Financial Performance - Total income for the three months ended March 31, 2025, was $57,963 thousand, an increase of 14% compared to $50,812 thousand for the same period in 2024[20] - Net income attributable to AlTi Global, Inc. for the three months ended March 31, 2025, was $1,910 thousand, a decrease of 93.6% from $29,689 thousand in the same period of 2024[20] - The company reported a net loss of $2,882 thousand for the three months ended March 31, 2025, compared to a net income of $22,085 thousand for the same period in 2024[23] - The company reported a total comprehensive income of $343 thousand for the three months ended March 31, 2025, compared to $18,008 thousand for the same period in 2024[23] - For the three months ended March 31, 2025, the net income was a loss of $2.882 million compared to a net income of $22.085 million for the same period in 2024[28] - The Company recorded total revenue of $57,444,000 and net income of $30,124,000 for the three months ended March 31, 2024[187] - For the three months ended March 31, 2025, total income increased to $57,963,000 compared to $50,812,000 for the same period in 2024, reflecting a growth of approximately 4.5%[193] Operating Expenses - Total operating expenses increased to $71,452 thousand for the three months ended March 31, 2025, up from $65,480 thousand in the same period of 2024, marking an increase of approximately 9.0%[20] - The Company recognized equity-based compensation expenses totaling $7,435,000 for the three months ended March 31, 2025, compared to $6,314,000 for the same period in 2024[200] - The Company has an unrecognized equity-based compensation expense of $23.1 million expected to be recognized over a weighted average period of 2.09 years[197] Cash and Assets - Total assets decreased from $1,255,833 thousand as of December 31, 2024, to $1,212,807 thousand as of March 31, 2025, representing a decline of approximately 3.4%[18] - Cash and cash equivalents decreased from $65,494 thousand as of December 31, 2024, to $52,841 thousand as of March 31, 2025, a decline of approximately 19.4%[18] - The cash and cash equivalents at the end of the period on March 31, 2025, were $52.841 million, down from $137.627 million at the end of March 31, 2024[30] - As of March 31, 2025, restricted cash and cash equivalents amounted to $6.9 million, down from $9.9 million as of December 31, 2024, reflecting liquidity requirements for regulatory compliance[102] Liabilities - Total liabilities decreased from $285,638 thousand as of December 31, 2024, to $240,105 thousand as of March 31, 2025, a reduction of approximately 16.0%[18] - The Company’s debt obligations are recorded at amortized cost, net of any debt issuance costs, and are amortized to interest expense over the life of the related debt instrument[128] Investments and Acquisitions - The company experienced a loss on investments of $6,195 thousand for the three months ended March 31, 2025, compared to a loss of $3,661 thousand in the same period of 2024[20] - The Company acquired East End Advisors, LLC for a total purchase consideration of $93.1 million, which includes contingent consideration of $23.3 million based on future EBITDA performance targets[156] - The fair value of the assets acquired from East End Advisors includes intangible assets valued at $62.7 million and goodwill of $30.1 million[160] - The Company acquired the remaining 50% of Pointwise Partners Limited for a total purchase consideration of $8.0 million, which includes cash and equity considerations[167] - The fair value of the assets acquired from Pointwise Partners includes intangible assets valued at $9.7 million and goodwill of $6.7 million[171] - The Company purchased substantially all assets of Envoi, LLC for a total purchase consideration of $34.3 million, including cash consideration of $25.3 million and estimated contingent consideration of $9.0 million[179] - The fair value of the assets acquired from Envoi includes intangible assets valued at $23.3 million and goodwill of $10.8 million[180] Stock and Equity - The weighted average shares of Class A common stock outstanding increased from 66,718,427 in March 31, 2024, to 94,883,803 in March 31, 2025[20] - The Company’s Class A Common Stock outstanding increased from 93,686,980 shares as of December 31, 2024, to 97,128,692 shares as of March 31, 2025[48] - AlTi Global's Class A Common Stock represents 63.2% of the total voting power of all shares of Common Stock as of March 31, 2025[36] Strategic Developments - The Company has combined the results of its Real Estate Businesses into a standalone operating segment, indicating a strategic shift away from these businesses[50] - The Company’s strategic review of the Real Estate Businesses is ongoing, with several options under consideration pending regulatory approval[50] - The Company expects the impact of newly issued accounting guidance to be minimal on its condensed consolidated financial statements[150][151][152] Regulatory and Compliance - The Company accounts for income taxes under the asset and liability method, establishing valuation allowances for deferred tax assets when realization is deemed less than 50% likely[109] - The effective tax rate and provision require significant estimates and may vary materially throughout the year due to changes in operating income and tax laws[215]
AlTi (ALTI) - 2025 Q1 - Quarterly Report