30, 2024, the Company accrued $(0.1) million and $0.2 million, respectively, and during the six months ended June 30, 2025 and June 30, 2024, the Company accrued $0.2 million and $0.4 million, respectively, in compensation expense related to various revenue share arrangements to its employees, which is included in Compensation and employee benefits in the Condensed Consolidated Statement of Operations and in Accrued compensation and profit sharing in the Condensed Consolidated Statement of Financial Position.

Deferred Compensation Liability

In connection with the acquisition of all of the issued and outstanding ownership and membership interests of AlTi Wealth Management (Singapore) Pte Limited (“ALWP”) pursuant to the terms of the share purchase agreement between the Company and ALWP on April 6, 2023, the Company accrued, during the three months ended June 30, 2025 and June 30, 2024, $0.2 million and $1.2 million, respectively, and during the six months ended June 30, 2025 and June 30, 2024, $1.1 million and $2.4 million, respectively, in shares of Class A Common Stock which is included in Compensation and employee benefits in the Condensed Consolidated Statement of Operations and in Accrued compensation and profit sharing in the Condensed Consolidated Statement of Financial Position.

(6)Income Taxes

The computation of the effective tax rate and provision at each interim period requires the use of certain estimates and significant judgment including, but not limited to, the expected operating income for the year, projections of the proportion of income that is subject to tax, permanent differences between the Company’s GAAP earnings and taxable income, and the likelihood of recovering deferred tax assets existing as of the balance sheet date. The estimates used to compute the provision for income taxes may change throughout the year as new events occur, additional information is obtained or as tax laws and regulations change. Accordingly, the effective tax rate for future interim periods may vary materially.

The Company is a domestic corporation for U.S. federal income tax purposes and is subject to U.S. federal and state and local corporate-level income taxes on its share of taxable income from the Umbrella Partnership. The Umbrella Partnership is a partnership for U.S. federal income tax purposes and a taxable entity for certain state and local taxes, such as New York City Unincorporated Business Tax (“UBT”). Further, the Company’s income tax provision and related income tax assets and liabilities are based on, among other things, an estimate of the impact of exchanges of shares of Class B Common Stock and Class B Units for shares of Class A Common Stock, inclusive of an analysis of tax basis and state tax implications of the Umbrella Partnership and its underlying assets and liabilities. The Company’s estimate is based on the most recent information available. The tax basis and state impact of the Umbrella Partnership and its underlying assets and liabilities are based on estimates subject to finalization of the Company’s tax returns.

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

The Company had an effective tax rate of 13.6% and 7.8% for the three months ended June 30, 2025 and June 30, 2024, respectively, and 16.1% and (3.2)% for the six months ended June 30, 2025 and June 30, 2024, respectively. The effective tax rates were calculated using an Annual Effective Tax Rate approach. The book income related to fair value changes to liabilities was excluded from forecasted earnings as these amounts are based on changes in stock price and are unable to be forecasted. The effective tax rates differed from the statutory rate primarily due to the impact of valuation allowance with respect to deferred tax assets generated in the Company’s subsidiaries in the U.K. and in the Company’s investment in subsidiary, certain gains recognized on contingent liabilities for which no tax liability is recognized, and state and local taxes.

The Company regularly evaluates the realizability of its deferred tax asset and may recognize or adjust any valuation allowance when it is more-likely-than-not that all or a portion of the deferred tax assets may not be realized. As of June 30, 2025, the Company has recorded valuation allowances against its deferred tax assets generated by its subsidiaries in the U. K. and its investment in Umbrella. The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the tax years that remain open under the statute of limitations may be subject to examinations by the appropriate tax authorities.

The Company is currently under examination by the New York City UBT for the years ended December 2020 and 2021. We do not believe that there is material exposure in connection with the examination. As of June 30, 2025, the Company has evaluated its tax filing positions and assessed no change to the reserve of $0.2 million unrecognized tax benefits.

(7) Fair Value Disclosures

The Company classifies its fair value measurements using a three-tiered fair value hierarchy. The basis of the tiers is dependent upon the various “inputs” used to determine the fair value of the Company’s assets and liabilities. Fair value is considered the value using the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s assumptions about the inputs market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The inputs are summarized in the three broad levels listed below:

•Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

•Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

•Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

Level 3 Valuation Techniques

In the absence of observable market prices, the Company values financial instruments using valuation methodologies applied on a consistent basis. For some investments little market activity may exist; management’s determination of fair value is then based on the best information available in the circumstances and may incorporate management’s own assumptions and involves a significant degree of judgment, taking into consideration a combination of internal and external factors. Financial instruments for which market prices are not observable include:

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

•Business Combination Earn-Out Liability - The Company’s valuation approach utilized a Monte Carlo simulation to estimate future share prices and the implied earn-out payment discounted using the risk-free rate.

•TRA Liability - The Company’s valuation approach utilized a Monte Carlo simulation to estimate future taxable income, share prices, and the implied TRA payments discounted using the liability discount rate which is estimated based on the Company’s credit rating.

•AWMS Earn-Out Liability - In connection with the deferred cash consideration related to its acquisition of the remaining 70% of the issued and outstanding ownership and membership interests of AlTi Wealth Management (Switzerland) SA, (“AWMS”), increasing its interest in AWMS from 30% to 100%, on August 2, 2023, the Company’s valuation approach utilized a Monte Carlo simulation to estimate future revenue and the implied earn out payment discounted using the liability discount rate which is estimated based on the Company’s credit rating. As of September 30, 2024, the settlement amount became known, which was based on actual revenues received, and the use of the Level 3 valuation technique was discontinued. Additionally, during the fourth quarter of 2024, the AWMS earn-out liability was fully paid.

•EEA Earn-Out Liability - The Company’s valuation approach utilized a Discounted Cash Flow approach to determine the fair value using the liability discount rate which is estimated based on the Company’s credit quality.

•Envoi Earn-Out Consideration Liability - The Company’s valuation approach utilized a risk-adjusted Discounted Cash Flow approach to determine the fair value using the liability discount rate which is estimated based on the Company’s credit quality rating.

•Envoi Earn-Out Growth Consideration Liability - The Company’s valuation approach utilized a Monte Carlo simulation to estimate future revenue and the implied earn out payment discounted using the liability discount rate which is estimated based on the Company’s credit quality rating.

•Preferred Stock Tranche Liability - The fair value of the Allianz Tranche Right is determined based on Level 3 inputs using a binomial lattice model. At each node of the binomial lattice model, the decision to exercise the Allianz Tranche Right is determined based on if the value of the Series A Preferred Stock at such node is greater than the right’s strike price of $1,000 per share. At nodes where the Allianz Tranche Right is exercised, the resulting payoff of the right is discounted back to the prior node at the risk-free rate. The fair value of the Allianz Tranche Right is estimated by backward inducting values in the binomial lattice model to the initial node. A probability-weighted assessment is also included as part of the inputs to the valuation of the Allianz Tranche Right.

•Investments in External Strategic Managers - The Company utilized a Discounted Cash Flow approach to determine the fair value of the External Strategic Managers. The discount rate selection for each investment was calibrated using the implied internal rate of return as of the original investment date, adjusted for certain market- and company-specific factors. The selected long-term growth rate for each investment was based on long-term GDP growth rates in the geographic locations of the underlying External Strategic Manager, with consideration for general growth in the asset management industry.

•Contingent Consideration Receivable - The Company utilized a Monte Carlo simulation to estimate the future share price of the acquirer of LRA, and the implied contingent consideration discounted using the risk-free rate and the acquirer’s estimated credit spread.

Refer to the valuation methodologies table below for further analysis of Level 3 valuations.

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

The following is a summary categorization of the Company’s financial instruments based on the inputs utilized in determining the value of such financial instruments. Investments at fair value as of June 30, 2025, and December 31, 2024 are presented below:


	As of June 30, 2025
	Level 1		Level 2		Level 3
(Dollars in Thousands)	Quoted Prices		Observable Inputs		Unobservable Inputs		Total
Assets:
Mutual funds	$	40	$	—	$	—	$	40
Exchange-traded funds and BDC funds	32		—		—		32
Investments – External Strategic Managers	—		—		146,842		146,842
Investments – Affiliated Funds (1)	—		—		—		1,048
Contingent consideration receivable	—		—		2,293		2,293
Other	6		50		—		56
Total	$	78	$	50	$	149,135	$	150,311

Liabilities:

Preferred stock tranche liability	$	—	$	—	$	2,150	$	2,150
Earn-out liabilities	—		—		58,448		58,448

TRA liability (2)	—		—		9,822		9,822


Total	$	—	$	—	$	70,420	$	70,420

(1) Investments in Affiliated Funds are measured at fair value using the net asset value (or its equivalent) practical expedient. The Company’s investments in Affiliated Funds represent interests that do not trade in an active market and are valued using the NAV of each investment company as reported and without adjustment. The Company does not have any commitments to the Affiliated Funds and redemptions are permitted on a monthly basis and require 30 days’ notice. The strategies of the Affiliated Funds primarily focus on near-dated, hard catalyst events that typically involve hostile deals, proposals, minority interest buy-ins, leverage buyouts, activism, spin-offs, recapitalizations, and agreed upon deals. The investments held in the Affiliated Funds are primarily highly liquid and marketable securities. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Condensed Consolidated Statement of Financial Position.

(2) The Company carries a portion of its TRA liability at fair value equal to the expected future payments under the TRA.


	As of December 31, 2024
	Level 1		Level 2		Level 3
(Dollars in Thousands)	Quoted Prices		Observable Inputs		Unobservable Inputs		Total
Assets:
Mutual funds	$	105	$	—	$	—	$	105
Exchange-traded funds and BDC funds	118		—		—		118
Investments – External Strategic Managers	—		—		147,568		147,568
Investments – Affiliated Funds (1)	—		—		—		883
Contingent consideration receivable	—		—		1,389		1,389
Total	$	223	$	—	$	148,957	$	150,063

Liabilities:

Preferred stock tranche liability	$	—	$	—	$	3,940	$	3,940
Earn-out liabilities	—		—		64,639		64,639
TRA liability (2)	—		—		9,378		9,378
Earn-in consideration payable	932		—		—		932

Total	$	932	$	—	$	77,957	$	78,889

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(2) The Company carries a portion of its TRA liability at fair value equal to the expected future payments under the TRA.

Reconciliation of Fair Value Measurements Categorized within Level 3

Unrealized gains and losses on the Company’s assets and liabilities carried at fair value on a recurring basis are included within other losses in the Condensed Consolidated Statement of Operations. During the year ended December 31, 2024, there was one transfer from Level 3 to Level 1 of the AWMS earn-out liability. The following table sets forth a summary of changes in the fair value of Level 3 measurements as of June 30, 2025 and December 31, 2024:


	Level 3 Liabilities as of June 30, 2025
(Dollars in Thousands)	TRA liability		Earn-out liability		EEA earn-out liability		Envoi earn-out consideration liability		Envoi earn-out growth consideration liability		Kontora earn-out liability	Preferred stock tranche liability		Total
Beginning balance	$	9,378	$	23,848	$	29,871	$	9,600	$	1,320	—	$	3,940	$	77,957
Issuances	—		—		—		—		—		5,743	—		5,743
Settlements	—		—		(7,387)		—		—		—	—		(7,387)
Net (gains) losses	444		(6,137)		1,095		150		(140)		485	(1,790)		(5,893)
Transfers out of Level 3	$	—	$	—	—		—		—		—	$	—	$	—
Ending balance	$	9,822	$	17,711	$	23,579	$	9,750	$	1,180	6,228	$	2,150	$	70,420


	Level 3 Liabilities as of December 31, 2024
(Dollars in Thousands)	TRA liability		Earn-out liability		AWMS earn-out liability		EEA earn-out liability		Envoi earn-out consideration liability		Envoi earn-out growth consideration liability		Preferred stock tranche liability		Total
Beginning balance	$	13,233	$	62,380	$	1,064	$	—	$	—	$	—	$	—	$	76,677
Issuances	—		—		—		23,308		7,980		1,020		4,540		36,848
Settlements	—		—		—		—		—		—		—		—
Net (gains) losses	(3,855)		(38,532)		39		6,563		1,620		300		(600)		(34,465)
Transfers out of Level 3	$	—	$	—	(1,103)		—		—		—		—		(1,103)
Ending balance	$	9,378	$	23,848	$	—	$	29,871	$	9,600	$	1,320	$	3,940	$	77,957


	Level 3 Assets as of June 30, 2025
(Dollars in Thousands)	Investments – External Strategic Managers		Contingent Consideration Receivable		Total
Beginning balance	$	147,568	$	1,389	$	148,957
Realized and Unrealized Gains (Losses)	(726)		904		178


Ending balance	$	146,842	$	2,293	$	149,135

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)


	Level 3 Assets as of December 31, 2024
(Dollars in Thousands)	Investments – External Strategic Managers		Contingent Consideration Receivable		Total
Beginning balance	$	164,077	$	—	$	164,077
Realized and Unrealized Gains (Losses)	(16,509)		(546)		(17,055)
Purchases	—		1,935		1,935

Ending balance	$	147,568	$	1,389	$	148,957

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

Valuation Methodologies for Fair Value Measurements Categorized within Level 3 as of June 30, 2025


(Dollars in Thousands)	Fair Value		Valuation Techniques	Unobservable Inputs	Ranges		Impact to Valuation from an Increase in Input
Level 3 Assets:
Investments – External Strategic Managers	$	146,842	Discounted Cash Flow	Discount rate	17.5% -26.0%		Lower
				Long-term growth rate	4.0	%	Higher
Contingent consideration receivable	$	2,293	Monte Carlo	Risk-free rate	3.8	%	Higher
				Volatility	27.0	%	Lower
				Credit spread	1.2	%	Lower
Level 3 Liabilities:
TRA liability	$	9,822	Monte Carlo	Volatility	55.0	%	Lower
				Correlation	22.5	%	Higher
				Cost of debt range	10.8% - 11.9%		Lower
				Equity risk premium	5.8% - 13.1%		Lower
Business Combination earn-out liability	$	17,711	Monte Carlo	Volatility	70.0	%	Higher
				Risk-free rate	3.7	%	Higher

AlTi Global, Inc. 10-Q