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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 March 31, 2026


☐			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 110,744,073 shares of Class A Common Stock (as defined herein) and 40,873,767 shares of Class B Common Stock (as defined herein) as of May 8, 2026.

Table of Contents


Part I Financial Information			8

Item 1. Financial Statements (Unaudited)			8

Condensed Consolidated Statements of Financial Position (Unaudited)			9

Condensed Consolidated Statements of Operations (Unaudited)			10

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)			12

Condensed Consolidated Statements of Changes in Mezzanine Equity and Shareholders’ Equity (Unaudited)			13

Condensed Consolidated Statements of Cash Flows (Unaudited)			15

Notes to Condensed Consolidated Financial Statements (Unaudited)			17

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			51

Item 3. Quantitative and Qualitative Disclosures about Market Risk			68

Item 4. Controls and Procedures			69

Part II Other Information			72

Item 1. Legal Proceedings			72

Item 1A. Risk Factors			72

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			72

Item 3. Defaults Upon Senior Securities			72

Item 4. Mine Safety Disclosures			72

Item 5. Other Information			72

Item 6. Exhibits			73

Signatures			74

Defined Terms

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

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

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

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

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

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

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

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

•“Alvarium Shareholders” means the shareholders of Alvarium.

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

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

•“AUA” means assets under advisement.

•“AUM” means assets under management.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

•“Constellation” means Constellation Wealth Capital, LLC.

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

•“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.

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

•“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.

•“Holbein” means Holbein Partners, LLP.

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

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

•“Nasdaq” means the Nasdaq Capital Market.

•“NAV” means net asset value.

•“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.

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

•“Teneo” means Teneo Financial Advisory Limited.

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

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

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

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

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

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

•“TIH” means Tiedemann International Holdings, AG.

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

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

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

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

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

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

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

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

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

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

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

Available Information

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

Also posted on our website in the “Investor Relations” section are the charters for our Audit, Finance and Risk Committee, Environmental, Social, Governance and Nominating Committee, Human Capital and Compensation Committee, and Transaction Committee, as well as our Corporate Governance Guidelines and Code of Business Conduct and Ethics governing our directors, officers, and employees. Information on or accessible through our website is not a part of or incorporated into this 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 “Risk Factors” in Item 1A of our Annual Report and “Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Quarterly Report. 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

AlTi Global, Inc.

Condensed Consolidated Statements of Financial Position

(Unaudited)


(Dollars in Thousands, except share data)	As of March 31, 2026		As of December 31, 2025

Assets
Cash and cash equivalents	$	39,715	$	41,158
Fees receivable, net (includes $651 and $9,535 of related party receivables, respectively)	34,370		65,571



Investments at fair value	149,741		144,196
Equity method investments	140		138

Intangible assets, net of accumulated amortization	431,318		436,157
Goodwill	384,586		385,966
Operating lease right-of-use assets	45,718		46,686

Deferred tax asset, net	—		130
Other assets, net	52,628		56,446



Total assets	$	1,138,216	$	1,176,448

Liabilities
Accounts payable and accrued expenses	$	26,443	$	48,637
Accrued compensation and profit sharing	48,158		77,286
Accrued member distributions payable	3,358		3,260

Earn-out liabilities, at fair value	47,675		57,411

TRA liability (includes $8,584 and $8,785 at fair value, respectively)	30,553		25,724
Preferred stock tranche liability, at fair value	1,410		2,410


Operating lease liabilities	60,781		61,675

Debt, net of unamortized deferred financing cost	15,049		883
Deferred tax liability, net	9,571		9,697
Deferred income	317		—
Other liabilities, net	12,377		14,676


Total liabilities	$	255,692	$	301,659

Commitments and contingencies (Note 20)

Mezzanine Equity
Series A Redeemable Cumulative Convertible Preferred stock, $0.0001 par value, 795,947 shares authorized, 168,934 shares issued and outstanding at March 31, 2026, 795,947 shares authorized, 168,934 issued and outstanding at December 31, 2025	170,993		168,934
Series C Redeemable Cumulative Convertible Preferred stock, $0.0001 par value, 150,000 shares authorized, 150,000 shares issued and outstanding at March 31, 2026, and 150,000 shares authorized, 150,000 issued and outstanding at December 31, 2025	181,216		176,904

Shareholders’ Equity

Common stock, Class A, $0.0001 par value, 875,000,000 authorized, 109,799,384 and 103,330,156 issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	10		10
Common stock, Class B, $0.0001 par value, 150,000,000 authorized, 40,873,767 and 44,188,561 issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	—		—
Common stock, Class C Non-Voting, $0.0001 par value, 9,000,000 authorized, 0 and 0 issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	—		—
Treasury stock, at cost: 1,300,341 and 0 shares as of March 31, 2026 and December 31, 2025, respectively	(5,691)		—
Additional paid-in capital	676,102		667,298
Retained earnings (accumulated deficit)	(410,311)		(418,015)


Accumulated other comprehensive income (loss)	6,395		4,975
Total AlTi Global, Inc. shareholders’ equity	618,714		600,106
Non-controlling interest in subsidiaries	263,810		274,683
Total shareholders’ equity	882,524		874,789
Total liabilities, mezzanine equity, and shareholders’ equity	$	1,138,216	$	1,176,448

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

Table of Contents

AlTi Global, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)


	For the Three Months Ended
(Dollars in Thousands)	March 31, 2026		March 31, 2025
Revenue
Management/advisory fees	$	51,895	$	44,775
Incentive fees	(89)		96
Distributions from investments	21,268		12,210
Other income/fees	31		6
Total revenue	73,105		57,087
Operating Expenses
Compensation and employee benefits	56,274		40,419
Systems, technology and telephone	4,406		5,322
Sales, distribution and marketing	969		604
Occupancy costs	2,928		3,532
Professional fees	9,052		9,118
Travel and entertainment	841		858
Depreciation and amortization	4,706		4,349
General, administrative and other	4,593		1,295
Total operating expenses	83,769		65,497
Total operating income (loss)	(10,664)		(8,410)
Other Income (Expenses)

Gain (loss) on investments	5,609		(4,354)
Gain (loss) on TRA	201		304
Gain (loss) on preferred stock tranche liability	1,000		2,540


Gain (loss) on earnout liabilities	9,581		12,583
Interest expense	(89)		(151)
Interest income	413		505
Other income (expense)	2,298		(603)
Income (loss) before taxes from continuing operations	8,349		2,414
Income tax (expense) benefit from continuing operations	41		1,623
Net income (loss) from continuing operations	8,390		4,037
Net income (loss) from discontinued operations, net of income tax	—		(6,919)
Net income (loss)	8,390		(2,882)
Net (loss) income attributed to non-controlling interests in subsidiaries from continuing operations	686		(4,792)

Net income (loss) attributable to AlTi Global, Inc.	$	7,704	$	1,910

(Continued on the following page)

Table of Contents

AlTi Global, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)


(Continued from the previous page)	For the Three Months Ended
(Dollars in Thousands)	March 31, 2026		March 31, 2025
Net Income (Loss) Per Share
Basic:
Continuing operations	$	0.01	$	0.02
Discontinued operations	—		$	(0.07)

Diluted:
Continuing operations	$	0.01	$	(0.02)
Discontinued operations	—		$	(0.07)

Weighted Average Shares of Class A Common Stock Outstanding
Basic
Continuing operations	105,021,861		94,883,803
Discontinued operations	—		94,883,803
Diluted:
Continuing operations	110,878,369		147,164,068
Discontinued operations	—		94,883,803

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

AlTi Global, Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)


	For the Three Months Ended
(Dollars in Thousands)	March 31, 2026		March 31, 2025
Net income (loss)	$	8,390	$	(2,882)
Other Comprehensive Income (Loss)

Foreign currency translation adjustments	1,765		3,249
Other comprehensive income (loss)	—		(24)
Total comprehensive income (loss)	10,155		343
Other gain (loss) attributed to non-controlling interests in subsidiaries	1,108		(3,953)
Comprehensive income (loss) attributable to AlTi Global, Inc.	$	9,047	$	4,296

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

Table of Contents

AlTi Global, Inc.

Condensed Consolidated Statements 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, 2026	168,934	168,934		150,000	176,904		103,330,155	$	10	44,188,561	$	—	$	—	$	667,298	$	(418,015)	$	4,975	$	274,683	$	874,789

Net income (loss)	—	—		—	—		—	—		—	—		—		—		7,704				686		8,390
Currency translation adjustment	—	—		—	—		—	—		—	—		—		—		—		1,286		479		1,765


Prior period tax true-ups	—	—		—	—		—	—		—	—		—		—				134		57		191



Preferred share accrued dividend	—	2,059		—	4,312		—	—		—	—		—		(6,371)		—		—		—		—




Share based compensation	—	—		—	—		3,154,435	—		—	—		—		8,111		—		—		—		8,111



TRA Exchange	—	—		—	—		3,314,794	—		(3,314,794)	—		—		7,064		—		—		(12,095)		(5,031)
Repurchase of shares	—	—		—	—		—	—		—	—		(5,691)		—		—		—		—		(5,691)








Balance at March 31, 2026	168,934	$	170,993	150,000	$	181,216	109,799,384	$	10	40,873,767	$	—	$	(5,691)	$	676,102	$	(410,311)	$	6,395	$	263,810	$	882,524

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

Table of Contents

AlTi Global, Inc.

Condensed Consolidated Statements 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)	—	—		—	—		—	—		—		—		—		—		1,910		—		(4,792)		(2,882)
Currency translation adjustment	—	—		—	—		—	—		—		—		—		—		—		2,403		846		3,249

Other comprehensive income	—	—		—	—		—	—		—		—		—		—		—		(17)		(7)		(24)
Tax allocation to equity holders	—	—		—	—		—	—		—		—		—		—		(2,092)		(58)		2,066		(84)
Sale of investment	—	—		—	—		—	—		—		—		—		—		—		—		234		234


Preferred share accrued dividend	—	1,760		—	3,953		2,413,060	—		—		—		—		(5,713)		—		—		—		—
Issuance of shares for business combination	—	—		—	—		—	—		—		—		—		1,298		—		—		—		1,298
Share based compensation	—	—		—	—		—	—		—		—		—		4,559		—		—		—		4,559


Repurchase of shares	—	—		—	—		—	—		—		—		(2,838)		—		—		—		—		(2,838)
TRA Exchange	—	—		—	—		1,028,652	—		(1,028,652)	—	—		—		1,587		—		—		(2,592)		(1,005)



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

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

Table of Contents

AlTi Global, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)


	For the Three Months Ended
(Dollars in Thousands)	March 31, 2026		March 31, 2025
Cash Flows from Operating Activities
Net income (loss)	$	8,390	$	(2,882)
Net income (loss) from discontinued operations, net of tax	—		(6,919)
Net income (loss) from continuing operations	8,390		4,037
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities from continuing operations:
Depreciation and amortization	4,706		4,349

Unrealized (gain) loss on investments	(5,609)		1,678
Realized (gain) loss on investments	—		2,525

Fair value (gain) loss on TRA	(201)		(304)




Fair value (gain) loss on earnout liability	(9,581)		(12,583)
Fair value gain (loss) on preferred stock tranche liability	(1,000)		(2,540)
Deferred income tax (benefit) expense	(1,445)		(1,942)
Equity-settled share-based payments	8,111		7,342



Forgiveness of debt shareholder loan	53		56



(Increase) decrease in fees receivable	31,133		(40)
(Increase) decrease in other assets	2,929		(2,022)
Operating cash flow from operating leases	69		874
Increase (decrease) in accounts payable and accrued expenses	(7,384)		(6,248)
Increase (decrease) in accrued compensation and profit sharing	(25,643)		(22,677)

Increase (decrease) in other liabilities	783		(2,861)

Net cash provided by (used in) operating activities from continuing operations	5,311		(30,356)
Cash Flows from Investing Activities





Purchases of investments	(10)		(26)












Sales of investments	10		170


Proceeds from Pointwise warehousing transaction	—		20,449

Loss on disposal of intangible assets	—		(9)

Purchases of fixed assets	—		(782)
Net cash provided by investing activities from continuing operations	—		19,802
Cash Flows from Financing Activities




Payments on term notes and lines of credit	(818)		—






Repurchase of common stock	(5,691)		(2,838)







Net cash used in financing activities from continuing operations	(6,509)		(2,838)
Cash Flows from Discontinued Operations:
Net cash provided by (used in) operating activities from discontinued operations	—		188
Net cash provided by (used in) investing activities from discontinued operations	—		115

Net cash provided by discontinued operations	—		303

Net increase (decrease) in cash and cash equivalents, including discontinued operations	(1,198)		(13,089)
Effect of exchange rate changes on cash and cash equivalents, including discontinued operations	(245)		436
Cash and cash equivalents, including discontinued operations, at beginning of the period	41,158		65,494
Cash and cash equivalents, including discontinued operations, at end of the period	39,715		52,841

Cash and cash equivalents	$	39,715	$	52,841




Reconciliation of balance sheet cash and cash equivalents to cash flows:
Cash and cash equivalents on balance sheet	$	39,715	$	51,611
Cash and cash equivalents included in Assets held for sale	—		1,230
Cash and cash equivalents, including cash in Assets held for sale	$	39,715	$	52,841

Supplemental Disclosure of Cash Flow Information
Cash Paid During the Period for:
Income taxes	$	155	$	199
Interest payments on term notes and lines of credit	$	14	$	—

Table of Contents

AlTi Global, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

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

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(1)Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

AlTi Global, Inc. (“AlTi” or the “Company”) is a global wealth and investment partner to families, foundations and institutions, helping clients activate capital with clarity, bring structure to complexity, and plan with purpose across borders and generations. AlTi combines the breadth of a global firm with the service offering of a family office to deliver solutions designed to meet the full complexity of wealth and capital.

The Company operates as one reportable segment.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with US GAAP for interim financial statements and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. In the opinion of management, all adjustments necessary for a fair presentation of the results for the interim periods presented have been included and are of a normal and recurring nature. Interim results of operations are not necessarily indicative of the results that may be achieved for the full year. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual consolidated financial statements and accompanying notes the Annual Report on Form 10-K for the year ended December 31, 2025.

Certain prior period presentations and disclosures, while not required to be recast, may be reclassified to ensure comparability with current period classifications.

Significant Accounting Policies

There have been no material changes to the Company's significant accounting policies as described in Note 2 of the Annual Report on Form 10-K for the year ended December 31, 2025. The preparation of the condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the fair value of investments included in billable AUM/AUA, which directly impacts revenue recognized each period; the fair values of earn-out liabilities and the valuation of the Tax Receivable Agreement liability, both of which directly impact net income (loss); the realizability of deferred tax assets; the assessment of impairment of goodwill and acquired intangible assets; and the valuation of equity-based compensation awards. Actual results could differ materially from those estimates.

Recent Accounting Pronouncements - Adopted as of March 31, 2026

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). ASU 2025-05 provides all entities, when developing reasonable and supportable forecasts as part of estimating expected credit losses, the election of a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. ASU 2025-05 is effective for annual periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. The adoption of ASU 2025-05 did not have a material impact on the Company's consolidated financial statements.

Recent Accounting Pronouncements - Not Yet Adopted as of March 31, 2026

In April 2026, the FASB issued ASU 2026-01, Equity (Topic 505): Initial Measurement of Paid-in-Kind Dividends on Equity-Classified Preferred Stock (“ASU 2026-01”). ASU 2026-01 provides authoritative guidance on how an issuer should initially measure paid-in-kind dividends on equity-classified preferred stock. The amendments require that paid-in-kind dividends be initially measured on the basis of the paid-in-kind dividend rate stated in the preferred stock agreement. ASU 2026-01 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

early adoption permitted. The Company is currently evaluating the impact of ASU 2026-01 on its consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”). ASU 2025-11 clarifies and improves existing interim reporting guidance by consolidating disclosure requirements within Topic 270 and introducing a disclosure principle requiring entities to disclose events and changes occurring after the most recent annual reporting period that are expected to have a material effect on the entity’s financial condition or results of operations. The ASU does not introduce significant changes to recognition or measurement guidance. ASU 2025-11 is effective for interim reporting periods beginning after December 31, 2027, with early adoption permitted. The Company does not expect the adoption of ASU 2025-11 to have a material impact on its 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 (“ASU 2025-03”). ASU 2025-03 clarifies 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. ASU 2025-03 is 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 adoption of ASU 2025-03 to have a material impact on to its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”). ASU 2024-03 require disclosure, in the notes to financial statements, of specified information about certain costs and expenses at each interim and annual reporting period. ASU 2024-03 is 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 adoption of ASU 2024-03 to have a material impact on its consolidated financial statements.

(2)Restricted Cash and Cash Equivalents

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

As of March 31, 2026 and December 31, 2025, restricted cash and cash equivalents amounted to $6.0 million and $7.0 million, respectively, and are included in the line item Cash and cash equivalents on the Condensed Consolidated Statements of Financial Position as of such dates. These amounts represent collateral held as well as 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.

(3)Discontinued Operations

On July 11, 2025, the Company placed its International Real Estate Businesses under administration in accordance with the insolvency laws of England and Wales and the Administrators took control of each of them. The Company determined that it was appropriate to deconsolidate its International Real Estate Businesses resulting from the disposition of the Company’s controlling interest. The Company concluded that the transaction meets the criteria for discontinued operations as the disposal of the International Real Estate Businesses is a strategic shift that will have a significant effect on our operations and financial results.

As such, the assets and liabilities, results of operations and cash flows of the International Real Estate Businesses have been classified as discontinued operations for all periods presented in accordance with ASC

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

205-20, Discontinued Operations. As a result, the Company only has one reportable segment remaining. See Note 18 (Segment Reporting).

Upon deconsolidation, intercompany balances between the Company and the International Real Estate Businesses were recognized as third-party balances, which include receivables of $17.8 million, which were recorded in Other assets, and payables of $26.0 million, which were recorded in Accounts payable and accrued expenses, in the Condensed Consolidated Statements of Financial Position as part of continuing operations. Additionally, certain on-going services such as payroll, information technology, and other administrative support, in which the Company acts as a service provider will continue to be provided to the International Real Estate Businesses through the end of December 31, 2027 or earlier based on agreement with the Administrators. As part of the arrangement with the Administrators, these on-going services are recognized as payments against the third party Accounts payable balance. A total of $4.0 million, which includes on-going services of $1.3 million, were paid against the third party Accounts payable balance through December 31, 2025. As of December 31, 2025, the balance of the Other assets and Other payables amounted to $2.1 million and $22.0 million, respectively.

In connection with the administration of the International Real Estate Businesses, the Company and the Administrators have negotiated a settlement of outstanding intercompany balances between certain of our affiliates and the International Real Estate Businesses. On March 19, 2026, the Company and certain of its affiliates on the one hand and the International Real Estate Businesses and the Administrators on the other hand entered into a binding settlement and intercompany loan deed memorializing the terms of the settlement and concluding this matter. The settlement amount of £11.2 million ($15.0 million) will be paid in installments through November 2027. On March 19, 2026, the Company also entered into a transitional services agreement, pursuant to which it will provide certain administrative support services to the International Real Estate Businesses through December 31, 2027. The reimbursement for these services was part of the negotiated adjustments to the settlement amount. Upon the execution of the intercompany loan deed, the Company derecognized £3.4 million ($4.6 million) of payables and £1.5 million ($2.1 million) of receivables from the International Real Estate Businesses, resulting in a £1.9 million ($2.5 million) gain recognized within Other income (expense) in the Condensed Consolidated Statements of Operations. As of March 31, 2026, the outstanding balance of the settlement was £11.0 million ($14.5 million), which was recorded in Debt, net of unamortized deferred financing cost in the Condensed Consolidated Statements of Financial Position.

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

The following table provides a summary of net loss from discontinued operations, net of taxes:


	For the Three Months Ended
(Dollars in Thousands)	March 31, 2025
Revenue
Management/advisory fees	$	875


Other income/fees	1
Total revenue	876
Operating Expenses
Compensation and employee benefits	1,854
Systems, technology and telephone	227
Sales, distribution and marketing	79
Occupancy costs	234
Professional fees	1,833
Travel and entertainment	62

General, administrative and other	1,665
Total operating expenses	5,954
Total operating loss	(5,078)
Other Income (Expenses)

Loss on investments	(1,840)






Interest income	10

Loss before taxes	(6,908)
Income tax expense	(11)
Net loss from discontinued operations, net of income tax	$	(6,919)

Cash flows related to the disposal of the International Real Estate Businesses are included in the discontinued operations section of the Condensed Consolidated Statements of Cash Flows for all periods presented.

(4)Business Combinations

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”). Kontora is a multi-family office and asset management company headquartered in Hamburg, Germany, focused on UHNW families, entrepreneurs and select institutions. This acquisition expanded the Company’s presence in Europe through entry into the key wealth hub of Germany, which represents the third largest UHNW market in the world.

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 in the Company’s condensed consolidated financial statements 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 Statements 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. The total purchase consideration is summarized below:

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)


(Dollars in Thousands)	Amount
Initial purchase price	$	8,740
Settlement of debt	1,213
Contingent consideration	5,743
Total purchase consideration transferred	$	15,696

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


(Dollars in Thousands)	Kontora Acquisition Date Fair Value
Cash and cash equivalents	$	3,440
Fees receivable	2,702
Equity method investments	28
Intangible assets	14,075
Goodwill	981
Operating lease right-of-use assets	1,952
Deferred tax assets, net	1,451
Other assets, net	2,326
Total Assets Acquired	$	26,955
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	4,774
Other liabilities, net	3,057
Total Liabilities Assumed	$	11,259
Total Assets Acquired and Liabilities Assumed	$	15,696

The purchase price allocation is preliminary and subject to change during the measurement period, which is not to exceed one year from the Kontora Acquisition Date. During the year ended December 31, 2025, the Company made a measurement period adjustment to the purchase price allocation, which resulted in a decrease to intangible assets of $0.7 million, an increase to goodwill of $0.4 million, a decrease to deferred tax liability of $0.3 million, an increase to other assets, net of $24.0 thousand and a decrease to the purchase consideration of $10.0 thousand. At this time we do not expect any additional material adjustments to the above allocations. When the valuation is final, changes to the valuation of acquired assets and liabilities could result in adjustments to identified intangibles and goodwill.

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.

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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	4,385		15
Customer relationships	9,443		15
Software	60		3
Total Intangible Assets	$	14,075

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

Supplemental Pro Forma Financial Information (Unaudited)

The following selected unaudited supplemental pro forma financial information is a summary of our combined results for Kontora as of the three months ended March 31, 2025. The unaudited supplemental pro forma financial information gives effect to the Kontora acquisition as if it had occurred on January 1, 2025.

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 acquisition had taken place on the first of the year in which Kontora was acquired, nor is it indicative of future results.



(Dollars in Thousands)	March 31, 2025
Total revenue	$	62,401
Net income (loss)	$	1,500

(5)Revenue

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


	For the Three Months Ended
(Dollars in Thousands)	March 31, 2026		March 31, 2025

Management/advisory fees	$	51,895	$	44,775
Incentive fees	(89)		96
Distributions from investments	21,268		12,210
Other fees/income	31		6
Total revenue	$	73,105	$	57,087

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)


(Dollars in Thousands)	As of March 31, 2026		As of December 31, 2025

Management/advisory fees receivable
Beginning balance	$	35,047	$	28,896
Ending balance (1)	34,083		35,047

Incentive fees receivable
Beginning balance	$	30,335	$	1,324
Ending balance (2)	287		30,335

Other fees/income receivable
Beginning balance	$	189	$	—
Ending balance	—		189

Deferred management/advisory fees
Beginning balance	$	—	$	—
Ending balance	(317)		—

(1) As of March 31, 2026 and December 31, 2025, this amount includes $0.6 million and $0.6 million, respectively, in Management/advisory fees receivable due from related parties. See Note 17 (Related Party Transactions) for further details.

(2) As of March 31, 2026 and December 31, 2025, this amount includes $0.0 million and $9.0 million, respectively, in Incentive fees receivable due from related parties. See Note 17 (Related Party Transactions) for further details.

(6)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 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 3,157,641 remain available as of March 31, 2026. To the extent that an award expires or is canceled, 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 March 31, 2026, the Company has unrecognized equity-based compensation expense of $22.2 million, which is expected to be recognized over a weighted average period of 1.82 years.

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

The following table summarizes the equity-based compensation award activity for the three months ended March 31, 2026, and March 31, 2025:


	March 31, 2026			March 31, 2025
	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	11,428,887	$	4.23	6,216,514	$	4.86
Restricted common stock granted	2,820,485	4.05		2,772,576	3.45
Restricted common stock forfeited	(5,149)	3.86		(18,269)	4.76
Restricted common stock vested	(3,087,256)	4.21		(2,032,623)	4.60
Restricted common stock awards outstanding at end of period	11,156,967	$	4.19	6,938,198	$	4.38

The following table summarizes the equity-based compensation recognized, which is included in Compensation and employee benefits in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and March 31, 2025:


	For the Three Months Ended
(Dollars in Thousands)	March 31, 2026		March 31, 2025
RSUs	$	7,838	$	3,382
PRSUs	600		1,396
Acquisition-related	665		1,517

Revenue share	120		271
Deferred compensation	1,795		870
Accrued compensation	2,619		—
Total	$	13,638	$	7,436

(7)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

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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.

The Company had an effective tax rate of (0.5)% and 35.9% for the three months ended March 31, 2026 and March 31, 2025, 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 portion of income allocated to noncontrolling interests, state and local taxes, and the impact of a full valuation allowance on many of the Company’s deferred tax assets, including those generated at the Company, in certain of the Company’s U.S. and non-U.S. subsidiaries, and its investment in Umbrella.

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 March 31, 2026, the Company has recorded a full valuation allowance of $67.3 million against its deferred tax assets, including those generated by its subsidiaries in the U.S. and U.K. and its investment in Umbrella. The key factor for providing a full valuation allowance was our 3-year cumulative operating losses. Once the Company begins generating profits, we will re-evaluate whether a full valuation allowance remains appropriate or if the allowance should be reduced. 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 March 31, 2026, the Company has evaluated its tax filing positions and assessed no change to the reserve of $0.2 million unrecognized tax benefits.

(8) 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;

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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:

•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.

•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.

•Kontora 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 Kontora subgroups’ weighted average cost of capital for a useful life of ten years.

•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.

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 Company’s financial instruments measured at fair value in the Condensed Consolidated Statements of Financial Position as of March 31, 2026, and December 31, 2025, have been categorized based on the fair value hierarchy as follows:


	As of March 31, 2026
	Level 1		Level 2		Level 3
(Dollars in Thousands)	Quoted Prices		Observable Inputs		Unobservable Inputs		Total
Assets:
Mutual funds	$	38	$	—	$	—	$	38
Exchange-traded funds and BDC funds	37		—		—		37
Investments – External Strategic Managers	—		—		148,568		148,568
Investments – Affiliated Funds (1)	—		—		—		1,092

Other	6		—		—		6
Total	$	81	$	—	$	148,568	$	149,741

Liabilities:

Preferred stock tranche liability	$	—	$	—	$	1,410	$	1,410
Earn-out liabilities	—		—		47,675		47,675


TRA liability (2)	—		—		8,584		8,584
Derivative liability	$	—	$	—	$	57,669	$	57,669


	As of December 31, 2025
	Level 1		Level 2		Level 3
(Dollars in Thousands)	Quoted Prices		Observable Inputs		Unobservable Inputs		Total
Assets:
Mutual funds	$	42	$	—	$	—	$	42
Exchange-traded funds and BDC funds	35		—		—		35
Investments – External Strategic Managers	—		—		142,976		142,976
Investments – Affiliated Funds (1)	—		—		—		1,080
Other	6		57		—		63
Total	$	83	$	57	$	142,976	$	144,196

Liabilities:

Preferred stock tranche liability	$	—	$	—	$	2,410	$	2,410
Earn-out liabilities	—		—		57,411		57,411
TRA liability (2)	—		—		8,785		8,785


Total	$	—	$	—	$	68,606	$	68,606

(1) Investments in Affiliated Funds are measured at fair value using the NAV (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 Statements 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.

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Level 3 Rollforwards

The following table sets forth a summary of changes in the fair value of Level 3 financial instruments during the three months ended March 31, 2026 and December 31, 2025:


	As of March 31, 2026
(Dollars in Thousands)	Beginning balance		Issuances	Settlements	Net (gains) losses (1)	Other comprehensive loss	Ending balance
Assets:
Investments – External Strategic Managers	$	142,976	—	—	5,592	—	$	148,568



Liabilities:
Preferred stock tranche liability	$	2,410	—	—	(1,000)	—	$	1,410
Business combination earn-out liability	$	15,268	—	—	(10,193)	—	$	5,075
EEA earn-out liability	$	25,259	—	—	1,067	—	$	26,326
Envoi earn-out consideration liability	$	8,220	—	—	(420)	—	$	7,800
Envoi earn-out growth consideration liability	$	1,620	—	—	(170)	—	$	1,450
Kontora earn-out liability	$	7,044	—	—	135	(155)	$	7,024
TRA liability	$	8,785	—	—	(201)	—	$	8,584


	As of December 31, 2025
(Dollars in Thousands)	Beginning balance		Issuances	Settlements	Net (gains) losses (1)	Other comprehensive income	Ending balance
Assets:
Investments – External Strategic Managers	$	147,568	—	—	(4,592)	—	$	142,976




Liabilities:
Preferred stock tranche liability	$	3,940	—	—	(1,530)	—	$	2,410
Business combination earn-out liability	$	23,848	—	—	(8,580)	—	$	15,268
EEA earn-out liability	$	29,871	—	(7,387)	2,775	—	$	25,259
Envoi earn-out consideration liability	$	9,600	—	(2,953)	1,573	—	$	8,220
Envoi earn-out growth consideration liability	$	1,320	—	—	300	—	$	1,620
Kontora earn-out liability	$	—	5,743	—	1,059	242	$	7,044
TRA liability	$	9,378	—	—	(593)	—	$	8,785

(1) Realized and unrealized gains/(losses) on Investments - External Strategic Managers, Preferred stock tranche liability, earn-out liabilities and TRA liability are recorded in Gain (loss) on investments, Gain (loss) on preferred stock tranche liability, Gain (loss) on earnout liabilities, and Gain (loss) on TRA, respectively, in the Condensed Consolidated Statements of Operations.

During the periods ended March 31, 2026 and December 31, 2025, there were no transfers from Level 3 to Level 1.

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Valuation Methodologies for Fair Value Measurements Categorized within Level 3 as of March 31, 2026


(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	$	148,568	Discounted Cash Flow	Discount rate	17.0% -30.0%		Lower
				Long-term growth rate	4.0	%	Higher



Level 3 Liabilities:
TRA liability	$	8,584	Monte Carlo	Volatility	60.0	%	Lower
				Correlation	22.5	%	Higher
				Cost of debt range	11.6% - 12.8%		Lower
				Equity risk premium	5.5% - 13.2%		Lower
Business Combination earn-out liability	$	5,075	Monte Carlo	Volatility	60.0	%	Higher
				Risk-free rate	3.8	%	Higher




EEA earn-out liability	$	26,326	Discounted Cash Flow	EBITDA Discount Rate	14.3	%	Lower
				Risk-free rate	3.8	%	Lower
				Credit spread	10.4	%	Lower
Envoi earn-out consideration liability	$	7,800	Discounted Cash Flow	Revenue risk-adjusted discount rate	11.5	%	Lower

				Risk-free rate	3.7	%	Lower
				Credit spread	10.1	%	Lower
Envoi earn-out growth consideration liability	$	1,450	Monte Carlo	Metric volatility	39.0	%	Lower
				Risk-free rate	3.7	%	Lower
				Revenue discount rate	11.5	%	Lower
				Credit Risk Adjusted Discount Rate	13.8	%	Lower
Kontora earn-out liability	$	7,024	Discounted Cash Flow	Discount rate	11.0	%	Lower



Preferred stock tranche liability	$	1,410	Binomial lattice model	Volatility	52.5	%	Lower
				Probability of option exercise	50.0	%	Higher
				Risk-free rate	4.9	%	Lower
				Credit spread	10.4	%	Lower

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Valuation Methodologies for Fair Value Measurements Categorized within Level 3 as of December 31, 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	$	142,976	Discounted Cash Flow	Discount rate	17.0% -30%		Lower
				Long-term growth rate	4.0	%	Higher



Level 3 Liabilities:
TRA liability	$	8,785	Monte Carlo	Volatility	55.0	%	Lower
				Correlation	22.5	%	Higher
				Cost of debt range	10.6% - 11.9%		Lower
				Equity risk premium	5.8% - 13.2%		Lower
Business Combination earn-out liability	$	15,268	Monte Carlo	Volatility	65.0	%	Higher
				Risk-free rate	3.5	%	Higher




EEA earn-out liability	$	25,259	Discounted Cash Flow	EBITDA Discount Rate	14.6	%	Lower
				Risk-free rate	3.5	%	Lower
				Credit spread	9.3	%	Lower
Envoi earn-out consideration liability	$	8,220	Discounted Cash Flow	Revenue risk-adjusted discount rate	11.0	%	Lower
				Risk-free rate	3.4	%	Lower
				Credit spread	9.1	%	Lower
Envoi earn-out growth consideration liability	$	1,620	Monte Carlo	Metric volatility	29.0	%	Lower
				Risk-free rate	3.4	%	Lower
				Revenue discount rate	11.0	%	Lower
				Credit Risk Adjusted Discount Rate	12.5	%	Lower
Kontora earn-out liability	$	7,044	Discounted Cash Flow	Discount rate	11.7	%	Lower

Preferred stock tranche liability	$	2,410	Binomial lattice model	Volatility	47.5	%	Lower
				Probability of option exercise	50.0	%	Higher
				Risk-free rate	4.8	%	Lower
				Credit spread	9.3	%	Lower

The carrying value of financial instruments not measured at fair value, which consists primarily of cash and restricted cash, approximates fair value.

The Company measures certain assets and liabilities at fair value on a non-recurring basis, such as assets acquired and liabilities assumed in a business combination.

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(9) Equity Method Investments

As of March 31, 2026 and December 31, 2025, the Company had $0.1 million and $0.1 million, respectively, of equity method investments recorded within Equity method investments on the Condensed Consolidated Statements of Financial Position. In accordance with US GAAP, certain equity method investees do not account for both their financial assets and liabilities under fair value measures; therefore, the Company’s investment in such equity method investees may not represent fair value.

The Company recognized no impairment for three months ended March 31, 2026. For the three months ended March 31, 2025, the Company recognized impairment of $1.7 million on its equity method investments within Gain (loss) on investments in the Condensed Consolidated Statements of Operations. Additionally, as part of the Business Combination, AlTi acquired the right to carried interest on several projects. These are held as assets at cost less impairment. The Company assesses indicators of impairment every quarter utilizing a number of factors, including market conditions. For the three months ended March 31, 2025, the Company recognized $0.2 million of impairment to these assets.

(10) Investments

The Company’s investments include Investments at fair value and Equity method investments.

Investments at fair value consist of investments for which the fair value option has been elected. The primary reasons for electing the fair value option are to:

•reflect economic events in earnings on a timely basis;

•mitigate volatility in earnings from using different measurement attributes; and

•address simplification and cost-benefit considerations

Such election is irrevocable and is applied on an investment-by-investment basis at initial recognition or at other eligible election dates. Changes in the fair value of such instruments are recognized in Gain (loss) on investments in the Condensed Consolidated Statements of Operations.

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

The Cost and Fair Value of Investments as of March 31, 2026 and December 31, 2025 are presented below:


	As of March 31, 2026				As of December 31, 2025
(Dollars in Thousands)	Cost		Fair Value		Cost		Fair Value
Investments at Fair Value:
Mutual funds	$	35	$	38	$	38	$	42
Exchange-traded funds and BDC funds	21		37		17		35
TIG Arbitrage Associates Master Fund	482		570		482		566
TIG Arbitrage Enhanced Master Fund	179		368		179		362


Arkkan Opportunities Feeder Fund	111		154		111		152

Arkkan Capital Management Limited	20,062		19,510		20,062		19,543
Zebedee Asset Management	68,913		99,912		68,913		93,716
Romspen Investment Corporation	72,523		29,146		72,523		29,717

Other	6		6		55		63

Total Investments at fair value	$	162,332	$	149,741	$	162,380	$	144,196


Equity method investments:	Cost		Carrying Value		Cost		Carrying Value

Wealth management - investment advisory	$	140	$	140	$	138	$	138

Total Equity method investments	140		140		138		138

Total	$	162,472	$	149,881	$	162,518	$	144,334

The breakdown of realized and unrealized gains (losses) on Investments at fair value for the relevant periods, which are recorded in Gain (loss) on investments in the Condensed Consolidated Statements of Operations, are as follows:


	For the Three Months Ended
(Dollars in Thousands)	March 31, 2026		March 31, 2025
Gains (Losses) on Investments at fair value:
Realized gains (losses)	$	2	$	—
Unrealized gains (losses)	5,607		(4,334)
Total gains (losses) on Investments at fair value	$	5,609	$	(4,334)

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(11) Intangible Assets, net

The following table provides a reconciliation of Intangible assets, net reported on the Condensed Consolidated Statements of Financial Position.


	As of March 31, 2026
(Dollars in Thousands)	Weighted Average Amortization Period (in years)	Gross Carrying Amount (2)		Accumulated Amortization		Net Carrying Amount

Amortizing intangible assets
Customer relationships	22.1	$	289,778	$	(36,886)	$	252,892

Trade names	9.4	12,235		(4,177)		8,058
License	15	4,444		(271)		4,173
Acquired internally developed software	5	700		(520)		180
Other intangible asset	2	680		(669)		11
Total amortized intangible assets		307,837		(42,523)		265,314
Non-amortized intangible assets (1)
Other intangible asset		4		—		4
Investment management agreements		166,000		—		166,000
Total non-amortized intangible assets		166,004		—		166,004

Total intangible assets		$	473,841	$	(42,523)	$	431,318

(1) The Company’s non-amortized intangible assets consist of management contracts for open-ended fund products and other intangible assets related to domain names and other software, for which there is no contractual termination date.

(2) During the three months March 31, 2026, gross carrying amounts related to the Company’s intangible assets include foreign currency translation differences of $(0.7) million.

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)


	As of December 31, 2025
(Dollars in Thousands)	Weighted Average Amortization Period (in years)	Gross Carrying Amount (2)		Impairment/Disposals		Accumulated Amortization		Net Carrying Amount

Amortizing intangible assets
Customer relationships	22.0	$	290,419	$	—	$	(33,235)	$	257,184

Trade names	9.3	12,238		—		(3,828)		8,410
License	15.0	4,535		—		(195)		4,340
Acquired internally developed software	5.0	1,300		(600)		(505)		195
Other intangible asset	1.5	680		—		(656)		24
Total amortized intangible assets		309,172		(600)		(38,419)		270,153
Non-amortized intangible assets (1)
Other intangible assets		4		—		—		4
Investment management agreements (3)		201,000		(35,000)		—		166,000
Total non-amortized intangible assets		201,004		(35,000)		—		166,004

Total intangible assets		$	510,176	$	(35,600)	$	(38,419)	$	436,157

(2) During the year ended December 31, 2025, gross carrying amounts related to the Company’s intangible assets include additions to intangibles of $14.8 million and purchase price adjustments of $(0.7) million (see Note 4 (Business Combinations)) related to the Kontora Acquisition, as well as foreign currency translation differences of $4.1 million.

(3) During the quarter ended September 30, 2025, the Company recognized an impairment of $35.0 million related to TIG’s Investment Management Agreement (“IMA”), which is classified as an indefinite-lived intangible asset. Drivers of the impairment for the IMA include the financial projections and discount rate.

Amortization expense of $4.1 million and $3.8 million for the three months ended March 31, 2026 and March 31, 2025, respectively, was recognized.

The estimated future amortization for finite-lived intangible assets for each of the next five years and thereafter are as follows:


(Dollars in Thousands)	As of March 31, 2026

2026	$	12,280
2027	16,367
2028	16,320
2029	16,044
2030 and beyond	204,303
Total	$	265,314

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(12) Other assets, net and Other liabilities, net

The following table provides a breakdown of Other assets, net reported on the Condensed Consolidated Statements of Financial Position.


(Dollars in Thousands)	As of March 31, 2026		As of December 31, 2025
Fixed assets, net:
Leasehold improvements	$	18,731	$	18,705
Office equipment and furniture	5,809		5,653
Foreign currency translation adjustment	189		184
Accumulated depreciation	(7,449)		(6,852)
Fixed assets, net	17,280		17,690

Accrued income	15,108		18,409
Prepaid expenses	10,370		8,268
Sundry receivables	4,724		4,908
Other receivables	2,779		2,683
Third party receivables related to IRE	—		2,082
Other assets	2,367		2,406
Other assets, net (1)	$	52,628	$	56,446

(1) As of March 31, 2026 and December 31, 2025, these amounts include $0.2 million and $0.2 million, respectively, in receivables due from related parties. See Note 17 (Related Party Transactions) for further details.

The following table provides a breakdown of Other liabilities, net reported on the Condensed Consolidated Statements of Financial Position.


(Dollars in Thousands)	As of March 31, 2026		As of December 31, 2025


Payroll taxes	1,162		1,754
Payroll	1,522		869
Corporation tax payable	2,347		2,532

Accrued legal	4,332		4,496
Other (1)	3,014		5,025


Other Liabilities, net (2)	$	12,377	$	14,676

(1) The other category is comprised primarily of miscellaneous payables and provisions.

(2) As of March 31, 2026 and December 31, 2025, these amounts include $0.8 million and $0.7 million, respectively, in liabilities due to related parties.

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(13) Leases

The Company primarily has non-cancellable operating leases for office spaces across various countries. We categorize leases as either operating or finance leases at the commencement date of the respective lease.

The components of lease costs are as follows:


	For the Three Months Ended
(Dollars in Thousands)	March 31, 2026		March 31, 2025
Operating lease expense	$	2,389	$	3,212
Variable lease expense	501		620
Short-term lease expense	22		45
Total lease expense (1)	$	2,912	$	3,877

(1) These amounts include $0.1 million and $0.1 million for the three months ended March 31, 2026 and March 31, 2025, respectively, in operating lease expense from related parties. See Note 17 (Related Party Transactions) for further details.

Supplemental cash flow information and non-cash activity related to our operating leases are as follows:


	For the Three Months Ended
(Dollars in Thousands)	March 31, 2026		March 31, 2025
Operating cash flow information:
Cash outflows - operating leases (1)	$	2,399	$	1,879
Non-cash activity:
Right-of-use assets obtained in exchange for lease obligations	$	702	$	680

(1) These amounts include $0.1 million and $0.1 million, for the three months ended March 31, 2026 and March 31, 2025, respectively, in cash outflows related to operating leases from related parties. See Note 17 (Related Party Transactions) for further details.

Weighted-average remaining lease term and discount rate for our operating leases are as follows:


	As of March 31, 2026		As of December 31, 2025
Weighted-average remaining lease term	11.26		11.38
Weighted-average discount rate	6.33	%	6.31	%

Future minimum lease payments for the Company’s operating leases as of March 31, 2026, are as follows:


	Future Minimum Rental Operating Leases
(Dollars in Thousands)
2026	$	6,353
2027	9,028
2028	8,484
2029	7,204
2030	6,442
2031 and beyond	49,603
Total lease payments	87,114
Less: Imputed interest	26,333
Present value of lease liabilities	$	60,781

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(14) Goodwill

The following table provides a reconciliation of Goodwill reported on the Condensed Consolidated Statements of Financial Position as of March 31, 2026 and December 31, 2025, respectively.


(Dollars in Thousands)	As of March 31, 2026		As of December 31, 2025

Beginning Balance	$	385,966	$	377,842




Goodwill recognized in connection with acquisitions	—		542


Measurement period adjustments	—		439
Currency translation and other adjustments	(1,380)		7,143

Ending Balance	$	384,586	$	385,966

The Company recognized no impairment to goodwill for the periods presented.

The Company believes that its procedures for estimating the fair value of the reporting units are reasonable and consistent with assumptions that would be used by other marketplace participants. However, such assumptions are inherently uncertain, and a change in assumptions could change the estimated fair value of our reporting units. Future impairments of our indefinite lived intangible assets and reporting units could be required, which could be material to the condensed consolidated financial statements.

(15) Debt, net of unamortized deferred financing cost

The following table summarizes outstanding debt obligations of the Company as of March 31, 2026 and December 31, 2025:


	As of March 31, 2026						As of December 31, 2025
(Dollars in Thousands)	Debt Outstanding		Net Carrying Value (1)		Fair Value		Debt Outstanding		Net Carrying Value (1)		Fair Value
Administrators Term Loan	$	14,510	$	14,639	$	14,639	$	—	$	—	$	—
Kontora Credit Facility
Term Loan	410		410		410		503		503		503
Revolving Line of Credit	—		—		—		380		380		380
Total Debt	$	14,920	$	15,049	$	15,049	$	883	$	883	$	883

(1) The carrying value of the Term Loans and Revolving Line of Credit approximates fair value as of March 31, 2026 and December 31, 2025.

Administrators Term Loan

On March 19, 2026, the Company and certain of its affiliates on the one hand and the International Real Estate Businesses and the Administrators on the other hand entered into a binding settlement and intercompany loan deed memorializing the terms of the settlement. The settlement amount of £11.2 million ($15.0 million) is noninterest bearing and paid in installments through November 2027. As of March 31, 2026, the outstanding balance of the settlement was $14.5 million. See Note 3 Discontinued Operations for further details.

Kontora Credit Facility

On April 30, 2025, the Company acquired Kontora. See Note 4 (Business Combinations). At the acquisition date, Kontora had a term loan with HypoVereinsbank. The term loan is repayable in fixed quarterly installments of $0.1 million plus interest, with the final payment due on June 30, 2027. The term loan bears interest at 6.7% per annum which is payable quarterly. Throughout the period of the loan Kontora Family Office GmbH, as a

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

standalone entity, is required to maintain economic equity of the higher of $1.8 million or 30% of the total assets of this standalone entity.

At the acquisition date, Kontora also had a revolving line of credit, which expires on July 25, 2029, with an aggregate borrowing facility of $0.9 million with HypoVereinsbank. The revolving line of credit bears interest at 3-month EURIBOR plus 7.15% on funded amounts and a commitment fee of 0.75% on unfunded amounts. The funded amounts bear no restrictions on its use.

Contractual maturities of the Administrators Term Loan and Term Loan as of March 31, 2026, are set out in the table below:


(Dollars in Thousands)	Administrators Term Loan		Kontora Term Loan		Aggregate Maturities


2026	$	8,145	$	246	$	8,391
2027	6,365		164		6,529


Total	$	14,510	$	410	$	14,920

Allianz Tranche Right

The Company issued the Allianz Tranche Right in which Allianz, at their option, can purchase up to a total of 50,000 additional shares of Series A Preferred Stock at $1,000 per share. On May 13, 2025, Allianz exercised the Allianz Tranche Right to purchase an additional 18,471 shares of Series A Preferred Stock at the stated price for $18.5 million. As of March 31, 2026 and December 31, 2025, the Allianz Tranche Right of $1.4 million and $2.4 million, respectively, is classified as a liability in accordance with ASC 480, Liabilities, and is recorded in the line item Preferred stock tranche liability on the Company’s Condensed Consolidated Statements of Financial Position. For the three months ended March 31, 2026 and March 31, 2025, the change in fair value of the Allianz Tranche Right is $1.0 million and $2.5 million, respectively, which is recorded in the line item Gain (loss) on preferred stock liability in the Condensed Consolidated Statements of Operations.

(16) Retirement Plans

The Company sponsors a defined–contribution 401(k) plan for the benefit of its employees. The plan allows employees to contribute a percentage of their salary subject to certain limitations set forth by the Internal Revenue Service, on a pretax basis. At its discretion, the Company can make profit sharing plan contributions to the participants’ accounts. The Company’s contributions are summarized in the following table:


(Dollars in Thousands)	For the Three Months Ended
	March 31, 2026		March 31, 2025
Plan Contributions	$	1,066	$	904

As of March 31, 2026 $1.7 million in contributions was payable, which is included in Accounts payable and accrued expenses on the Condensed Consolidated Statements of Financial Position.

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(17) Related Party Transactions

Related party transactions include the below:


(Dollars in Thousands)
Related Party Receivables	Condensed Consolidated Balance Sheet Line Item	As of March 31, 2026		As of December 31, 2025
Due from Certain TWMH Members, TIG GP Members and TIG MGMT Members (1)	Other assets	$	170	$	223
Due from Equity Method Investees (2)	Other assets	$	30	$	22


Due from TIG related fee arrangements	Fees receivable, net	$	652	$	9,535




Related Party Payables
Due to Certain TWMH Members, TIG GP Members and TIG MGMT Members (3)	Accrued member distribution payable	$	(3,358)	$	(3,260)
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements (4) (5)	TRA liability	$	(30,553)	$	(25,724)



Due to certain employees (6)	Other liabilities	$	(816)	$	(747)
Due to Certain TWMH Members, TIG GP Members, TIG MGMT Members and Alvarium Shareholders in connection with the Business Combination Earn-out (4) (5)	Earn-out liabilities, at fair value	$	(5,075)	$	(15,268)



EEA earn-out liability (4) (5)	Earn-out liabilities, at fair value	$	(26,326)	$	(25,259)
Envoi earn-out consideration liability (4) (5)	Earn-out liabilities, at fair value	$	(7,800)	$	(8,220)
Envoi earn-out growth consideration liability (4) (5)	Earn-out liabilities, at fair value	$	(1,450)	$	(1,620)
Kontora earn-out liability (4) (5)	Earn-out liabilities, at fair value	$	(7,024)	$	(7,044)
Preferred stock tranche liability (5)	Preferred stock tranche liability	$	(1,410)	$	(2,410)
Office lease liability (7)	Operating lease liabilities	$	(1,111)	$	(1,215)

Mezzanine Equity
Series A Preferred Stock (8)	Series A Redeemable Cumulative Convertible Preferred Stock	$	170,993	$	168,934
Series C Preferred Stock (8)	Series C Redeemable Cumulative Convertible Preferred Stock	$	181,216	$	176,904

Shareholders’ Equity

Allianz Warrants, net of issuance costs (8)	Additional paid-in capital	$	6,591	$	6,591
Constellation Warrants, net of issuance costs (8)	Additional paid-in capital	$	3,003	$	3,003

(1) Certain TWMH Members hold promissory notes bearing interest at 3.25% per annum, subject to annual forgiveness provisions contingent on continued employment. For the three months ended March 31, 2026 and March 31, 2025, the Company recognized $53 thousand and $56 thousand, respectively, of forgiveness of principal debt and accrued interest within Compensation and employee benefits expense on the Condensed Consolidated Statements of Operations.

(2) Represents receivables related to loans, fees, and expenses due from equity method investees. See Note 9 (Equity Method Investments) for further detail on the nature of these relationships.

(3) Represents accrued member distributions payable to certain TWMH Members, TIG GP Members, and TIG MGMT Members issued in connection with the Business Combination.

(4) See Note 20 Commitments and Contingencies for a description of the nature and terms of the TRA and each earn-out arrangement.

(5) See Note 8 Fair Value Disclosures for current period activity, ending balances, and valuation methodologies.

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(6) Represents a Vendor Loan Note issued in connection with a share buyback transaction by a senior executive of the Company. The Company expects the loan to be settled in mid-2026.

(7) See Note 13 Leases for further detail on the Company’s related party lease arrangement. The Company leases office space in Singapore from a related party. For the three months ended March 31, 2026 and March 31, 2025, the Company recorded lease expense related to this lease of $0.1 million and $0.1 million, respectively.

(8) The Company has issued Series A Preferred Stock to Allianz and Series C Preferred Stock to Constellation, each classified as mezzanine equity. As of March 31, 2026, the Series A and Series C Preferred Stock outstanding were 168,934 and 150,000 shares, respectively. See Note 21 Equity for further detail on warrant classification.

(18) Segment Reporting

Prior to the third quarter ended September 30, 2025, the Company was organized into two reportable segments: Wealth & Capital Solutions and International Real Estate. On July 11, 2025, the Board approved a plan to appoint administrators over the International Real Estate Businesses. See Note 3 (Discontinued Operations) for further information. As such, during the third quarter ended September 30, 2025, the Company disposed of its International Real Estate segment, and is now organized as one reportable segment as of March 31, 2026.

Our chief operating decision maker (“CODM”), currently, our Interim Chief Executive Officer, assesses the Company’s performance and allocation of resources based on Net income (loss) from continuing operations, as reported in the Condensed Consolidated Statements of Operations, to assist with the evaluation of strategic business decisions, including potential acquisitions or divestitures and whether to invest in certain products or services, and expense management.

Expenses

The expense categories that are regularly reviewed by the CODM are presented in the Company's Condensed Consolidated Statements of Operations. Items regularly reviewed consist of non-compensation expenses, such as professional fees, sales, distribution and marketing, travel and entertainment, systems, technology and telephone, occupancy costs and general, administrative, and other.

(19) Earnings Per Share

The table below presents the Company’s treatment for basic and diluted earnings (loss) per share for instruments outstanding of the Company. Potentially dilutive instruments are only considered in the calculation to the extent they would be dilutive.

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

For the Three Months Ended

March 31, 2026

March 31, 2025

Basic

Diluted

Basic

Diluted

Class A Common Stock

Included

Class B Common Stock (1)

Excluded

If-converted method

Excluded

If-converted method

Series A Preferred Stock (2)

Two-class method

More dilutive of two-class method or if-converted method

Two-class method

More dilutive of two-class method or if-converted method

Series C Preferred Stock (2)

Two-class method

More dilutive of two-class method or if-converted method

Two-class method

More dilutive of two-class method or if-converted method

Allianz Tranche Right(3)

Excluded

If-converted method

Excluded

If-converted method

Allianz Warrants(4)

Excluded

Treasury stock method

Excluded

Treasury stock method

Constellation Warrants(4)

Excluded

Treasury stock method

Excluded

Treasury stock method

Earn-Out Shares(5)

Excluded

Treasury stock method

Excluded

Treasury stock method

PW Deferred Consideration Shares(6)

—

Included

Acquisition-Related Awards(7)

Excluded

Included

Excluded

Included

Unvested RSUs(8)

Excluded

Treasury stock method

Excluded

Treasury stock method

Unvested PRSUs (8)

Excluded

Treasury stock method

Excluded

Treasury stock method

(1) The if-converted method for instruments related to the Company’s Business Combination and Envoi earn-out liability includes adding back to the numerator any related income or loss allocations to noncontrolling interest, as well as any incremental tax expense had the instruments converted into shares of Class A Common Stock as of the beginning of the period. During the three months ended March 31, 2026 and 2025, Class B shares totaling 3,314,794 and 1,028,652, respectively, were converted into Class A Common Stock.

(2) The Company issued shares of Series A and C Preferred Stock in addition to warrants for shares of Class A Common Stock. Both Series A and C Preferred Stock are entitled to participate in dividends declared on common stock on an as-converted basis. This participation right requires application of the two-class method to calculate basic earnings per share. The two-class method requires income available to common stockholders for the period to be allocated between all participating instruments based upon their respective rights to receive dividends as if all income for the period had been distributed. Basic earnings per share is calculated using the proportion of net income available to be distributed to the common shareholders. Dilutive earnings per share is calculated using the more dilutive of the two-class method or the if-converted method. For the three months ended March 31, 2026 and 2025, the shares of Series A and C Preferred Stock were excluded from the Company’s diluted earnings per share calculation as the effects were determined to be anti-dilutive.

(3) The Allianz Tranche Right grants Allianz the right, but not the obligation, to purchase up to 50,000 additional shares of Series A Preferred Stock at an aggregate purchase price of up to $50 million. Any additional shares of Series A Preferred Stock issued to Allianz will abide under the same conditions and terms as under the Investment. The Allianz Tranche Right is classified as a contingently convertible instrument and will be included in the calculation of diluted earnings per share if the right has been exercised within the reporting period. As of the current quarter ended March 31, 2026, an additional 18,471 shares under the Allianz Tranche Right were issued; however, these shares were excluded from the Company’s diluted earnings per share calculation as the effects were determined to be anti-dilutive.

(4) As mentioned in footnotes 2 above, the Company issued shares of Series A and C Preferred Stock in addition to warrants for Class A Shares to Allianz and Constellation. The warrants do not participate in dividends declared on common stock and are excluded from the calculation of basic earnings per share. Since the warrants are classified as a component of equity and can be exercised in exchange for Class A Shares, the treasury stock method is used to calculate diluted earnings per share. For the three months ended March 31, 2026 and

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

2025, the warrants were excluded from the Company’s diluted earnings per share calculation as the effects were determined to be anti-dilutive.

(5) Earn-Out Shares are the portion of estimated contingent consideration related to the Business Combination, EEA earn-out liability, and Envoi growth-consideration liability that could be paid out in Class A Common Stock. Earn-Out shares are excluded from the calculation of basic earnings per share if the contingency has not been resolved as of the current reporting period.

The treasury stock method is applied for calculating diluted earnings per share since our Earn-Outs are classified as liabilities and remeasured at fair value each period and includes reversing the income statement effect of the fair value remeasurement for the period. For the three months ended March 31, 2026, all Earn-Out shares were excluded from the calculation of diluted earnings per share as their effects were determined to be anti-dilutive. For the three months ended March 31, 2025, the Earn-Out shares related to EEA and Envoi were included in dilutive earnings per share, while those related to the Business Combination were excluded as the effects were determined to be anti-dilutive.

(6) PW Deferred Consideration Shares relate to the portion of deferred consideration payable in Class A Common Stock upon meeting certain revenue thresholds related to our PW acquisition. During the quarter ended March 31, 2025, the PW Deferred Consideration Shares were issued to the sellers and are included in the Company’s basic earnings per share. As of March 31, 2025, there were no further contingent shares outstanding related to the PW Deferred Consideration Shares. Refer to Note 4 (Business Combinations) for further details.

(7) Acquisition-Related Awards include EEA Equity Awards, Envoi Equity Awards, Singapore Equity Awards and Kontora Earn-Ins. Certain compensatory awards related to the PW acquisition (the “PW Equity Awards”) were reclassified to be paid out fully in cash rather than equity during the quarter ended March 31, 2025. As such, the PW Equity Awards were excluded from the Company’s earnings per share calculations.

Service periods related to the Acquisition-Related Awards had not been completed as of the three months ended March 31, 2026 and therefore such shares were excluded from the calculation of basic earnings per share.

For diluted earnings per share, a contingency that is based on solely on service vesting (i.e., the passage of time) is considered resolved in the current reporting, and the shares are included in the calculation of diluted earnings per share in the current reporting period. The Envoi Equity Awards represent a defined percentage of Envoi growth-consideration Earn-Out Shares allocated to certain employees and are therefore initially contingent on the achievement of the Earn-out Share conditions.

For the three months ended March 31, 2026, the Acquisition-Related Awards, excluding Envoi Equity Awards, are included in the diluted earnings. For the three months ended March 31, 2025, the Acquisition-Related Awards were excluded because their effects were determined to be anti-dilutive. These awards included the PW Equity Awards and Holbein Earn-Ins through the quarters ended March 31, 2025 and June 30, 2025, respectively. Refer to Note 6 (Equity-Based Compensation) for additional details for the Acquisition-Related Awards.

(8) RSUs vest over the required service period, and PRSUs vest based on both a market condition and a required service period. As such, unvested RSUs and PRSUs are excluded from the calculation of basic earnings per share.

The treasury stock method is applied for calculating the dilutive effects of share-based payment awards. For the three months ended March 31, 2026 and March 31, 2025, unvested RSUs and PRSUs were excluded from the Company’s diluted earnings per share calculation as the effects were determined to be anti-dilutive. See Note 6 (Equity-Based Compensation) for additional details.

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Basic earnings per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of shares of Class A Common Stock outstanding during the period. Diluted earnings per common share excludes potentially dilutive instruments which were outstanding during the period but were anti-dilutive. The following table shows the computation of basic and diluted earnings per share based on income attributable to common shareholders:


	For the Three Months Ended
(Dollars in Thousands, except share data)	March 31, 2026		March 31, 2025
Numerator:
Net income (loss) from continuing operations	$	8,390	$	4,037
Net income (loss) attributable to noncontrolling interests in subsidiaries from continuing operations	686		(4,792)
Net income (loss) attributable to AlTi Global Inc	$	7,704	$	8,829
Less: Preferred stock dividends	(6,371)		(5,661)
Less: Undistributed earnings allocated to participating securities	(596)		(1,510)
Income (loss) from continuing operations available to Class A shareholders - basic	$	737	$	1,658
Dilutive effect of Class B Common Stock	—		(4,792)
Dilutive effect of Earn-Out Shares	—		(343)
Income (loss) from continuing operations available to Class A shareholders - diluted	$	737	$	(3,477)

Denominator:
Weighted-average shares of Class A Common Stock outstanding - basic	105,021,861		94,883,803
Dilutive effect of Class B Common Stock	—		49,069,963
Dilutive effect of Earn-Out Shares	—		3,210,302
Dilutive effect of Stock Awards	3,778,975		—
Dilutive effect of Acquisition-Related Awards	2,077,533		—
Weighted-average shares of Class A Common Stock outstanding - diluted	110,878,369		147,164,068
Income (loss) from continuing operations per Class A Common Stock - basic	$	0.01	$	0.02
Income (loss) from continuing operations per Class A Common Stock - diluted	$	0.01	$	(0.02)

The following table summarizes the securities that were anti-dilutive for the periods presented. As a result, these securities were excluded from the computation of diluted earnings per share for the periods presented:


	For the Three Months Ended
	March 31, 2026	March 31, 2025
Class B Common Stock and Class B Units	46,256,309	—

Allianz and Constellation Warrants	7,000,000	7,000,000
Preferred Stock	40,483,820	35,556,939
Earn-Out Shares	15,359,014	10,825,746

Acquisition-Related Awards	264,380	2,418,340
Stock Awards	—	3,624,166

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(20) Commitments and Contingencies

Tax Receivable Agreement

Pursuant to the TRA, the Company will pay certain parties to the Business Combination 85% of certain tax benefits, if any, that it realizes (or in certain cases is deemed to realize) as a result of any increase in tax basis of the assets of Umbrella related to the Business Combination.

Amounts payable under the TRA are contingent upon (i) the generation of taxable income in the Company over the life of the TRA, (ii) the tax rates in effect as of time periods in which tax benefits are used, and (iii) certain terms governing the rate of interest to be applied to payments under the TRA.

As of March 31, 2026 and December 31, 2025, the liability associated with the TRA was approximately $30.6 million and $25.7 million, respectively. Payments under the TRA that are on account of liabilities arising in connection with the Business Combination will be revalued at the end of each reporting period with the gain or loss recognized in earnings. As of March 31, 2026 and December 31, 2025, the Company carried $8.6 million and $8.8 million, respectively, of its TRA liability at fair value, as it is contingent consideration from the Business Combination. The remaining portion of the TRA liability is carried at a value equal to the expected future payments under the TRA.

In connection with the TRA, certain parties to the Business Combination who received Class B Units in Umbrella have the ability to exchange Class B Units in Umbrella (along with their paired shares of Class B Common Stock) for shares of Class A Common Stock in the Company on a 1:1 exchange basis. These future exchanges are anticipated to be treated as taxable exchanges which may provide an increase in the tax basis of the assets of the Company and therefore provide for additional payments under the TRA. TRA liabilities that are generated on account of future exchanges will be recorded under ASC 450, Contingencies.

As of March 31, 2026, holders of Class B Units have exchanged a total of 14,159,194 Class B Paired Interests with the Company, for shares of Class A Common Stock on a 1:1 basis totaling an amount equal to the weighted average price of $5.21 multiplied by the total number of shares of Class A Common Stock received at the time of the transactions.

Payments under the TRA will continue until all such tax benefits have been utilized or expired unless (i) the Company exercises its right to terminate the TRA and pays recipients an amount representing the present value of the remaining payments, (ii) there is a change of control or (iii) the Company breaches any of the material obligations of the TRA, in which case all obligations will generally be accelerated and due as if the Company had exercised its right to terminate the TRA. In each case, if payments are accelerated, such payments will be based on certain assumptions, including that the Company will have sufficient taxable income to fully utilize the deductions arising from the increased tax deductions.

As of March 31, 2026, assuming no material changes in the relevant tax laws and that the Company generates sufficient taxable income to realize the full tax benefit of the increased amortization resulting from the increase in tax basis of certain of AlTi’s assets, we expect to pay approximately $30.6 million under the TRA. Future changes in the fair value of the TRA liability will be recognized in earnings. Any future cash savings and related payments under the TRA due to subsequent exchanges of Class B Paired Interests for shares of Class A Common Stock would be accounted for separately from the amount related to the Business Combination.

Business Combination Earn-out Liability

Under the terms of the Business Combination, upon Closing, the Sponsor and the selling shareholders of TWMH, TIG, and Alvarium became entitled to receive earn-out shares contingent on various share price milestones. Additionally, upon a change of control of the Company, the share price milestones will be deemed to have been met and all the Business Combination Earn-out Securities will be payable to the earn-out holders.

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

The earn-out shares are precluded from being considered indexed to the Company’s own stock and are recognized as a liability at fair value with changes in fair value recognized in earnings.

The Business Combination Earn-out Securities, comprised of 3.3 million Class A Shares, 7.1 million shares of Class B Common Stock, and 7.1 million Class B Units (one Class B share and one Class B Unit comprising a Paired Interest), are payable to the Sponsor and the selling shareholders of TWMH, TIG, and Alvarium upon the achievement of certain vesting conditions in accordance with the terms of the Business Combination Agreement. Upon the Company’s Class A Share price meeting a volume-weighted average price threshold of $12.50 for 20 out of 30 trading days within five years of the Closing, fifty percent of the Business Combination Earn-out Securities will vest and be issued in settlement of the Business Combination Earn-out Liability (or, in the case of the Sponsor, which shares have already been issued, will no longer be subject to forfeiture). Upon the Company’s Class A Share price meeting a volume-weighted average price threshold of $15.00 for 20 out of 30 trading days within five years of the Closing, the remaining fifty percent of the Business Combination Earn-out Securities will vest and be issued. If, within five years of the Closing, a change of control event occurs (as defined in the Business Combination Agreement), any Business Combination Earn-out Securities not previously issued will be deemed to have vested and will be issued (or, in the case of the Sponsor, which shares have already been issued, will no longer be subject to forfeiture). As of March 31, 2026 and December 31, 2025, the fair value of the earn-out shares was $5.1 million and $15.3 million, respectively, is reported in Earn-out liabilities, at fair value, in the Consolidated Statements of Financial Position.

EEA Earn-out Liability

On April 1, 2024, the Company acquired all of the issued and outstanding ownership and membership interests of EEA. 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. The total purchase consideration transferred includes estimated 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. As of March 31, 2026 and December 31, 2025, the EEA earn-out liability of $26.3 million and $25.3 million, respectively, is reported in Earn-out liabilities, at fair value, in the Condensed Consolidated Statements of Financial Position.

Pointwise Deferred Consideration

On May 9, 2024, AlTi 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 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 and estimated deferred consideration of $3.3 million. The deferred consideration was paid during the three months ended March 31, 2025, in cash and equity totaling $3.4 million.

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Envoi Earn-out Liability

On July 1, 2024, the Company purchased substantially all of the assets of Envoi pursuant to the terms of the Envoi Acquisition. The Envoi Acquisition was accounted for using the acquisition method of accounting and the fair value of the total purchase consideration transferred was $34.3 million. The total purchase consideration transferred includes estimated contingent consideration totaling $9.0 million as of the acquisition date, which is comprised of the Envoi earn-out consideration liability and the Envoi earn-out growth consideration liability, for which the Company may be required to pay additional cash or equity consideration contingent on future revenue-based performance targets between the closing date and the fourth anniversary of the closing date. As of March 31, 2026 and December 31, 2025, the Envoi earn-out consideration liability of $7.8 million and $8.2 million, respectively, and the Envoi earn-out growth consideration liability of $1.5 million and $1.6 million, respectively, are reported in the Earn-out liabilities, at fair value, in the Condensed Consolidated Statements of Financial Position.

Kontora Earn-out Consideration

On April 30, 2025, the Company acquired all of the issued and outstanding ownership interests of Kontora. The Kontora Acquisition was accounted for using the acquisition method of accounting and the fair value of the total purchase consideration transferred was $15.7 million. Included in the total purchase consideration is contingent consideration of $5.7 million, comprised of the Kontora earn-out liability, which is payable in cash and tied to certain revenue streams acquired in the Kontora Acquisition. Amounts will become payable annually between the closing date and December 31, 2035. The Kontora earn-out liability of $7.0 million and $7.0 million, as of March 31, 2026 and December 31, 2025, respectively, is reported in the Earn-out liabilities, at fair value, in the Condensed Consolidated Statements of Financial Position.

Letter of Credit

On December 19, 2024, the Company entered into a letter of credit (the “Facility Agreement”) with BMO Harris Bank N.A. for the purpose of issuing instruments under this Facility Agreement through December 19, 2025 (the “Termination Date”). The Company will deposit a cash collateral equal to 102% of the amount of each instrument issued. The aggregate outstanding face amount of all issued instruments shall not exceed $5.0 million and shall have an expiry date of no later than one year from the Termination Date. Upon an issuance, the Company will pay a commitment fee equal to (i) the actual daily amount of the unused commitment, multiplied by (ii) 0.3% (the “Commitment Fee”). The Commitment Fee shall be calculated on the basis of a year of 365 days and shall be payable quarterly in arrears on the last day of each fiscal quarter. As of both March 31, 2026 and December 31, 2025, the Company has existing letters of credit in the amount of $2.6 million and $3.4 million, respectively, under the Facility Agreement.

Litigation

From time to time, we may be named as a defendant in legal or regulatory actions. Although there can be no assurance of the outcome of such matters, management’s current assessment is that no loss contingency reserve is required to be recorded as of March 31, 2026 for any potential liability related to any current legal or regulatory proceeding or claim that would individually or in the aggregate materially affect our results of operations, financial position, or cash flows.

On July 11, 2025, after conducting the previously announced strategic review of the International Real Estate Businesses, the Company approved the appointment of the Administrators for the International Real Estate Businesses. Potential litigation related to that business, including Home REIT and HLIF below, will be dealt with as appropriate by the Administrators.

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Home REIT

Home REIT is a real estate investment trust company listed on the London Stock Exchange. AFM UK, a wholly owned subsidiary of the Company, is one of the International Real Estate entities which entered into administration, and was Home REIT’s alternative investment fund manager (“AIFM”) until August 21, 2023 and AHRA was its investment adviser until June 30, 2023. Services are no longer provided by any AlTi companies or any legacy Alvarium companies to Home REIT. AHRA was owned by ARE (another wholly owned subsidiary of the Company, and one of the International Real Estate entities which entered into administration) up until December 30, 2022, when it was sold. AlTi was formed on January 3, 2023, through the Business Combination that included certain legacy Alvarium companies, including AFM UK. While the sale of AHRA occurred prior to the Business Combination, under GAAP, its results were required to be consolidated in our financial statements until June 30, 2023, when it was deconsolidated. For UK regulatory purposes, up until June 30, 2023, AHRA was permitted to perform certain limited regulated activities as an “appointed representative” of its regulated principal firm, ARE (which is authorized and regulated by the UK FCA).

Since November 2022, Home REIT and AHRA have been the subject of a series of allegations in the UK media regarding Home REIT’s operations, triggered by a report issued by a short seller. Home REIT’s stock price fell materially as a result and its shares are currently suspended from trading.

On October 6, 2023, pre-action steps were commenced by a law firm acting on behalf of a group of current and former shareholders in Home REIT (in the UK, pre-action correspondence is required under the Practice Direction on Pre-Action Protocols and Conduct contained in the United Kingdom’s Ministry of Justice Civil Procedure Rules prior to a claimant commencing litigation). In the pre-action correspondence, the claimant group alleges that there were misstatements in Home REIT’s offering documents and certain other public filings between 2020 and 2022 and asserts potential claims against AFM UK and ARE (as well as against Home REIT itself and its directors, among others) in connection with such matters and the historic management and advisory services provided to Home REIT by certain legacy Alvarium companies.

On April 12, 2024, pre-action steps were commenced by Home REIT and its directors against AFM UK and ARE. This relates to the historic management of Home REIT by certain legacy Alvarium companies. In the pre-action correspondence, Home REIT and its directors assert potential claims against AFM UK and ARE and state their intention to bring claims against those entities: (i) for a 100% contribution to any losses incurred by Home REIT or its directors if current or former shareholders in Home REIT issue claims against them as outlined in the preceding paragraph; and (ii) on a standalone basis, for losses they assert have been incurred by Home REIT as a result of alleged breaches of contractual, tortious and fiduciary duties, unlawful means conspiracy and deceit by AFM UK and/or AHRA, and, in the case of ARE, they assert that ARE is liable to Home REIT for any acts or omissions of AHRA under the UK’s appointed representative regime.

There have been no material developments in the potential litigation relating to Home REIT since the appointment of administrators on July 11, 2025.

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

HLIF

HLIF is a private fund which pursues a similar investment strategy to Home REIT. In the period from June 30, 2022 to December 31, 2023, the estimated value of its underlying real estate investment portfolio declined by approximately 50%, due to a decrease in the timely collection of rents on the underlying portfolio, but also due to higher interest rates and other macro-economic factors. HLIF was managed by AFM UK as its AIFM and ‘authorized corporate director’ and was advised by SHIA, (one of the International Real Estate entities which entered into administration), until August 2025, when management of HLIF was transitioned to a third party manager and AFM UK’s and SHIA’s services were terminated. Like AHRA, SHIA was permitted to perform certain limited regulated activities as an “appointed representative” of its regulated principal firm, ARE.

In February 2024, the UK FCA commenced investigations into the historic performance of certain International Real Estate entities, in their services to Home REIT and/or HLIF, and whether they breached certain civil or criminal regulatory rules and/or principles. The investigations relate to the historic management of Home REIT and/or HLIF by certain legacy Alvarium companies. The investigations are focused primarily on whether any false or misleading statements were made in relation to Home REIT and/or HLIF and/or whether these group entities breached other FCA rules and/or principles. ARE and AFM UK have voluntarily requested the imposition of requirements by the UK FCA which primarily involves the companies agreeing to maintain their current assets and not undertaking any new business without UK FCA consent. The commencement of the investigations does not mean that the UK FCA has determined that any such breaches have occurred. However, it is possible that the UK FCA may determine that certain breaches have occurred, and it may seek to impose financial penalties or other outcomes on one or more group entities, that may potentially be material. We are not able to estimate how long it might take for the UK FCA to complete such investigations, but it is possible that the investigations may continue for a prolonged period, potentially over several years.

Potential Redress in Relation to Real Estate Products

As part of ongoing examinations with regulators and our review of client relationships, it has been agreed, that if certain conditions are met, redress will be paid to a limited number of clients in relation to certain Real Estate Products. As of the issuance of these financial statements all impacted clients have been informed of this proposal.

For the three months ended March 31, 2026, a provision of $3.6 million has been recognized in relation to this potential future liability. The ultimate loss could differ from the accrued amount.

Tolleson Wealth Management

The Company was involved in a dispute with Tolleson related to alleged improper solicitation of Tolleson’s clients and employees. Certain former Tolleson employees who joined AlTi were party to Tolleson employment agreements which contained a one-year client and employee non-solicit and a lost client fee clause requiring payment for lost revenue.

In September 2024, despite offers by the Company to pay for the departed clients, Tolleson filed a lawsuit against AlTi and the former Tolleson employees. The parties reached an agreement later in September 2024, dismissing the litigation and agreeing to mediation.

The Company and Tolleson entered a binding settlement agreement on February 19, 2025, memorializing the terms agreed to in mediation and concluding this matter. On March 13, 2025, the settlement amount of $5.1 million was paid by the Company to Tolleson.

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

International Real Estate Businesses

(21) Equity

Class A Common Stock

As of March 31, 2026 and December 31, 2025, there were 109,799,384 and 103,330,156, respectively, shares of Class A Common Stock outstanding. Of those shares, 754,968 are subject to performance targets under the terms of the Business Combination Earn-out as of both March 31, 2026 and December 31, 2025. The holders of the Class A Common Stock represent the controlling interest of the Company.

Class B Common Stock

Upon the Closing of the Business Combination, the Company issued shares of Class B Common Stock to the holders of Class B Units. The Class B Common Stock has no economic rights but entitles each holder of at least one such share (regardless of the number of shares so held) to a number of votes that is equal to the aggregate number of Class B Units held by such holders on all matters on which shareholders of the Company are entitled to vote generally. As of March 31, 2026 and December 31, 2025, there were 40,873,767 and 44,188,561, respectively, shares of Class B Common Stock outstanding.

Treasury Stock

From time to time, the Company may repurchase common shares related to its equity-based compensation award programs. During the first quarter ended March 31, 2026 the Company reissued, from Treasury Stock, 1,300,341 shares of Class A Common Stock which were repurchased and classified as Treasury Stock on the Condensed Consolidated Statements of Financial Position, in the amount of $5.7 million. Treasury Stock was recorded at cost, representing the market price on the repurchase date, and was accounted for as a reduction of Additional Paid-in Capital.

Series A Preferred Stock

As part of the Allianz Transaction, the Company issued 140,000 shares of Series A Preferred Stock to Allianz, which is classified outside of permanent equity as mezzanine equity in the accompanying Condensed Consolidated Statements of Financial Position as they are not mandatorily redeemable as of March 31, 2026. As of March 31, 2026, the Series A Preferred Stock totals 168,934 shares, which is inclusive of dividends paid in kind.

Series C Preferred Stock

In connection with the Constellation Transaction, the Company issued 150,000 shares of Series C Preferred Stock to Constellation. The Series C Preferred Stock is classified outside of permanent equity as mezzanine equity in the accompanying Condensed Consolidated Statements of Financial Position as they are not mandatorily redeemable as of March 31, 2026.

AlTi Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Allianz and Constellation Warrants

In connection with the Constellation and Allianz Transactions, the Company evaluated the Constellation and Allianz Warrants in accordance with ASC 815-40, Contracts in an Entity’s Own Equity, and concluded that the warrants are derivatives that meet the equity classification criteria. As of both March 31, 2026 and December 31, 2025, the Constellation and Allianz Warrants of $9.6 million are recorded as a component of equity net of issuance costs in the line item Additional paid-in capital on the Company’s Condensed Consolidated Statements of Financial Position.

(22) Subsequent Events

Management evaluated events and transactions through the date of issuance of these financial statements. Based on management’s evaluation there are no events subsequent to March 31, 2026 that require adjustment to or disclosure in the condensed consolidated financial statements, except as noted below.

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

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF ALTI GLOBAL, INC.

In this section, unless the context otherwise requires, references to “AlTi,” “we,” “us,” and “our” are intended to mean the business and operations of AlTi and its consolidated subsidiaries. The following discussion analyzes the financial condition and results of operations of AlTi and should be read in conjunction with the condensed consolidated unaudited financial statements and the related notes included in this Quarterly Report.

Amounts and percentages presented throughout our discussion and analysis of the financial condition and results of operations may reflect rounded results in thousands (unless otherwise indicated) and consequently, totals may not appear to sum.

Our Business

AlTi is a global wealth and investment partner to families, foundations and institutions, helping clients activate capital with clarity, bring structure to complexity, and plan with purpose across borders and generations. AlTi combines the breadth of a global firm with the service offering of a family office to deliver solutions designed to meet the full complexity of wealth and capital. We manage or advise approximately $90.1 billion in combined assets as of March 31, 2026. We have approximately 490 professionals operating in 19 cities in 9 countries across three continents as of March 31, 2026. We provide holistic solutions for our UHNW and institutional clients through an array of services, including discretionary investment management services, non-discretionary investment advisory services, estate and wealth planning, trust and fiduciary, governance and education, philanthropy and purposeful giving, and family office services. We also provide our clients with access to alternative investment opportunities, including investments in strategies and asset classes to which they would otherwise likely not be able to gain exposure.

Separately, we have one internally managed fund and stakes in three Externally-Managed Funds in our alternatives platform, with a largely institutional client base.

Fee Structure

The Company generates a diverse array of revenue streams that fall broadly into four categories: (i) recurring management, advisory, trustee, or administration fees (“management fees”); (ii) performance or incentive fees; (iii) distributions from investments and (iv) other income or fees:

•Management Fees

Management, advisory, trustee, and administration fees are the Company’s primary source of revenue, and are historically more predictable across market conditions than our other revenue sources. These fees are recurring in nature (usually being annual or quarterly fees) and are earned from investment management, investment advisory, trusts, and family office services. The recurring nature of these fees is underpinned by the client retention rate of wealth management services which means that these fees are also relatively stable.

These fees are generally calculated on the basis of a percentage of the value of each client’s assets (AUM or AUA) and are charged using either an average daily balance or ending balance, quarterly in arrears. Fees from internal fund management and advisory services related to our capital solutions platform are approximately 0.75% to 1.5% of the net asset value of the underlying investments.

AUM refers to the market value of all assets that we manage, provide discretionary investment advisory services on, and have execution responsibility for. Although we have investment responsibility for AUM, we include both billable (assets charged fees) and non-billable assets (assets exempt from fees) in our AUM calculation (e.g., we have agreements with certain clients under which we do not bill on certain securities or cash and cash equivalents held within their portfolios). AUM includes the value of all assets managed or supervised by operating partner subsidiaries, affiliates, and joint ventures in which the Company holds either a majority or minority stake.

AUA consists of all assets we are responsible for overseeing and reporting on, but we do not necessarily charge fees on all such assets. Billable assets represent the portion of our assets on which we charge fees. Non-billable

assets are exempt from fees and consist of assets such as cash and cash equivalents in certain agreed upon situations, personally owned real estate, and other designated assets. Our calculations of AUM and AUA may differ from the calculation methodologies of other wealth managers and, as a result, this measure may not be comparable to similar measures presented by other wealth managers.

The fees vary depending upon the level and complexity of client assets and the services being provided. The fee typically covers investment advisory services and basic estate and wealth planning services. The more complex estate and wealth planning services, as well as our Trustee service, and certain extended family office services, are typically billed separately, as a fixed or time-based amount.

Incentive Fees

Incentive or performance fees are comprised primarily of annual performance or incentive fees which may be earned by providing investment management and advisory as well as fund management activities. It also includes carried interest payments we earn on co-investment. These fees, being performance related, are variable in nature and more susceptible to impact from exogenous factors. As a result, performance and incentive fees provide potential upside to our revenues in the future and, in our view, can be highly accretive to our profitability.

Our internally managed TIG Arbitrage fund is entitled to receive incentive fees from the assets it manages if certain performance returns have been achieved. These incentive fees range from 15% to 20% of net profits. In compliance with ASC 606, we recognize these fees only when it is probable that a significant revenue reversal will not occur. Our incentive fees are not subject to clawback provisions.

Wealth and institutional clients in certain jurisdictions may also pay performance or incentive fees if their portfolio achieves returns in excess of an agreed benchmark or hurdle rate. Typically, such fees are paid annually upon crystallization and are not accrued prior to being earned.

Distributions from Investments

Distributions from investments are generated from the equity interests we have in three external managers. Distributions from each external manager are recorded upon receipt of the distribution. These distributions are generated through our equity interest in the external manager’s management fees and incentive fees. The management fee component of the distributions is recurring in nature, while the incentive portion, which is performance based, is more susceptible to impact from exogenous factors. Our economic interests in the External Strategic Managers are as follows:

◦Real Estate Bridge Lending Strategy—21% profit share;

◦European Equities—25% revenue share; and

◦Asian Credit and Special Situations—12% revenue share

The External Strategic Managers distributions from investments are all driven by a management fee component while the distributions from European equities and Asian credit and special situations also have an incentive fee component depending on performance. Depending on the fund, the incentive fee component can range from 15% to 35% of the net profit/income, in excess of a 10% return hurdle.

Other income/fees

Other income or fees primarily include transaction fees, which are generally non-recurring in nature, are typically commission based, and are received upon the successful completion of a transaction.

Market Trends and Business Environment

Our business performance is directly and indirectly influenced by U.S. and to a lesser extent, global financial market and macroeconomic conditions including economic growth, interest rates and inflation. These factors

shape market behavior and client decision-making, which in turn impact the demand for our wealth management services and the composition of assets under management.

During the first quarter of 2026, global equity markets were marked by elevated volatility and changing performance patterns across asset classes, following a strong start to the year. Major equity indices reached or approached highs in January, but sentiment deteriorated later in the quarter amid rising geopolitical tensions and higher energy prices. In the U.S., equity markets ended modestly lower, with the S&P 500 declining approximately 4% and the Nasdaq Composite posting similar losses, largely driven by weakness in large-cap technology stocks. In contrast, international and value-oriented markets demonstrated relative resilience, aided by commodity exposure and rotation away from growth, with emerging markets outperforming developed markets during the period.

The U.S. economic backdrop showed signs of deceleration toward the end of 2025. According to the updated estimate from the Bureau of Economic Analysis, the relevant data remains pending.

Inflation remained above the Federal Reserve’s long‑term target and showed renewed persistence early in 2026. The core PCE price index increased 3.1% year‑over‑year in January and moderated slightly to 3% in February, reflecting continued pressure in services inflation despite some easing in goods prices. Energy price increases related to geopolitical disruptions are expected to put additional upward pressure on near‑term inflation readings.

Our operations are also affected by movements in interest rates, which influence the value of our clients’ portfolios and, in turn, our revenue. Following three quarter‑point rate reductions in late 2025, the Federal Reserve held the federal funds rate steady at a target range of 3.50%–3.75% at both its January and March 2026 meetings. Policymakers emphasized a data‑dependent stance, citing heightened inflation uncertainty and geopolitical risks, and signaled a willingness to remain on hold until there is greater clarity on the trajectory of inflation and economic growth.

We continue to monitor developments related to these macroeconomic factors and assess their potential impact on both financial markets and our business. A slowdown in inflows or sustained market declines could negatively affect our future results, potentially leading to reduced management fees. At this time, the full impact of these events on financial markets, the broader economy, and our financial statements remains uncertain. For more information, please refer to Part I, Item 1A. “Risk Factors” of our Annual Report for previously disclosed risk factors.

Managing Business Performance and Key Financial Measures

Non-US GAAP Financial Measures

We use Adjusted Net Income and Adjusted EBITDA as non-US GAAP financial measures, which do not have uniform definitions. Adjusted EBITDA is derived from and reconciled to, but not equivalent to, its most directly comparable US GAAP measure of net income (loss). Adjusted Net Income represents net income (loss) before taxes adjusted for the components outlined in the following table which presents the non-US GAAP financial measures for the periods indicated:


	For the Three Months Ended				Favorable (Unfavorable)
(Dollars in Thousands)	March 31, 2026		March 31, 2025		$ Change
Revenues
Management/advisory fees	$	51,895	$	44,775	$	7,120
Incentive fees	(89)		96		(185)
Distributions from investments	21,268		12,210		9,058
Other income/fees	31		6		25
Total Revenues	73,105		57,087		16,018

Net income	8,390		4,037		4,353
Interest (income) expense	(324)		151		(475)
Income tax benefit	(41)		(1,623)		1,582
Depreciation & Amortization	4,706		4,349		357
EBITDA Reported	12,731		6,914		5,817

Stock based compensation (a)	13,649		7,011		6,638

Transaction expenses (b)	2,692		6,573		(3,881)

Change in fair value on investments and non-recurring unrealized gain/losses on sales (c)	(5,605)		4,334		(9,939)
Change in fair value of earnout liabilities

AlTi Global, Inc. 10-Q