Quarterly report
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( Mark One ) ☑ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington , D.C. 20549 FORM 10 - Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 ( d ) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30 , 2026 or 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 ( State or other jurisdiction of incorporation or organization ) 22 Vanderbilt Avenue , 27th Floor , New York , New York ( Address of Principal Executive Offices ) ( 212 ) 396-5900 ( Registrant's telephone number , including area code ) Not Applicable 92-1552220 ( I.R.S. Employer Identification No. ) ( 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 Class A common stock , par value $ 0.0001 per share Trading Symbol ( s ) ALTI 10017 ( Zip Code ) Name of each exchange on which registered 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 Non - accelerated filer 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 115,069,665 shares of Class A Common Stock ( as defined herein ) and 40,873,767 shares of Class B Common Stock ( as defined herein ) as of August 7 , 2026 . 1
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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) 17 Notes to Condensed Consolidated Financial Statements (Unaudited) 19 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 54 Item 3. Quantitative and Qualitative Disclosures about Market Risk 74 Item 4. Controls and Procedures 76 Part II Other Information 78 Item 1. Legal Proceedings 78 Item 1A. Risk Factors 78 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 78 Item 3. Defaults Upon Senior Securities 78 Item 4. Mine Safety Disclosures 78 Item 5. Other Information 78 Item 6. Exhibits 79 Signatures 80 2
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Defined Terms Capitalized terms used herein but not otherwise defined herein shall have the respective meanings ascribed to them in the Amended and RestatedBusiness 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” means AlTi Global, Inc., together with its consolidated subsidiaries. • “Alvarium” means AlTi Asset Management Holdings 2 Limited, formerly known as Alvarium Investments Limited, an English private limitedcompany. • “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. • “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, byand 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 receiveearn-out shares contingent on various share price milestones for up to five years following the Closing under the terms of the BusinessCombination Agreement. • “Business Combination Earn-out Securities” means the earn-out shares of Class A Common Stock in the Company and Class B CommonUnits that may be issued or become tradeable upon the achievement of certain stock price-based vesting conditions in accordance with theterms 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 ClassA Common Stock issuable upon the exercise of any warrant or other right to acquire shares of such Class A Common Stock. 3
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• “Class B Common Stock” means the Class B Common Stock, par value $0.0001 per share, of the Company, including any shares of suchClass B Common Stock issuable upon the exercise of any warrant or other right to acquire shares of such Class B Common Stock. • “Class B Paired Interest” means a Class B Unit together with a share of Class B Common Stock. • “Class B Units” means the limited liability company interests in Umbrella designated as Class B Common Units in the Umbrella LLCAgreement. • “Closing” means the closing of the Business Combination. • “Closing Date” means January 3, 2023, the date on which the Closing occurred. • “Common Stock” refers to shares of the Class A Common Stock and the Class B Common Stock, collectively. • “Company,” “our,” “we” or “us” means, prior to the Business Combination, Cartesian, as the context suggests, and, following the BusinessCombination, AlTi. • “Consolidated Statements of Financial Position” refers to the consolidated balance sheet of AlTi Global, Inc. • “Consolidated Statements of Operations” refers to the consolidated income statement of AlTi Global, Inc. • “Constellation” means Constellation Wealth Capital, LLC. • “dollars” or “$” 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 weactively 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 athird party. • “Federal Reserve” means the Board of Governors of the Federal Reserve System. • “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-investmentbusiness. • “Nasdaq” means the Nasdaq Capital Market. 4
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• “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 theCompany 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. • “TRA Exchange” means the series of transactions in which certain holders of Class B Units and Class B Common Stock have exchanged, ormay 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 itssubsidiaries, 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 primaryresidence, 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. 5
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• “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 registrationstatement on Form S-1 declared effective by the SEC on February 23, 2021, entitling the holder thereof to purchase one of Cartesian’s Class Aordinary 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 theCompany’s investment management and advisory services, trusts and administrative services, family office services, and the Company’salternatives platform. 6
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Available Information We file annual, quarterly and current reports, proxy statements and other information required by the Exchange Act with the SEC. We make availablefree 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 useour website to distribute company information, including assets under management and performance information, and such information as may bedeemed material. Accordingly, investors should monitor our website, in addition to our press releases, SEC filings and public conference calls andwebcasts. 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 CorporateGovernance Guidelines and Code of Business Conduct and Ethics governing our directors, officers, and employees. Information on or accessiblethrough our website is not a part of or incorporated into this Quarterly Report or any other SEC filing. Copies of our SEC filings or corporategovernance materials are available without charge upon written request to the Company at its principal place of business. Any materials we file withthe 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 offerto 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, operationsand 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 factualmatters. The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account allinformation currently available to us. Such forward-looking statements are subject to various risks, uncertainties (some of which are beyond ourcontrol) or other assumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity thatmay cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Some of thesefactors are described under the headings “Risk Factors” in Item 1A of our Annual Report and “Part I. Item 2. Management’s Discussion and Analysisof Financial Condition and Results of Operations” of this Quarterly Report. These factors should not be construed as exhaustive and should be read inconjunction with the risk factors and other cautionary statements that are included in this Quarterly Report and in our other periodic filings. If one ormore of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materiallyfrom those indicated in these forward-looking statements. New risks and uncertainties arise over time, and it is not possible for us to predict thoseevents or how they may affect us. Therefore, you should not place undue reliance on these forward-looking statements. Any forward-looking statementspeaks 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. 7
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PART I – FINANCIAL INFORMATION Item 1. Financial Statements 8
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AlTi Global, Inc.Condensed Consolidated Statements of Financial Position(Unaudited) (Dollars in Thousands, except share data) As of June 30,2026 As of December 31,2025 Assets Cash and cash equivalents $ 31,196 $ 41,158 Fees receivable, net (includes $563 and $9,535 of related party receivables, respectively) 35,808 65,571 Investments at fair value 128,354 144,196 Equity method investments 144 138 Intangible assets, net of accumulated amortization 426,999 436,157 Goodwill 384,445 385,966 Operating lease right-of-use assets 47,663 46,686 Deferred tax asset, net — 130 Other assets, net 51,885 56,446 Total assets $ 1,106,494 $ 1,176,448 Liabilities Accounts payable and accrued expenses $ 28,198 $ 48,637 Accrued compensation and profit sharing 37,599 77,286 Accrued member distributions payable 3,358 3,260 Earn-out liabilities, at fair value 39,817 57,411 TRA liability (includes $8,363 and $8,785 at fair value, respectively) 30,333 25,724 Preferred stock tranche liability, at fair value 1,160 2,410 Operating lease liabilities 63,520 61,675 Debt, net of unamortized deferred financing cost 12,333 883 Deferred tax liability, net 9,425 9,697 Deferred income 331 — Other liabilities, net 12,204 14,676 Total liabilities $ 238,278 $ 301,659 Commitments and contingencies (Note 20) Mezzanine Equity Series A Redeemable Cumulative Convertible Preferred stock, $0.0001 par value, 795,947 shares authorized, 173,052 shares issued andoutstanding at June 30, 2026, 795,947 shares authorized, 168,934 issued and outstanding at December 31, 2025 173,052 168,934 Series C Redeemable Cumulative Convertible Preferred stock, $0.0001 par value, 150,000 shares authorized, 150,000 shares issued andoutstanding at June 30, 2026, and 150,000 shares authorized, 150,000 issued and outstanding at December 31, 2025 185,529 176,904 Shareholders’ Equity Common stock, Class A, $0.0001 par value, 875,000,000 authorized, 115,069,666 and 103,330,155 issued and outstanding as of June 30,2026 and December 31, 2025, respectively 12 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 June 30, 2026and 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 June 30, 2026 andDecember 31, 2025, respectively — — Treasury stock, at cost: 1,300,341 and 0 shares as of June 30, 2026 and December 31, 2025, respectively (5,691) — Additional paid-in capital 690,026 667,298 Retained earnings (accumulated deficit) (433,785) (418,015) Accumulated other comprehensive income (loss) 2,886 4,975 Total AlTi Global, Inc. shareholders’ equity 612,029 600,106 Non-controlling interest in subsidiaries 256,187 274,683 Total shareholders’ equity 868,216 874,789 Total liabilities, mezzanine equity, and shareholders’ equity $ 1,106,494 $ 1,176,448 The accompanying notes are an integral part of these condensed consolidated financial statements. 9
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Table of Contents AlTi Global, Inc.Condensed Consolidated Statements of Operations(Unaudited) For the Three Months Ended For the Six Months Ended (Dollars in Thousands) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Revenue Management/advisory fees $ 54,444 $ 49,237 $ 106,339 $ 94,012 Incentive fees 19 454 (70) 550 Distributions from investments 3,416 2,664 24,684 14,874 Other income/fees 144 21 175 27 Total revenue 58,023 52,376 131,128 109,463 Operating Expenses Compensation and employee benefits 41,367 43,502 97,641 83,921 Systems, technology and telephone 4,694 5,030 9,100 10,352 Sales, distribution and marketing 1,021 1,051 1,990 1,655 Occupancy costs 2,960 3,221 5,888 6,753 Professional fees 9,276 15,421 18,328 24,539 Travel and entertainment 967 940 1,808 1,798 Depreciation and amortization 4,689 4,619 9,395 8,968 General, administrative and other 3,900 4,172 8,493 5,467 Total operating expenses 68,874 77,955 152,643 143,452 Total operating loss (10,851) (25,579) (21,515) (33,989) Other Income (Expenses) Gain (loss) on investments (21,377) 3,484 (15,768) (870) Gain (loss) on TRA 221 (748) 422 (444) Gain (loss) on preferred stock tranche liability 250 (750) 1,250 1,790 Gain (loss) on earn-out liabilities 102 (7,385) 9,683 5,198 Interest expense (372) (2) (461) (153) Interest income 207 306 620 811 Other income (expense) 1,170 (145) 3,468 (748) Loss before taxes from continuing operations (30,650) (30,819) (22,301) (28,405) Income tax (expense) benefit from continuing operations (101) 4,758 (60) 6,381 Net loss from continuing operations (30,751) (26,061) (22,361) (22,024) Net loss from discontinued operations, net of income tax — (3,982) — (10,901) Net loss (30,751) (30,043) (22,361) (32,925) Net loss attributed to non-controlling interests in subsidiaries fromcontinuing operations (7,277) (5,681) (6,591) (10,473) Net loss attributable to AlTi Global, Inc. $ (23,474) $ (24,362) $ (15,770) $ (22,452) (Continued on the following page) 10
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Table of Contents AlTi Global, Inc.Condensed Consolidated Statements of Operations(Unaudited) (Continued from the previous page) For the Three Months Ended For the Six Months Ended (Dollars in Thousands) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Net Loss Per Share Basic: Continuing operations $ (0.31) $ (0.33) $ (0.31) $ (0.30) Discontinued operations — $ (0.04) — $ (0.11) Diluted: Continuing operations $ (0.31) $ (0.33) $ (0.31) $ (0.30) Discontinued operations — $ (0.04) — $ (0.11) Weighted Average Shares of Class A Common Stock Outstanding Basic: Continuing operations 110,857,966 99,915,503 107,956,035 97,413,553 Discontinued operations — 99,915,503 — 97,413,553 Diluted: Continuing operations 110,857,966 99,915,503 107,956,035 97,413,553 Discontinued operations — 99,915,503 — 97,413,553 The accompanying notes are an integral part of these condensed consolidated financial statements. 11
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AlTi Global, Inc.Condensed Consolidated Statements of Comprehensive Income (Loss)(Unaudited) For the Three Months Ended For the Six Months Ended (Dollars in Thousands) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Net loss $ (30,751) $ (30,043) $ (22,361) $ (32,925) Other Comprehensive Loss Foreign currency translation adjustments (3,851) 8,938 (1,895) 12,187 Other comprehensive loss — (1) — (25) Total comprehensive loss (34,602) (21,106) (24,256) (20,763) Other loss attributed to non-controlling interests in subsidiaries(7,565) (2,953) (6,457) (6,906) Comprehensive loss attributable to AlTi Global, Inc. $ (27,037) $ (18,153) (17,799) (13,857) The accompanying notes are an integral part of these condensed consolidated financial statements. 12
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Table of Contents AlTi Global, Inc.Condensed Consolidated Statements of Changes in Mezzanine Equity and Shareholders’ Equity(Unaudited) Mezzanine Equity Shareholders’ Equity (Dollars inThousands,except sharedata) Series A PreferredStock Series C PreferredStock Class A Common Stock Class B CommonStock Treasury Stock Additional paid-in-capital Retainedearnings (accumulateddeficit) Accumulatedother comprehensiveincome Non-controlling interest insubsidiaries Total Shareholders’Equity Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Balance atMarch 31, 2026 168,934 $ 170,993 150,000 $181,216 109,799,384 $ 10 40,873,767 $ — 1,300,341 $ (5,691) $ 676,102 $ (410,311) $ 6,395 $ 263,810 $ 882,524 Net loss — — — — — — — — — — — (23,474) — (7,277) (30,751) Currency translationadjustment — — — — — — — — — — 4 (3,509) (346) (3,851) Preferredshare accrueddividend 4,118 2,059 — 4,313 1,272,329 — — — — — (6,372) — — — — Share basedcompensation — — — — — — — — — — 7,163 — — — 7,163 Issuance ofshares forEEA business combination — — — — 944,690 — — — — — 3,420 — — — 3,420 Issuance ofshares forALWPdeferred consideration — — — — 3,053,263 2 — — — — 9,709 — — — 9,711 Balance at June30, 2026 173,052 $ 173,052 150,000 $185,529 115,069,666 $ 12 40,873,767 $ — 1,300,341 $ (5,691) $ 690,026 $ (433,785) $ 2,886 $ 256,187 $ 868,216 The accompanying notes are an integral part of these condensed consolidated financial statements. 13
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Table of Contents AlTi Global, Inc.Condensed Consolidated Statements of Changes in Mezzanine Equity and Shareholders’ Equity(Unaudited) Mezzanine Equity Shareholders’ Equity (Dollars inThousands, except share data) Series A PreferredStock Series C PreferredStock Class A Common Stock Class B Common Stock Treasury Stock Additionalpaid-in-capital Retainedearnings(accumulateddeficit) Accumulatedothercomprehensiveincome Non-controllinginterest insubsidiaries TotalShareholders’Equity Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Balance atJanuary 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 loss — — — — — — — — — — — (15,770) — (6,591) (22,361) Currencytranslationadjustment — — — — — — — — — — 4 — (2,089) 190 (1,895) Preferred share accrueddividend 4,118 4,118 — 8,625 1,272,329 — — — — — (12,743) — — — — Share basedcompensation — — — — 3,154,435 — — — — — 15,274 — — — 15,274 Issuance of shares forEEA businesscombination — — — — 944,690 — — — — — 3,420 — — — 3,420 Issuance ofshares for ALWPdeferredconsideration — — — — 3,053,263 2 — — — — 9,709 — — — 9,711 Repurchase ofshares — — — — — — — — 1,300,341 (5,691) — — — — (5,691) TRAExchange — — — — 3,314,794 — (3,314,794) — — — 7,064 — — (12,095) (5,031) Balance at June30, 2026 173,052 $ 173,052 150,000 $185,529 115,069,666 $ 12 40,873,767 $ — 1,300,341 $ (5,691) $ 690,026 $ (433,785) $ 2,886 $ 256,187 $ 868,216 The accompanying notes are an integral part of these condensed consolidated financial statements. 14
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Table of Contents AlTi Global, Inc.Condensed Consolidated Statements of Changes in Mezzanine Equity and Shareholders’ Equity(Unaudited) Mezzanine Equity Shareholders’ Equity (Dollars inThousands, exceptshare data) Series A PreferredStock Series C PreferredStock Class A CommonStock Class B CommonStock TreasuryStock Additionalpaid-in-capital Retainedearnings(accumulateddeficit) Accumulatedothercomprehensiveincome Non-controllinginterest insubsidiaries TotalShareholders’Equity Shares Amount Shares Amount Shares Amount Shares Amount Balance atMarch 31, 2025 140,000 $144,618 150,000 $164,761 97,128,692 $ 9 45,110,224 $ — $(2,838) $654,588 $ (296,743) $ 759 $ 307,548 $ 972,702 Net loss — — — — — — — — — — (24,362) — (5,681) (30,043) Currencytranslationadjustment — — — — — — — — — — — 6,209 2,729 8,938 Othercomprehensiveincome — — — — — — — — — — — — (1) (1) Tax allocationto equityholders — — — — — — — — — — 337 (8) 163 492 Preferredshare accrueddividend 6,443 1,825 — 3,920 1,523,289 1 — — — (5,744) — — — 2 Preferredstock trancheissuance 18,471 18,471 — — — — — — — — — — — 18,471 Issuance ofshares forbusinesscombination — — — — 618,453 — — — — — — — 27 27 Share basedcompensation — — — — 2,297,111 — — — — 16,761 — — — 16,761 Reissuance oftreasury shares — — — — — — — — 2,838 — — — — 2,838 Balance at June30, 2025 164,914 $164,914 150,000 $168,681 101,567,545 $ 10 45,110,224 $ — $ — $665,605 $ (320,768) $ 6,960 $ 304,785 $ 990,187 The accompanying notes are an integral part of these condensed consolidated financial statements. 15
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Table of Contents AlTi Global, Inc.Condensed Consolidated Statements of Changes in Mezzanine Equity and Shareholders’ Equity(Unaudited) Mezzanine Equity Shareholders’ Equity (Dollars inThousands, exceptshare data) Series A PreferredStock Series C PreferredStock Class A CommonStock Class B Common Stock TreasuryStock Additionalpaid-in-capital Retainedearnings(accumulateddeficit) Accumulatedothercomprehensiveincome Non-controllinginterest insubsidiaries TotalShareholders’Equity Shares Amount Shares Amount Shares Amount Shares Amount Balance atJanuary 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 loss — — — — — — — — — — (22,452) — (10,473) (32,925) Currencytranslationadjustment — — — — — — — — — — — 8,612 3,575 12,187 Othercomprehensiveincome — — — — — — — — — — — (17) (8) (25) Tax allocationto equityholders — — — — — — — — — — (1,755) (66) 2,229 408 Sale ofinvestment — — — — — — — — — — — — 234 234 Preferredshare accrueddividend 6,443 3,585 — 7,873 1,523,289 1 — — — (11,457) — — — 2 Preferredstock trancheissuance 18,471 18,471 — — — — — — — — — — — 18,471 Issuance ofshares forbusinesscombination — — — — 1,003,732 — — — — 1,298 — — 27 1,325 Share basedcompensation — — — — 4,324,892 — — — — 21,320 — — — 21,320 TRAExchange — — — — 1,028,652 — (1,028,652)— — — 1,587 — — (2,592) (1,005) Balance at June30, 2025 164,914 $164,914 150,000 $168,681 101,567,545 $ 10 45,110,224 $ — $ — $665,605 $ (320,768) $ 6,960 $ 304,785 $ 990,187 The accompanying notes are an integral part of these condensed consolidated financial statements. 16
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Table of Contents AlTi Global, Inc.Condensed Consolidated Statements of Cash Flows(Unaudited) For the Six Months Ended (Dollars in Thousands) June 30, 2026 June 30, 2025 Cash Flows from Operating Activities Net loss $ (22,361) $ (32,925) Net loss from discontinued operations, net of tax — (10,901) Net loss from continuing operations (22,361) (22,024) Adjustments to reconcile net loss to net cash provided by (used in) operating activities from continuing operations: Depreciation and amortization 9,395 8,968 Amortization of debt discounts and deferred financing costs (845) — Unrealized loss on investments 15,768 771 Realized loss on investments — 561 Fair value (gain) loss on TRA (422) 444 Realized gain on earn-out payment (2,038) — Fair value gain on earn-out liability (9,683) (5,198) Fair value gain on preferred stock tranche liability (1,250) (1,790) Deferred income tax expense (benefit) 1 (6,790) Equity-settled share-based payments 15,274 21,233 Forgiveness of debt shareholder loan 113 112 Cash flows due to changes in operating assets and liabilities (Increase) decrease in fees receivable 29,687 (1,858) (Increase) decrease in other assets 3,613 (3,671) Operating cash flow from operating leases 863 1,749 Increase (decrease) in accounts payable and accrued expenses (5,027) (13,311) Increase (decrease) in accrued compensation and profit sharing (28,278) (21,160) Increase (decrease) in other liabilities (1,946) (8,588) Other operating activities — (2) Net cash provided by (used in) operating activities from continuing operations 2,864 (50,552) Cash Flows from Investing Activities Purchases of investments (4) (28) Acquisition of Kontora, net of cash acquired — (6,556) Sales of investments 57 171 Proceeds from Pointwise warehousing transaction — 20,449 Loss on disposal of intangible assets — (9) Purchases of fixed assets (742) (806) Net cash provided by investing activities from continuing operations (689) 13,222 Cash Flows from Financing Activities Proceeds from issuance of preferred stock and Constellation Warrants — 18,471 Payments on term notes and lines of credit (2,754) (82) Cash payment for earn-out (3,671) (5,085) Repurchase of common stock (5,691) — Cash payment of earn-in liability — (1,300) Net cash (used in) provided by financing activities from continuing operations (12,116) 12,004 Cash Flows from Discontinued Operations: Net cash provided by (used in) operating activities from discontinued operations — 432 Net cash provided by (used in) investing activities from discontinued operations — 118 Net cash provided by discontinued operations — 550 Net decrease in cash and cash equivalents, including discontinued operations (9,941) (24,775) Effect of exchange rate changes on cash and cash equivalents, including discontinued operations (21) 1,695 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 31,196 42,414 Less: Cash and cash equivalents of discontinued operations, at end of the period — — Cash and cash equivalents $ 31,196 $ 42,414 17
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Table of Contents AlTi Global, Inc.Condensed Consolidated Statements of Cash Flows(Unaudited) For the Six Months Ended (Dollars in Thousands) June 30, 2026 June 30, 2025 Reconciliation of balance sheet cash and cash equivalents to cash flows: Cash and cash equivalents on balance sheet $ 31,196 $ 40,868 Cash and cash equivalents, discontinued operations — 1,546 Cash and cash equivalents, including discontinued operations $ 31,196 $ 42,414 Supplemental Disclosure of Cash Flow Information Cash Paid During the Period for: Income taxes $ 847 $ 189 Interest payments on term notes and lines of credit $ 505 $ 10 Supplemental disclosure of noncash financing activities: Non-cash portion of earn-out liability $ 2,004 $ — The accompanying notes are an integral part of these condensed consolidated financial statements. 18
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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 clientsactivate capital with clarity, bring structure to complexity, and plan with purpose across borders and generations. AlTi combines the breadth of a globalfirm 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 financialstatements and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by USGAAP for complete financial statements. In the opinion of management, all adjustments necessary for a fair presentation of the results for the interimperiods presented have been included and are of a normal and recurring nature. Interim results of operations are not necessarily indicative of the resultsthat may be achieved for the full year. These condensed consolidated financial statements and accompanying notes should be read in conjunction withthe Company’s annual consolidated financial statements and accompanying notes in 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 periodclassifications. 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 forthe year ended December 31, 2025. The preparation of the condensed consolidated financial statements requires management to make estimates andassumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts ofrevenues and expenses during the reporting period. Significant estimates include the fair value of investments included in billable AUM/AUA, whichdirectly impacts revenue recognized each period; the fair values of earn-out liabilities and the valuation of the Tax Receivable Agreement liability, bothof which directly impact net income (loss); the realizability of deferred tax assets; the assessment of impairment of goodwill and acquired intangibleassets; and the valuation of equity-based compensation awards. Actual results could differ materially from those estimates. Recent Accounting Pronouncements - Not Yet Adopted as of June 30, 2026 In April 2026, the FASB issued ASU 2026-01, Equity (Topic 505): Initial Measurement of Paid-in-Kind Dividends on Equity-Classified PreferredStock (“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 ratestated in the preferred stock agreement. ASU 2026-01 is effective for annual reporting periods beginning after December 15, 2026, and interimreporting periods within those annual reporting periods, with 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 2025-11clarifies and improves existing interim reporting guidance by consolidating disclosure requirements within Topic 270 and introducing a disclosureprinciple requiring entities to disclose events and changes occurring after the most recent annual reporting period that are expected to have a materialeffect on the entity’s financial condition or results of operations. The ASU does not introduce significant changes to recognition or measurementguidance. ASU 2025-11 is effective for interim reporting periods beginning after December 31, 2027, with early adoption permitted. The Companydoes not expect the adoption of ASU 2025-11 to have a material impact on its consolidated financial statements. 19
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AlTi Global, Inc.Notes to Condensed Consolidated Financial Statements(Unaudited) In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the AccountingAcquirer in the Acquisition of a Variable Interest Entity (“ASU 2025-03”). ASU 2025-03 clarifies the guidance in determining the acquirer in anacquisition transaction effected primarily by exchanging equity interests when the legal acquiree is a VIE that meets the definition of a business. Theamendments require that an entity consider the same factors that are currently required for determining which entity is the accounting acquirer in otheracquisition transactions. ASU 2025-03 is effective for annual periods beginning after December 15, 2026, and interim reporting periods within thoseannual reporting periods, with early adoption permitted. The Company does not expect the adoption of ASU 2025-03 to have a material impact on itsconsolidated 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 requires disclosure, in the notes to financial statements, of specified information about certaincosts and expenses at each interim and annual reporting period. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, andreporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company does not expectthe 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 June 30, 2026 and December 31, 2025, restricted cash and cash equivalents amounted to $6.0 million and $7.0 million, respectively, and areincluded in the line item Cash and cash equivalents on the Condensed Consolidated Statements of Financial Position. These amounts representcollateral held as well as the level of liquidity to be maintained by the Company’s certain subsidiaries to meet regulatory requirements. Failing to meetthe 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 ofEngland and Wales and the Administrators took control of each of them. The Company determined that it was appropriate to deconsolidate itsInternational Real Estate Businesses resulting from the disposition of the Company’s controlling interest. The Company concluded that the transactionmeets the criteria for discontinued operations as the disposal of the International Real Estate Businesses is a strategic shift that has had a significanteffect on its 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 discontinuedoperations for all periods presented in accordance with ASC 205-20, Discontinued Operations. As a result, the Company only has one reportablesegment remaining. See Note 18 (Segment Reporting). Upon deconsolidation, intercompany balances between the Company and the International Real Estate Businesses were recognized as third-partybalances, which include receivables of $17.8 million, which were recorded in Other assets, and payables of $26.0 million, which were recorded inAccounts 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 aservice provider will continue to be provided to the International Real Estate Businesses through the end of December 31, 2027 or earlier based onagreement with the Administrators. As part of the arrangement with the Administrators, these on-going services are recognized as payments against thethird party Accounts payable balance. A total of $4.0 million, which includes on-going services of $1.3 million, were paid against the third partyAccounts payable balance through December 31, 2025. As of December 31, 2025, the balance of the Other assets and Other payables amounted to $2.1million and $22.0 million, respectively. 20
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AlTi Global, Inc.Notes to Condensed Consolidated Financial Statements(Unaudited) In connection with the administration of the International Real Estate Businesses, the Company and the Administrators have negotiated a settlement ofoutstanding intercompany balances between certain of our affiliates and the International Real Estate Businesses. On March 19, 2026, the Companyand certain of its affiliates on the one hand and the International Real Estate Businesses and the Administrators on the other hand entered into a bindingsettlement 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 servicesagreement, 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 intercompanyloan deed, the Company derecognized £3.4 million ($4.6 million) of payables and £1.5 million ($2.1 million) of receivables from the InternationalReal Estate Businesses, resulting in a £1.9 million ($2.5 million) gain recognized within Other income (expense) in the Condensed ConsolidatedStatements of Operations. As of June 30, 2026, the outstanding balance of the settlement was £9.3 million ($12.3 million), which was recorded inDebt, net of unamortized deferred financing cost in the Condensed Consolidated Statements of Financial Position. The following table provides a summary of net loss from discontinued operations, net of taxes: For the Three MonthsEnded For the Six MonthsEnded (Dollars in Thousands) June 30, 2025 June 30, 2025 Revenue Management/advisory fees $ 752 $ 1,627 Other income/fees — 1 Total revenue 752 1,628 Operating Expenses Compensation and employee benefits 1,099 2,954 Systems, technology and telephone 210 436 Sales, distribution and marketing 76 156 Occupancy costs 204 438 Professional fees 2,965 4,797 Travel and entertainment 69 131 General, administrative and other 699 2,364 Total operating expenses 5,322 11,276 Total operating loss (4,570) (9,648) Other Income (Expenses) Loss on investments 637 (1,204) Interest income 1 11 Loss before taxes (3,933) (10,841) Income tax expense (49) (60) Net loss from discontinued operations, net of income tax $ (3,982) $ (10,901) Cash flows related to the disposal of the International Real Estate Businesses are included in the discontinued operations section of the CondensedConsolidated Statements of Cash Flows for all periods presented. 21
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AlTi Global, Inc.Notes to Condensed Consolidated Financial Statements(Unaudited) (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 thekey 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 assumedfrom Kontora reflect the fair market values, affected for preliminary adjustments to reflect the fair market values assigned to assets purchased andliabilities assumed, and results of operations, are included in the Company’s condensed consolidated financial statements as of the Kontora AcquisitionDate. The Kontora Acquisition was accounted for using the acquisition method of accounting and the fair value of the total purchase considerationtransferred 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 KontoraAcquisition between the Closing Date and December 31, 2035. The contingent consideration was measured at fair value at the Kontora AcquisitionDate and recorded within the Earn-out liabilities, at fair value line item in the Condensed Consolidated Statements of Financial Position. In addition tothe contingent consideration, the Company may be required to make additional compensatory payments comprised of a combination of cash and equityat the Company’s option based on Kontora’s adjusted EBITDA. The total purchase consideration is summarized below: (Dollars in Thousands) Amount Initial purchase price $ 8,740 Settlement of debt 1,213 Contingent consideration 5,743 Total purchase consideration transferred $ 15,696 22
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AlTi Global, Inc.Notes to Condensed Consolidated Financial Statements(Unaudited) The following table sets forth the final fair values of the assets acquired and liabilities assumed in connection with the Kontora Acquisition: (Dollars in Thousands) Kontora Acquisition Date FairValue 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 During the year ended December 31, 2025, the Company made a measurement period adjustment to the purchase price allocation, which resulted in adecrease 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 toother assets, net of $24.0 thousand and a decrease to the purchase consideration of $10.0 thousand. 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 techniqueswere 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 ofexpected synergies for the combined operations and the assembled workforce acquired in the Kontora Acquisition, which does not qualify as aseparately recognized intangible asset. Below is a summary of the intangible assets acquired in the Kontora Acquisition: (Dollars in Thousands) Kontora Acquisition Date FairValue 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 AcquisitionDate. 23
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AlTi Global, Inc.Notes to Condensed Consolidated Financial Statements(Unaudited) Supplemental Pro Forma Financial Information (Unaudited) The following selected unaudited supplemental pro forma financial information is a summary of our combined results for Kontora as of the three andsix months ended June 30, 2025. The unaudited supplemental pro forma financial information gives effect to the Kontora acquisition as if it hadoccurred 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 thatwould 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. For the Three MonthsEnded For the Six MonthsEnded (Dollars in Thousands) June 30, 2025 June 30, 2025 Total revenue $ 54,644 $ 117,045 Net income (loss) $ (24,208) $ (22,708) (5) Revenue The following table represents the Company’s revenue disaggregated by fee type for the periods presented below: For the Three Months Ended For the Six Months Ended (Dollars in Thousands) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Management/advisory fees $ 54,444 $ 49,237 $ 106,339 $ 94,012 Incentive fees 19 454 (70) 550 Distributions from investments 3,416 2,664 24,684 14,874 Other fees/income 144 21 175 27 Total revenue $ 58,023 $ 52,376 $ 131,128 $ 109,463 (Dollars in Thousands) As of June 30, 2026 As of December 31, 2025 Management/advisory fees receivable Beginning balance $ 35,047 $ 28,896 Ending balance 35,291 35,047 Incentive fees receivable Beginning balance $ 30,335 $ 1,324 Ending balance 517 30,335 Other fees/income receivable Beginning balance $ 189 $ — Ending balance — 189 Deferred management/advisory fees Beginning balance $ — $ — Ending balance (331) — (1) (2) 24
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AlTi Global, Inc.Notes to Condensed Consolidated Financial Statements(Unaudited) As of June 30, 2026 and December 31, 2025, this amount includes $0.5 million and $0.6 million, respectively, in Management/advisory fees receivable due from related parties. See Note 17 (Related Party Transactions) for further details. As of June 30, 2026 and December 31, 2025, this amount includes $0 and $9.0 million, respectively, in Incentive fees receivable due from related parties. See Note 17 (Related PartyTransactions) 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 StockIncentive 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 2,968,488remain available as of June 30, 2026. To the extent that an award expires or is canceled, forfeited, terminated, surrendered, exchanged or withheld tocover tax withholding obligations, the unissued awards will again be available for grant under the Plan. The Company recognizes equity-based compensation expenses at the Company’s stock price as of the grant date. As of June 30, 2026, the Companyhas unrecognized equity-based compensation expense of $21.3 million, which is expected to be recognized over a weighted average period of 1.71years. The following table summarizes the equity-based compensation award activity for the six months ended June 30, 2026, and June 30, 2025: June 30, 2026 June 30, 2025 Number of Awards Weighted AverageGrant Date FairValue Number of Awards Weighted AverageGrant Date FairValue 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 3,047,851 3.97 7,696,291 3.82 Restricted common stock forfeited (43,362) 4.02 (125,000) 6.02 Restricted common stock vested (3,324,185) 4.20 (2,231,567) 4.60 Restricted common stock awards outstanding at end of period 11,109,191 $ 4.17 11,556,238 $ 4.21 The following table summarizes the equity-based compensation recognized, which is included in Compensation and employee benefits in theCondensed Consolidated Statements of Operations for the three and six months ended June 30, 2026 and June 30, 2025: For the Three Months Ended For the Six Months Ended (Dollars in Thousands) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 RSUs $ 3,956 $ 5,736 $ 11,794 $ 9,117 PRSUs 261 474 861 1,869 Acquisition-related 1,697 2,814 2,362 4,332 Revenue share 375 (65) 495 206 Deferred compensation (14) 219 1,782 1,089 Accrued compensation — 26 2,619 26 Total $ 6,275 $ 9,204 $ 19,914 $ 16,640 (1) (2) 25
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AlTi Global, Inc.Notes to Condensed Consolidated Financial Statements(Unaudited) (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 differencesbetween 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, state, and local corporate-level incometaxes on its share of taxable income from the Umbrella Partnership. The Umbrella Partnership is a partnership for U.S. federal income tax purposesand a taxable entity for certain state and local taxes, such as New York City Unincorporated Business Tax ("UBT"). Further, the Company's income taxprovision and related income tax assets and liabilities are based on, among other things, an estimate of the impact of exchanges of shares of Class BCommon 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 UmbrellaPartnership and its underlying assets and liabilities. The Company's estimate is based on the most recent information available. The tax basis and stateimpact 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 0.2% and 15.4% for the three months ended June 30, 2026 and June 30, 2025, respectively, and (0.3)% and22.5% for the six months ended June 30, 2026 and June 30, 2025, respectively. The effective tax rates were calculated using an Annual Effective TaxRate approach. The book income related to fair value changes to liabilities was excluded from forecasted earnings as these amounts are based onchanges in stock price and are unable to be forecasted. The effective tax rates differed from the statutory rate primarily due to the portion of incomeallocated to non-controlling 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 assets and may recognize or adjust any valuation allowance when it is more-likely-than-not that all or a portion of the deferred tax assets may not be realized. As of June 30, 2026, the Company has recorded a full valuationallowance against its deferred tax assets generated by its subsidiaries in the U.S., the U.K., and other jurisdictions, as well as its investment inUmbrella. The key factor for providing a full valuation allowance was our 3-year cumulative loss position. Once the Company begins generatingprofits, we will re-evaluate whether the valuation allowance position taken remains appropriate or if the allowance should be reduced. The Companyfiles its tax returns as prescribed by the tax laws of the jurisdiction in which it operates. In the normal course of business, the tax years that remainopen 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 ending December 2020 and 2021. We do not believe that thereis material exposure in connection with the examination. As of June 30, 2026, the Company has evaluated its tax filing positions and assessed nochange 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 bereceived 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 independentof the Company. Unobservable inputs reflect the Company’s 26
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AlTi Global, Inc.Notes to Condensed Consolidated Financial Statements(Unaudited) assumptions about the inputs market participants would use in pricing the asset or liability and are developed based on the best information available inthe 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 theability to access. • Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, eitherdirectly 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. Forsome investments little market activity may exist; management’s determination of fair value is then based on the best information available in thecircumstances and may incorporate management’s own assumptions and involves a significant degree of judgment, taking into consideration acombination 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 shareprices 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 theimplied 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 usingthe 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 todetermine 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 futurerevenue and the implied earn-out payment discounted using the liability discount rate which is estimated based on the Company’s creditquality rating. • Kontora Earn-Out Liability - The Company’s valuation approach utilized a Discounted Cash Flow approach to determine the fair valueusing the liability discount rate which is estimated based on the Kontora subgroups’ weighted average cost of capital for a useful life of tenyears. • Preferred Stock Tranche Liability - The fair value of the Allianz Tranche Right is determined based on Level 3 inputs using a binomiallattice model. At each node of the binomial lattice model, the decision to exercise the Allianz Tranche Right is determined based on if thevalue 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 AllianzTranche 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 theAllianz Tranche Right is estimated by backward inducting values in the binomial lattice model to the initial node. A probability-weightedassessment is also included as part of the inputs to the valuation of the Allianz Tranche Right. 27
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AlTi Global, Inc.Notes to Condensed Consolidated Financial Statements(Unaudited) • Investments in External Strategic Managers - The Company utilized a Discounted Cash Flow approach to determine the fair value of theExternal Strategic Managers. The discount rate selection for each investment was calibrated using the implied internal rate of return as of theoriginal investment date, adjusted for certain market- and company-specific factors. The selected long-term growth rate for each investmentwas based on long-term GDP growth rates in the geographic locations of the underlying External Strategic Manager, with consideration forgeneral growth in the asset management industry. Refer to the valuation methodologies table below for further analysis of Level 3 valuations. The Company’s financial instruments measured at fair value in the Condensed Consolidated Statements of Financial Position as of June 30, 2026, andDecember 31, 2025, have been categorized based on the fair value hierarchy as follows: As of June 30, 2026 Level 1 Level 2 Level 3 (Dollars in Thousands) Quoted PricesObservable InputsUnobservable InputsTotal Assets: Mutual funds $ 38 $ — $ — $ 38 Exchange-traded funds and BDC funds 43 — — 43 Investments – External Strategic Managers — — 127,138 127,138 Investments – Affiliated Funds — — — 1,132 Other 3 — — 3 Total $ 84 $ — $ 127,138 $ 128,354 Liabilities: Preferred stock tranche liability $ — $ — $ 1,160 $ 1,160 Earn-out liabilities — — 39,817 39,817 TRA liability — — 8,363 8,363 Total $ — $ — $ 49,340 $ 49,340 As of December 31, 2025 Level 1 Level 2 Level 3 (Dollars in Thousands) Quoted PricesObservable InputsUnobservable InputsTotal Assets: Mutual funds $ 42 $ — $ — $ 42 Exchange-traded funds and BDC funds 35 — — 35 Investments – External Strategic Managers — — 142,976 142,976 Investments – Affiliated Funds — — — 1,080 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 — — 8,785 8,785 Total $ — $ — $ 68,606 $ 68,606 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 intereststhat do not trade in an active market and are valued using the NAV of each investment (1) (2) (1) (2) (1) 28
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AlTi Global, Inc.Notes to Condensed Consolidated Financial Statements(Unaudited) 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 30days’ 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, leveragebuyouts, activism, spin-offs, recapitalizations, and agreed upon deals. The investments held in the Affiliated Funds are primarily highly liquid and marketable securities. The fair valueamounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Condensed Consolidated Statements of FinancialPosition. The Company carries a portion of its TRA liability at fair value equal to the expected future payments under the TRA. Level 3 Rollforwards The following table sets forth a summary of changes in the fair value of Level 3 financial instruments as of June 30, 2026 and December 31, 2025: As of June 30, 2026 (Dollars in Thousands) Beginning balanceIssuances SettlementsNet (gains) lossesOther comprehensiveloss Ending balance Assets: Investments – External Strategic Managers$ 142,976 — — 15,838 — $ 127,138 Liabilities: Preferred stock tranche liability$ 2,410 — — (1,250) — $ 1,160 Business combination earn-out liability$ 15,268 — — (11,596) — $ 3,672 EEA earn-out liability $ 25,259 — (7,713) 1,916 — $ 19,462 Envoi earn-out consideration liability$ 8,220 — — 260 — $ 8,480 Envoi earn-out growth consideration liability$ 1,620 — — (20) — $ 1,600 Kontora earn-out liability $ 7,044 — — (243) (198) $ 6,603 TRA liability $ 8,785 — — (422) — $ 8,363 As of December 31, 2025 (Dollars in Thousands) Beginning balanceIssuances SettlementsNet (gains) lossesOther comprehensiveincome 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 (2) (1) (2) (1) 29
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AlTi Global, Inc.Notes to Condensed Consolidated Financial Statements(Unaudited) 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 earn-out liabilities, and Gain (loss) on TRA, respectively, in the Condensed Consolidated Statements of Operations. During the period ended June 30, 2026, developments affecting one of the investments in external manager's future operations and continuity resulted in a reassessment of significant unobservable inputsused in the Company's Level 3 valuation. The revised assumptions reduced the estimated fair value of the investment, and future changes in these assumptions will have a material effect on the valuation. During the periods ended June 30, 2026 and December 31, 2025, there were no transfers from Level 3 to Level 1. (1) (2) 30
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AlTi Global, Inc.Notes to Condensed Consolidated Financial Statements(Unaudited) Valuation Methodologies for Fair Value Measurements Categorized within Level 3 as of June 30, 2026 (Dollars in Thousands) FairValue ValuationTechniques UnobservableInputs Ranges Impact to Valuationfrom an Increase inInput Level 3 Assets: Investments – External Strategic Managers$ 127,138 Discounted Cash FlowDiscount rate 16.0% -32.5% Lower Long-term growthrate 4.0 % Higher Level 3 Liabilities: TRA liability $ 8,363 Monte Carlo Volatility 55.5 % Lower Correlation 22.5 % Higher Cost of debt range11.4% - 12.6% Lower Equity risk premium5.5% - 13.2% Lower Business Combination earn-out liability$ 3,672 Monte Carlo Volatility 60.0 % Higher Risk-free rate 4.1 % Higher EEA earn-out liability $ 19,462 Discounted Cash FlowEBITDA DiscountRate 14.4 % Lower Risk-free rate 4.1 % Lower Credit spread 10.1 % Lower Envoi earn-out consideration liability $ 8,480 Discounted Cash FlowRevenue risk-adjusted discount rate 11.5 % Lower Risk-free rate 4.0 % Lower Credit spread 9.9 % Lower Envoi earn-out growth consideration liability$ 1,600 Monte CarloMetric volatility 33.0 % Lower Risk-free rate 4.0 % Lower Revenue discountrate 11.5 % Lower Credit Risk AdjustedDiscount Rate 13.9 % Lower Kontora earn-out liability $ 6,603 Discounted Cash FlowDiscount rate 10.9 % Lower Preferred stock tranche liability $ 1,160 Binomial lattice model Volatility 47.5 % Lower Probability of optionexercise 50.0 % Higher Risk-free rate 4.9 % Lower Credit spread 10.1 % Lower 31
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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) FairValue ValuationTechniques UnobservableInputs Ranges Impact to Valuationfrom an Increase inInput Level 3 Assets: Investments – External Strategic Managers$ 142,976 Discounted Cash FlowDiscount rate 17.0% -30% Lower Long-term growthrate 4.0 % Higher Level 3 Liabilities: TRA liability $ 8,785 Monte Carlo Volatility 55.0 % Lower Correlation 22.5 % Higher Cost of debt range10.6% - 11.9% Lower Equity risk premium5.8% - 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 FlowEBITDA DiscountRate 14.6 % Lower Risk-free rate 3.5 % Lower Credit spread 9.3 % Lower Envoi earn-out consideration liability $ 8,220 Discounted Cash FlowRevenue 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 CarloMetric volatility 29.0 % Lower Risk-free rate 3.4 % Lower Revenue discountrate 11.0 % Lower Credit Risk AdjustedDiscount Rate 12.5 % Lower Kontora earn-out liability $ 7,044 Discounted Cash FlowDiscount rate 11.7 % Lower Preferred stock tranche liability $ 2,410 Binomial lattice model Volatility 47.5 % Lower Probability of optionexercise 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 businesscombination. 32
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AlTi Global, Inc.Notes to Condensed Consolidated Financial Statements(Unaudited) (9) Equity Method Investments As of June 30, 2026 and December 31, 2025, the Company had $0.1 million and $0.1 million, respectively, of equity method investments recordedwithin Equity method investments on the Condensed Consolidated Statements of Financial Position. In accordance with US GAAP, certain equitymethod investees do not account for both their financial assets and liabilities under fair value measures; therefore, the Company’s investment in suchequity method investees may not represent fair value. For the three months ended June 30, 2026 and June 30, 2025 the Company recognized no impairment. For the six months ended June 30, 2026, theCompany recognized no impairment. For the six months ended June 30, 2025 the Company recognized $1.7 million of impairment on its equitymethod investments within Gain (loss) on investments in the Condensed Consolidated Statements of Operations. Additionally, as part of the BusinessCombination, AlTi acquired the right to carried interest on several projects. These are held as assets at cost less impairment. The Company assessesindicators of impairment every quarter utilizing a number of factors, including market conditions. For the three and six months ended June 30, 2026the Company recognized no impairment to these assets. For the three and six months ended June 30, 2025 the Company recognized $0.2 million and$0.4 million, respectively, 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 optionare 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 thefair value of such instruments are recognized in Gain (loss) on investments in the Condensed Consolidated Statements of Operations. 33
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AlTi Global, Inc.Notes to Condensed Consolidated Financial Statements(Unaudited) The Cost and Fair Value of Investments as of June 30, 2026 and December 31, 2025 are presented below: As of June 30, 2026 As of December 31, 2025 (Dollars in Thousands) Cost Fair Value Cost Fair Value Investments at Fair Value: Mutual funds $ 33 $ 38 $ 38 $ 42 Exchange-traded funds and BDC funds 21 43 17 35 TIG Arbitrage Associates Master Fund 482 578 482 566 TIG Arbitrage Enhanced Master Fund 179 396 179 362 Arkkan Opportunities Feeder Fund 111 158 111 152 Arkkan Capital Management Limited 20,062 973 20,062 19,543 Zebedee Asset Management 68,913 96,776 68,913 93,716 Romspen Investment Corporation 72,523 29,389 72,523 29,717 Other 3 3 55 63 Total Investments at fair value $ 162,327 $ 128,354 $ 162,380 $ 144,196 Equity method investments: Cost Carrying Value Cost Carrying Value Wealth management - investment advisory $ 144 $ 144 $ 138 $ 138 Total Equity method investments 144 144 138 138 Total $ 162,471 $ 128,498 $ 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) oninvestments in the Condensed Consolidated Statements of Operations, are as follows: For the Three Months Ended For the Six Months Ended (Dollars in Thousands) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Gains (Losses) on Investments at fair value: Realized gains (losses) $ (1) $ (20) $ 1 $ (20) Unrealized gains (losses) (21,376) 3,790 (15,769) (544) Total gains (losses) on Investments at fair value $ (21,377) $ 3,770 $ (15,768) $ (564) 34
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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 June 30, 2026 (Dollars in Thousands) WeightedAverageAmortizationPeriod (in years) GrossCarryingAmount AccumulatedAmortization Net CarryingAmount Amortizing intangible assets Customer relationships 22.1 $ 289,571 $ (40,525) $ 249,046 Trade names 9.4 12,234 (4,525) 7,709 License 15.0 4,414 (345) 4,069 Acquired internally developed software 5.0 700 (535) 165 Other intangible asset 2.5 680 (674) 6 Total amortized intangible assets 307,599 (46,604) 260,995 Non-amortized intangible assets Other intangible asset 4 — 4 Investment management agreements 166,000 — 166,000 Total non-amortized intangible assets 166,004 — 166,004 Total intangible assets $ 473,603 $ (46,604) $ 426,999 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 othersoftware, for which there is no contractual termination date. As of June 30, 2026, gross carrying amounts related to the Company’s intangible assets include foreign currency translation difference of $(972) thousand. (2) (1) (1) (2) 35
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AlTi Global, Inc.Notes to Condensed Consolidated Financial Statements(Unaudited) As of December 31, 2025 (Dollars in Thousands) WeightedAverageAmortizationPeriod (in years) GrossCarryingAmount Impairment/Disposals AccumulatedAmortization Net CarryingAmount 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 Other intangible assets 4 — — 4 Investment management agreements 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 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 othersoftware, for which there is no contractual termination date. 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 priceadjustments 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. 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 isclassified as an indefinite-lived intangible asset. Drivers of the impairment for the IMA include the financial projections and discount rate. Amortization expense was $4.1 million and $4.0 million for the three months ended June 30, 2026 and June 30, 2025, respectively, and $8.2 millionand $7.8 million for the six months ended June 30, 2026 and June 30, 2025, respectively. 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 June 30, 2026 2026 $ 8,128 2027 16,259 2028 16,214 2029 15,938 2030 and beyond 204,456 Total $ 260,995 (2) (1) (3) (1) (2) (3) 36
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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 June 30, 2026 As of December 31, 2025 Fixed assets, net: Leasehold improvements $ 18,727 $ 18,705 Office equipment and furniture 6,573 5,653 Foreign currency translation adjustment 291 184 Accumulated depreciation (8,041) (6,852) Fixed assets, net $ 17,550 $ 17,690 Accrued income 17,644 18,409 Prepaid expenses 8,875 8,268 Sundry receivables 2,651 4,908 Other receivables 2,253 2,683 Third party receivables related to IRE — 2,082 Other assets 2,912 2,406 Other assets, net $ 51,885 $ 56,446 As of June 30, 2026 and December 31, 2025, these amounts include $0.1 million and $0.2 million, respectively, in receivables due from related parties. See Note 17 (Related PartyTransactions) 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 June 30, 2026 As of December 31, 2025 Payroll taxes $ 969 $ 1,754 Payroll 420 869 Corporation tax payable 4,362 2,532 Accrued legal 4,307 4,496 Other 2,146 5,025 Other Liabilities, net $ 12,204 $ 14,676 The other category is comprised primarily of miscellaneous payables and provisions. As of June 30, 2026 and December 31, 2025, these amounts include zero and $0.7 million, respectively, in liabilities due to related parties. See Note 17 (Related Party Transactions)for further details. (1) (1) (1) (2) (1) (2) 37
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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. The Company categorizes leases as eitheroperating or finance leases at the commencement date of the respective lease. The components of lease costs are as follows: For the Three Months Ended For the Six Months Ended (Dollars in Thousands) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Operating lease expense $ 2,396 $ 2,954 $ 4,785 $ 6,166 Variable lease expense 493 669 994 1,289 Short-term lease expense 97 78 119 123 Total lease expense $ 2,986 $ 3,701 $ 5,898 $ 7,578 These amounts include $0.1 million and $0.1 million for the three months ended June 30, 2026 and June 30, 2025, respectively, and $0.2 million and $0.2 million for the six months ended June 30, 2026 andJune 30, 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 the Company’s operating leases are as follows: For the Six Months Ended (Dollars in Thousands) June 30, 2026 June 30, 2025 Operating cash flow information: Cash outflows - operating leases $ 4,091 $ 4,214 Right-of-use assets obtained in exchange for lease obligations $ 4,212 $ 2,755 These amounts include 0.2 million and 0.2 million, for the six months ended June 30, 2026 and June 30, 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 the Company’s operating leases are as follows: As of June 30, 2026 As of December 31, 2025 Weighted-average remaining lease term 11.38 11.38 Weighted-average discount rate 6.17 % 6.31 % (1) (1) (1) (1) 38
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AlTi Global, Inc.Notes to Condensed Consolidated Financial Statements(Unaudited) Future minimum lease payments for the Company’s operating leases as of June 30, 2026, are as follows: Future Minimum RentalOperating Leases (Dollars in Thousands) 2026 $ 4,698 2027 9,288 2028 8,751 2029 7,474 2030 6,716 2031 and beyond 53,032 Total lease payments 89,959 Less: Imputed interest 26,439 Present value of lease liabilities $ 63,520 (14) Goodwill The following table provides a reconciliation of Goodwill reported on the Condensed Consolidated Statements of Financial Position as of June 30,2026 and December 31, 2025, respectively. (Dollars in Thousands) As of June 30, 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 (1,521) 7,143 Ending Balance $ 384,445 $ 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 wouldbe used by other marketplace participants. However, such assumptions are inherently uncertain, and a change in assumptions could change theestimated fair value of our reporting units. Future impairments of our indefinite lived intangible assets and reporting units could be required, whichcould be material to the condensed consolidated financial statements. 39
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AlTi Global, Inc.Notes to Condensed Consolidated Financial Statements(Unaudited) (15) Debt, net of unamortized deferred financing cost The following table summarizes outstanding debt obligations of the Company as of June 30, 2026 and December 31, 2025: As of June 30, 2026 As of December 31, 2025 (Dollars in Thousands) Debt Outstanding Net CarryingValue FairValue Debt Outstanding Net CarryingValue FairValue Administrators Term Loan $ 12,294 $ 11,591 $ 11,591 $ — $ — $ — Kontora Credit Facility Term Loan 326 326 326 503 503 503 Revolving Line of Credit 416 416 416 380 380 380 Total Debt $ 13,036 $ 12,333 $ 12,333 $ 883 $ 883 $ 883 The carrying value of the Term Loans and Revolving Line of Credit approximates fair value as of June 30, 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 onthe 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 June 30, 2026, the outstanding balance ofthe settlement was $12.3 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 withHypoVereinsbank. 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 astandalone 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 $0.9million with HypoVereinsbank. The revolving line of credit bears interest at 3-month EURIBOR plus 7.15% on funded amounts and a commitment feeof 0.75% on unfunded amounts. The funded amounts bear no restrictions on its use. Contractual maturities of the Administrators Term Loan and Kontora Term Loan as of June 30, 2026, are set out in the table below: (Dollars in Thousands) Administrators TermLoan Kontora Term Loan Aggregate Maturities 2026 $ 5,918 $ 579 $ 6,497 2027 6,376 163 6,539 Total $ 12,294 $ 742 $ 13,036 (1) (1) (1) 40
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AlTi Global, Inc.Notes to Condensed Consolidated Financial Statements(Unaudited) 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 APreferred 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 APreferred Stock at the stated price for $18.5 million. As of June 30, 2026 and December 31, 2025, the Allianz Tranche Right of $1.2 million and $2.4million, respectively, is classified as a liability in accordance with ASC 480, Liabilities, and is recorded in the line item Preferred stock tranche liabilityon the Company’s Condensed Consolidated Statements of Financial Position. For the three months ended June 30, 2026 and June 30, 2025, the changein fair value of the Allianz Tranche Right is $0.3 million and $(0.8) million, respectively, and for the six months ended June 30, 2026 and June 30,2025 the change in fair value is $1.3 million and $1.8 million, respectively, which is recorded in the line item Gain (loss) on preferred stock trancheliability 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 oftheir salary subject to certain limitations set forth by the Internal Revenue Service, on a pretax basis. At its discretion, the Company can make profitsharing plan contributions to the participants’ accounts. The Company’s contributions are summarized in the following table: (Dollars in Thousands) For the Three Months Ended For the Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Plan Contributions $ 1,089 $ 958 $ 2,155 $ 1,862 As of June 30, 2026 $2.3 million in contributions was payable, which is included in Accounts payable and accrued expenses on the CondensedConsolidated Statements of Financial Position. 41
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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 Financial PositionLine Item As of June 30,2026 As of December 31,2025 Due from Certain TWMH Members, TIG GP Members andTIG MGMT Members Other assets $ 114 $ 223 Due from Equity Method Investees Other assets $ — $ 22 Due from TIG related fee arrangements Fees receivable, net $ 563 $ 9,535 Related Party Payables Due to Certain TWMH Members, TIG GP Members andTIG MGMT Members Accrued member distribution payable $ (3,358)$ (3,260) Due to Certain Non-Controlling Interest Holders inConnection with the Tax Receivable Agreements TRA liability $ (30,333)$ (25,724) Due to certain employees Other liabilities $ — $ (747) Due to Certain TWMH Members, TIG GP Members, TIGMGMT Members and Alvarium Shareholders in connectionwith the Business Combination Earn-out Earn-out liabilities, at fair value $ (3,672)$ (15,268) EEA earn-out liability Earn-out liabilities, at fair value $ (19,462)$ (25,259) Envoi earn-out consideration liability Earn-out liabilities, at fair value $ (8,480)$ (8,220) Envoi earn-out growth consideration liability Earn-out liabilities, at fair value $ (1,600)$ (1,620) Kontora earn-out liability Earn-out liabilities, at fair value $ (6,603)$ (7,044) Preferred stock tranche liability Preferred stock tranche liability $ (1,160)$ (2,410) Office lease liability Operating lease liabilities $ (1,008)$ (1,215) Mezzanine Equity Series A Preferred Stock Series A Redeemable Cumulative ConvertiblePreferred Stock $ 173,052 $ 168,934 Series C Preferred Stock Series C Redeemable Cumulative ConvertiblePreferred Stock $ 185,529 $ 176,904 Shareholders’ Equity Allianz Warrants, net of issuance costs Additional paid-in capital $ 6,591 $ 6,591 Constellation Warrants, net of issuance costs Additional paid-in capital $ 3,003 $ 3,003 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 June 30,2026 and June 30, 2025, the Company recognized $57 thousand and $56 thousand, respectively, and for the six months ended June 30, 2026 and June 30, 2025, the Company recognized $110 thousand and$112 thousand, respectively, of forgiveness of principal debt and accrued interest within Compensation and employee benefits expense on the Condensed Consolidated Statements of Operations. 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. Represents accrued member distributions payable to certain TWMH Members, TIG GP Members, and TIG MGMT Members issued in connection with the Business Combination. See Note 20 Commitments and Contingencies for a description of the nature and terms of the TRA and each earn-out arrangement. See Note 8 Fair Value Disclosures for current period activity, ending balances, and valuation methodologies. (1) (2) (3) (4) (5) (6) (4) (5) (4) (5) (4) (5) (4) (5) (4) (5) (5) (7) (8) (8) (8) (8) (1) (2) (3) (4) (5) 42
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AlTi Global, Inc.Notes to Condensed Consolidated Financial Statements(Unaudited) Represents a Vendor Loan Note issued in connection with a share buyback transaction by a senior executive of the Company. The loan was settled in the second quarter of 2026. 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 June 30, 2026 andJune 30, 2025, the Company recorded lease expense related to this lease of $0.1 million and $0.1 million, respectively. For the six months ended June 30, 2026 and June 30, 2025, the Company recordedlease expense related to this lease of $0.2 million and $0.2 million, respectively. The Company has issued Series A Preferred Stock to Allianz and Series C Preferred Stock to Constellation, each classified as mezzanine equity. As of June 30, 2026, the Series A and Series C PreferredStock outstanding were 173,052 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 andInternational Real Estate. On July 11, 2025, the Board approved a plan to appoint administrators over the International Real Estate Businesses. SeeNote 3 (Discontinued Operations) for further information. As such, during the third quarter ended September 30, 2025, the Company disposed of itsInternational Real Estate segment, and has now been organized as one reportable segment since that date, and continues to operate as such as ofJune 30, 2026. Our chief operating decision maker (“CODM”), currently, our Interim Chief Executive Officer, assesses the Company’s performance and allocation ofresources based on Net income (loss) from continuing operations, as reported in the Condensed Consolidated Statements of Operations, to assist withthe evaluation of strategic business decisions, including potential acquisitions or divestitures and whether to invest in certain products or services, andexpense 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. (6) (7) (8) 43
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AlTi Global, Inc.Notes to Condensed Consolidated Financial Statements(Unaudited) For the Three and Six Months Ended June 30, 2026 June 30, 2025 Basic Diluted Basic Diluted Class A Common Stock Included Included Included Included Class B Common Stock Excluded If-converted method Excluded If-converted method Series A Preferred Stock 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 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 Excluded If-converted method Excluded More dilutive of two-class method or if-converted method Allianz Warrants Excluded Treasury stock method Excluded Treasury stock method Constellation Warrants Excluded Treasury stock method Excluded Treasury stock method Earn-Out Shares Excluded Treasury stock method Excluded Treasury stock method PW Deferred Consideration Shares — — Included Included Acquisition-Related Awards Excluded Included Excluded Treasury stock method Unvested RSUs Excluded Treasury stock method Excluded Treasury stock method Unvested PRSUs Excluded Treasury stock method Excluded Treasury stock method 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 orloss 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 June 30, 2026 and 2025, Class B shares totaling 0 and 0, respectively, and the six months ended June 30, 2026 and 2025, Class B shares totaling 3,314,794 and 1,028,652, respectively, were converted into Class A Common Stock. 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 toparticipate 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 toreceive 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 commonshareholders. Dilutive earnings per share is calculated using the more dilutive of the two-class method or the if-converted method. For the three and six months ended June 30, 2026 and2025, 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. 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 upto $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 isclassified 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. For thethree and six months ended June 30, 2025, an additional 18,471 shares under the Allianz Tranche Right were issued; however, these shares were excluded from the Company’s dilutedearnings per share calculation as the effects were determined to be anti-dilutive. (1) (2) (2) (3) (4) (4) (5) (6) (7) (8) (8) (1) (2) (3) 44
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AlTi Global, Inc.Notes to Condensed Consolidated Financial Statements(Unaudited) 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. Thewarrants 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 componentof 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 and six months ended June 30,2026 and 2025, the warrants were excluded from the Company’s diluted earnings per share calculation as the effects were determined to be anti-dilutive. 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 couldbe 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 reportingperiod. 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 includesreversing the income statement effect of the fair value remeasurement for the period. For the three and six months ended June 30, 2026, all Earn-Out shares were excluded from thecalculation of diluted earnings per share as their effects were determined to be anti-dilutive. For the three and six months ended June 30, 2025, the Earn-Out shares related to EEA andEnvoi 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. 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 PWacquisition. 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. Asof 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. Acquisition-Related Awards include EEA Equity Awards, Envoi Equity Awards, Singapore Equity Awards and Kontora Earn-Ins. Certain compensatory awards related to the PWacquisition (the “PW Equity Awards”) and Singapore Equity Awards were reclassified to be paid out fully in cash rather than equity during the quarter ended March 31, 2025 and June30, 2026, respectively. As such, the PW Equity Awards and Singapore Equity Awards were excluded from the Company’s earnings per share calculations for the respective periods. Service periods related to the Acquisition-Related Awards had not been completed as of the three and six months ended June 30, 2026 and 2025 and therefore such shares were excludedfrom 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 areincluded 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 and six months ended June 30, 2026 and June 30, 2025, the Acquisition-Related Awards, excluding Envoi Equity Awards, were excluded because their effects weredetermined to be anti-dilutive. These awards included the PW Equity Awards and Holbein Earn-Ins through the quarters ended June 30, 2025 and March 31,2025, respectively. Refer toNote 6 (Equity-Based Compensation) for additional details for the Acquisition-Related Awards. 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 fromthe 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 and six months ended June 30, 2026 and 2025, unvested RSUs andPRSUs 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) foradditional details. (4) (5) (6) (7) (8) 45
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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 ofClass A Common Stock outstanding during the period. Diluted earnings per common share excludes potentially dilutive instruments which wereoutstanding during the period but were anti-dilutive. The following table shows the computation of basic and diluted earnings per share based onincome attributable to common shareholders: For the Three Months Ended For the Six Months Ended (Dollars in Thousands, except share data) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Numerator: Net loss from continuing operations $ (30,751) $ (26,061) $ (22,361) $ (22,024) Net loss attributable to noncontrolling interests insubsidiaries from continuing operations (7,277) (5,681) (6,591) (10,473) Net loss attributable to AlTi Global, Inc $ (23,474) $ (20,380) $ (15,770) $ (11,551) Less: Preferred stock dividends (10,959) (12,101) (17,330) (17,762) Loss from continuing operations available to Class Ashareholders - basic $ (34,433) $ (32,480) $ (33,100) $ (29,313) Loss from continuing operations available to Class Ashareholders - diluted $ (34,433) $ (32,480) $ (33,100) $ (29,313) Denominator: Weighted-average shares of Class A Common Stockoutstanding - basic 110,857,966 99,915,503 107,956,035 97,413,553 Weighted-average shares of Class A Common Stockoutstanding - diluted 110,857,966 99,915,503 107,956,035 97,413,553 Net loss from continuing operations per Class A CommonStock - basic $ (0.31) $ (0.33) $ (0.31) $ (0.30) Net loss from continuing operations per Class A CommonStock - diluted $ (0.31) $ (0.33) $ (0.31) $ (0.30) The following table summarizes the securities that were anti-dilutive for the periods presented. As a result, these securities were excluded from thecomputation of diluted earnings per share for the periods presented: For the Three Months Ended For the Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Class B Common Stock and Class B Units 43,339,600 47,475,580 44,789,338 48,270,404 Allianz and Constellation Warrants 7,000,000 7,000,000 7,000,000 7,000,000 Preferred Stock 41,216,110 38,344,289 40,849,965 36,950,614 Earn-Out Shares 15,097,932 12,705,282 15,228,473 13,747,059 Acquisition-Related Awards 781,407 1,311,287 1,561,660 1,358,933 Stock Awards 4,549,865 820,784 4,555,883 2,130,836 (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 certaincases is deemed to realize) as a result of any increase in tax basis of the assets of Umbrella related to the Business Combination. 46
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AlTi Global, Inc.Notes to Condensed Consolidated Financial Statements(Unaudited) 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 ineffect 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 June 30, 2026 and December 31, 2025, the liability associated with the TRA was approximately $30.3 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 eachreporting period with the gain or loss recognized in earnings. As of June 30, 2026 and December 31, 2025, the Company carried $8.4 million and $8.8million, respectively, of its TRA liability at fair value, as it is contingent consideration from the Business Combination. The remaining portion of theTRA 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 BUnits 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 exchangebasis. These future exchanges are anticipated to be treated as taxable exchanges which may provide an increase in the tax basis of the assets of theCompany and therefore provide for additional payments under the TRA. TRA liabilities that are generated on account of future exchanges will berecorded under ASC 450, Contingencies. As of June 30, 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 ACommon 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 ACommon 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 terminatethe TRA and pays recipients an amount representing the present value of the remaining payments, (ii) there is a change of control or (iii) the Companybreaches any of the material obligations of the TRA, in which case all obligations will generally be accelerated and due as if the Company hadexercised its right to terminate the TRA. In each case, if payments are accelerated, such payments will be based on certain assumptions, including thatthe Company will have sufficient taxable income to fully utilize the deductions arising from the increased tax deductions. As of June 30, 2026, assuming no material changes in the relevant tax laws and that the Company generates sufficient taxable income to realize the fulltax benefit of the increased amortization resulting from the increase in tax basis of certain of AlTi’s assets, we expect to pay approximately $30.3million under the TRA. Future changes in the fair value of the TRA liability will be recognized in earnings. Any future cash savings and relatedpayments under the TRA due to subsequent exchanges of Class B Paired Interests for shares of Class A Common Stock would be accounted forseparately 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 entitledto receive earn-out shares contingent on various share price milestones. Additionally, upon a change of control of the Company, the share pricemilestones will be deemed to have been met and all the Business Combination Earn-out Securities will be payable to the earn-out holders. The earn-outshares are precluded from being considered indexed to the Company’s own stock and are recognized as a liability at fair value with changes in fairvalue 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 millionClass B Units (one Class B share and one Class B Unit comprising a Paired Interest), are payable to the Sponsor and the selling shareholders ofTWMH, 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 yearsof the Closing, fifty percent of the Business Combination 47
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AlTi Global, Inc.Notes to Condensed Consolidated Financial Statements(Unaudited) 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 shareshave already been issued, will no longer be subject to forfeiture). Upon the Company’s Class A Share price meeting a volume-weighted average pricethreshold 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-outSecurities will vest and be issued. If, within five years of the Closing, a change of control event occurs (as defined in the Business CombinationAgreement), any Business Combination Earn-out Securities not previously issued will be deemed to have vested and will be issued (or, in the case ofthe Sponsor, which shares have already been issued, will no longer be subject to forfeiture). As of June 30, 2026 and December 31, 2025, the fair valueof the earn-out shares was $3.7 million and $15.3 million, respectively, is reported in Earn-out liabilities, at fair value, in the Condensed ConsolidatedStatements 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 wasaccounted for using the acquisition method of accounting and the fair value of the total purchase consideration transferred was $93.1 million. The totalpurchase consideration transferred includes estimated contingent consideration of $23.3 million, for which the Company may be required to makeadditional cash payments contingent on the future EBITDA performance targets between the closing date and the fifth anniversary of the closing date.Settlements related to this contingent consideration totaled $7.7 million for the quarter ended June 30, 2026 and $7.4 million for the year endedDecember 31, 2025. As of June 30, 2026 and December 31, 2025, the EEA earn-out liability of $19.5 million and $25.3 million, respectively, isreported 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 interestfrom 50% to 100%. The PW Acquisition was accounted for using the acquisition method of accounting and the fair value of the total purchaseconsideration was $8.0 million. The total purchase consideration transferred includes cash consideration, equity consideration and estimated deferredconsideration of $3.3 million. The deferred consideration was paid during the three months ended March 31, 2025, in cash and equity totaling $3.4million. 48
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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 Acquisitionwas accounted for using the acquisition method of accounting and the fair value of the total purchase consideration transferred was $34.3 million. Thetotal purchase consideration transferred includes estimated contingent consideration totaling $9.0 million as of the acquisition date, which is comprisedof the Envoi earn-out consideration liability and the Envoi earn-out growth consideration liability, for which the Company may be required to payadditional cash or equity consideration contingent on future revenue-based performance targets between the closing date and the fourth anniversary ofthe closing date. As of June 30, 2026 and December 31, 2025, the Envoi earn-out consideration liability of $8.5 million and $8.2 million, respectively,and the Envoi earn-out growth consideration liability of $1.6 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 forusing the acquisition method of accounting and the fair value of the total purchase consideration transferred was $15.7 million. Included in the totalpurchase consideration is contingent consideration of $5.7 million, comprised of the Kontora earn-out liability, which is payable in cash and tied tocertain 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 $6.6 million and $7.0 million, as of June 30, 2026 and December 31, 2025, respectively, is reported in the Earn-outliabilities, 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 issuinginstruments under this Facility Agreement through December 19, 2025 (the “Termination Date”). The Company will deposit a cash collateral equal to102% of the amount of each instrument issued. The aggregate outstanding face amount of all issued instruments shall not exceed $5.0 million and shallhave 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) theactual daily amount of the unused commitment, multiplied by (ii) 0.3% (the “Commitment Fee”). The Commitment Fee shall be calculated on thebasis of a year of 365 days and shall be payable quarterly in arrears on the last day of each fiscal quarter. As of June 30, 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 June 30, 2026 for any potential liability related toany current legal or regulatory proceeding or claim that would individually or in the aggregate materially affect our results of operations, financialposition, or cash flows. On July 11, 2025, after conducting the previously announced strategic review of the International Real Estate Businesses, the Company approved theappointment of the Administrators for the International Real Estate Businesses. Potential litigation related to that business, including Home REIT andHLIF below, will be dealt with as appropriate by the Administrators. 49
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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, isone 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 legacyAlvarium companies to Home REIT. AHRA was owned by ARE (another wholly owned subsidiary of the Company, and one of the International RealEstate entities which entered into administration) up until December 30, 2022, when it was sold. AlTi was formed on January 3, 2023, through theBusiness Combination that included certain legacy Alvarium companies, including AFM UK. While the sale of AHRA occurred prior to the BusinessCombination, 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 “appointedrepresentative” 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 (inthe UK, pre-action correspondence is required under the Practice Direction on Pre-Action Protocols and Conduct contained in the United Kingdom’sMinistry of Justice Civil Procedure Rules prior to a claimant commencing litigation). In the pre-action correspondence, the claimant group alleges thatthere were misstatements in Home REIT’s offering documents and certain other public filings between 2020 and 2022 and asserts potential claimsagainst AFM UK and ARE (as well as against Home REIT itself and its directors, among others) in connection with such matters and the historicmanagement 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 historicmanagement 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 byHome 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 fiduciaryduties, 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 forany 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. 50
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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, theestimated value of its underlying real estate investment portfolio declined by approximately 50%, due to a decrease in the timely collection of rents onthe 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 August2025, when management of HLIF was transitioned to a third party manager and AFM UK’s and SHIA’s services were terminated. Like AHRA, SHIAwas 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 toHome REIT and/or HLIF, and whether they breached certain civil or criminal regulatory rules and/or principles. The investigations relate to thehistoric management of Home REIT and/or HLIF by certain legacy Alvarium companies. The investigations are focused primarily on whether anyfalse or misleading statements were made in relation to Home REIT and/or HLIF and/or whether these group entities breached other FCA rules and/orprinciples. ARE and AFM UK have voluntarily requested the imposition of requirements by the UK FCA which primarily involves the companiesagreeing to maintain their current assets and not undertaking any new business without UK FCA consent. The commencement of the investigationsdoes not mean that the UK FCA has determined that any such breaches have occurred. However, it is possible that the UK FCA may determine thatcertain breaches have occurred, and it may seek to impose financial penalties or other outcomes on one or more group entities, that may potentially bematerial. 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 investigationsmay 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, redresswill be paid to a limited number of clients in relation to certain Real Estate Products. As of the issuance of these financial statements all impactedclients have been informed of this proposal. As of June 30, 2026 and December 31, 2025, a provision of $3.5 million and $3.6 million, respectively, has been recognized in relation to this potentialfuture 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 formerTolleson employees who joined AlTi were party to Tolleson employment agreements which contained a one-year client and employee non-solicit and alost 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 Tollesonemployees. 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 andconcluding this matter. On March 13, 2025, the settlement amount of $5.1 million was paid by the Company to Tolleson. 51
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AlTi Global, Inc.Notes to Condensed Consolidated Financial Statements(Unaudited) International Real Estate Businesses In connection with the administration of the International Real Estate Businesses, the Company and the Administrators have negotiated a settlement ofoutstanding intercompany balances between certain of our affiliates and the International Real Estate Businesses. On March 19, 2026, the Companyand certain of our affiliates on the one hand and the International Real Estate Businesses and the Administrators on the other hand entered into abinding 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 transitionalservices agreement, pursuant to which it will provide certain administrative support services to the International Real Estate Businesses throughDecember 31, 2027. The reimbursement for these services was part of the negotiated adjustments to the settlement amount. (21) Equity Class A Common Stock As of June 30, 2026 and December 31, 2025, there were 115,069,666 and 103,330,155, respectively, shares of Class A Common Stock outstanding. Ofthose shares, 754,968 are subject to performance targets under the terms of the Business Combination Earn-out as of both June 30, 2026 andDecember 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 BCommon 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 ofvotes 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 tovote generally. As of June 30, 2026 and December 31, 2025, there were 40,873,767 and 44,188,561, respectively, shares of Class B Common Stockoutstanding. Treasury Stock From time to time, the Company may repurchase common shares related to its equity-based compensation award programs. For the six months endedJune 30, 2026, 1,300,341 shares of Class A Common Stock were repurchased and classified as Treasury Stock on the Condensed ConsolidatedStatements of Financial Position, in the amount of $5.7 million. Treasury Stock was recorded at cost, representing the market price on the repurchasedate, and was accounted for as a reduction of shareholders’ equity. 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 permanentequity as mezzanine equity in the accompanying Condensed Consolidated Statements of Financial Position as they are not mandatorily redeemable asof June 30, 2026. As of June 30, 2026, the Series A Preferred Stock totals 173,052 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 CPreferred Stock is classified outside of permanent equity as mezzanine equity in the accompanying Condensed Consolidated Statements of FinancialPosition as they are not mandatorily redeemable as of June 30, 2026. 52
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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 ASC815-40, Contracts in an Entity’s Own Equity, and concluded that the warrants are derivatives that meet the equity classification criteria. As of bothJune 30, 2026 and December 31, 2025, the Constellation and Allianz Warrants of $9.6 million and $9.6 million are recorded as a component of equitynet 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 areno events subsequent to June 30, 2026 that require adjustment to or disclosure in the condensed consolidated financial statements, except as notedbelow. 53
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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 operationsof AlTi and its consolidated subsidiaries. The following discussion analyzes the financial condition and results of operations of AlTi and should be readin 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 roundedresults 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 tocomplexity, and plan with purpose across borders and generations. AlTi combines the breadth of a global firm with the service offering of a familyoffice to deliver solutions designed to meet the full complexity of wealth and capital. We manage or advise approximately $96.0 billion in combinedassets as of June 30, 2026. We have approximately 465 professionals operating in 19 cities in nine countries across three continents as of June 30,2026. We provide holistic solutions for our UHNW and institutional clients through an array of services, including discretionary investmentmanagement 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. AlTi operates an open-architecture investment platform, evaluating opportunities across a broad universe of third-party managers and solutions.Investment recommendations are based solely on each client’s objectives, risk profile and circumstances. All investment solutions are subject to arigorous due diligence and governance framework, and recommendations are made solely on the basis of what we believe is the best outcome forclients. Separately, we have one internally managed fund and stakes in three Externally-Managed Funds in our alternatives platform, with a largelyinstitutional client base. These are subject to the same due diligence, governance and suitability rules as third-party investment solutions. Fee Structure The Company generates a diverse array of revenue streams that fall broadly into four categories: (i) recurring management, advisory, trustee, oradministration 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 acrossmarket conditions than our other revenue sources. These fees are recurring in nature (usually being annual or quarterly fees) and are earned frominvestment management, investment advisory, trusts, and family office services. The recurring nature of these fees is underpinned by the clientretention 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 anaverage daily balance or ending balance, quarterly in arrears. Fees from internal fund management and advisory services related to our capitalsolutions platform are approximately 0.75% to 1.5% of the net asset value of the underlying investments. 54
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AUM refers to the market value of all assets that we manage, provide discretionary investment advisory services on, and have execution responsibilityfor. Although we have investment responsibility for AUM, we include both billable (assets charged fees) and non-billable assets (assets exempt fromfees) in our AUM calculation (e.g., we have agreements with certain clients under which we do not bill on certain securities or cash and cashequivalents held within their portfolios). AUM includes the value of all assets managed or supervised by operating partner subsidiaries, affiliates, andjoint 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 assetsrepresent 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 cashequivalents in certain agreed upon situations, personally owned real estate, and other designated assets. Our calculations of AUM and AUA may differfrom the calculation methodologies of other wealth managers and, as a result, this measure may not be comparable to similar measures presented byother wealth managers. The fees vary depending upon the level and complexity of client assets and the services being provided. The fee typically covers investment advisoryservices and basic estate and wealth planning services. The more complex estate and wealth planning services, as well as our Trustee service, andcertain 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 investmentmanagement 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 feesprovide 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, part of our alternatives platform with a largely institutional client base, is entitled to receive incentive feesfrom the assets it manages if certain performance returns have been achieved. These incentive fees range from 15% to 20% of net profits. Incompliance with ASC 606, we recognize these fees only when it is probable that a significant revenue reversal will not occur. Our incentive fees arenot subject to clawback provisions. Wealth and institutional clients in certain jurisdictions may pay performance or incentive fees if their portfolio achieves returns in excess of an agreedbenchmark 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, as part of our alternatives platform with alargely institutional client base. Distributions from each external manager are recorded upon receipt of the distribution. These distributions aregenerated through our equity interest in the external manager’s management fees and incentive fees. The management fee component of thedistributions is recurring in nature, while the incentive portion, which is performance based, is more susceptible to impact from exogenous factors. Oureconomic 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 Europeanequities and Asian credit and special situations also have an incentive fee component depending on performance. Depending on the fund, the incentivefee component can range from 15% to 35% of the net profit/income, in excess of a 10% return hurdle. 55
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Other income/fees Other income or fees primarily include transaction fees, which are generally non-recurring in nature, are typically commission based, and are receivedupon 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 conditionsincluding economic growth, interest rates and inflation. These factors shape market behavior and client decision-making, which in turn impact thedemand for our wealth management services and the composition of assets under management. During the second quarter of 2026, global financial markets experienced a rebound from the elevated volatility that characterized the first quarter ofthe year. U.S. equity markets recovered as geopolitical tensions and energy-price pressures eased from their earlier peaks, supported by resilienteconomic growth, strong corporate earnings, and continued interest in investments related to artificial intelligence and other technologies. The S&P500 increased approximately 18% during the quarter, the Nasdaq Composite advanced approximately 26%, and the MSCI World Index increasedapproximately 16%. The U.S. economy demonstrated expansion in the first half of 2026. According to the Bureau of Economic Analysis’ advance estimate released on July30, 2026, real gross domestic product (“GDP”) increased at an annual rate of 1.5% during the second quarter of 2026, compared with 2.1% during thefirst quarter. Contributors to second quarter real GDP growth were consumer spending and business investment, which were partially offset by reducedgovernment spending and higher imports. Inflation remained above the Federal Reserve's long-term 2% target during the second quarter of 2026, with policymakers noting in June that this wasdue in part to supply shocks that led to price increases in energy and other sectors. The Personal Consumption Expenditures (“PCE”) Price Indexincreased 3.8%, 4.1% and 3.7% year-over-year in April, May and June 2026, respectively. The core PCE Price Index Excluding Food and Energyincreased 3.3%, 3.4% and 3.3% year-over-year in April, May and June 2026, respectively. Although headline and core inflation moderated modestly byquarter end, inflation remained elevated and continued to influence expectations for monetary policy and financial market conditions during the secondquarter of 2026. 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% ateach of its meetings in the first half of 2026. Policymakers in June 2026 continued to emphasize their commitment to returning inflation to the FederalReserve’s long-term target, noting that productivity growth and business investment were strong, and economic expansion continued despite elevateduncertainty that it attributed in part to geopolitical tensions. We continue to monitor developments related to these macroeconomic factors and assess their potential impact on both financial markets and ourbusiness. As with all businesses of this nature, 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 ourfinancial statements remains uncertain. For more information, please refer to Part I, Item 1A. “Risk Factors” of our Annual Report for previouslydisclosed 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 EBITDAis derived from and reconciled to, but not equivalent to, its most directly comparable US GAAP measure of net income (loss). Adjusted Net Incomerepresents net income (loss) before taxes adjusted for the components outlined in the following table which presents the non-US GAAP financialmeasures for the periods indicated: 56
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For the Three Months Ended Favorable(Unfavorable) (Dollars in Thousands) June 30, 2026 June 30, 2025 $ Change Revenues Management/advisory fees $ 54,444 $ 49,237 $ 5,207 Incentive fees 19 454 (435) Distributions from investments 3,416 2,664 752 Other income/fees 144 21 123 Total Revenues 58,023 52,376 5,647 Net loss from continuing operations (30,751) (26,061) (4,690) Interest expense 165 2 163 Income tax benefit (expense) from continuing operations 101 (4,758) 4,859 Depreciation and amortization 4,689 4,619 70 EBITDA Reported (25,796) (26,198) 402 Stock based compensation 6,293 9,192 (2,899) Transaction expenses 3,669 6,975 (3,306) Change in fair value on investments and non-recurring realized (gain)/losseson sales 21,380 (3,003) 24,383 Change in fair value of earn-out liabilities (102) 7,385 (7,487) Change in fair value of TRA liability (221) 748 (969) Organization streamlining cost 440 9,133 (8,693) Change in fair value of Preferred stock tranche liability (250) 750 (1,000) Adjusted EBITDA $ 5,413 $ 4,982 $ 431 (a) Add-back of non-cash expense related to awards of Class A Common stock (approved post-Business Combination).(b)Add-back of transaction expenses related to acquisitions or divestitures, including compensation arrangements, legal fees, accounting advisory fees, litigation settlements, andM&A related audit fees among others.(c) Add-back of the change in fair value of investments held at fair value and non-recurring realized (gain)/loss on sale.(d)Add-back of the change in fair value of the earn-out liabilities.(e) Add-back of the change in unrealized gains/losses related primarily to the TRA liability.(f) Add-back of cost to implement organization change to derive cost synergy, including consulting fees, severance charges, technology implementation costs, and bad debtexpense related to strategic realignment.(g)Add-back of the change in fair value of Preferred stock tranche liability. (a) (b) (c) (d) (e) (f) (g) 57
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For the Six Months Ended Favorable(Unfavorable) (Dollars in Thousands) June 30, 2026 June 30, 2025 $ Change Revenues Management/advisory fees $ 106,339 $ 94,012 $ 12,327 Incentive fees (70) 550 (620) Distributions from investments 24,684 14,874 9,810 Other income/fees 175 27 148 Total Revenues 131,128 109,463 21,665 Net loss from continuing operations (22,361) (22,024) (337) Interest (income) expense (159) 153 (312) Income tax benefit (expense) from continuing operations 60 (6,381) 6,441 Depreciation and amortization 9,395 8,968 427 EBITDA Reported (13,065) (19,284) 6,219 Stock based compensation 19,942 16,203 3,739 Transaction expenses 6,361 13,548 (7,187) Change in fair value on investments and non-recurring realized (gain)/losses onsales 15,775 1,331 14,444 Change in fair value of earn-out liabilities (9,683) (5,198) (4,485) Change in fair value of TRA liability (422) 444 (866) Organization streamlining cost 2,636 12,022 (9,386) Change in fair value of preferred stock tranche liability (1,250) (1,790) 540 Adjusted EBITDA $ 20,294 $ 17,276 $ 3,018 (a) Add-back of non-cash expense related to awards of Class A Common stock (approved post-Business Combination).(b)Add-back of transaction expenses related to the Business Combination, subsequent acquisitions or divestitures, and issuance of preferred and common stock, includingcompensation arrangements, legal fees, accounting advisory fees, litigation settlements, technology implementations, consultancy fees, among others.(c) Add-back of the change in fair value of investments held at fair value and non-recurring realized (gain)/loss on sale.(d)Add-back of the change in fair value of the earn-out liabilities.(e) Add-back of the change in unrealized gains/losses related primarily to the TRA liability.(f) Add-back of cost to implement organization change to derive cost synergy, including consulting fees, severance charges, technology implementation costs, and bad debtexpense related to strategic realignment.(g)Add-back of the change in fair value of preferred stock tranche liability. (a) (b) (c) (d) (e) (f) (g) 58
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Reconciliation of Consolidated US GAAP Financial Measures to Certain Non-US GAAP Measures We use Adjusted Net Income and Adjusted EBITDA as non-US GAAP measures to assess and track our performance. Adjusted Net Income andAdjusted EBITDA as presented in this Quarterly Report are supplemental measures of our performance that are not required by, or presented inaccordance with, US GAAP. The following table presents the reconciliation of net income as reported in our Condensed Consolidated Statements of Operations to Adjusted NetIncome and Adjusted EBITDA for the periods indicated: For the Three Months Ended For the Six Months Ended (Dollars in Thousands) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Adjusted Net Income and Adjusted EBITDA Net income before taxes from continuing operations $ (30,650) $ (30,819) $ (22,301) $ (28,405) Stock-based compensation 6,293 9,192 19,942 16,203 Transaction expenses 3,669 6,975 6,361 13,548 Change in fair value of TRA liability (221) 748 (422) 444 Change in fair value of investments and non-recurring realized(gain)/loss on sales 21,380 (3,003) 15,775 1,331 Change in fair value of earn-out liabilities (102) 7,385 (9,683) (5,198) Organization streamlining cost 440 9,133 2,636 12,022 Change in fair value of preferred stock tranche liability (250) 750 (1,250) (1,790) Adjusted income before taxes 559 361 11,058 8,155 Adjusted income tax expense (55) (201) (1,631) (2,774) Adjusted Net Income 504 160 9,427 5,381 Interest (income) expense 165 2 (159) 153 Income tax benefit (expense) 101 (4,758) 60 (6,381) Net income tax adjustments (46) 4,959 1,571 9,155 Depreciation and amortization 4,689 4,619 9,395 8,968 Adjusted EBITDA $ 5,413 $ 4,982 $ 20,294 $ 17,276 (a) Add-back of non-cash expense related to awards of Class A Common stock (approved post-Business Combination).(b)Add-back of transaction expenses related to acquisitions or divestitures, including compensation arrangements, legal fees, accounting advisory fees, litigation settlements, andM&A related audit fees among others.(c) Add-back of the change in unrealized gains/losses related to Investments held at fair value.(d)Add-back of the change in fair value of the earn-out liabilities.(e) Add-back of the change in unrealized gains/losses related primarily to the TRA liability.(f) Add-back of cost to implement organization change to derive cost synergy, including consulting fees, severance charges, technology implementation costs, and bad debtexpense related to strategic realignment.(g)Add-back of the change in fair value of Preferred stock tranche liability. Operating Metrics We monitor certain operating metrics that are common to the wealth and asset management industry, as of June 30, 2026, which are discussed below. AlTi Global, Inc. AUM: $51.4 billion AUA: $96.0 billion (a) (b) (c) (d) (e) (f) (g) 59
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Wealth Management - AUM AUM refers to the market value of all assets that we manage, provide discretionary investment advisory services on, and have execution responsibilityfor. Although we have investment responsibility for AUM, we include both billable (assets charged fees) and non-billable assets (assets exempt fromfees) in our AUM calculation (e.g., we have agreements with certain clients under which we do not bill on certain securities or cash and cashequivalents held within their portfolio). AUM includes the value of all assets managed or supervised by operating partner subsidiaries, affiliates, andjoint ventures in which the Company holds either a majority or minority stake. Our calculations of AUM and AUA may differ from the calculationmethodologies of other wealth managers and, as a result, this measure may not be comparable to similar measures presented by other wealth managers. The table below presents the change in our total AUM for our operating segment for the periods indicated: (Dollars in Millions) For the Three Months Ended For the Six Months Ended AUM June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Beginning Balance: $ 46,890 $ 42,877 $ 47,941 $ 43,091 Net client change 690 214 469 53 Cash Flow, net (275) (618) (512) (552) Market Performance, net 2,347 2,093 1,754 1,974 Acquisitions (dispositions) — 1,378 — 1,378 Ending Balance: $ 49,652 $ 45,944 $ 49,652 $ 45,944 Average AUM $ 48,271 $ 44,411 $ 48,797 $ 44,518 60
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Wealth Management - AUA AUA includes all assets we manage as defined above, oversee, and report on. We view AUA as a core metric to measure our investment andfundraising performance as it includes non-financial assets (e.g., real estate) that are not included in AUM, investment consulting assets (not includedin AUM but revenue generating) and other assets that we do not charge fees upon and do not have responsibility for investment executionresponsibility, but the reporting of which is valued by our clients. AUA includes the value of all assets managed or supervised by operating partnersubsidiaries, affiliates, and joint ventures in which the Company holds either a majority or minority stake. Our calculations of AUA and AUM maydiffer from the calculation methodologies of other wealth managers and, as a result, this measure may not be comparable to similar measures presentedby other wealth managers. The table below presents the change in our total AUA for our operating segment for the periods indicated: (Dollars in Millions) For the Three Months Ended For the Six Months Ended AUA June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Beginning Balance: $ 83,003 $ 60,611 $ 85,816 $ 60,473 Acquisitions — 15,717 — 15,717 Change 5,835 4,498 3,022 4,636 Ending Balance: $ 88,838 $ 80,826 $ 88,838 $ 80,826 Average AUA $ 85,921 $ 70,719 $ 87,327 $ 70,650 Investments in Alternative Platforms - AUM/AUA Within the Alternatives platform, assets consist of assets managed by TIG Arbitrage (AUM $1.8 billion and $1.8 billion as of June 30, 2026 andDecember 31, 2025, respectively), and the External Strategic Managers (AUA $5.4 billion and $5.5 billion as of June 30, 2026 and December 31,2025, respectively). The tables below present the change in our total AUM/AUA by strategy and product for our alternatives platform for the three and six months endedJune 30, 2026 and June 30, 2025: Alternatives Platform (Dollars in Millions) AUM/AUA atApril 1, 2026 Gross Appreciation New Investments Subscriptions Redemptions Closed-end Fund- ScheduledReturn ofCapital Distributions AUM/AUA atJune 30, 2026 AverageAUM/AUA Change TIG Arbitrage $ 1,776 $ 34 $ — $ 73 $ (101)$ — $ (4) $ 1,778 $ 1,777 $ 2 External Strategic Managers: Real Estate Bridge LendingStrategy $ 1,826 $ (27) $ — $ — $ — $ — $ (7) $ 1,792 $ 1,809 $ (34) European Equities $ 2,500 $ 57 $ — $ 27 $ (23)$ — $ (8) $ 2,553 $ 2,527 $ 53 Asian Credit and Special Situation $ 980 $ 25 $ — $ 68 $ — $ — $ (7) $ 1,066 $ 1,023 $ 86 External Strategic ManagersSubtotal $ 5,306 $ 55 $ — $ 95 $ (23)$ — $ (22) $ 5,411 $ 5,359 $ 105 Total $ 7,082 $ 89 $ — $ 168 $ (124)$ — $ (26) $ 7,189 $ 7,136 $ 107 (1) 61
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(Dollars in Millions) AUM/AUA at April 1, 2025 Gross Appreciation New Investments Subscriptions Redemptions Closed-end Fund- ScheduledReturn of Capital Distributions AUM/AUA at June 30, 2025 Average AUM/AUA Change TIG Arbitrage $ 1,588 $ 84 $ 163 $ 130 $ (144)$ — $ (5) $ 1,816 $ 1,702 $ 228 External Strategic Managers: Real Estate Bridge LendingStrategy $ 1,923 $ 90 $ — $ — $ — $ — $ (42) $ 1,971 $ 1,947 $ 48 European Equities $ 1,902 $ 141 $ — $ 42 $ (8)$ — $ (9) $ 2,068 $ 1,985 $ 166 Asian Credit and SpecialSituation $ 1,173 $ 3 $ — $ 2 $ (48)$ — $ (4) $ 1,126 $ 1,150 $ (47) External Strategic ManagersSubtotal $ 4,998 $ 234 $ — $ 44 $ (56)$ — $ (55) $ 5,165 $ 5,082 $ 167 Total $ 6,586 $ 318 $ 163 $ 174 $ (200)$ — $ (60) $ 6,981 $ 6,784 $ 395 (Dollars in Millions) AUM/AUA at January 1, 2026 Gross Appreciation New Investments Subscriptions Redemptions Closed-end Fund- ScheduledReturn of Capital Distributions AUM/AUA at June 30, 2026 Average AUM/AUA Change TIG Arbitrage $ 1,761 $ 47 $ — $ 161 $ (183)$ — $ (8) $ 1,778 $ 1,770 $ 17 External Strategic Managers: Real Estate Bridge LendingStrategy $ 1,891 $ (84) $ — $ — $ — $ — $ (15) $ 1,792 $ 1,842 $ (99) European Equities $ 2,502 $ 29 $ — $ 89 $ (51)$ — $ (16) $ 2,553 $ 2,528 $ 51 Asian Credit and SpecialSituation $ 1,119 $ 33 $ — $ 93 $ (50)$ (118)$ (11) $ 1,066 $ 1,093 $ (53) External Strategic ManagersSubtotal $ 5,512 $ (22) $ — $ 182 $ (101)$ (118)$ (42) $ 5,411 $ 5,463 $ (101) Total $ 7,273 $ 25 $ — $ 343 $ (284)$ (118)$ (50) $ 7,189 $ 7,233 $ (84) (Dollars in Millions) AUM/AUA at January 1, 2025 Gross Appreciation New Investments Subscriptions Redemptions Closed-end Fund- ScheduledReturn of Capital Distributions AUM/AUA at June 30, 2025 Average AUM/AUA Change TIG Arbitrage $ 1,719 $ 129 $ 163 $ 176 $ (362)$ — $ (8) $ 1,817 $ 1,768 $ 98 External Strategic Managers: Real Estate Bridge LendingStrategy $ 2,019 $ — $ — $ — $ — $ — $ (48) $ 1,971 $ 1,995 $ (48) European Equities $ 1,848 $ 144 $ — $ 111 $ (22)$ — $ (15) $ 2,066 $ 1,957 $ 218 Asian Credit and SpecialSituation $ 1,260 $ 44 $ — $ 6 $ (171)$ — $ (12) $ 1,127 $ 1,194 $ (133) External Strategic ManagersSubtotal $ 5,127 $ 188 $ — $ 117 $ (193)$ — $ (75) $ 5,164 $ 5,146 $ 37 Total $ 6,846 $ 317 $ 163 $ 293 $ (555)$ — $ (83) $ 6,981 $ 6,914 $ 135 The fair value of this investment is reported on a one-month lag from the fund financial statements due to timing of the information provided by the fund and third-party entity unlessinformation is available on a more timely basis. As a result, any changes in the markets in which our managed funds operate, and the impact market conditions have on underlying assetvaluations, may not yet be reflected in reported amounts. (1) (1) (1) (1) 62
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Components of Consolidated Results of Operations Revenues Management/Advisory Fees For services provided to each client account, the Company charges investment management, custody, and/or trustee fees based on the fair value of theassets of such account (“Management/advisory fees”). The Company invoices clients based on the terms outlined in the signed customer contract (e.g.,quarterly in arrears or in advance) based on the fair market value or NAV. For those assets for which valuations are not available on a daily basis, themost recent valuation provided to the Company is used as the fair value for the purpose of calculating the quarterly fee. The customer exchanges consideration to obtain services that are the output of the Company’s ordinary activities, which are investment managementservices provided to each client account. Further, none of the scope exceptions under ASC 606-10-15-2 apply to the Management/advisory fees;therefore, they are in the scope of ASC 606. Incentive Fees Incentive or performance fees are comprised primarily of annual performance or incentive fees which may be earned by providing investmentmanagement and advisory as well as fund management activities to our Capital Solutions and international wealth management businesses. TheCompany is entitled to receive incentive fees if certain targeted returns have been achieved as stipulated in its customer contracts. The incentive feesare generally calculated using 15% to 20% of the net profit its customers earn. Incentive fees are generally calculated and recognized when it isprobable that there will be no significant reversal. Distributions from Investments The Company has equity interests in External Strategic Managers pursuant to which it is entitled to distributions based on the terms of the respectivearrangements. Distributions from each investment will be recorded upon receipt of the distribution. The Company receives distributions from ExternalStrategic Managers through profit or revenue sharing arrangements that are generated through recurring management fees and non-recurring incentivefees based on performance of the underlying investments. Other Fees Other income or fees primarily include transaction fees, which are generally non-recurring in nature, are typically commission based, and are receivedupon the successful completion of a transaction. Expenses Compensation and Employee Benefits: Compensation generally includes salaries, bonuses, other performance-based compensation such ascommissions, long-term deferral programs, benefits, and payroll taxes. Compensation is accrued over the related service period and long-term deferralprogram awards are paid out based on the various vesting dates. General, Administrative and Other Expenses: General, administrative and other expenses include costs primarily related to professional services,occupancy, travel, communication and information services, distribution costs, and other general operating items. Depreciation and Amortization Expenses: Fixed assets and intangible assets are depreciated and amortized on a straight-line basis, with thecorresponding depreciation and amortization expense included within depreciation and amortization in the Company’s Condensed ConsolidatedStatements of Operations. The estimated useful life for leasehold improvements is the lesser of the remaining lease term or the life of the asset, whileother fixed assets are generally depreciated over a period of three to fifteen years. Interest Expense: Interest expense consists of the interest expense on our outstanding debt, amortization of deferred financing costs, and amortizationof original issue discount. 63
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Income Tax Expense: Income tax expense consists of taxes paid or payable by our consolidated operating subsidiaries. Certain of our subsidiaries aretreated as flow-through entities for federal income tax purposes and, accordingly, are not subject to federal and state income taxes, as such taxes are theresponsibility of certain direct and indirect owners of the flow-through entities. However, the flow-through entities are subjected to UBT and certainother state taxes. A portion of our operations is conducted through domestic and foreign corporations that are subject to corporate level taxes and forwhich we record current and deferred income taxes at the prevailing rates in the various jurisdictions in which these entities operate. 64
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Results of Operations Consolidated Results of Operations – For the Three Months Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025 For the Three Months Ended Favorable(Unfavorable) (Dollars in Thousands) June 30, 2026 June 30, 2025 $ Change Revenues Management/advisory fees $ 54,444 $ 49,237 $ 5,207 Incentive fees 19 454 (435) Distributions from investments 3,416 2,664 752 Other income/fees 144 21 123 Total Revenues 58,023 52,376 5,647 Expenses Compensation and employee benefits 41,367 43,502 (2,135) Non-compensation expenses 27,507 34,453 (6,946) Total Operating Expenses 68,874 77,955 (9,081) Other income (19,799) (5,240) (14,559) Net loss before taxes from continuing operations (30,650) (30,819) 169 Income tax (expense)/benefit from continuing operations (101) 4,758 (4,859) Net (loss) income from continuing operations $ (30,751) $ (26,061) $ (4,690) Revenue Management / advisory fees. Management and advisory fees for the three months ended June 30, 2026, increased by $5.2 million compared to thethree months ended June 30, 2025. This increase was driven by higher fees due to increases in our AUM largely attributable to our acquisition ofKontora in the second quarter of 2025, positive net client flows, and strong portfolio performance. Incentive fees. For the three months ended June 30, 2026, incentive fees decreased by $0.4 million compared to the three months ended June 30, 2025.This decrease is attributable to less fund redemptions resulting in lower crystallized incentive fees in the TIG Arbitrage strategy for the current year aswell as fee true-ups occurring in the first quarter, which led to lower crystallized incentive fees in the current period. Distributions from investments. Distributions from investments for the three months ended June 30, 2026 increased by $0.8 million compared to thethree months ended June 30, 2025. This increase was primarily due to higher distributions related to management fees in the European Equitiesstrategy and the Real Estate Bridge Lending Strategy. Other fees / income. Other fees and income for the three months ended June 30, 2026 was relatively flat compared to the three months ended June 30,2025 with a slight increase of $0.1 million related to higher fees related to one-off arrangements. Expenses Compensation expense. Compensation expense for the three months ended June 30, 2026 decreased by $2.1 million compared to the three monthsended June 30, 2025. This was primarily due to a decrease in equity-based compensation expense associated with previously granted awards. Non-compensation expense. Non-compensation expenses for the three months ended June 30, 2026 decreased by $6.9 million as compared to the threemonths ended June 30, 2025, primarily driven by a $6.1 million 65
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decrease in professional fees resulting from the realization of our expense initiative savings taking hold in the income statement and supported bysmaller decreases in the systems, technology, and telephone and general, administrative, and other financial statement line items. Other income Other income for the three months ended June 30, 2026 decreased by $14.6 million compared to the three months ended June 30, 2025. The decreasewas primarily driven by a $24.9 million decline in gain (loss) on investments, the largest component of which was an $18.5 million on our investmentin Asian Credit and Special Situations.The unrealized loss reflects a decision by the investment manager to wind down the fund over a 12-monthhorizon. Separately, and unrelated to the fund investment, the loss on the fair value of our earn-out liabilities decreased by $7.5 million compared tothe prior period, partially offsetting the decline, along with other movements in other income. Taxes The Company’s effective tax rate was 0.2% for the three months ended June 30, 2026 compared to 15.4% for three months ended June 30, 2025. Theeffective tax rate for the three months ended June 30, 2026 differed from the statutory U.S. corporate tax rate primarily due to the portion of incomeallocated to noncontrolling interest, state and local taxes, and the impact of a full valuation allowance on many of the Company’s deferred tax assets,including those generated at the Company, in certain of the Company’s U.S. and non-U.S. subsidiaries and its investment in Umbrella. The effectivetax rate for the three months ended June 30, 2025 differed from the statutory U.S. corporate tax rate primarily due to the tax impact of mark-to-marketlosses associated with contingent liabilities, equity consideration in the Business Combination, and nondeductible professional fees incurred inconnection with the Business Combination. Consolidated Results of Operations – For the Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025 For the Six Months Ended Favorable(Unfavorable) (Dollars in Thousands) June 30, 2026 June 30, 2025 $ Change Revenues Management/advisory fees $ 106,339 $ 94,012 $ 12,327 Incentive fees (70) 550 (620) Distributions from investments 24,684 14,874 9,810 Other income/fees 175 27 148 Total Revenues 131,128 109,463 21,665 Expenses Compensation and employee benefits 97,641 83,921 13,720 Non-compensation expenses 55,002 59,531 (4,529) Total Operating Expenses 152,643 143,452 (9,191) Other income (expenses) (786) 5,584 (6,370) Net loss before taxes from continuing operations (22,301) (28,405) 6,104 Income tax (expense) benefit from continuing operations (60) 6,381 (6,441) Net loss from continuing operations $ (22,361) $ (22,024) $ (337) 66
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Revenue Management / advisory fees. Management and advisory fees for the six months ended June 30, 2026, increased by $12.3 million compared to the sixmonths ended June 30, 2025. This increase was driven by higher fees due to increases in our AUM largely attributable to our acquisition of Kontora inthe second quarter of 2025, positive net client flows, and strong portfolio performance. Incentive fees. For the six months ended June 30, 2026, incentive fees decreased by $0.6 million compared to the six months ended June 30, 2025. Thisdecrease is attributable to less fund redemptions resulting in lower crystallized incentive fees in the TIG Arbitrage strategy for the current year as wellas fee true-ups occurring in the first quarter, which led to lower crystallized incentive fees in the current period. Distributions from investments. Distributions from investments for the six months ended June 30, 2026 increased by $9.8 million compared to the sixmonths ended June 30, 2025. This increase was due to higher distributions related to management and incentive fees in the External StrategicManagers strategies in the current period resulting from stronger performance of these strategies compared to the prior year. Other fees / income. Other fees and income for the six months ended June 30, 2026 increased by $0.1 million compared to the six months endedJune 30, 2025. This increase was primarily driven by higher transactional income related to the Company’s acquisition of Kontora. Expenses Compensation expense. Compensation expense for the six months ended June 30, 2026 increased by $13.7 million compared to the six months endedJune 30, 2025. This increase was primarily due to higher compensation costs tied to acquisition-driven compensation and benefits, acquisition-relatedearn-outs, new equity grants, and management restructuring expenses. Non-compensation expense. Non-compensation expenses for the six months ended June 30, 2026 decreased by $4.5 million as compared to the sixmonths ended June 30, 2025, primarily driven by a $6.2 million decrease in one-time and transactional professional fees, a $1.3 million decrease insystems, technology, and telephone expenses as a result of a review of service providers resulting in rationalization, and a $0.9 million decrease inoccupancy costs as a result of us decreasing the size of our real estate footprint. This was partially offset by a $3.0 million increase in general,administrative and other costs primarily due to negative foreign exchange adjustments, higher directors’ fees, and other miscellaneous expenses. Other income (expenses) Other income (expenses) for the six months ended June 30, 2026 decreased by $6.4 million compared to the six months ended June 30, 2025. Thedecrease was primarily driven by an $18.5 million unrealized loss on our investment in Asian Credit and Special Situations, which reflects a decisionby the investment manager to wind down the fund over a 12-month horizon. Separately, and unrelated to the fund investment, the gain on the fair valueof our earn-out liabilities increased by $4.5 million compared to the prior period, partially offsetting the decline, along with other movements in otherincome. Taxes The Company’s effective tax rate was (0.3)% for the six months ended June 30, 2026 compared to 22.5% for the six months ended June 30, 2025. Theeffective tax rate for the six months ended June 30, 2026 differed from the statutory U.S. corporate tax rate primarily due to the portion of incomeallocated to noncontrolling interests, state and local taxes, and the impact of a full valuation allowance on the Company’s deferred tax assets, includingthose generated in the Company’s subsidiaries in the U.S. and the U.K. and its investment in Umbrella. The effective tax rate for the six months endedJune 30, 2025 differed from the statutory U.S. corporate tax rate primarily due to the tax impact of mark-to-market losses associated with contingentliabilities, 67
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equity consideration in the Business Combination, and nondeductible professional fees incurred in connection with the Business Combination. Liquidity and Capital Resources Management assesses liquidity in terms of our ability to generate cash to fund operating, investing, and financing activities. Management takes aprudent approach to ensure the Company’s liquidity will continue to be sufficient for its foreseeable working capital needs, contractual obligations,distribution payments and strategic initiatives. Over the next 12 months from the time of this filing and the foreseeable future, we believe our cash and cash equivalents are sufficient to meet all ofour normal operational and liquidity needs. However, to fund new initiatives and accelerate our growth, we may be required to obtain additional funds.This is because periods of low cash balances, caused by potential mismatches between projected revenue and the timing of receipts, could specificallyimpact the capital available for expansion and/or business initiative efforts to grow or scale the business. 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 onthe 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 June 30, 2026, the outstanding balance ofthe settlement was $12.3 million. Kontora Credit Facility On April 30, 2025, the Company acquired Kontora. See Note 4 (Business Combinations) in our accompanying condensed consolidated financialstatements. Kontora has a term loan with HypoVereinsbank. Throughout the period of the term loan Kontora Family Office GmbH, as a standaloneentity, is required to maintain economic equity of the higher of $1.8 million or 30% of the total assets of this standalone entity. At June 30, 2026, theterm loan had an outstanding principal amount of $0.3 million. In addition, Kontora has a revolving line of credit, with an aggregate borrowing facilityof $0.9 million with HypoVereinsbank, which expires on July 25, 2029. The funded amounts under this revolving line of credit bear no restrictions onits use. At June 30, 2026, there was $0.4 million outstanding borrowings under the revolving line of credit. Allianz and Constellation Investment On February 22, 2024, the Company entered into an Investment Agreement (the “Allianz Investment Agreement”) with Allianz, pursuant to which,among other things, at the closing of the transaction, and based on the terms and subject to the conditions set forth therein: (i) Allianz purchased in theaggregate $250 million of the Company’s capital securities, consisting of (a) 140,000 shares of a newly created class of Series A Preferred Stock, witha liquidation preference of $1,000 per share and (b) 19,318,580.96 shares of the Company’s Class A Common Stock, and (ii) the Company issued toAllianz warrants to purchase 5,000,000 shares of Class A Common Stock at an exercise price of $7.40 per share of Class A Common Stock, subject tocustomary adjustments (the “Allianz Warrants”). As of June 30, 2026, none of the Allianz Warrants have been exercised. In addition, on February 22, 2024, the Company entered into a Supplemental Series A Preferred Stock Investment Agreement with Allianz, pursuant towhich, for purposes of funding one or more strategic international acquisitions by the Company or its subsidiaries, Allianz is permitted, at its option, topurchase up to 50,000 additional shares of Series A Preferred Stock up to an aggregate amount equal to $50.0 million. On May 13, 2025, Allianz exercised the Allianz Tranche Right (as defined above) to purchase an additional 18,471 shares of Series A Preferred Stockat $1,000 per share for $18.5 million. 68
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Concurrently with the Company’s execution of the Allianz Investment Agreement, the Company entered into an Investment Agreement withConstellation (the “Constellation Investment Agreement”). On March 27, 2024, the Company completed the sale to Constellation of 115,000 shares ofa newly created class of preferred stock designated Series C Preferred Stock for a purchase price equal to $115.0 million and issued to Constellationwarrants to purchase 1,533,333 shares of the Company’s Class A Common Stock at an exercise price of $7.40 per share (the “Constellation Warrants”)in each case on terms consistent with the Constellation Investment Agreement. On May 15, 2024, in accordance with the Constellation Investment Agreement, the Company completed the sale to Constellation of 35,000 additionalshares of Series C Preferred Stock for a purchase price equal to $35 million and issued additional Constellation Warrants to purchase 466,667 shares ofthe Company’s Class A Common Stock. As of June 30, 2026, none of the Constellation Warrants have been exercised. Cash Flows For the Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025 The following tables and discussion summarize our Condensed Consolidated Statements of Cash Flows by activity attributable to AlTi for the periodsindicated. Negative amounts represent an outflow or use of cash. For the Six Months Ended Favorable (unfavorable) (Dollars in Thousands) June 30, 2026 June 30, 2025 $ Change Net cash provided by (used in) operating activities $ 2,864 $ (50,552) $ 53,416 Net cash provided by investing activities (689) 13,222 (13,911) Net cash (used in) provided by financing activities (12,116) 12,004 (24,120) Effect of exchange rate on cash balances (21) 1,695 (1,716) Net decrease in cash and cash equivalents $ (9,962) $ (23,631) $ 13,669 Cash and cash equivalents decreased by $10.0 million during the six months ended June 30, 2026 primarily due to the Company’s net financingactivities during the period, partially offset by the Company’s net operating activities during the period. Operating Activities Our cash inflows from operating activities are comprised of cash collected through management and advisory fees, incentive fees, distributions frominvestments, and other income/fees. Cash outflows primarily include operating expenses, with the most significant components being compensationand benefits and professional fees. Our net operating cash inflow of $2.9 million for the six months ended June 30, 2026, was primarily driven by adecrease in Fees receivable of $29.7 million resulting from fee collections and offset by a decrease in Accrued compensation and profit sharing of$28.3 million resulting from payments to employees. Our net operating cash outflow of $50.6 million for the six months ended June 30, 2025, was primarily driven by the Company’s net operating lossfrom continuing operations for the period, as operating expenses exceeded revenues, as well as a decrease in Accrued compensation and profit sharingof $21.2 million. Investing Activities There was an immaterial movement in cash provided by or used in investing activities during the six months ended June 30, 2026. Net cash provided by investing activities of $13.2 million during the six months ended June 30, 2025, was driven primarily by the proceeds received of$20.4 million from the sale of an equity method investment. This was partially offset by the acquisition of Kontora in the second quarter of 2025. 69
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Financing Activities Net cash used in financing activities of $12.1 million during the six months ended June 30, 2026, resulting from the cash payment of the EEA earn-outliability of $3.7 million, the repurchase of Class A Common Stock of $5.7 million, and payments on term loans and lines of credit of $2.8 million. Net cash provided by financing activities of $12.0 million for the six months ended June 30, 2025, primarily resulted from proceeds from issuance ofpreferred stock and constellation warrants of $18.5 million and partially offset by the payment of earn-out and earn-in liabilities. Contractual Obligations 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 certaincases 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 ineffect 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 June 30, 2026 and December 31, 2025, the liability associated with the TRA was approximately $30.3 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 eachreporting period with the gain or loss recognized in earnings. As of June 30, 2026 and December 31, 2025, the Company carried $8.4 million and $8.8million, respectively, of its TRA liability at fair value, as it is contingent consideration from the Business Combination. The remaining portion of theTRA liability is carried at a value equal to the expected future payments under the TRA. As of June 30, 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 ACommon 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 ACommon 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 terminatethe TRA and pays recipients an amount representing the present value of the remaining payments, (ii) there is a change of control or (iii) the Companybreaches any of the material obligations of the TRA, in which case all obligations will generally be accelerated and due as if the Company hadexercised its right to terminate the TRA. In each case, if payments are accelerated, such payments will be based on certain assumptions, including thatthe Company will have sufficient taxable income to fully utilize the deductions arising from the increased tax deductions. As of June 30, 2026, assuming no material changes in the relevant tax laws and that the Company generates sufficient taxable income to realize the fulltax benefit of the increased amortization resulting from the increase in tax basis of certain of AlTi’s assets, we expect to pay approximately $30.3million under the TRA. Future changes in the fair value of the TRA liability will be recognized in earnings. Any future cash savings and relatedpayments under the TRA due to subsequent exchanges of Class B Paired Interests for shares of Class A Common Stock would be accounted forseparately from the amount related to the Business Combination. 70
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Warrants On March 27, 2024, the Company completed the initial issuance of Constellation Warrants to purchase 1,533,333 shares of the Company’s Class ACommon Stock. On May 15, 2024, the Company completed the issuance of an additional tranche of Constellation Warrants to purchase 466,667 sharesof the Company’s Class A Common Stock. As of June 30, 2026, none of the Constellation Warrants have been exercised. On July 31, 2024, the Company issued the Allianz Warrants to purchase 5,000,000 shares of the Company’s Class A Common Stock. As of June 30,2026, none of the Allianz Warrants have been exercised. Business Combination Earn-out Under the terms of the Business Combination, upon Closing, the Sponsor and the selling shareholders of TWMH, TIG, and Alvarium became entitledto receive earn-out shares contingent on various share price milestones. Additionally, upon a change of control of the Company, the share pricemilestones will be deemed to have been met and all the Business Combination Earn-out Securities will be payable to the earn-out holders. The earn-outshares are precluded from being considered indexed to the Company’s own stock and are recognized as a liability at fair value with changes in fairvalue recognized in earnings. As of June 30, 2026 and December 31, 2025, the fair value of the earn-out share liability was $3.7 million and$15.3 million, respectively, which is included in Earn-out liabilities, at fair value presented on the Condensed Consolidated Statements of FinancialPosition. East End Advisors Contingent Consideration On April 1, 2024, the Company acquired all of the issued and outstanding ownership and membership interests of EEA. The EEA Acquisition wasaccounted for using the acquisition method of accounting and the fair value of the total purchase consideration transferred was $93.1 million. Includedin the total purchase consideration is estimated contingent consideration of $23.3 million, for which the Company may be required to make additionalcash payments contingent on the future EBITDA performance targets between the closing date and the fifth anniversary of the closing date. As ofJune 30, 2026 and December 31, 2025, the fair value of the earn-out share liability was $19.5 million and $25.3 million, respectively, which isincluded in Earn-out liabilities, at fair value presented on the Condensed Consolidated Statements of Financial Position. Pointwise Deferred Consideration On May 9, 2024, the Company acquired the remaining 50% of the issued and outstanding ownership and membership interest of PW, increasing itsinterest from 50% to 100%. The PW Acquisition was accounted for using the acquisition method of accounting and the fair value of the total purchaseconsideration was $8.0 million. The total purchase consideration transferred includes cash consideration, equity consideration and estimated deferredconsideration of $3.3 million. The deferred consideration was paid during the quarter ended March 31, 2025, in cash and equity totaling $3.4 million. Envoi Earn-out Liability On July 1, 2024, the Company acquired substantially all of the assets of Envoi pursuant to the terms of the Envoi Acquisition. The Envoi Acquisitionwas accounted for using the acquisition method of accounting and the fair value of the total purchase consideration transferred was $34.3 million. Thetotal purchase consideration transferred includes estimated contingent consideration totaling $9.0 million, comprised of the Envoi earn-outconsideration liability and the Envoi earn-out growth consideration liability, for which the Company may be required to pay additional cash or equityconsideration contingent on future revenue-based performance targets between the closing date and the fourth anniversary of the closing date. As ofJune 30, 2026 and December 31, 2025, the Envoi earn-out consideration liability of $8.5 million and $8.2 million, respectively, and the Envoi earn-outgrowth consideration liability of $1.6 million and $1.6 million, respectively, are included in Earn-out liabilities, at fair value presented on theCondensed Consolidated Statements of Financial Position. 71
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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 forusing the acquisition method of accounting and the fair value of the total purchase consideration transferred was $15.7 million. Included in the totalpurchase consideration is contingent consideration of $5.7 million, comprised of the Kontora earn-out liability, for which the Company may berequired to make additional cash payments tied to certain revenue streams acquired in the Kontora Acquisition between the Closing Date andDecember 31, 2035. As of June 30, 2026 and December 31, 2025, the Kontora earn-out liability of $6.6 million and $7.0 million, respectively, isreported in the Earn-out liabilities, at fair value, in the Condensed Consolidated Statements of Financial Position. Indemnification Arrangements In the normal course of business, the Company enters into contracts that contain indemnities for related parties of the Company, persons acting onbehalf of the Company or such related parties and third parties. The terms of the indemnities vary from contract to contract and the Company’smaximum exposure under these arrangements cannot be determined and has not been recorded in the Condensed Consolidated Statements of FinancialPosition. As of June 30, 2026, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of material loss to beremote. 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 June 30, 2026 for any potential liability related toany current legal or regulatory proceeding or claim that would individually or in the aggregate materially affect our results of operations, financialposition, or cash flows. On July 11, 2025, after conducting the previously announced strategic review of the International Real Estate Businesses, the Company approved theappointment of the Administrators for the International Real Estate Businesses. Potential litigation related to that business, including Home REIT andHLIF below, will be dealt with as appropriate by the Administrators. 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, isone 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 legacyAlvarium companies to Home REIT. AHRA was owned by ARE (another wholly owned subsidiary of the Company, and one of the International RealEstate entities which entered into administration) up until December 30, 2022, when it was sold. AlTi was formed on January 3, 2023, through theBusiness Combination that included certain legacy Alvarium companies, including AFM UK. While the sale of AHRA occurred prior to the BusinessCombination, 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 “appointedrepresentative” 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. 72
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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 (inthe UK, pre-action correspondence is required under the Practice Direction on Pre-Action Protocols and Conduct contained in the United Kingdom’sMinistry of Justice Civil Procedure Rules prior to a claimant commencing litigation). In the pre-action correspondence, the claimant group alleges thatthere were misstatements in Home REIT’s offering documents and certain other public filings between 2020 and 2022 and asserts potential claimsagainst AFM UK and ARE (as well as against Home REIT itself and its directors, among others) in connection with such matters and the historicmanagement 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 historicmanagement 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 byHome 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 fiduciaryduties, 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 forany 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. 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, theestimated value of its underlying real estate investment portfolio declined by approximately 50%, due to a decrease in the timely collection of rents onthe 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 August2025, when management of HLIF was transitioned to a third party manager and AFM UK’s and SHIA’s services were terminated. Like AHRA, SHIAwas 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 toHome REIT and/or HLIF, and whether they breached certain civil or criminal regulatory rules and/or principles. The investigations relate to thehistoric management of Home REIT and/or HLIF by certain legacy Alvarium companies. The investigations are focused primarily on whether anyfalse or misleading statements were made in relation to Home REIT and/or HLIF and/or whether these group entities breached other FCA rules and/orprinciples. ARE and AFM UK have voluntarily requested the imposition of requirements by the UK FCA which primarily involves the companiesagreeing to maintain their current assets and not undertaking any new business without UK FCA consent. The commencement of the investigationsdoes not mean that the UK FCA has determined that any such breaches have occurred. However, it is possible that the UK FCA may determine thatcertain breaches have occurred, and it may seek to impose financial penalties or other outcomes on one or more group entities, that may potentially bematerial. 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 investigationsmay 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, redresswill be paid to a limited number of clients in relation to certain Real Estate Products. As of the issuance of these financial statements all impactedclients have been informed of this proposal. As of June 30, 2026, a provision of $3.5 million has been recognized in relation to this potential future liability. The ultimate loss could differ from theaccrued amount. 73
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Tolleson Wealth Management The Company was involved in a dispute with Tolleson related to alleged improper solicitation of Tolleson’s clients and employees. Certain formerTolleson employees who joined AlTi were party to Tolleson employment agreements which contained a one-year client and employee non-solicit and alost 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 Tollesonemployees. 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 andconcluding this matter. On March 13, 2025, the settlement amount of $5.1 million was paid by the Company to Tolleson. Critical Accounting Estimates We prepare our condensed consolidated financial statements in accordance with US GAAP. In applying many of these accounting principles, we needto make assumptions, estimates, and/or judgments that affect the reported amounts of assets, liabilities, revenues, and expenses in our condensedconsolidated financial statements. We base our estimates and judgments on historical experience and other assumptions that we believe are reasonableunder the circumstances. These assumptions, estimates, and/or judgments, however, are both subjective and subject to change, and actual results maydiffer from our assumptions and estimates. Actual results may also differ from our estimates and judgments due to risks and uncertainties and changingcircumstances, including uncertainty in the current economic environment due to geopolitical tensions, changes in market conditions, or other relevantfactors. If actual amounts are ultimately different from our estimates, the revisions are included in our results of operations for the period in which theactual amounts become known. For a summary of our significant accounting policies and estimates, see Note 2 (Summary of Significant AccountingPolicies) to our consolidated financial statements included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Impact of Changes in Accounting on Recent and Future Trends We believe that none of the changes to US GAAP that went into effect during the period ended June 30, 2026 have substantively impacted our recenttrends or are expected to substantively impact our future trends. The Company is currently evaluating the impact of new accounting pronouncementsnot yet adopted on its consolidated financial statements. Item 3. Quantitative and Qualitative Disclosures About Market Risk In the normal course of business as a wealth management advisor, we are exposed to a broad range of risks inherent in the financial markets in whichwe participate, including market risk, credit and counterparty risk, liquidity risk, and exchange rate risk. 74
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Market Risk Our revenue is predominantly derived from investment management or advisory fees, incentive fees, and distributions from investments. Managementfees are generally calculated based on a percentage of the value of billable AUM or AUA (as applicable), while incentive fees are driven by theunderlying performance of managed portfolios. The market price of investments may significantly fluctuate during the period of investment and shouldtheir value decline, our fees may decline accordingly. Investments may decline in value due to factors affecting securities markets generally orparticular industries represented in the securities markets. The value of an investment may decline due to general market conditions, which are notspecifically related to such investment, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings,changes in interest or currency rates, or adverse investor sentiment generally. It may also decline due to factors that affect a particular industry orindustries, such as labor shortages or increased production costs and competitive conditions within an industry. The impact of changes in market riskon client specific liquidity or overall financial position may result in clients changing their asset holdings, including increasing or decreasing the non-billable portion of their asset portfolios. Such changes will also impact our fees. Credit Risk and Counterparty Risk We are party to agreements where we provide services, and such transactions contain an element of risk in the event that the counterparties are unableto meet the terms of such agreements. In such agreements, we depend on the counterparty to make payment or otherwise perform. We generallyendeavor to minimize our risk of exposure through reviews of the financial position of new clients and through collection of fees directly from clientportfolios. For clients that generate fees from carried interest and/or preferred return, we periodically review the receivables for collectability and willmake appropriate provision for credit losses, should circumstances warrant. Additionally, our ability to secure credit from financial institutions andother lenders may be uncertain due to market conditions, and under certain circumstances we may not be able to access financing. Liquidity Risk See the disclosures contained in “Management’s Discussion and Analysis of Financial Condition and Results of Operations of AlTi Global, Inc. –Liquidity and Capital Resources” for a discussion of our liquidity risk. Exchange Rate Risk We and our funds hold investments that are denominated in foreign currencies that may be affected by movements in the rate of exchange betweenthose currencies and the U.S. dollar. Movements in the exchange rate between currencies impact the management fees and incentive fees earned byfunds with fee paying AUM denominated in foreign currencies as well as by funds with fee paying AUM denominated in U.S. dollars that holdinvestments denominated in foreign currencies. Additionally, movements in the exchange rate impact operating expenses for our global offices thattransact in foreign currencies and the revaluation of assets and liabilities denominated in non-functional currencies, including cash balances andinvestments. We monitor our exposure to exchange rate risks in the course of our regular operating activities, wherein we utilize payments received in foreigncurrencies to fulfill obligations in foreign currencies. When appropriate, we will use derivative financial instruments to hedge the net foreign currencyexposure from certain direct investments denominated in foreign currencies and the cash flow exposure from our foreign based subsidiaries. 75
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Item 4. Controls and Procedures Evaluation of Disclosure Controls and Procedures Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, weconducted an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under theSecurities Exchange Act of 1934 (the “Exchange Act”)) as of June 30, 2026. Disclosure controls and procedures are designed to provide reasonableassurance that information required to be disclosed by us in our Exchange Act reports is recorded, processed, summarized, and reported within the timeperiods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our ChiefExecutive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure. Based on this evaluation, our Chief ExecutiveOfficer and Chief Financial Officer have concluded that, as of June 30, 2026, our disclosure controls and procedures were not fully effective due toremaining material weaknesses in internal control over financial reporting, as further described below in Management’s Report on Internal ControlOver Financial Reporting. Based on its assessment of the Company’s internal control over financial reporting, including the progress made to date to remediate controlweaknesses previously identified, the following updates to remediating material weaknesses in our internal control over financial reporting remain asof June 30, 2026, are discussed below. Management’s Report on Internal Control Over Financial Reporting Our management, including our Chief Executive Officer and Chief Financial Officer, is responsible for establishing and maintaining adequate internalcontrol over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act). Our internal control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reporting and the preparation of our financial statements for externalreporting purposes in accordance with US GAAP. Internal control over financial reporting includes those policies and procedures that: (i) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company; (ii) providereasonable assurance that the transactions are recorded as necessary to permit preparation of financial statements in accordance with US GAAP, andthat the receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of theCompany; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of theCompany’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financialreporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controlsmay become inadequate because of changes in conditions, or that the degree of compliance with policies or procedures may deteriorate. Our management (with the supervision and participation of our Chief Executive Officer and Chief Financial Officer) conducted an evaluation of theeffectiveness of our internal control over financial reporting based on the framework in Internal Control - Integrated Framework issued in 2013 by theCommittee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, management concluded that our internal control overfinancial reporting was not effective as of December 31, 2025. As previously disclosed in Part II, Item 9A of our Annual Report on Form 10-K, management identified one of the three remaining materialweaknesses in internal control over financial reporting relating to insufficiently documented process-level controls that support our financialstatements and reporting. Further, management has commenced extensive remediation efforts, but as of June 30, 2026, has partially completed itstesting plan to determine the effectiveness of controls that support our financial statements and reporting. Management has implemented a remediation plan to address the material weaknesses in our internal control over financial reporting, including, amongother things, completing its efforts to design and implement process level and management review controls and sufficiently documenting andimplementing policies to provide reasonable assurance that financial statement disclosures are complete and accurate and identify and addressemerging risks. 76
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During the six months ended June 30, 2026, management continued to focus on enhancing its internal control over financial reporting. These actionsinclude the following: • Management has designed and implemented risk assessment review processes (risk assessment and gap analysis) that are intended to identifyrisks that could result, if not detected timely, in material misstatements in our consolidated financial statements. Management believes thatsuch review risk assessment processes have been effectively implemented as of December 31, 2024, and the design has been ongoing withnecessary calibration to maintain operational sustainability. • Management has identified and documented processes supporting the recording of balances and transactions in the Company’s consolidatedfinancial statements. The Company completed the exercise of documenting controls during the first fiscal quarter of 2025 and began tests ofdesign and operating effectiveness of certain controls for the second and third quarter of 2025. The Company has continued its tests of designand operating effectiveness of certain controls during 2026. However, these controls are not fully operating effectively as of June 30, 2026. • Management has identified and documented information technology controls related to the Company’s general information technology controlenvironment that mitigates risks associated with items including systems development and change management, appropriate access to systems,and management of the Company’s internal financial and third-party customer data. The Company completed the exercise of documentingcontrols during the second and third fiscal quarters of 2025 and completed tests of design and operating effectiveness of certain controls. TheCompany’s objective is that such testing of operating effectiveness of controls are maintained throughout 2026 and beyond to allow theCompany to sustain remediation of previously identified material weaknesses in its internal control over financial reporting specifically relatedto information technology general and application controls. As we will no longer be an emerging growth company effective December 31, 2026, we expect to incur additional material costs to complete theremediation plan, including costs incurred by our external auditor to assess whether all material weaknesses have been remediated. We can give noassurance that such efforts will remediate these deficiencies in internal control over financial reporting or that additional material weaknesses in ourinternal control over financial reporting will not be identified in the future. Failure to implement and maintain effective internal control over financialreporting could result in errors in our consolidated financial statements that could result in a restatement of our financial statements, may subject us tolitigation and investigations, and could cause us to fail to meet our reporting obligations, any of which could diminish investor confidence, cause adecline in the price of the Class A Common Stock, and limit our ability to access capital markets. The material weaknesses, if not remediated, could result in misstatements of accounts or disclosures that would result in a material misstatement to theannual consolidated financial statements or the interim consolidated financial statements that would not be prevented or detected. Our management anticipates that our internal control over financial reporting will not be fully effective until the above material weaknesses areremediated. If our remediation of these material weaknesses is not effective, or we experience additional material weaknesses in the future orotherwise fail to maintain an effective system of internal control over financial reporting in the future, the accuracy and timing of our financialreporting may be adversely affected, we may be unable to maintain compliance with securities law requirements regarding timely filing of periodicreports in addition to the Nasdaq listing requirements, investors may lose confidence in our financial reporting, and the price of our common stock maydecline as a result. Changes in Internal Control over Financial Reporting The Board of Directors appointed Nancy Curtin as Interim Chief Executive Officer, effective March 30, 2026. On June 24, 2026, the Board appointedPatrick Keenan as the Company’s Chief Financial Officer, effective July 1, 2026. Other than the hiring of our new Interim Chief Executive Officer andChief Financial Officer and the information discussed above, there were no changes in our internal control over financial reporting that occurredduring the six months ended June 30, 2026, covered by this Quarterly Report that have materially affected, or are reasonably likely to materially affect,our internal control over financial reporting. 77
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PART II – OTHER INFORMATION Item 1. Legal Proceedings From time to time, we may be involved in various legal proceedings, lawsuits, and claims incidental to the conduct of its business, some of which maybe material. Our businesses are also subject to extensive regulation, which may result in regulatory proceedings against us. To our knowledge, otherthan what we disclosed in the Litigation sections in Note 20 (Commitments and Contingencies) there are no material legal or regulatory proceedingscurrently pending or threatened against us. Item 1A. Risk Factors There have been no material changes in the risk factors described in Part I, Item 1A “Risk Factors” of our Annual Report. Item 2. Unregistered Sales of Equity Securities and Use of Proceeds None. Item 3. Defaults Upon Senior Securities None. Item 4. Mine Safety Disclosures. Not applicable. Item 5. Other Information a) None. b) None. c) During the quarter ended June 30, 2026, no officers or directors adopted or terminated any contract, instruction or written plan for the purchase orsale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or any “non-Rule 10b5-1 trading arrangement,” as defined in Item 408 of Regulation S-K. 78
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Item 6. Exhibits The following exhibits are filed or furnished herewith: ExhibitNumber Description 10.1 # Letter Agreement, dated June 24, 2026, between the Company and Patrick Keenan (incorporated by reference to Exhibit 10.1 to theCompany’s Current Report on Form 8-K filed June 25, 2026). 31.1* Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, asAdopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 31.2* Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, asAdopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 32.1** Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 32.2** Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 101.INS Inline XBRL Instance Document (embedded within the Inline XBRL document). 101.SCH Inline XBRL Taxonomy Extension Schema Document. 101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document. 101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document. 101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document. 101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). * Filed herewith. ** Furnished herewith. # Indicates a management contract or compensatory plan. 79
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Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalfby the undersigned thereunto duly authorized. ALTI GLOBAL, INC Date: August 10, 2026 /s/ Nancy Curtin Nancy Curtin Interim Chief Executive Officer (Principal Executive Officer) Date: August 10, 2026 /s/ Patrick Keenan Patrick Keenan Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) 80
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EXHIBIT 31.1 CERTIFICATION OF CHIEF EXECUTIVE OFFICERPURSUANT TO RULES 13a-14(a) AND 15(d)-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Nancy Curtin, certify that: 1. I have reviewed this quarterly report on Form 10-Q of AlTi Global, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material factnecessary to make the statements made, in light of the circumstances under which such statements were made, not misleading withrespect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in allmaterial respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented inthis report; 4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (asdefined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange ActRules 13a-15(f) and 15d-15(f)) for the registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed underour supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is madeknown to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to bedesigned under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusionsabout the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based onsuch evaluation; and d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during theregistrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materiallyaffected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and 5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financialreporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing theequivalent functions): a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reportingwhich are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financialinformation; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in theregistrant’s internal control over financial reporting. Date: August 10, 2026 /s/ Nancy Curtin Nancy CurtinInterim Chief ExecutiveOfficer(Principal ExecutiveOfficer)
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EXHIBIT 31.2 CERTIFICATION OF CHIEF FINANCIAL OFFICERPURSUANT TO RULES 13a-14(a) AND 15(d)-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Patrick Keenan, certify that: 1. I have reviewed this quarterly report on Form 10-Q of AlTi Global, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material factnecessary to make the statements made, in light of the circumstances under which such statements were made, not misleading withrespect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in allmaterial respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented inthis report; 4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (asdefined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange ActRules 13a-15(f) and 15d-15(f)) for the registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed underour supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is madeknown to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to bedesigned under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusionsabout the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based onsuch evaluation; and d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during theregistrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materiallyaffected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and 5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financialreporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing theequivalent functions): a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reportingwhich are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financialinformation; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in theregistrant’s internal control over financial reporting. Date: August 10, 2026 /s/ Patrick Keenan Patrick KeenanChief Financial Officer(Principal FinancialOfficer and PrincipalAccounting Officer)
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EXHIBIT 32.1 CERTIFICATION PURSUANT TO18 U.S.C. SECTION 1350AS ADOPTED PURSUANT TOSECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of AlTi Global, Inc. (the “Company”) on Form 10-Q for the quarterly period ended June 30, 2026, as filed with the Securities and Exchange Commission (the “Report”), I, Nancy Curtin, Interim Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as added by §906 of the Sarbanes-Oxley Act of 2002, that: 1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. To my knowledge, the information contained in the Report fairly presents, in all material respects, the financial condition andresults of operations of the Company as of and for the period covered by the Report. Dated: August 10, 2026 /s/ Nancy Curtin Nancy CurtinInterim Chief ExecutiveOfficer(Principal ExecutiveOfficer)
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EXHIBIT 32.2 CERTIFICATION PURSUANT TO18 U.S.C. SECTION 1350AS ADOPTED PURSUANT TOSECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of AlTi Global, Inc. (the “Company”) on Form 10-Q for the quarterly period ended June 30, 2026, as filed with the Securities and Exchange Commission (the “Report”), I, Patrick Keenan, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as added by §906 of the Sarbanes-Oxley Act of 2002, that: 1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. To my knowledge, the information contained in the Report fairly presents, in all material respects, the financial condition andresults of operations of the Company as of and for the period covered by the Report. Dated: August 10, 2026 /s/ Patrick Keenan Patrick KeenanChief Financial Officer(Principal FinancialOfficer and PrincipalAccounting Officer)