0001628280-26-022450 | 10-K | XBRL Viewer

Print Document

Fair Value Disclosures - Narrative (Details) - $ / shares	May 13, 2025	Jul. 31, 2024	Aug. 02, 2023
Allianz Investment Agreement \| Allianz Strategic Investments S.à.r.l. (“Allianz”) \| Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate, per-dollar amount (in dollars per share)	$ 1,000	$ 1,000
AlTi Wealth Management (Switzerland) SA (“AWMS”)
Class of Stock [Line Items]
Voting interest acquired (in percent)			70.00%
Equity interest (in percent)			30.00%
Equity interest, including subsequent acquisition (in percent)			100.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
U.S. federal tax expense (benefit) at statutory rate	$ (22,077)	$ (25,851)	$ (8,856)
State tax, net of federal benefit	3,522	(9,457)	(1,246)
Foreign rate differential		(1,751)	(1,778)
Change in valuation allowance		6,278	10,530
Non-deductible expenses	61
Change in fair value of contingent consideration		(6,129)	(5,657)
Other		421	256
Stock based compensation	(9)	434	145
Net impact of non-controlling interest	3,344	6,785	1,580
Goodwill Impairment		7,342	0
Non-deductible Professional Fees		1,337	1,808
Change in fair value of warrant liability		0	2,702
Prior year true-ups		(361)	10
Rate Change	12	96	0
Total income tax expense (benefit)	$ 18,588	$ (20,856)	$ (506)
Effective Income Tax Rate Reconciliation, Percent [Abstract]
U.S. federal tax expense (benefit) at statutory rate	21.00%	21.00%	21.00%
State tax, net of federal benefit	(3.30%)	7.70%	3.00%
Foreign rate differential		1.40%	4.20%
Change in valuation allowance		(5.10%)	(25.00%)
Non-deductible expenses	(0.10%)
Other		(0.30%)	(0.60%)
Stock based compensation	0.00%	(0.40%)	(0.30%)
Net impact of non-controlling interest	(3.20%)	(5.50%)	(3.70%)
Change in fair value of contingent consideration		5.00%	13.40%
Goodwill Impairment		(6.00%)	0.00%
Non-deductible Professional Fees		(1.10%)	(4.30%)
Change in fair value of warrant liability		0.00%	(6.40%)
Prior year true-ups		0.30%	0.00%
Rate Change	0.00%	(0.10%)	0.00%
Total Effective Tax Rate	(17.70%)	16.90%	1.20%
United Kingdom
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Foreign rate differential	$ (1,379)
Change in valuation allowance	3,840
Non-deductible expenses	3,153
Change in fair value of contingent consideration	1,268
Other	$ 354
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Foreign rate differential	1.30%
Change in valuation allowance	(3.70%)
Non-deductible expenses	(3.00%)
Other	(0.30%)
Change in fair value of contingent consideration	(1.20%)
Germany
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Foreign rate differential	$ (219)
Non-deductible expenses	$ 759
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Foreign rate differential	0.20%
Non-deductible expenses	(0.70%)
Other jurisdictions
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Foreign rate differential	$ (77)
Change in valuation allowance	1,014
Other	$ 53
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Foreign rate differential	0.10%
Change in valuation allowance	(1.00%)
Other	0.00%
United States
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Change in valuation allowance	$ 26,429
Non-deductible expenses	(95)
Change in fair value of contingent consideration	$ (1,365)
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Change in valuation allowance	(25.10%)
Non-deductible expenses	0.10%
Change in fair value of contingent consideration	1.30%

Related Party Transactions - Fees Receivable, net (Details) - Fees receivable - Fees receivable, net - Related party - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Related Party Transaction [Line Items]
Related Party Receivables	$ 0.0	$ 84,000.0
Due from TIG related fee arrangements
Related Party Transaction [Line Items]
Related Party Receivables	$ 9,535,000	$ 804,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

Fair Value Disclosures

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Disclosures

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

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

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

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

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

Level 3 Valuation Techniques

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

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

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

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

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

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

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

•Kontora Earn-Out Liability - The Company’s valuation approach utilized a Discounted Cash Flow approach to determine the fair value using the liability discount rate which is estimated based on the Kontora subgroups’ weighted average cost of capital for a useful life of ten years.

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

inducting values in the binomial lattice model to the initial node. A probability-weighted assessment is also included as part of the inputs to the valuation of the Allianz Tranche Right.

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

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

The Company’s financial instruments measured at fair value in the Consolidated Statement of Financial Position as of December 31, 2025, and December 31, 2024 have been categorized based on the fair value hierarchy as follows:


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

Other	6		57		—		63
Total	$	83	$	57	$	142,976	$	144,196

Liabilities:

Preferred stock tranche liability	$	—	$	—	$	2,410	$	2,410
Earn-out liabilities	—		—		57,411		57,411

TRA liability (2)	—		—		8,785		8,785


Total	$	—	$	—	$	68,606	$	68,606


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

Total	$	223	$	—	$	147,568	$	148,674

Liabilities:

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

Total	$	932	$	—	$	77,957	$	78,889

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

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

Level 3 Rollforwards

The following table sets forth a summary of changes in the fair value of Level 3 financial instruments during the years ended December 31, 2025 and December 31, 2024:


	As of December 31, 2025
(Dollars in Thousands)	Beginning balance		Issuances		Settlements		Net (gains) losses (1)		Transfers out of Level 3		Ending balance
Assets:
Investments – External Strategic Managers	$	147,568	$	—	$	—	$	(4,592)	$	—	$	142,976



Liabilities:
Preferred stock tranche liability	$	3,940	—		—		(1,530)		—		$	2,410
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		—		1,301		—		$	7,044
TRA liability	$	9,378	—		—		(593)		—		$	8,785


	As of December 31, 2024
(Dollars in Thousands)	Beginning balance		Issuances		Settlements		Net (gains) losses (1)		Transfers out of Level 3 (2)		Ending balance
Assets:
Investments – External Strategic Managers	$	164,077	$	—	$	—	$	(16,509)	$	—	$	147,568




Liabilities:
Preferred stock tranche liability	—		4,540		—		(600)		—		3,940
Earn-out liability	62,380		—		—		(38,532)		—		23,848
EEA earn-out liability	—		23,308		—		6,563		—		29,871
Envoi earn-out consideration liability	—		7,980		—		1,620		—		9,600
Envoi earn-out growth consideration liability	—		1,020		—		300		—		1,320
AWMS earn-out liability	1,064		—		—		39		(1,103)		—
TRA liability	13,233		—		—		(3,855)		—		9,378

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

(2) During the year ended December 31, 2024, there was one transfer from Level 3 to Level 1 of the AWMS earn-out liability.

Valuation Methodologies for Fair Value Measurements Categorized within Level 3 as of December 31, 2025


(Dollars in Thousands)	Fair Value		Valuation Techniques	Unobservable Inputs	Ranges		Impact to Valuation from an Increase in Input
Level 3 Assets:
Investments – External Strategic Managers	$	142,976	Discounted Cash Flow	Discount rate	17.0% -30.0%		Lower
				Long-term growth rate	4.0	%	Higher



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




EEA earn-out liability	$	25,259	Discounted Cash Flow	EBITDA Discount Rate	14.6	%	Lower
				Risk-free rate	3.5	%	Lower
				Credit spread	9.3	%	Lower
Envoi earn-out consideration liability	$	8,220	Discounted Cash Flow	Revenue risk-adjusted discount rate	11.0	%	Lower

				Risk-free rate	3.4	%	Lower
				Credit spread	9.1	%	Lower
Envoi earn-out growth consideration liability	$	1,620	Monte Carlo	Metric volatility	29.0	%	Lower
				Risk-free rate	3.4	%	Lower
				Revenue discount rate	11.0	%	Lower
				Credit Risk Adjusted Discount Rate	12.5	%	Lower
Kontora earn-out liability	$	7,044	Discounted Cash Flow	Discount rate	11.7	%	Lower



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

Valuation Methodologies for Fair Value Measurements Categorized within Level 3 as of December 31, 2024


(Dollars in Thousands)	Fair Value		Valuation Techniques	Unobservable Inputs	Ranges		Impact to Valuation from an Increase in Input
Level 3 Assets:
Investments – External Strategic Managers	$	147,568	Discounted Cash Flow	Discount rate	18.0% -33%		Lower
				Long-term growth rate	4.0	%	Higher




Level 3 Liabilities:
TRA liability	$	9,378	Monte Carlo	Volatility	55.0	%	Lower
				Correlation	22.5	%	Higher
				Cost of debt range	10.2% - 10.9%		Lower
				Equity risk premium	6.1% - 13.2%		Lower
Business Combination earn-out liability	$	23,848	Monte Carlo	Volatility	70.0	%	Higher
				Risk-free rate	4.3	%	Higher




EEA earn-out liability	$	29,871	Discounted Cash Flow	EBITDA Discount Rate	16.3	%	Lower
				Risk-free rate	4.3	%	Lower
				Credit spread	7.9	%	Lower
Envoi earn-out consideration liability	$	9,600	Discounted Cash Flow	Growth rate	10.9	%	Higher
				Revenue risk-adjusted discount rate	12.5	%	Lower
				Risk-free rate	4.2	%	Lower
				Credit spread	7.7	%	Lower
Envoi earn-out growth consideration liability	$	1,320	Monte Carlo	Metric volatility	33.0	%	Lower
				Risk-free rate	4.3	%	Lower
				Revenue discount rate	12.5	%	Lower
				Credit Risk Adjusted Discount Rate	11.9	%	Lower


Preferred stock tranche liability	$	3,940	Binomial lattice model	Volatility	50.0	%	Higher
				Probability of option exercise	50.0	%	Higher
				Risk-free rate	4.8	%	Lower
				Credit spread	7.9	%	Lower

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

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

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Equity-Based Compensation - Schedule of Equity-Based Compensation Award Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
RSUs
Number of Awards
Restricted common stock awards outstanding at beginning of period (in shares)	6,216,513	4,797,464
Restricted common stock granted (in shares)	7,676,202	4,181,243
Restricted common stock forfeited (in shares)	(197,427)	(938,383)
Restricted common stock vested (in shares)	(2,266,401)	(1,823,811)
Restricted common stock awards outstanding at end of period (in shares)	11,428,887	6,216,513
Weighted Average Grant Date Fair Value
Restricted common stock awards outstanding at beginning of period (in dollars per share)	$ 4.86	$ 4.64
Restricted common stock granted (in dollars per share)	3.82	5.18
Restricted common stock forfeited (in dollars per share)	3.90	4.86
Restricted common stock vested (in dollars per share)	4.60	4.99
Restricted common stock awards outstanding at end of period (in dollars per share)	$ 4.23	$ 4.86
TWMH Restricted Stock Units (RSUs)
Number of Awards
Restricted common stock awards outstanding at end of period (in shares)	0

Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating cash flow information:
Cash outflows - operating leases	$ 9,482	$ 8,027	$ 7,131
Non-cash activity:
Right-of-use assets obtained in exchange for lease obligations	4,960	6,239	35,629
Related party
Operating cash flow information:
Cash outflows - operating leases	$ 500	$ 500	$ 400

Retirement Plans

12 Months Ended

Dec. 31, 2025

Postemployment Benefits [Abstract]

Retirement Plans

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


(Dollars in Thousands)	For the Year Ended
		December 31, 2025		December 31, 2024		December 31, 2023
Plan Contributions		$	3,608	$	3,033	$	2,730

As of December 31, 2025 and 2024, $1.7 million and $1.9 million, respectively, in contributions was payable, which is included in Accounts payable and accrued expenses on the Consolidated Statement of Financial Position.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Retirement Plans - Schedule of Costs of Retirement Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Postemployment Benefits [Abstract]
Plan Contributions	$ 3,608	$ 3,033	$ 2,730

Earnings Per Share - Schedule of Antidilutive Securities (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Class B Common Stock and Class B Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	47,257,352	48,352,620	0
Allianz and Constellation Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	7,000,000	7,000,000	0
Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	35,771,958	19,905,453	0
Earn-Out Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	13,884,667	12,583,106	10,396,318
PW Deferred Consideration Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	829,657	0
Acquisition-Related Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,142,754	1,680,085	0
Stock Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,916,916	3,245,446	3,432,030

Business Combinations and Divestitures (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Purchase, Cash and Equity Considerations


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


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


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

Schedule of Assets Acquired, and Liabilities Assumed

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


(Dollars in Thousands)	Kontora Acquisition Date Fair Value
Cash and cash equivalents	$	3,440
Fees receivable	2,702
Equity method investments	28
Intangible assets	14,075
Goodwill	981
Operating lease right-of-use assets	1,952
Deferred tax assets, net	1,451
Other assets, net	2,326
Total Assets Acquired	$	26,955
Accounts payable and accrued expenses	526
Accrued compensation and profit sharing	218
Debt, net of unamortized deferred financing cost	732
Operating lease liability	1,952
Deferred tax liability	4,774
Other liabilities, net	3,057
Total Liabilities Assumed	$	11,259
Total Assets Acquired and Liabilities Assumed	$	15,696

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


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

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


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

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


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

Schedule of Intangible Assets Acquired

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


(Dollars in Thousands)	Kontora Acquisition Date Fair Value		Estimated Life (Years)
Brand	$	187	3
License	4,385		15
Customer relationships	9,443		15
Software	60		3
Total Intangible Assets	$	14,075

The total purchase consideration is summarized below:


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

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


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

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


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

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


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

Schedule of Business Acquisition, Pro Forma Information


	For the Year Ended
(Dollars in Thousands)		December 31, 2025		December 31, 2024		December 31, 2023
Total revenue		$	260,911	$	221,297	$	241,618
Net income (loss)		$	(119,955)	$	(102,245)	$	(162,443)

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

Business Combinations and Divestitures - Schedule of Purchase, Cash and Equity Considerations (Details) - USD ($) $ in Thousands					3 Months Ended
	Apr. 30, 2025	Jul. 01, 2024	May 09, 2024	Apr. 03, 2024	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Business Combination, Consideration Transferred [Abstract]
Earn-out liabilities, at fair value						$ 57,411	$ 64,639
Kontora Family Office GmbH ("Kontora")
Business Combination, Consideration Transferred [Abstract]
Cash consideration	$ 8,740
Settlement of debt	1,213
Earn-out liabilities, at fair value	5,743
Total purchase consideration transferred	$ 15,696
Envoi, LLC (“Envoi”)
Business Combination, Consideration Transferred [Abstract]
Cash consideration		$ 25,258
Earn-out liabilities, at fair value		9,000
Earn-out consideration		9,000
Total purchase consideration transferred		$ 34,258
Pointwise Partners Limited ("PW")
Business Combination, Consideration Transferred [Abstract]
Cash consideration			$ 1,735		$ 1,000
Payment of assumed liabilities			3,300
Equity consideration			1,705
Deferred consideration			3,328			0	3,339
Settlement of pre-existing relationships			1,186
Total purchase consideration transferred			$ 7,954
East End Advisors, LLC ("EEA")
Business Combination, Consideration Transferred [Abstract]
Cash consideration				$ 69,013
Payment of assumed liabilities				793
Contingent consideration installments				23,308
Earn-out liabilities, at fair value				23,300		$ 25,300	$ 29,900
Total purchase consideration transferred				$ 93,114

Earnings Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

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.

For the Year Ended

December 31, 2025

December 31, 2024

Basic

Diluted

Basic

Diluted

Class A Common Stock

Included

Class B Common Stock (1)

Excluded

If-converted method

Excluded

If-converted method

Series A Preferred Stock (2)

Two-class method

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

Two-class method

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

Series C Preferred Stock (2)

Two-class method

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

Two-class method

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

Allianz Tranche Right(3)

Excluded

If-converted method

Excluded

If-converted method

Allianz Warrants(4)

Excluded

Treasury stock method

Excluded

Treasury stock method

Constellation Warrants(4)

Excluded

Treasury stock method

Excluded

Treasury stock method

Earn-Out Shares(5)

Excluded

Treasury stock method

Excluded

PW Deferred Consideration Shares(6)

Included

Excluded

Included

Acquisition-Related Awards(7)

Excluded

Included

Excluded

Included

Unvested RSUs(8)

Excluded

Treasury stock method

Excluded

Treasury stock method

Unvested PRSUs (8)

Excluded

Treasury stock method

Excluded

Treasury stock method

(1) The if-converted method for instruments related to the Company’s Business Combination and Envoi earn-out liability includes adding back to the numerator any related income or loss allocations to noncontrolling interest, as well as any incremental tax expense had the instruments converted into shares of Class A Common Stock as of the beginning of the period. For the years ended December 31, 2025 and December 31, 2024, 1,950,315 and 7,080,837, respectively, of Class B shares were converted into Class A Common Stock.

(2) During the year ended December 31, 2024, the Company issued shares of Series A and C Preferred Stock in addition to warrants for shares of Class A Common Stock to Allianz and Constellation. Both Series A and C Preferred Stock are entitled to participate in dividends declared on common stock on an as-converted basis. This participation right requires application of the two-class method to calculate basic earnings per share. The two-class method requires income available to common stockholders for the period to be allocated between all participating instruments based upon their respective rights to receive dividends as if all income for the period had been distributed. Basic earnings per share is calculated using the proportion of net income available to be distributed to the common shareholders. Dilutive earnings per share is calculated using the more dilutive of the two-class method or the if-converted method. For the years ended December 31, 2025 and December 31, 2024, the shares of Series A and C Preferred Stock were excluded from the Company’s diluted earnings per share calculation as the effects were determined to be anti-dilutive.

(3) The Allianz Tranche Right was issued as part of the Allianz Transaction, which grants Allianz the right, but not the obligation, to purchase up to 50,000 additional shares of Series A Preferred Stock at an aggregate purchase price of up to $50 million. Any additional shares of Series A Preferred Stock issued to Allianz will abide under the same conditions and terms as under the Investment as described in Note 1 (Description of the Business). The Allianz Tranche Right is classified as a contingently convertible instrument and will be included in the calculation of diluted earnings per share if the right has been exercised within the reporting period. On May 13, 2025, an

additional 18,471 shares under the Allianz Tranche Right were issued; however, these shares were excluded from the Company’s diluted earnings per share calculation as the effects were determined to be anti-dilutive.

(4) As mentioned in footnotes 2 above, the Company issued shares of Series A and C Preferred Stock in addition to warrants for Class A Shares to Allianz and Constellation. The warrants do not participate in dividends declared on common stock and are excluded from the calculation of basic earnings per share. Since the warrants are classified as a component of equity and can be exercised in exchange for Class A Shares, application of the treasury stock method for calculation of diluted earnings per share is applied. For the years ended December 31, 2025 and December 31, 2024, the warrants were excluded from the Company’s diluted earnings per share calculation as the effects were determined to be anti-dilutive.

(5) Earn-Out Shares are the portion of estimated contingent consideration related to the Business Combination, EEA earn-out liability, and Envoi growth-consideration liability that could be paid out in Class A Common Stock. Earn-Out Shares are excluded from the calculation of basic earnings per share if it’s determined that the contingency has not been resolved as of the current reporting period. During the year ended December 31, 2025, 618,453 shares of Class A Common Stock were issued as part of the EEA earn-out liability and included in the Company’s basic earnings per share calculation.

The treasury stock method is applied for calculating diluted earnings per share since our Earn-Outs are classified as liabilities and remeasured at fair value each period and includes reversing the income statement effect of the fair value remeasurement for the period. See Note 4 (Business Combinations and Divestitures) for additional information related to our Earn-Outs. For the years ended December 31, 2025, December 31, 2024 and December 31, 2023, the Earn-Out Shares were excluded from the Company’s diluted earnings per share calculation as the effects were determined to be anti-dilutive.

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

(7) Acquisition-Related Awards include EEA Equity Awards, Envoi Equity Awards, Singapore Equity Awards and Kontora Earn-Ins. During the quarter ended June 30, 2025, 1,686,763 shares of Class A Common Stock were issued in settlement of the Holbein Earn-Ins and are included in the Company’s basic earnings per shares. Certain compensatory awards related to the PW acquisition (the “PW Equity Awards”) were reclassified to be paid out fully in cash rather than equity during the quarter ended March 31, 2025. As such, the PW Equity Awards are excluded from the Company’s earnings per share calculations.

Service periods related to the Acquisition-Related Awards had not been completed as of the year ended December 31, 2025 and therefore such shares were excluded from the calculation of basic earnings per share. For the year ended December 31, 2025, 436,816 shares of Class A Common Stock were issued as part of the EEA Earn-Ins and are included in the Company’s basic earnings per share for the reporting period.

For diluted earnings per share, a contingency that is based on solely on service vesting (i.e., the passage of time) is considered resolved in the current reporting, and the shares are included in the calculation of diluted earnings per share in the current reporting period. For the years ended December 31, 2025, 2024 and 2023, the Acquisition-Related Awards, which included the Holbein Earn-Ins [and PW Equity Awards] through the quarters June 30, 2025 and March 31, 2025, respectively, were excluded from the Company’s diluted earnings per share calculation as the effects were determined to be anti-dilutive. Refer to Note 6 (Equity-Based Compensation) for additional details for the Acquisition-Related Awards.

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

The treasury stock method is applied for calculating the dilutive effects of share-based payment awards. For the years ended December 31, 2025 and December 31, 2024, unvested RSUs and PRSUs were excluded from the Company’s diluted earnings per share calculation as the effects were determined to be anti-dilutive. See Note 6 (Equity-Based Compensation) for additional details.

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


	For the Year Ended
(Dollars in Thousands, except share data)		December 31, 2025		December 31, 2024		December 31, 2023
Numerator:
Net income (loss) from continuing operations		$	(123,717)	$	(102,248)	$	(41,669)
Net income (loss) attributable to noncontrolling interests in subsidiaries from continuing operations		(35,371)		(71,271)		(145,631)
Net income (loss) attributable to AlTi Global Inc		$	(88,346)	$	(30,977)	$	103,962
Less: Preferred stock dividends		(34,020)		(23,515)		—
Income (loss) from continuing operations available to Class A shareholders - basic		$	(122,366)	$	(54,492)	$	103,962
Dilutive effect of Class B Common Stock		—		—		(145,631)
Income (loss) from continuing operations available to Class A shareholders - diluted		$	(122,366)	$	(54,492)	$	(41,669)

Denominator:
Weighted-average shares of Class A Common Stock outstanding - basic		99,868,230		79,692,659		61,396,692
Dilutive effect of Class B Common Stock		—		—		54,418,555
Weighted-average shares of Class A Common Stock outstanding - diluted		99,868,230		79,692,659		115,815,247

Income (loss) from continuing operations per Class A Common Stock - basic		$	(1.23)	$	(0.68)	$	1.69
Income (loss) from continuing operations per Class A Common Stock - diluted		$	(1.23)	$	(0.68)	$	(0.36)

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


	For the Year Ended
		December 31, 2025	December 31, 2024	December 31, 2023
Class B Common Stock and Class B Units		47,257,352	48,352,620	—

Allianz and Constellation Warrants		7,000,000	7,000,000	—
Preferred Stock		35,771,958	19,905,453	—
Earn-Out Shares		13,884,667	12,583,106	10,396,318
PW Deferred Consideration Shares		—	829,657	—
Acquisition-Related Awards		1,142,754	1,680,085	—
Stock Awards		1,916,916	3,245,446	3,432,030

Discontinued Operations

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

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

As such, the assets and liabilities, results of operations and cash flows of the International Real Estate Businesses have been classified as discontinued operations for all periods presented in accordance with ASC 205-20, Discontinued Operations. As a result, the Company only has one reportable segment remaining. See Note 19 (Segment Reporting). The Company recognized a loss upon disposal of its International Real Estate

Businesses of $20.1 million, which is included in the Net income (loss) from discontinued operations in the Consolidated Statement of Operations for the year ended December 31, 2025.

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

The following table provides a summary of the assets and liabilities classified as discontinued operations:


(Dollars in Thousands)	As of December 31, 2024
Assets
Cash and cash equivalents	$	1,077
Fees receivable	3,396
Equity method investments	7,114



Deferred tax assets, net	60
Other assets, net	9,409
Contingent consideration receivable	$	1,389

Assets of discontinued operations	$	22,445
Liabilities
Accounts payable and accrued expenses	8,587
Accrued compensation and profit sharing	153


Deferred tax liability	281
Other liabilities, net	4,087

Liabilities of discontinued operations	$	13,108

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


	For the Year Ended
(Dollars in Thousands)		December 31, 2025		December 31, 2024		December 31, 2023
Revenue
Management/advisory fees		$	1,976	$	7,856	$	20,076
Incentive fees		—		—		702

Other income/fees		1		688		4,994
Total revenue		1,977		8,544		25,772
Operating Expenses
Compensation and employee benefits		3,039		13,766		39,064
Systems, technology and telephone		457		927		1,267
Sales, distribution and marketing		129		397		323
Occupancy costs		433		267		2,104
Professional fees		4,253		14,359		17,657
Travel and entertainment		135		589		816
Depreciation and amortization		—		125		6,642
General, administrative and other		3,280		6,030		8,920
Total operating expenses		11,726		36,460		76,793
Total operating income (loss)		(9,749)		(27,916)		(51,021)
Other Income (Expenses)
Impairment loss on goodwill and intangible assets		—		(42,502)		(206,777)
Gain (loss) on investments		(21,556)		(2,055)		(19,643)





Interest expense		—		(12)		209
Interest income		13		156		1,301
Other income (expense)		—		(5)		(3,643)
Income (loss) before taxes		(31,292)		(72,334)		(279,574)
Income tax (expense) benefit		(61)		277		10,028
Net income (loss) from discontinued operations, net of income tax		$	(31,353)	$	(72,057)	$	(269,546)

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

International Real Estate

Prior to deconsolidation, the Company’s International Real Estate segment included its Real Estate Co-Investment and Real Estate Fund Management businesses.

Real Estate Co-Investment

Real Estate Co-Investment oversaw deal origination, documentation, and structuring from inception to exit for a variety of strategies, including development, income, value-add, and planning. Investors were typically HNWIs, single family offices, and institutional investors. Management fees were earned through private real estate fund advisory and recurring fees. These fees, governed by an investment advisory agreement, were calculated on a sliding scale based on the fund’s NAV. As a sponsor of private market transactions, the Real Estate Co-Investment businesses generated income from debt and equity structures, including arrangement, management, advisory, performance, and transaction fees. If feeder vehicles were established for clients, additional administration and advisory fees also applied.

Real Estate Fund Management

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

Home Long Income Fund

Home Long Income Fund was an English open-ended investment company launched in October 2018. Its investment objective was to deliver secure inflation-protected income and capital growth by investing in a portfolio of UK homeless shelters. HLIF was advised by SHIA and AFM UK acted as its alternative investment fund manager. Both SHIA and AFM UK were wholly owned subsidiaries of the Company. See Note 21 (Commitments and Contingencies) for discussion on HLIF’s litigation status.

LXi REIT plc

LXi was an English real estate investment trust company, launched in February 2017, whose shares are traded on the premium segment of the London Stock Exchange’s Main Market. LXi was advised by LXi REIT Advisors Limited (“LRA”), and its investment objective was to deliver inflation-protected income and capital growth over the medium-term for its shareholders through investing in a diversified portfolio of UK property that benefited from long-term index-linked leases with institutional-grade tenants. On January 9, 2024, AlTi RE Public Markets Limited entered into heads of terms to sell 100% of the equity of LRA, the advisor to the publicly-traded fund LXi, to LondonMetric Property Plc (“LondonMetric”). This disposal was completed on March 6, 2024.

Summary of Significant Accounting Policies - Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Restricted cash and cash equivalents	$ 7.0	$ 9.1

Retirement Plans - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Postemployment Benefits [Abstract]
Defined contribution plan, tax status	Qualified Plan [Member]
Contributions payable	$ 1.7	$ 1.9

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Valuation Allowance [Line Items]
Total Effective Tax Rate	(17.70%)	16.90%	1.20%
Valuation allowance	$ 67,323	$ 27,325
Income taxes paid, net	2,324	$ 1,500	$ 800
United States
Valuation Allowance [Line Items]
Net operating losses	88,700
Non-US
Valuation Allowance [Line Items]
Valuation allowance	$ 81,800

Description of the Business

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of the Business

AlTi is a global wealth and investment partner to families, foundations and institutions, helping clients activate capital with clarity, bring structure to complexity, and plan with purpose across borders and generations. AlTi combines the breadth of a global firm with the service offering of a family office to deliver solutions designed to meet the full complexity of wealth and capital. We manage or advise approximately $93.1 billion in combined assets as of December 31, 2025. We have approximately 490 professionals operating in 19 cities in 9 countries across three continents as of December 31, 2025. We provide holistic solutions for our wealth management and OCIO clients through an array of services, including discretionary investment management services, non-discretionary investment advisory services, estate and wealth planning, trust and fiduciary, governance and education, philanthropy and purposeful giving, and family office services. We also provide our wealth management clients with access to alternative investment opportunities, including investments in strategies and asset classes to which they would otherwise likely not be able to gain exposure.

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

Business Combination

The Company was initially incorporated in the Cayman Islands as Cartesian Growth Capital, a special purpose acquisition company. In anticipation of the Business Combination:

•The holders of the equity of TWMH and the TIG Entities contributed their TWMH and TIG equity to Umbrella making TWMH and the TIG Entities wholly-owned subsidiaries of Umbrella.

•Alvarium reorganized such that it became the wholly-owned indirect subsidiary of AlTi Global Topco.

•Cartesian SPAC formed Umbrella Merger Sub.

Pursuant to the Business Combination on January 3, 2023:

•The Company was redomiciled as a Delaware corporation and changed its name to Alvarium Tiedemann Holdings, Inc. Effective April 19, 2023, Alvarium Tiedemann Holdings, Inc. changed its name to AlTi Global, Inc.

•The Registrant acquired all the outstanding share capital of AlTi Global Topco.

•Umbrella Merger Sub, LLC merged into Umbrella with AlTi Global Capital, LLC, formerly known as Alvarium Tiedemann Capital, LLC, as the surviving entity.

•The Company acquired 51% of the equity interests of Umbrella, while the existing TWMH and TIG rollover shareholders hold a 49% economic interest in Umbrella. Umbrella holds 100% of the equity interests of TWMH, TIG, and Alvarium.

Capital Structure

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

•Class A Common Stock – Shares of Class A Common Stock that are publicly traded. Class A shareholders are entitled to dividends on shares of Class A Common Stock declared by the Board. As of December 31, 2025, the shares of Class A Common Stock represent 70.0% of the total voting power of all shares of Common Stock.

•Class B Common Stock – Shares of Class B Common Stock that are not publicly traded. Class B shareholders are entitled to distributions declared by the Board. The distributions are paid by Umbrella. As of December 31, 2025, the shares of Class B Common Stock represent 30.0% of the total voting power of all shares of Common Stock.

•Prior to the Business Combination, the Company issued Warrants to purchase shares of Class A Common Stock at a price of $11.50 per share. Throughout the period from January 1, 2023 to March 31, 2023, 428,626 Warrants were exercised. On April 3, 2023, 78,864 Warrants were exercised. On June 7, 2023, the Company closed an offer and consent solicitation and entered into a warrant amendment, pursuant to which the remaining 19,892,387 Warrants were exchanged for 4,962,147 shares of Class A Common Stock. The exercises and exchanges throughout the period from January 1, 2023 to June 30, 2023 resulted in an increase in Additional paid-in-capital amount of $29.5 million. As of December 31, 2024, none of such Warrants were outstanding.

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

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

In addition, on February 22, 2024, the Company entered into a Supplemental Series A Preferred Stock Investment Agreement with Allianz (the “Supplemental Investment Agreement”), pursuant to which, for purposes of funding one or more strategic international acquisitions by the Company or its subsidiaries, Allianz is permitted, at its option, to purchase up to 50,000 additional shares of Series A Preferred Stock up to an aggregate amount equal to $50 million (the “Allianz Tranche Right”). On May 13, 2025, Allianz exercised the Allianz Tranche Right to purchase an additional 18,471 shares of Series A Preferred Stock at $1,000 per share. Additional Series A Preferred Stock issued upon exercise of the Allianz Tranche Right will abide by the same terms and conditions in the Allianz Investment Agreement at a price of $1,000 per share.

As of December 31, 2025, the Series A Preferred Stock of 168,934 is inclusive of dividends paid in kind as of such date and is classified under mezzanine equity on the Company’s Consolidated Statement of Financial Position. An additional 1,523,289 shares of Class A Common Stock were issued to Allianz as part of the 50% dividends paid in kind. The Series A Preferred Stock has no voting rights and is

subject to an ownership cap of 24.9% of the aggregate issued and outstanding shares of Class A Common Stock and Class B Common Stock.

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

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

•Series C Preferred Stock – Shares of Series C Preferred Stock that are not publicly traded and issued in connection with the sale of 150,000 shares of Series C Preferred Stock that occurred in two transactions (the “Transactions”) to Constellation AlTi Investor LLC, an affiliate of Constellation Wealth Capital, LLC (“Constellation”) (collectively, the “Constellation Transaction”), the first of which closed on March 27, 2024, for the sale of 115,000 shares and the second of which closed on May 15, 2024, for the sale of 35,000 shares. The Series C Preferred Stock will receive cumulative, compounding dividends at a rate of 9.75% per year on the aggregate purchase price of $150 million, subject to annual adjustments based on the stock price of the Class A Common Stock during the fourth quarter of each applicable year (subject to a maximum rate of 9.75%) on the sum of (i) $1,000 per share plus, (ii) once compounded, any compounded dividends thereon ($1,000 per share plus accumulated compounded dividends and accrued but unpaid dividends through any date of determination). Dividends will be paid (at the option of the Company) as payment in kind increases in the stated value of the shares issued of Series C Preferred Stock or in cash. The Series C Preferred Stock will also participate with any dividends or distributions declared on the Class A Common Stock. As of December 31, 2025, the 150,000 outstanding shares of Series C Preferred Stock represent 7.5% of the total voting power of all shares. The Series C Preferred Stock is classified under mezzanine equity on the Company’s Consolidated Statement of Financial Position.

In connection with the Constellation Transaction, the Company issued warrants (the “Constellation Warrants”) to purchase 2,000,000 shares of the Company’s Class A Common Stock at an exercise price of $7.40 per share. On March 27, 2024 and May 15, 2024, the Company completed the initial and additional issuances of Constellation Warrants to purchase 1,533,333 shares and 466,667 shares, respectively, of the Company’s Class A Common Stock. These warrants have been classified as a component of equity in the line item Additional paid-in capital on the Company’s Consolidated Statement of Financial Position as of December 31, 2025 and 2024 and no Constellation Warrants were exercised during these reporting periods.

AlTi’s capital structure as of December 31, 2025 is reflected below:

https://cdn.kscope.io/a030bd0f89ad180681d383c106f85fd7-FN 1 - AlTi - Updated Structure Chart-3.31.25.jpg

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


	As of December 31, 2025	As of December 31, 2024
Class A Common Stock	103,330,156	93,686,980
Class B Common Stock	44,188,561	46,138,876
Series A Preferred Stock	168,934	140,000
Series C Preferred Stock	150,000	150,000

Segments

Our business is currently organized into one operating segment. Prior to the third quarter ended September 30, 2025, the Company was organized into two operating segments: Wealth & Capital Solutions and International Real Estate. The Company previously conducted a strategic review of the International Real Estate Businesses and, based on the conclusion that they were not a core part of its long-term strategy, re-organized its reportable segments in the third quarter of 2024. That change resulted in two reportable segments: Wealth & Capital Solutions and International Real Estate, and prior period data was recast for comparative purposes. On July 11, 2025, the Board approved a plan to appoint administrators over each of the entities International Real Estate Businesses. See Note 3 (Discontinued Operations) for further information. As such, during the third quarter ended September 30, 2025, the Company disposed of its International Real Estate segment, and is now organized as one reportable segment as of September 30, 2025.

Overview

Results generated by our operating segment primarily consist of wealth and investment management and advisory services, trust services, family office services, and the management fees, incentive fees, and distributions from investments received from our interests in internal and external managers of alternative investment strategies (or “Alternatives Platform”). The wealth management client base includes UHNW individuals, families, single-family offices, foundations, and endowments globally, while Alternatives Platform clients are typically institutional. Investment management or advisory fees, incentive fees, and distributions from investments are the primary sources of revenue in our operating segment. Management fees are generally calculated based on a percentage of the value of billable AUM or AUA (as applicable), while incentive fees are driven by the underlying performance of managed portfolios. As of December 31, 2025 and 2024, this segment had $93.1 billion and $67.3 billion, respectively, in AUA.

Investment Management and Advisory Services

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

We have established a platform that provides wealth management clients access to investment opportunities in strategies and asset classes that would otherwise be difficult to access, including due to the very high minimum investment thresholds of many underlying funds. For example, through our private markets partnership with Allianz, clients are able to participate in strategies that might not otherwise be available to them. We operate several vehicles focused on vintage private equity, credit, real estate, active global managers and hedge fund strategies. These vehicles may invest in either a single underlying private equity fund or a portfolio of private equity or other alternative assets funds, each managed by access constrained managers that we select through a disciplined manager selection process intended to identify those we believe can deliver strong risk- adjusted performance. We intend to continue launching additional vintages of these private market vehicles over time, allowing investment management and advisory clients to include an allocation to these alternative funds on a recurring basis. These private strategies are expected to include traditional as well as innovative and Impact Investing offerings.

The independence of our investment management and advisory services is a central principle for our wealth management and OCIO clients. Our services operate independently of any asset managers or investment product providers, including those affiliated with us, to which we may allocate or recommend allocations. We

utilize an open architecture approach, designed to identify appropriate investment solutions in the marketplace that align with our client’s objectives. We do not receive undisclosed forms of compensation and our investment decisions and recommendations are made solely with the best interests of each client in mind.

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

Trust Services

The trust services that we provide within our U.S. wealth service offering aim to ensure our clients’ wealth is preserved, protected, and distributed as intended. As of December 31, 2025, these services are primarily provided from Delaware, which is one of the most well-developed trust legal regimes in the United States. Our trust services include creating or modifying trust instruments and acting as fiduciary in a full, directed or executor capacity.

Family Office Services

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

•bookkeeping and back office services;

•private foundation management and grant making;

•oversight of trust administration;

•financial tracking and reporting;

•cash flow management & bill pay; and

•other financial services.

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

For part of 2024, the Company also had a European trust and private office services business which was deemed non-strategic to the business and was sold on May 8, 2024. See Note 4 (Business Combinations and Divestitures).

Alternatives Platform

Our alternatives platform assists money managers in building their fund management businesses. We have one internally managed fund and stakes in three Externally-Managed Funds. Our internally-managed fund, TIG Arbitrage, is an event-driven fund. It is managed by our subsidiary TIG Advisors, LLC, an SEC-registered investment advisor. In addition, we have made strategic investments with External Strategic Managers, who manage approximately $5.5 billion of AUM in the aggregate as of December 31, 2025. The strategies of these External Strategic Managers include real estate bridge lending, European long/short equities, and Asian credit and special situations. The External Strategic Managers each focus on capital preservation and uncorrelated returns by managing alpha driven investment strategies that align with the needs of a diverse global investor base. As a growth-oriented partner, we work with our fund managers on marketing, business development, and strategy.

Internally Managed Funds

Event-Driven Global Merger Arbitrage

The TIG Arbitrage strategy is our event-driven strategy based in New York. This strategy, which has approximately $1.8 billion of AUM as of December 31, 2025, focuses on 0-to-30-day events within the merger process. The investment team employs deep research on each situation in the portfolio with a focus on complex, hostile, up-for-sale situations where our primary research work can drive uncorrelated alpha. Our research and investment process is focused on hard catalyst events and is not dependent on deal flow.

Externally Managed Funds

Romspen—Real Estate Bridge Lending Strategy

This manager is based in Toronto and focuses on complex construction, term, and pre-development bridge loans throughout North America. The strategy has approximately $1.9 billion of AUA as of December 31, 2025. Their experience with mortgages dates back to the 1950s when the firm operated as a real estate law firm and entered the mortgage lending business in the 1960s. The manager converted its individual mortgage syndication business to a commingled fund in early 2006. The strategy’s diversified portfolio primarily consists of first lien mortgages with little to no structural leverage.

Zebedee—European Equities Strategy

This manager focused on European equities is based in London. The strategy has approximately $2.5 billion of AUA as of December 31, 2025. Founded in 2001, the manager trades the portfolio actively with absolute return-oriented focus on financials, cyclicals, and mining and minerals. The strategy is market agnostic and runs with a variable net exposure, equally comfortable net long or net short.

Arkkan—Asian Credit and Special Situations Strategy

This manager has operated an Asia credit and special situations strategy based in Hong Kong since 2013. The strategy has approximately $1.1 billion of AUA as of December 31, 2025. They have more than 25 years of experience investing in performing, stressed, and distressed bonds and loans throughout the Asia Pacific region. We believe its on-the-ground expertise and deep local network make them well-positioned to capitalize on an under-researched and inefficient market with limited competition and attractive levels of stressed and distressed activity.

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets
Net operating losses	$ 44,632	$ 27,736
Investment in partnership	18,519	13,117
Goodwill	921	1,503
Disallowed interest carryforward	3,455	5,816
Accruals and reserves	7,017	6,567
Operating Lease Liability	1,329	1,744
Other deferred tax asset	802	921
Total deferred tax assets	76,675	57,404
Deferred tax liabilities
Intangibles	17,405	17,353
Operating Lease - Right Of Use	1,281	1,723
Other deferred tax liability	233	254
Total deferred tax liabilities	18,919	19,330
Valuation allowance	(67,323)	(27,325)
Net deferred tax (liabilities)	$ (9,567)
Net deferred tax asset		$ 10,749

Condensed Consolidated Statement of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (155,070)	$ (174,305)	$ (311,215)
Other Comprehensive Income (Loss)
Foreign currency translation adjustments	9,224	(14,760)	20,916
Other comprehensive income (loss)	(25)	119	(764)
Total comprehensive income (loss)	(145,871)	(188,946)	(291,063)
Other loss attributed to non-controlling interests in subsidiaries	(32,783)	(76,315)	(134,635)
Comprehensive income (loss) attributable to AlTi Global, Inc.	$ (113,088)	$ (112,631)	$ (156,428)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-SubTopic 10
-Topic 810
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-20

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(25))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(21))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4K

+ Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 18: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-11

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478009/946-205-45-3

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-19

Reference 25: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 37: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4J
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4J

Reference 38: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4K
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4K

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-2

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

Fair Value Disclosures (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured At Fair Value


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

Other	6		57		—		63
Total	$	83	$	57	$	142,976	$	144,196

Liabilities:

Preferred stock tranche liability	$	—	$	—	$	2,410	$	2,410
Earn-out liabilities	—		—		57,411		57,411

TRA liability (2)	—		—		8,785		8,785


Total	$	—	$	—	$	68,606	$	68,606


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

Total	$	223	$	—	$	147,568	$	148,674

Liabilities:

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

Total	$	932	$	—	$	77,957	$	78,889

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

Schedule of Changes In Fair Value of Liability Level 3 Measurements

The following table sets forth a summary of changes in the fair value of Level 3 financial instruments during the years ended December 31, 2025 and December 31, 2024:


	As of December 31, 2025
(Dollars in Thousands)	Beginning balance		Issuances		Settlements		Net (gains) losses (1)		Transfers out of Level 3		Ending balance
Assets:
Investments – External Strategic Managers	$	147,568	$	—	$	—	$	(4,592)	$	—	$	142,976



Liabilities:
Preferred stock tranche liability	$	3,940	—		—		(1,530)		—		$	2,410
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		—		1,301		—		$	7,044
TRA liability	$	9,378	—		—		(593)		—		$	8,785


	As of December 31, 2024
(Dollars in Thousands)	Beginning balance		Issuances		Settlements		Net (gains) losses (1)		Transfers out of Level 3 (2)		Ending balance
Assets:
Investments – External Strategic Managers	$	164,077	$	—	$	—	$	(16,509)	$	—	$	147,568




Liabilities:
Preferred stock tranche liability	—		4,540		—		(600)		—		3,940
Earn-out liability	62,380		—		—		(38,532)		—		23,848
EEA earn-out liability	—		23,308		—		6,563		—		29,871
Envoi earn-out consideration liability	—		7,980		—		1,620		—		9,600
Envoi earn-out growth consideration liability	—		1,020		—		300		—		1,320
AWMS earn-out liability	1,064		—		—		39		(1,103)		—
TRA liability	13,233		—		—		(3,855)		—		9,378

(2) During the year ended December 31, 2024, there was one transfer from Level 3 to Level 1 of the AWMS earn-out liability.

Schedule of Valuation Methodologies

Valuation Methodologies for Fair Value Measurements Categorized within Level 3 as of December 31, 2025


(Dollars in Thousands)	Fair Value		Valuation Techniques	Unobservable Inputs	Ranges		Impact to Valuation from an Increase in Input
Level 3 Assets:
Investments – External Strategic Managers	$	142,976	Discounted Cash Flow	Discount rate	17.0% -30.0%		Lower
				Long-term growth rate	4.0	%	Higher



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




EEA earn-out liability	$	25,259	Discounted Cash Flow	EBITDA Discount Rate	14.6	%	Lower
				Risk-free rate	3.5	%	Lower
				Credit spread	9.3	%	Lower
Envoi earn-out consideration liability	$	8,220	Discounted Cash Flow	Revenue risk-adjusted discount rate	11.0	%	Lower

				Risk-free rate	3.4	%	Lower
				Credit spread	9.1	%	Lower
Envoi earn-out growth consideration liability	$	1,620	Monte Carlo	Metric volatility	29.0	%	Lower
				Risk-free rate	3.4	%	Lower
				Revenue discount rate	11.0	%	Lower
				Credit Risk Adjusted Discount Rate	12.5	%	Lower
Kontora earn-out liability	$	7,044	Discounted Cash Flow	Discount rate	11.7	%	Lower



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

Valuation Methodologies for Fair Value Measurements Categorized within Level 3 as of December 31, 2024


(Dollars in Thousands)	Fair Value		Valuation Techniques	Unobservable Inputs	Ranges		Impact to Valuation from an Increase in Input
Level 3 Assets:
Investments – External Strategic Managers	$	147,568	Discounted Cash Flow	Discount rate	18.0% -33%		Lower
				Long-term growth rate	4.0	%	Higher




Level 3 Liabilities:
TRA liability	$	9,378	Monte Carlo	Volatility	55.0	%	Lower
				Correlation	22.5	%	Higher
				Cost of debt range	10.2% - 10.9%		Lower
				Equity risk premium	6.1% - 13.2%		Lower
Business Combination earn-out liability	$	23,848	Monte Carlo	Volatility	70.0	%	Higher
				Risk-free rate	4.3	%	Higher




EEA earn-out liability	$	29,871	Discounted Cash Flow	EBITDA Discount Rate	16.3	%	Lower
				Risk-free rate	4.3	%	Lower
				Credit spread	7.9	%	Lower
Envoi earn-out consideration liability	$	9,600	Discounted Cash Flow	Growth rate	10.9	%	Higher
				Revenue risk-adjusted discount rate	12.5	%	Lower
				Risk-free rate	4.2	%	Lower
				Credit spread	7.7	%	Lower
Envoi earn-out growth consideration liability	$	1,320	Monte Carlo	Metric volatility	33.0	%	Lower
				Risk-free rate	4.3	%	Lower
				Revenue discount rate	12.5	%	Lower
				Credit Risk Adjusted Discount Rate	11.9	%	Lower


Preferred stock tranche liability	$	3,940	Binomial lattice model	Volatility	50.0	%	Higher
				Probability of option exercise	50.0	%	Higher
				Risk-free rate	4.8	%	Lower
				Credit spread	7.9	%	Lower

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	The Company has implemented a cybersecurity risk management program that is designed to identify, respond to, protect against and manage cybersecurity threats and incidents. Our cybersecurity risk management processes include regular assessments of our cyber threat detection and response capabilities. We have established cybersecurity risk assessment processes, which include annual risk assessments using third-party consultants. Our Chief Information Security Officer (“CISO”) has oversight over our information security policies and works with our internal IT resources and third-party managed IT support providers to facilitate the implementation of our cybersecurity risk assessment and management processes. Our cybersecurity risk management processes are designed to protect systems and data and contain preventive and detective controls, including internal and external testing. We also provide cybersecurity awareness training to our employees during onboarding and periodically thereafter, including through simulated phishing attacks. We maintain processes designed to evaluate the security practices and controls of our critical third-party vendors that have access to our confidential information, which includes security questionnaires and third-party information security assessments, as applicable. We maintain policies regarding our information security practices, including an incident response plan to coordinate response and mitigation efforts in the event we experience a cybersecurity incident. These policies require notification of cybersecurity incidents to our information security team, and if warranted based on the perceived level of severity of the incident, to members of our executive leadership. We have not identified any cybersecurity incidents or threats that have materially affected us, including our business strategy, results of operations, or financial condition. However, like other companies in our industry, we and our third-party vendors have from time to time experienced threats and security incidents that could affect our information or systems. For more information, please consult “ITEM 1A. RISK FACTORS.”
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The Company has implemented a cybersecurity risk management program that is designed to identify, respond to, protect against and manage cybersecurity threats and incidents. Our cybersecurity risk management processes include regular assessments of our cyber threat detection and response capabilities.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board considers cybersecurity risk as part of its overall risk oversight, and has delegated to the Audit, Finance and Risk Committee (“AFRC”) responsibility for oversight of major risk exposures, including in relation to security, cybersecurity and privacy. At the management level, we have also established an Executive Risk and Compliance Committee (“ERCC”), which oversees the development and implementation of our risk oversight and management processes, including in relation to cybersecurity. The ERCC is comprised of members of our executive leadership from across the organization. Our CISO reports to the ERCC on identified material cyber risks (if any) and on the implementation of cybersecurity priorities. The members of the ERCC, in turn, are responsible for updating the AFRC, and, where required, our Board on key milestones and progress regarding identified material cyber threats.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board considers cybersecurity risk as part of its overall risk oversight, and has delegated to the Audit, Finance and Risk Committee (“AFRC”) responsibility for oversight of major risk exposures, including in relation to security, cybersecurity and privacy.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our CISO reports to the ERCC on identified material cyber risks (if any) and on the implementation of cybersecurity priorities. The members of the ERCC, in turn, are responsible for updating the AFRC, and, where required, our Board on key milestones and progress regarding identified material cyber threats.
Cybersecurity Risk Role of Management [Text Block]	At the management level, we have also established an Executive Risk and Compliance Committee (“ERCC”), which oversees the development and implementation of our risk oversight and management processes, including in relation to cybersecurity. The ERCC is comprised of members of our executive leadership from across the organization. Our CISO reports to the ERCC on identified material cyber risks (if any) and on the implementation of cybersecurity priorities. The members of the ERCC, in turn, are responsible for updating the AFRC, and, where required, our Board on key milestones and progress regarding identified material cyber threats. Our CISO is responsible for advising on the strategic and operational processes related to our cyber risk management program. Our CISO has over two decades of cybersecurity experience, has served on a cybersecurity advisory board for a university, and is a Certified Information Systems Security Professional.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Board considers cybersecurity risk as part of its overall risk oversight, and has delegated to the Audit, Finance and Risk Committee (“AFRC”) responsibility for oversight of major risk exposures, including in relation to security, cybersecurity and privacy. At the management level, we have also established an Executive Risk and Compliance Committee (“ERCC”), which oversees the development and implementation of our risk oversight and management processes, including in relation to cybersecurity. The ERCC is comprised of members of our executive leadership from across the organization. Our CISO reports to the ERCC on identified material cyber risks (if any) and on the implementation of cybersecurity priorities. The members of the ERCC, in turn, are responsible for updating the AFRC, and, where required, our Board on key milestones and progress regarding identified material cyber threats. Our CISO is responsible for advising on the strategic and operational processes related to our cyber risk management program. Our CISO has over two decades of cybersecurity experience, has served on a cybersecurity advisory board for a university, and is a Certified Information Systems Security Professional.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CISO is responsible for advising on the strategic and operational processes related to our cyber risk management program. Our CISO has over two decades of cybersecurity experience, has served on a cybersecurity advisory board for a university, and is a Certified Information Systems Security Professional.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our CISO reports to the ERCC on identified material cyber risks (if any) and on the implementation of cybersecurity priorities. The members of the ERCC, in turn, are responsible for updating the AFRC, and, where required, our Board on key milestones and progress regarding identified material cyber threats. Our CISO is responsible for advising on the strategic and operational processes related to our cyber risk management program.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Business Combinations and Divestitures - Schedule of Intangible Assets Acquired (Details) - USD ($) $ in Thousands	Apr. 30, 2025	Jul. 01, 2024	May 09, 2024	Apr. 03, 2024
Kontora Family Office GmbH ("Kontora")
Business Combination, Recognized Asset Acquired, Asset [Abstract]
Total Intangible Assets	$ 14,075
Kontora Family Office GmbH ("Kontora") \| Brand
Business Combination, Recognized Asset Acquired, Asset [Abstract]
Definite-Lived Intangible Assets	$ 187
Useful life (in years)	3 years
Kontora Family Office GmbH ("Kontora") \| License
Business Combination, Recognized Asset Acquired, Asset [Abstract]
Definite-Lived Intangible Assets	$ 4,385
Useful life (in years)	15 years
Kontora Family Office GmbH ("Kontora") \| Customer relationships
Business Combination, Recognized Asset Acquired, Asset [Abstract]
Definite-Lived Intangible Assets	$ 9,443
Useful life (in years)	15 years
Kontora Family Office GmbH ("Kontora") \| Software
Business Combination, Recognized Asset Acquired, Asset [Abstract]
Definite-Lived Intangible Assets	$ 60
Useful life (in years)	3 years
Envoi, LLC (“Envoi”)
Business Combination, Recognized Asset Acquired, Asset [Abstract]
Total Intangible Assets		$ 23,300
Envoi, LLC (“Envoi”) \| Customer relationships
Business Combination, Recognized Asset Acquired, Asset [Abstract]
Definite-Lived Intangible Assets		$ 23,300
Useful life (in years)		15 years
Pointwise Partners Limited ("PW")
Business Combination, Recognized Asset Acquired, Asset [Abstract]
Total Intangible Assets			$ 9,700
Pointwise Partners Limited ("PW") \| Customer relationships
Business Combination, Recognized Asset Acquired, Asset [Abstract]
Definite-Lived Intangible Assets			$ 9,700
Useful life (in years)			14 years
East End Advisors, LLC ("EEA")
Business Combination, Recognized Asset Acquired, Asset [Abstract]
Total Intangible Assets				$ 62,700
East End Advisors, LLC ("EEA") \| Customer relationships
Business Combination, Recognized Asset Acquired, Asset [Abstract]
Definite-Lived Intangible Assets				$ 61,000
Useful life (in years)				17 years
East End Advisors, LLC ("EEA") \| Developed Technology
Business Combination, Recognized Asset Acquired, Asset [Abstract]
Definite-Lived Intangible Assets				$ 300
Useful life (in years)				5 years
East End Advisors, LLC ("EEA") \| Trade names
Business Combination, Recognized Asset Acquired, Asset [Abstract]
Definite-Lived Intangible Assets				$ 1,400
Useful life (in years)				5 years

Related Party Transactions - Earn-out Liability (Details) - USD ($) $ in Thousands				3 Months Ended	12 Months Ended
	Jul. 01, 2024	Apr. 03, 2024	Jan. 03, 2023	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Earn-out liabilities, at fair value					$ 57,411	$ 64,639
Alvarium, TWMH And TIG
Related Party Transaction [Line Items]
Total purchase consideration transferred			$ 1,071,100
Earn-out liabilities, at fair value					15,300	23,800
Alvarium, TWMH And TIG \| Earn-out liability
Related Party Transaction [Line Items]
Fair value of the business combination earn-out liability					15,268	23,848	$ 62,380
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings					8,580	38,532	29,400
East End Advisors, LLC ("EEA")
Related Party Transaction [Line Items]
Total purchase consideration transferred		$ 93,114
Earn-out liabilities, at fair value		$ 23,300			25,300	29,900
Cash payment for earnout				$ 7,400
East End Advisors, LLC ("EEA") \| Earn-out liability
Related Party Transaction [Line Items]
Fair value of the business combination earn-out liability					25,259	29,871	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings					$ (2,775)	$ (6,563)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]					Gain (loss) on earnout liabilities	Gain (loss) on earnout liabilities
Envoi, LLC (“Envoi”)
Related Party Transaction [Line Items]
Total purchase consideration transferred	$ 34,258
Earn-out liabilities, at fair value	$ 9,000
Envoi, LLC (“Envoi”) \| Earn-out consideration liability
Related Party Transaction [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings					$ (1,600)	$ (1,600)
Earn-out liabilities, at fair value					8,200	9,600
Envoi, LLC (“Envoi”) \| Earn-out growth consideration liability
Related Party Transaction [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings					(300)	(300)
Earn-out liabilities, at fair value					1,600	1,300
Envoi, LLC (“Envoi”) \| Earn-out consideration liability
Related Party Transaction [Line Items]
Fair value of the business combination earn-out liability					8,220	9,600	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings					(1,573)	(1,620)
Envoi, LLC (“Envoi”) \| Earn-out growth consideration liability
Related Party Transaction [Line Items]
Fair value of the business combination earn-out liability					1,620	1,320	$ 0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings					$ (300)	$ (300)

Intangible Assets, net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 15.9	$ 13.3	$ 8.5

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-18

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-11

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-24

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-12

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-SubTopic 30
-Topic 350
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 254,956	$ 198,390	$ 221,145
Management/advisory fees
Disaggregation of Revenue [Line Items]
Total revenue	198,410	182,599	160,785
Incentive fees
Disaggregation of Revenue [Line Items]
Total revenue	34,708	3,256	42,674
Distributions from investments
Disaggregation of Revenue [Line Items]
Total revenue	20,837	12,304	17,185
Other fees/income
Disaggregation of Revenue [Line Items]
Total revenue	1,001	231	501
Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue	254,956	198,390	221,145
Operating Segments \| Management/advisory fees
Disaggregation of Revenue [Line Items]
Total revenue	198,410	182,599	160,785
Operating Segments \| Incentive fees
Disaggregation of Revenue [Line Items]
Total revenue	34,708	3,256	42,674
Operating Segments \| Distributions from investments
Disaggregation of Revenue [Line Items]
Total revenue	20,837	12,304	17,185
Operating Segments \| Other fees/income
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,001	$ 231	$ 501

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2025

Postemployment Benefits [Abstract]

Schedule of Costs of Retirement Plans

The Company’s contributions are summarized in the following table:


(Dollars in Thousands)	For the Year Ended
		December 31, 2025		December 31, 2024		December 31, 2023
Plan Contributions		$	3,608	$	3,033	$	2,730

Discontinued Operations - Schedule of Net Income (Loss) From Discontinued Operations, Net of Taxes (Details) - Discontinued Operations, Disposed of by Means Other than Sale - International Real Estate Segment - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue
Total revenue	$ 1,977	$ 8,544	$ 25,772
Operating Expenses
Compensation and employee benefits	3,039	13,766	39,064
Systems, technology and telephone	457	927	1,267
Sales, distribution and marketing	129	397	323
Occupancy costs	433	267	2,104
Professional fees	4,253	14,359	17,657
Travel and entertainment	135	589	816
Depreciation and amortization	0	125	6,642
General, administrative and other	3,280	6,030	8,920
Total operating expenses	11,726	36,460	76,793
Total operating income (loss)	(9,749)	(27,916)	(51,021)
Other Income (Expenses)
Impairment loss on goodwill and intangible assets	0	(42,502)	(206,777)
Gain (loss) on investments	(21,556)	(2,055)	(19,643)
Interest expense	0	(12)
Interest expense			209
Interest income	13	156	1,301
Other income (expense)	0	(5)	(3,643)
Income (loss) before taxes	(31,292)	(72,334)	(279,574)
Income tax (expense) benefit	(61)	277	10,028
Net income (loss) from discontinued operations, net of income tax	(31,353)	(72,057)	(269,546)
Management/advisory fees
Revenue
Total revenue	1,976	7,856	20,076
Incentive fees
Revenue
Total revenue	0	0	702
Other fees/income
Revenue
Total revenue	$ 1	$ 688	$ 4,994

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

For the Year Ended

December 31, 2025

December 31, 2024

Basic

Diluted

Basic

Diluted

Class A Common Stock

Included

Class B Common Stock (1)

Excluded

If-converted method

Excluded

If-converted method

Series A Preferred Stock (2)

Two-class method

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

Two-class method

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

Series C Preferred Stock (2)

Two-class method

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

Two-class method

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

Allianz Tranche Right(3)

Excluded

If-converted method

Excluded

If-converted method

Allianz Warrants(4)

Excluded

Treasury stock method

Excluded

Treasury stock method

Constellation Warrants(4)

Excluded

Treasury stock method

Excluded

Treasury stock method

Earn-Out Shares(5)

Excluded

Treasury stock method

Excluded

PW Deferred Consideration Shares(6)

Included

Excluded

Included

Acquisition-Related Awards(7)

Excluded

Included

Excluded

Included

Unvested RSUs(8)

Excluded

Treasury stock method

Excluded

Treasury stock method

Unvested PRSUs (8)

Excluded

Treasury stock method

Excluded

Treasury stock method


	For the Year Ended
(Dollars in Thousands, except share data)		December 31, 2025		December 31, 2024		December 31, 2023
Numerator:
Net income (loss) from continuing operations		$	(123,717)	$	(102,248)	$	(41,669)
Net income (loss) attributable to noncontrolling interests in subsidiaries from continuing operations		(35,371)		(71,271)		(145,631)
Net income (loss) attributable to AlTi Global Inc		$	(88,346)	$	(30,977)	$	103,962
Less: Preferred stock dividends		(34,020)		(23,515)		—
Income (loss) from continuing operations available to Class A shareholders - basic		$	(122,366)	$	(54,492)	$	103,962
Dilutive effect of Class B Common Stock		—		—		(145,631)
Income (loss) from continuing operations available to Class A shareholders - diluted		$	(122,366)	$	(54,492)	$	(41,669)

Denominator:
Weighted-average shares of Class A Common Stock outstanding - basic		99,868,230		79,692,659		61,396,692
Dilutive effect of Class B Common Stock		—		—		54,418,555
Weighted-average shares of Class A Common Stock outstanding - diluted		99,868,230		79,692,659		115,815,247

Income (loss) from continuing operations per Class A Common Stock - basic		$	(1.23)	$	(0.68)	$	1.69
Income (loss) from continuing operations per Class A Common Stock - diluted		$	(1.23)	$	(0.68)	$	(0.36)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	For the Year Ended
		December 31, 2025	December 31, 2024	December 31, 2023
Class B Common Stock and Class B Units		47,257,352	48,352,620	—

Allianz and Constellation Warrants		7,000,000	7,000,000	—
Preferred Stock		35,771,958	19,905,453	—
Earn-Out Shares		13,884,667	12,583,106	10,396,318
PW Deferred Consideration Shares		—	829,657	—
Acquisition-Related Awards		1,142,754	1,680,085	—
Stock Awards		1,916,916	3,245,446	3,432,030

Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

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


	For the Year Ended
(Dollars in Thousands)		December 31, 2025		December 31, 2024		December 31, 2023

Management/advisory fees		$	198,410	$	182,599	$	160,785
Incentive fees		34,708		3,256		42,674
Distributions from investments		20,837		12,304		17,185
Other fees/income		1,001		231		501
Total revenue		$	254,956	$	198,390	$	221,145

Schedule of Contract with Customer


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

Management/advisory fees receivable
Beginning balance	$	28,896	$	26,802
Ending balance (1)	35,047		28,896

Incentive fees receivable
Beginning balance	$	1,324	$	40,356
Ending balance (2)	30,335		1,324

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

(1) As of December 31, 2025 and December 31, 2024, this amount includes $0.6 million and $0.7 million, respectively, in Management/advisory fees receivable due from related parties. See Note 18 (Related Party Transactions) for further details.

(2) As of December 31, 2025 and December 31, 2024, this amount includes $9.0 million and $0.2 million, respectively, in Incentive fees receivable due from related parties. See Note 18 (Related Party Transactions) for further details.

Intangible Assets, net - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount			$ 309,172	$ 290,358
Impairment/Disposals			(600)	0
Accumulated Amortization			(38,419)	(21,795)
Net Carrying Amount			270,153	268,563
Goodwill, period increase (decrease)			8,124	16,062
Foreign currency translation differences			4,100	(1,300)
Non-amortized intangible assets
Gross Carrying Amount			201,004
Impairment			$ (35,000)	$ (44,900)
Impairment, Intangible Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]			Goodwill and Intangible Asset Impairment	Goodwill and Intangible Asset Impairment
Net Carrying Amount			$ 166,004
Intangible Assets, Gross Carrying Amount			510,176	$ 536,258
Intangible Assets, Impairment			(35,600)	(44,900)
Intangible Assets, Net Carrying Amount			436,157	469,563
Kontora Family Office GmbH ("Kontora")
Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired			14,800
Adjustments to intangibles			(700)
Pointwise Partners Limited ("PW"), East End Advisors, LLC ("EEA"), And Envoi, LLC (“Envoi”)
Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired				99,300
East End Advisors, LLC ("EEA")
Finite-Lived Intangible Assets [Line Items]
Adjustments to intangibles				(4,600)
Envoi Acquisition
Finite-Lived Intangible Assets [Line Items]
Goodwill, period increase (decrease)				(1,000)
Investment management agreements
Non-amortized intangible assets
Gross Carrying Amount			201,000	245,900
Impairment	$ (35,000)	$ (44,900)	$ (35,000)
Impairment, Intangible Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]	Goodwill and Intangible Asset Impairment	Goodwill and Intangible Asset Impairment	Goodwill and Intangible Asset Impairment
Net Carrying Amount			$ 166,000	$ 201,000
Other intangible asset
Non-amortized intangible assets
Gross Carrying Amount			4
Impairment			$ 0
Impairment, Intangible Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]			Goodwill and Intangible Asset Impairment
Net Carrying Amount			$ 4
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period (in years)			22 years	22 years 3 months 18 days
Gross Carrying Amount			$ 290,419	$ 277,117
Impairment/Disposals			0	0
Accumulated Amortization			(33,235)	(18,999)
Net Carrying Amount			$ 257,184	$ 258,118
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period (in years)			9 years 3 months 18 days	9 years 4 months 24 days
Gross Carrying Amount			$ 12,238	$ 11,941
Impairment/Disposals			0	0
Accumulated Amortization			(3,828)	(2,351)
Net Carrying Amount			$ 8,410	$ 9,590
License
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period (in years)			15 years
Gross Carrying Amount			$ 4,535
Impairment/Disposals
Accumulated Amortization			(195)
Net Carrying Amount			$ 4,340
Acquired internally developed software
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period (in years)			5 years	5 years
Gross Carrying Amount			$ 1,300	$ 1,300
Impairment/Disposals			(600)	0
Accumulated Amortization			(505)	(445)
Net Carrying Amount			$ 195	$ 855
Other intangible asset
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period (in years)			1 year 6 months
Gross Carrying Amount			$ 680
Impairment/Disposals			0
Accumulated Amortization			(656)
Net Carrying Amount			$ 24

Commitments and Contingencies (Details) $ / shares in Units, $ in Thousands								12 Months Ended		18 Months Ended
	Apr. 30, 2025 USD ($)	Mar. 13, 2025 USD ($)	Dec. 19, 2024 USD ($)	Jul. 01, 2024 USD ($)	May 09, 2024 USD ($)	Apr. 03, 2024 USD ($)	Jan. 03, 2023 USD ($)	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($)	Mar. 31, 2025 USD ($)	May 08, 2024	Apr. 12, 2024
Other Commitments [Line Items]
TRA liability								$ 25,724	$ 28,765
TRA liability								$ 8,785	9,378
Conversion ratio								1
Earn-out liabilities, at fair value								$ 57,411	64,639
Outstanding letters of credit								3,400	3,400
Percentage of losses sought													100.00%
Percentage decline in real estate investment portfolio										50.00%
Provision for redress liability								$ 3,600
Settled Litigation
Other Commitments [Line Items]
Litigation settlement		$ 5,100
Certain Former Tolleson Employees
Other Commitments [Line Items]
Employment agreement, term of client and employee non-solicit and lost client fee clause (in years)								1 year
Letter of Credit
Other Commitments [Line Items]
Collateral amount as percentage of the amount of each instrument issued			102.00%
Threshold of aggregate outstanding face amount of all issued instruments			$ 5,000
Expiration date, from termination date (in years)			1 year
Commitment fee (in percent)			0.30%
Alvarium, TWMH And TIG
Other Commitments [Line Items]
Earn-out liabilities, at fair value								$ 15,300	23,800
Total purchase consideration transferred							$ 1,071,100
Voting interest acquired (in percent)							100.00%
Alvarium, TWMH And TIG \| Earn-out liability
Other Commitments [Line Items]
Fair value of the business combination earn-out liability								15,268	23,848	$ 62,380
East End Advisors, LLC ("EEA")
Other Commitments [Line Items]
Earn-out liabilities, at fair value						$ 23,300		25,300	29,900
Total purchase consideration transferred						93,114
Payment of assumed liabilities						$ 793
East End Advisors, LLC ("EEA") \| Earn-out liability
Other Commitments [Line Items]
Fair value of the business combination earn-out liability								25,259	29,871	$ 0
Pointwise Partners Limited ("PW")
Other Commitments [Line Items]
Total purchase consideration transferred					$ 7,954
Voting interest acquired (in percent)					50.00%
Equity interest (in percent)												50.00%
Equity interest, including subsequent acquisition (in percent)					100.00%
Payment of assumed liabilities					$ 3,300
Deferred consideration					$ 3,328			0	3,339
Deferred cash consideration paid											$ 3,400
Envoi, LLC (“Envoi”)
Other Commitments [Line Items]
Earn-out liabilities, at fair value				$ 9,000
Total purchase consideration transferred				$ 34,258
Envoi, LLC (“Envoi”) \| Earn-out consideration liability
Other Commitments [Line Items]
Earn-out liabilities, at fair value								8,200	9,600
Envoi, LLC (“Envoi”) \| Earn-out growth consideration liability
Other Commitments [Line Items]
Earn-out liabilities, at fair value								1,600	1,300
Kontora Family Office GmbH ("Kontora")
Other Commitments [Line Items]
Earn-out liabilities, at fair value	$ 5,743
Total purchase consideration transferred	$ 15,696
Kontora Family Office GmbH ("Kontora") \| Earn-out liability
Other Commitments [Line Items]
Fair value of the business combination earn-out liability								$ 7,044	$ 0
Class A Common Stock
Other Commitments [Line Items]
Conversion ratio								1
Converted shares (in shares) \| shares								10,844,400
Share price (in dollars per share) \| $ / shares								$ 5.68
Class A Common Stock \| Sponsor and selling shareholders of TWMH, TIG, and Alvarium \| Alvarium, TWMH And TIG \| Earnout shares
Other Commitments [Line Items]
Number of earn-out securities (in shares) \| shares								3,300,000
Class A Common Stock \| Sponsor and selling shareholders of TWMH, TIG, and Alvarium \| Alvarium, TWMH And TIG \| Earnout shares, tranche one
Other Commitments [Line Items]
Volume weighted average price (in dollars per share) \| $ / shares								$ 12.50
Volume weighted average price, number of trading days								20 days
Volume weighted average price, number of consecutive trading days								30 days
Volume weighted average price, term within closing of transaction (in years)								5 years
Earnout securities to be issued, issued (in percent)								50.00%
Class A Common Stock \| Sponsor and selling shareholders of TWMH, TIG, and Alvarium \| Alvarium, TWMH And TIG \| Earnout shares, tranche two
Other Commitments [Line Items]
Volume weighted average price (in dollars per share) \| $ / shares								$ 15.00
Volume weighted average price, number of trading days								20 days
Volume weighted average price, number of consecutive trading days								30 days
Volume weighted average price, term within closing of transaction (in years)								5 years
Earnout securities to be issued, issued (in percent)								50.00%
Class B Common Stock
Other Commitments [Line Items]
Converted shares (in shares) \| shares								1,950,315	7,080,837
Class B Common Stock \| Sponsor and selling shareholders of TWMH, TIG, and Alvarium \| Alvarium, TWMH And TIG \| Earnout shares
Other Commitments [Line Items]
Number of earn-out securities (in shares) \| shares								7,100,000
Class B units \| Sponsor and selling shareholders of TWMH, TIG, and Alvarium \| Alvarium, TWMH And TIG \| Earnout shares
Other Commitments [Line Items]
Number of earn-out securities (in shares) \| shares								7,100,000

Leases - Schedule of Weighted-average Remaining Lease Term And Discount Rate (Details)	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Weighted-average remaining lease term (in years)	11 years 4 months 17 days	11 years 5 months 15 days
Weighted-average discount rate (in percent)	6.31%	5.99%

Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Equity-based Compensation Award Activity

The following table summarizes the equity-based compensation award activity for the years ended December 31, 2025, and December 31, 2024:


	December 31, 2025			December 31, 2024
	Number of Awards	Weighted Average Grant Date Fair Value		Number of Awards	Weighted Average Grant Date Fair Value
Restricted common stock
Restricted common stock awards outstanding at beginning of period	6,216,513	$	4.86	4,797,464	$	4.64
Restricted common stock granted	7,676,202	3.82		4,181,243	5.18
Restricted common stock forfeited	(197,427)	3.90		(938,383)	4.86
Restricted common stock vested	(2,266,401)	4.60		(1,823,811)	4.99
Restricted common stock awards outstanding at end of period	11,428,887	$4.23		6,216,513	$	4.86

Schedule of Equity-Based Compensation Recognized

The following table summarizes the equity-based compensation recognized, which is included in Compensation and employee benefits in the Consolidated Statement of Operations, during the years ended December 31, 2025, 2024, and 2023:


	For the Year Ended
(Dollars in Thousands)		December 31, 2025		December 31, 2024		December 31, 2023
RSUs		$	18,882	$	10,554	$	36,779
PRSUs		3,200		3,241		—
Acquisition-related		4,488		6,891		6,968
TIH SPA		—		—		1,178
Revenue share		1,024		1,077		1,249
Deferred compensation		4,465		4,523		—
Accrued compensation		65		—		—
Total		$	32,124	$	26,287	$	46,174

Earnings Per Share - Schedule of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net income (loss) from continuing operations	$ (123,717)	$ (102,248)	$ (41,669)
Net income (loss) attributable to noncontrolling interests in subsidiaries from continuing operations	(35,371)	(71,271)	(145,631)
Net income (loss) attributable to AlTi Global Inc	(88,346)	(30,977)	103,962
Less: Preferred stock dividends	(34,020)	(23,515)	0
Income (loss) from continuing operations available to Class A shareholders - basic	(122,366)	(54,492)	103,962
Dilutive effect of Class B Common Stock	0	0	(145,631)
Income (loss) from continuing operations available to Class A shareholders - diluted	$ (122,366)	$ (54,492)	$ (41,669)
Denominator:
Weighted-average shares of Class A Common Stock outstanding - basic (in shares)	99,868,230	79,692,659	61,396,692
Dilutive effect of Class B Common Stock (in shares)	0	0	54,418,555
Weighted-average shares of Class A Common Stock outstanding - diluted (in shares)	99,868,230	79,692,659	115,815,247
Income (loss) from continuing operations per Class A Common Stock - basic (in dollars per share)	$ (1.23)	$ (0.68)	$ 1.69
Income (loss) from continuing operations per Class A Common Stock - diluted (in dollars per share)	$ (1.23)	$ (0.68)	$ (0.36)

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2025	Mar. 31, 2026	Jun. 30, 2025
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-40103
Entity Registrant Name	AlTi Global, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	92-1552220
Entity Address, Address Line One	22 Vanderbilt Avenue
Entity Address, Address Line Two	27th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017
City Area Code	(212)
Local Phone Number	396-5900
Title of 12(b) Security	Class A Common stock, par value $0.0001 per share
Trading Symbol	ALTI
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 313.7
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s Definitive Proxy Statement relating to the Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Such Definitive Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended December 31, 2025.
Central Index Key	0001838615
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		107,438,077
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		43,235,073

Condensed Consolidated Statement of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue
Total revenue	$ 254,956	$ 198,390	$ 221,145
Operating Expenses
Compensation and employee benefits	189,793	156,122	169,191
Systems, technology and telephone	19,207	18,434	15,073
Sales, distribution and marketing	3,994	3,099	1,894
Occupancy costs	13,814	14,305	11,710
Professional fees	47,798	35,949	45,433
Travel and entertainment	3,663	4,750	5,098
Depreciation and amortization	18,446	14,427	10,397
General, administrative and other	32,184	10,237	10,575
Total operating expenses	328,899	257,323	269,371
Total operating income (loss)	(73,943)	(58,933)	(48,226)
Other Income (Expenses)
Impairment loss on goodwill and intangible assets	(35,000)	(74,267)	0
Gain (loss) on investments	(5,022)	(3,300)	4,161
Gain (loss) on TRA	5,372	3,855	(233)
Gain (loss) on preferred stock tranche liability	1,530	600	0
Gain (loss) on warrant liabilities	0	0	(12,866)
Gain (loss) on earnout liabilities	3,280	30,727	31,104
Interest expense	(347)	(22,134)	(14,710)
Interest income	1,422	5,206
Interest income			(1,301)
Other income (expense)	(2,421)	(4,858)	(104)
Income (loss) before taxes from continuing operations	(105,129)	(123,104)	(42,175)
Income tax (expense) benefit from continuing operations	(18,588)	20,856	506
Net income (loss) from continuing operations	(123,717)	(102,248)	(41,669)
Net income (loss) from discontinued operations, net of income tax	(31,353)	(72,057)	(269,546)
Net income (loss)	(155,070)	(174,305)	(311,215)
Net (loss) income attributed to non-controlling interests in subsidiaries from continuing operations	(35,371)	(71,271)	(145,631)
Net (loss) income attributed to non-controlling interests in subsidiaries from discontinued operations	0	0	0
Net income (loss) attributable to AlTi Global, Inc.	$ (119,699)	$ (103,034)	$ (165,584)
Basic:
Continuing operations (in dollars per share)	$ (1.23)	$ (0.68)	$ 1.69
Discontinued operations (in dollars per share)	(0.31)	(0.90)	(4.39)
Diluted:
Continuing operations (in dollars per share)	(1.23)	(0.68)	(0.36)
Discontinued operations (in dollars per share)	$ (0.31)	$ (0.90)	$ (4.39)
Weighted Average Shares of Class A Common Stock Outstanding
Basic (in shares)	99,868,230	79,692,659	61,396,692
Diluted (in shares)	99,868,230	79,692,659	115,815,247
Continuing Operations
Weighted Average Shares of Class A Common Stock Outstanding
Basic (in shares)	99,868,230	79,692,659	61,396,692
Diluted (in shares)	99,868,230	79,692,659	115,815,247
Discontinued Operations
Weighted Average Shares of Class A Common Stock Outstanding
Basic (in shares)	99,868,230	79,692,659	61,396,692
Diluted (in shares)	99,868,230	79,692,659	61,396,692
Management/advisory fees
Revenue
Total revenue	$ 198,410	$ 182,599	$ 160,785
Incentive fees
Revenue
Total revenue	34,708	3,256	42,674
Distributions from investments
Revenue
Total revenue	20,837	12,304	17,185
Other income/fees
Revenue
Total revenue	$ 1,001	$ 231	$ 501

Other assets, net and Other liabilities, net - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	May 09, 2024
Property, Plant and Equipment [Line Items]
Payroll taxes	$ 1,754	$ 1,128
Payroll	869	0
Corporation tax payable	2,532	2,415
Accrued legal	4,496	5,125
Other	5,025	(168)
Other Liabilities, net	14,676	11,839
Related party
Property, Plant and Equipment [Line Items]
Other Liabilities, net	700	3,300
PW deferred consideration
Property, Plant and Equipment [Line Items]
PW deferred consideration	$ 0	$ 3,339	$ 3,328

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Related Party Transactions - Constellation Transaction (Details) - USD ($) $ / shares in Units, $ in Millions				3 Months Ended		12 Months Ended
	May 15, 2024	Mar. 27, 2024	Apr. 03, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jun. 07, 2023	Jan. 01, 2023
Related Party Transaction [Line Items]
Series C redeemable cumulative convertible preferred stock, issued (in shares)						150,000
Number of securities called by warrants or rights (in shares)									19,892,387
Constellation warrant
Related Party Transaction [Line Items]
Warrant, exercise price (in dollars per share)							$ 7.40
Constellation warrant \| Additional paid-in-capital
Related Party Transaction [Line Items]
Warrant liabilities, at fair value						$ 3.0	$ 3.0
Series C Preferred Stock
Related Party Transaction [Line Items]
Preferred stock, dividend rate (in percent)				9.75%
Less: Preferred stock dividends							$ 150.0
Preferred stock, dividend rate, per-dollar amount (in dollars per share)							$ 1,000
Preferred stock, outstanding (in shares)						150,000	150,000	0
Series C redeemable cumulative convertible preferred stock, issued (in shares)						150,000	150,000
Preferred stock, total voting power (in percent)						7.50%
Series C Preferred Stock \| Maximum
Related Party Transaction [Line Items]
Preferred stock, dividend rate (in percent)							9.75%
Class A Common Stock
Related Party Transaction [Line Items]
Number of securities called by warrants or rights (in shares)									4,962,147
Warrant, exercise price (in dollars per share)										$ 11.50
Issuance of shares - exercise of warrants (in shares)			78,864		428,626
Class A Common Stock \| Constellation warrant
Related Party Transaction [Line Items]
Number of securities called by warrants or rights (in shares)	466,667	1,533,333					2,000,000
Issuance of shares - exercise of warrants (in shares)						0	0
CWC AlTi Investor LLC (“Constellation”) \| Series C Preferred Stock \| Constellation Investment Agreement
Related Party Transaction [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	35,000	115,000					150,000

Equity Method Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]
Equity method investments	$ 20,403	$ 138
Impairment on its equity method investments	$ 1,700

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2025
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies (a)Basis of Presentation The accompanying audited consolidated financial statements comprise the financial statements of the Company and its subsidiaries. These consolidated financial statements have been prepared under the accrual basis of accounting in accordance with U.S. GAAP and conform to prevailing practices within the financial services industry, as applicable to the Company. The notes are an integral part of the Company’s consolidated financial statements. In the opinion of management, all adjustments necessary for a fair presentation of the Company’s consolidated financial statements have been included and are of a normal and recurring nature. The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Certain prior period presentations and disclosures, while not required to be recast, may be reclassified to ensure comparability with current period classifications. (b)Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make assumptions and estimates that affect the amounts reported in the consolidated financial statements of the Company. The most critical of these estimates are related to (i) the fair value of the investments included in the billable assets within AUM/AUA, as this impacts the amount of revenues the Company recognizes each period; (ii) the fair values of the Company’s investments and liabilities with respect to the TRA, and Earn-out Securities, as changes in these fair values have a direct impact on the Company’s consolidated net income (loss); (iii) the estimate of future taxable income, which impacts the realizability and carrying amount of the Company’s deferred income tax assets; (iv) the qualitative and quantitative assessments of whether impairments of equity method investments, carried interest vehicles, acquired intangible assets, and goodwill exist; and (v) the determination of whether to consolidate a variable interest entity (“VIE”); and (vi) fair value of assets acquired and liabilities assumed in business combinations, including assumptions with respect to future cash inflows and outflows, discount rates, assets’ useful lives, market multiples, the allocation of purchase price consideration in the business combination valuation of acquired assets and liabilities, the estimated useful lives of intangible assets, goodwill impairment testing, assumptions used to calculate equity-based compensation, and the realization of deferred tax assets. Inherent in such estimates are judgments relating to future cash flows, which include the Company’s interpretation of current economic indicators and market valuations, and assumptions about the Company’s strategic plans with regard to its operations. While management believes that the estimates utilized in preparing the consolidated financial statements are reasonable and prudent, actual results could differ materially from those estimates. (c)Consolidation The Company consolidates those entities in which it has a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. The Company determines whether an entity should be consolidated by first evaluating whether it holds a variable interest in the entity. Entities that are not VIEs are further evaluated for consolidation under the voting interest model (“VOE” model). An entity is considered to be a VIE if any of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) the holders of equity investment at risk, as a group, lack either the direct or indirect ability through voting rights or similar rights to make decisions that have a significant effect on the success of the entity or the obligation to absorb the expected losses or right to receive the expected residual returns, or (c) the voting rights of some equity investors are disproportionate to their obligation to absorb losses of the entity, their rights to receive returns from an entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. Fees that are customary and commensurate with the level of services provided by the Company, and where the Company does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, are not considered a variable interest. The Company factors in all economic interests, including proportionate interests through related parties, to determine if fees are considered a variable interest. Where the Company’s interests in funds are primarily management fees and insignificant direct or indirect equity interests through related parties, the Company is not considered to have a variable interest in such entities. The Company consolidates all VIEs for which it is the primary beneficiary. An entity is determined to be the primary beneficiary if it holds a controlling financial interest, which is defined as having (a) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The Company does not consolidate any of the products it manages as it does not hold any direct or indirect interests in such entities that could expose the Company to an obligation to absorb losses of an entity or the right to receive benefits from an entity that could potentially be significant to such entities. The Company determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and continuously reconsiders that conclusion. In evaluating whether the Company is the primary beneficiary, the Company evaluates its direct and indirect economic interests in the entity. The consolidation analysis is generally performed qualitatively, however, if the primary beneficiary is not readily determinable, a quantitative analysis may also be performed. This analysis requires judgment, including: (1) determining whether the equity investment at risk is sufficient to permit the entity to finance its activities without additional subordinated financial support, (2) evaluating whether the equity holders, as a group, can make decisions that have a significant effect on the success of the entity, (3) determining whether two or more parties’ equity interests should be aggregated, (4) determining whether the equity investors have proportionate voting rights to their obligations to absorb losses or rights to receive returns from an entity and (5) evaluating the nature of relationships and activities of the parties involved in determining which party within a related-party group is most closely associated with a VIE and therefore would be deemed the primary beneficiary. Under the voting interest model, the Company consolidates those entities it controls through a majority voting interest. The Company will generally not consolidate those voting interest entities where a single investor or simple majority of third-party investors with equity have the ability to exercise substantive kick-out or participation rights. (d)Revenue Recognition Revenue is recognized when the Company transfers promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. A five-step framework is utilized that requires an entity to: (i) identify the contract(s) with a customer, which includes assessing the collectability of the consideration to which it will be entitled in exchange for the goods or services transferred to the customer, (ii) identify the performance obligation in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligation in the contract, and (v) recognize revenue when the entity satisfies a performance obligation. Management/Advisory Fees Revenues from contracts with customers consist of investment management, trustee, and custody fees. The Company recognizes revenue at the time of transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. Revenue recognized is calculated based on contractual terms, including the transaction price, whether a distinct performance obligation has been satisfied and control is transferred to the customer, and when collection of the revenue is assessed as probable. Investment management, trustee and custody fees are recognized over the period in which the investment management services are performed, using a time-based output method to measure progress. The amount of revenue varies from one reporting period to another as levels of AUA change (from inflows, outflows, and market movements) and the number of days in the reporting period change. For services provided to each client account, the Company charges an investment management fee, inclusive of custody and/or trustee fees, based on the fair value of the AUM of such account representing a single performance obligation. For assets for which valuations are not available on a daily basis, the most recent valuation provided to the Company is used as the fair value for the purpose of calculating the quarterly fee. In certain circumstances, fixed fees are charged to customers on a monthly basis. The nature of the Company’s performance obligation is to provide a series of distinct services in which the customer receives the benefits of the services over time. The Company’s performance obligation is satisfied at the end of each month or quarter, as applicable to the contract with the customer. Fees are charged on a mixture of methodologies that include quarterly in arrears based upon the market value at the end of the quarter, quarterly based on the average daily balance, or monthly. Receivable balances from contracts with customers are included in the fees receivable line in the Consolidated Statement of Financial Position. Our family office services business is also included in the Management/advisory fees line item. Family office services fees are generally structured to reflect an annual agreed upon fee or they can be structured on a project/time-based fee. Family office services fees are typically billed quarterly in arrears. We also generate family office services project/time-based fees arising from accounting, administration fees, set up, the Foreign Account Tax Compliance Act (“FATCA”), and other non-investment advisory services. Incentive Fees The Company is entitled to incentive fees if targeted returns have been achieved in accordance with customer contracts. Incentive fees are calculated using a percentage of net profit from the amount the customers earn. Incentive fees are variable consideration that is generally calculated as applicable to the contract with the customer. We recognize our incentive fees when it is no longer probable that a significant reversal of revenue will occur. Our incentive fees are not subject to clawback provisions. Other Fees/Income The Company generates brokerage fees which are similar to arrangement fees except that they are generally paid for assisting public companies in raising capital. (e)Distributions from Investments The Company has equity interests in External Strategic Managers pursuant to which it is entitled to distributions based on the terms of the respective arrangements. Distributions from each investment will be recorded upon receipt of the distribution. These distributions are recurring under investment agreements and are structured as either a profit or revenue share of the investment’s management and incentive fees. (f)Cash and Cash Equivalents Cash and cash equivalents primarily consist of cash and highly liquid investments with original maturities of three months or less at the date of purchase. The Company invests its excess cash primarily in money market funds or demand deposit accounts of major financial institutions. Accordingly, the Company’s cash and cash equivalents are subject to minimal credit and market risk. Cash balances maintained by consolidated VIEs are not considered legally restricted and are included in cash and cash equivalents on the Consolidated Statement of Financial Position. (g)Restricted Cash and Cash Equivalents Restricted cash and cash equivalents consist of balances that are restricted as to withdrawal or usage. As of December 31, 2025 and December 31, 2024, restricted cash and cash equivalents amounted to $7.0 million and $9.1 million, respectively, and are included in the line item Cash and cash equivalents on the Consolidated Statement of Financial Position as of such dates. These amounts represent collateral held as well as the level of liquidity to be maintained by the Company’s certain subsidiaries to meet regulatory requirements. Failing to meet the requirement could lead to censure, fines, and ultimately a loss of license. (h)Concentration of Credit Risk Financial instruments that potentially expose the Company to concentration of credit risk consist primarily of cash and cash equivalents. The Company’s cash and cash equivalents are generally held with large financial institutions. Although the Company’s deposits may exceed federally insured limits, the financial institutions that the Company uses have high investment-grade credit ratings and, as a result, the Company believes that, as of December 31, 2025, its risk related to deposits exceeding federally insured limits was not significant. (i)Compensation and Employee Benefits Cash-Based Compensation Compensation and benefits consist of salaries, bonuses, commissions, benefits and payroll taxes. Compensation is accrued over the related service period. Equity-Based Compensation Equity-based compensation awards are reviewed to determine whether such awards are equity-classified or liability-classified. Compensation expense related to equity-classified awards is equal to their grant-date fair value and generally recognized on a straight-line basis over the awards’ requisite service period for time-based awards or recognized over a graded-vesting period for awards with both a service and market condition, as applicable. When certain settlement features require an award to be liability-classified, compensation expense is recognized over the service period, and such amount is adjusted at each statement of financial position date through the settlement date to the then current fair value of such award. The Company recognizes equity-based award forfeitures in the period they occur as a reversal of previously recognized compensation expense. The reduction in compensation expense is determined based on the specific awards forfeited during that period. Furthermore, the Company recognizes all excess tax benefits and deficiencies as income tax benefits or expenses in the Consolidated Statement of Operations. (j)Foreign Currency Translation The functional currency for the Company’s foreign subsidiaries is based on the subsidiaries’ financial and operational environment and is the applicable local currency. Revenues, expenses, assets and liabilities denominated in non-functional currencies are recorded in the appropriate functional currency at rate of exchange prevailing at the transaction date. Monetary assets and liabilities denominated in non-functional currencies are remeasured at the end of each reporting period at the exchange rate as of such date. Foreign currency remeasurement gains or losses on monetary assets and liabilities in non-functional currencies are recognized in the Consolidated Statement of Operations within general and administrative expenses. Since the consolidated financial statements are prepared in U.S. dollars, the Company also translates all non-U.S. dollar functional currency revenues, expenses, assets and liabilities into U.S. dollars. All non-U.S. dollar functional currency revenue and expenses are translated into U.S. dollars at average exchange rates during the period. All non-U.S. dollar functional assets and liabilities are translated at the exchange rates at the end of reporting period. Gains or losses on translation in the financial statements are included as a component of other comprehensive income. (k)Income Taxes The Company accounts for income taxes under the asset and liability method in accordance with ASC 740, Income Taxes. Under this method, deferred tax assets and liabilities are determined based on differences between the consolidated financial statement carrying amounts and tax bases of assets and liabilities and operating loss and tax credit carryforwards and are measured using the enacted tax rates that are expected to be in effect when the differences reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Consolidated Statement of Operations in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to an amount that, in the opinion of management, is more likely than not to not be realized, meaning the likelihood of realization is less than 50%. The Company accounts for uncertain tax positions by reporting a liability for unrecognizable tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense. (l)Other Assets, Net and Other Liabilities, Net Other assets, net include prepaid expenses, miscellaneous receivables, current income taxes receivable, fixed assets, and software licenses. The Company amortizes assets over their respective useful lives, as applicable. Other liabilities, net include accrued payroll and payroll related taxes, accrued legal fees, and corporate taxes payable, among other miscellaneous payables. (m)Investments Investments in Debt Securities. The Company classifies debt investments as held-to-maturity or trading based on the Company’s intent and ability to hold the debt security to maturity or its intent to sell the security. The Company does not have any held-to-maturity debt investments. Trading securities are those investments that are purchased principally for the purpose of selling them in the near term. Trading securities are carried at fair value on the Consolidated Statement of Financial Position with changes in fair value recorded in Loss on investments on the Consolidated Statement of Operations. Investments in Equity Securities. Equity securities are generally carried at fair value on the Consolidated Statement of Financial Position in accordance with ASC 321, Investments – Equity Securities. Changes in fair value are recorded in Loss on investments on the Consolidated Statement of Operations. Equity Method. The Company applies the equity method of accounting for equity investments where the Company does not consolidate the investee but can exert significant influence over the financial and operating policies of the investee. The evaluation of whether the Company exerts control or significant influence over the financial and operational policies of its investees is based on the facts and circumstances surrounding each individual investment. The Company’s share of the investee’s underlying net income or loss is recorded as Loss on investments within current period earnings. The Company’s share of net income of the investee is recorded based upon the most current information available at the time, which may precede the date of the Consolidated Statement of Financial Position. Due to the nature and size of its investees, the Company has adopted a lag in reporting for certain equity method investees for which the Company cannot reliably obtain financial information on a regular basis. Distributions received reduce the Company’s carrying value of the investee and the cost basis if deemed to be a return of capital. For certain investments, the Company may apply the alternative fair value option to the investment at initial measurement. The fair value measurement of investments in which the fair value option is elected will be measured in accordance with ASC 825, Financial Instruments. For equity method investments and nonmarketable investments, impairment evaluation considers qualitative factors, including the financial conditions and specific events related to an investee, which may indicate the fair value of the investment is less than the carrying value. For held-to-maturity investments, impairment is evaluated using market values, when available, or the expected cash flows of the investment. These losses in value may be considered other than temporary impairment losses. (n)Leases The Company determines if an arrangement is a lease at inception of the arrangement and primarily enters into operating leases, as the lessee, for office space. The Company accounts for its leases in accordance with ASC 842, Leases, and recognizes a lease liability and right-of-use asset in the Consolidated Statement of Financial Position for contracts that it determines are leases or contain a lease. The Company evaluates leases at their inception to determine if they are to be accounted for as an operating lease or a finance lease. A lease is accounted for as a finance lease if it meets one of the following five criteria: (i) the lease has a purchase option that is reasonably certain of being exercised, (ii) the present value of the future cash flows is substantially all of the fair market value of the underlying asset, (iii) the lease term is for a significant portion of the remaining economic life of the underlying asset, (iv) the title to the underlying asset transfers at the end of the lease term, or (v) if the underlying asset is of such a specialized nature that it is expected to have no alternative uses to the lessor at the end of the term. Leases that do not meet the finance lease criteria are accounted for as an operating lease. At the inception of a finance lease, an asset and finance lease obligation are recorded at an amount equal to the lesser of the present value of the minimum lease payments and the property’s fair market value. Finance lease obligations are classified as either current or long-term based on the due dates of future lease payments, net of interest. The Company’s lease portfolio primarily consists of operating leases for office space in various countries around the world. The Company also has operating leases for office equipment and vehicles, which are not significant. The Company does not separate non-lease components from lease components for its office space and equipment operating leases and instead accounts for each separate lease component and its associated non-lease component as a single lease component. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the leases. The Company’s right-of-use assets and lease liabilities are recognized at lease commencement based on the present value of lease payments over the lease term. Lease right-of-use assets include initial direct costs incurred by the Company and are presented net of deferred rent and lease incentives. Absent an implicit interest rate in the lease, the Company uses its incremental borrowing rate, adjusted for the effects of collateralization, based on the information available at commencement in determining the present value of lease payments. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise those options. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Lease right-of-use assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The Company does not recognize a lease liability or right-of-use asset on the balance for short-term leases. Instead, the Company recognizes short-term lease payments as an expense on a straight-line basis over the lease term. A short-term lease is defined as a lease that, at the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. When determining whether a lease qualifies as a short-term lease, the Company evaluates the lease term and the purchase option in the same manner as all other leases. (o)Intangible Assets Other Than Goodwill, Net The Company recognized certain finite-lived intangible assets as a result of the Business Combination and other acquisitions. The Company’s finite-lived intangible assets consist of Customer Relationships, Trade Names, Investment Management Agreements, Licenses, Internally Developed Software and Backlog. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives. The Company tests finite-lived intangible assets for impairment if certain events occur or circumstances change indicating that the carrying amount of the intangible asset may not be recoverable. The Company evaluates impairment by comparing the estimated fair value attributable to the intangible asset with its carrying amount. If an impairment exists, the Company adjusts the carrying value to equal the fair value by taking a charge through earnings. The Company also recognized certain indefinite-lived intangible assets as a result of the Business Combination consisting of certain investment management agreements. These indefinite-lived intangibles are not subject to amortization, but are evaluated for impairment at least annually. In assessing its indefinite-lived intangible assets for impairment, the Company has the option to first perform a qualitative assessment to determine whether events or circumstances exist that lead to a determination that it is unlikely that the fair value of the indefinite-lived intangible asset is less than its carrying amount. If the Company determines that it is unlikely that the fair value of an indefinite-lived intangible asset is less than its carrying amount, the Company is not required to perform any additional tests in assessing the asset for impairment. However, if the Company concludes otherwise or elects not to perform the qualitative assessment, then it is required to perform a quantitative analysis to determine if the fair value of an indefinite-lived intangible asset is less than its carrying value. If through this quantitative analysis the Company determines the fair value of an indefinite-lived intangible asset exceeds its carrying amount, the indefinite-lived intangible asset is considered not to be impaired. If the Company concludes that the fair value of an indefinite-lived intangible asset is less than its carrying value, an impairment loss will be recognized for the amount by which the carrying amount exceeds the indefinite-lived intangible asset’s fair value. See Note 12 (Intangible Assets, net) for details on impairments. (p)Goodwill Goodwill represents the excess of the purchase price in a business combination over the fair value of the tangible and intangible assets acquired and the liabilities assumed. Under ASC 350, Intangibles—Goodwill and Other, goodwill is not amortized, but rather is subject to an annual impairment test. Goodwill represents the excess of consideration over identifiable net assets of an acquired business. The Company has one reporting unit, and tests goodwill annually for impairment. If, after assessing qualitative factors, the Company believes that it is more likely than not that the fair value of the reporting unit inclusive of goodwill is less than its carrying amount, the Company will perform a quantitative assessment to determine whether an impairment exists. If an impairment exists, the Company adjusts the carrying value of goodwill so that the carrying value of the reporting unit is equal to its fair value by taking a charge through earnings. The Company also tests goodwill for impairment in other periods if an event occurs or circumstances change such that it is more-likely-than-not to reduce the fair value of the reporting unit below its carrying amount. See Note 15 (Goodwill, net) for details on impairments. (q)Fixed Assets, Net Fixed assets are recorded at cost, less accumulated depreciation, and are included in Other assets in the Consolidated Statement of Financial Position. Fixed assets are depreciated on a straight-line basis, with the corresponding depreciation expense included within Depreciation and amortization in the Consolidated Statement of Operations. The estimated useful life for leasehold improvements is the lesser of the remaining lease term and the life of the asset, while other fixed assets are generally depreciated over a period of one to ten years. Fixed assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. (r)Debt Obligations, Net The Company’s debt obligations are recorded at amortized cost, net of any debt issuance costs, discounts and premiums. Debt issuance costs are deferred and along with discounts and premiums are amortized to interest expense in the Consolidated Statement of Operations over the life of the related debt instrument using the effective interest method. Unamortized debt issuance costs, discounts and premiums are written off to net losses on retirement of debt in the Consolidated Statement of Operations when the Company prepays borrowings prior to maturity. (s)Tax Receivable Agreement The TRA liability represents amounts payable to certain pre-Business Combination equity holders of the Company. The portion of the TRA liability related to the Business Combination is deemed contingent consideration payable to the previous owners and is carried at fair value, with changes in fair value reported within Gain (loss) on TRA in the Consolidated Statement of Operations. Future exchanges of Class B Units for shares of Class A Common Stock may increase the TRA liability. Those increases will be carried at a value equal to the expected future payments due under the TRA. See Note 21 (Commitments and Contingencies) for a detailed discussion on TRA exchanges. For future changes in the TRA balance due to exchanges, the Company will record an initial estimate of future payments under the TRA portion as an adjustment to Additional paid-in capital in the Consolidated Statement of Financial Position. Subsequent adjustments to the liability for future payments under the TRA related to changes in estimated future tax rates or state income tax apportionment are recognized through current period earnings in the Consolidated Statement of Operations. (t)Earn-out Liabilities, at Fair Value The Earn-out liabilities, at fair value, represents contingent consideration payable related to the Business Combination and various acquisitions by the Company. Changes in fair value are recognized in Gain (loss) on earnout liabilities in the Consolidated Statement of Operations and in Fair value (gain) loss on earnout liability in the Consolidated Statement of Cash Flows in the period of change. See Note 4 (Business Combinations and Divestitures) and Note 21 (Commitments and Contingencies) for further information. (u)Preferred Stock Tranche Liability, at Fair Value The Preferred stock tranche liability, at fair value, represents the right, but not the obligation, of Allianz to purchase up to 50,000 additional shares of Series A Preferred Stock up to an aggregate amount equal to $50 million. On May 13, 2025, Allianz exercised the Allianz Tranche Right to purchase an additional 18,471 shares of Series A Preferred Stock at $1,000 per share. Changes in fair value are recognized in Gain (loss) on preferred stock tranche liability in the Consolidated Statement of Operations in the period of change. See Note 1 (Description of the Business), Note 8 (Fair Value Disclosures), and Note 16 (Debt, net of unamortized deferred financing cost) for additional detail related to the Preferred stock tranche liability. (v)Equity-Classified Warrants In connection with the Allianz and Constellation Transactions, the Company issued warrants to purchase shares of the Company’s Class A Common Stock. The Company evaluated the Allianz and Constellation Warrants in accordance with ASC 815-40, Contracts in an Entity’s Own Equity, and determined that the warrants are derivatives that meet the fixed-for-fixed equity classification criteria. As such, the Allianz and Constellation Warrants are classified as a component of equity in the Consolidated Statement of Financial Position. (w)Delayed Share Purchase Agreement Prior to the Business Combination, TWMH entered into a delayed share purchase agreement (the “TIH SPA”) to purchase a remaining non-controlling interest in its consolidated subsidiary representing 51.1% of shares in TIH. This arrangement was agreed upon for consideration of $2.1 million in cash and $1.2 million in Class A Common Stock. On March 25, 2024, the TIH SPA was fully paid. The stock purchase price was recognized in the Consolidated Statement of Financial Condition as Additional paid-in capital. As of December 31, 2024, the portion of the TIH SPA reported in Additional paid-in capital was $40.0 thousand. (x)Non-controlling Interests Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Company’s equity. Non-controlling interests consist of the amount of those interests at the date of the original Business Combination and the minority’s share of changes in equity since the date of the Business Combination. The proportions of profit and loss and changes in equity allocated to the owners of the parent and to the non-controlling interests are determined on the basis of existing ownership interests. (y)Derivative Financial Instruments The Company accounts for derivative financial instruments in accordance with ASC 815, Derivatives and Hedging, which requires the Company to recognize all derivative instruments on the Consolidated Statement of Financial Position as either assets or liabilities and to measure them at fair value each reporting period unless they qualify for normal purchases and normal sales exception. Normal purchases and normal sales contracts are those that provide for the purchase or sale of something other than a financial instrument or derivative instrument that will be delivered in quantities expected to be used or sold by a reporting entity over a reasonable period in the normal course of business. (z)Segment Reporting Prior to the third quarter ended September 30, 2025, the Company was organized into two operating segments: Wealth & Capital Solutions and International Real Estate. During the third quarter ended September 30, 2025, the Company disposed of its International Real Estate segment with an effective date of July 11, 2025, and as such, is organized as one reportable segment as of September 30, 2025. See Note 3 (Discontinued Operations). Additionally, during the third quarter ended September 30, 2024, the Company changed the composition of its reportable segments and recast prior period amounts to conform to the Company’s then current period segment information. Segment information is utilized by the Company’s chief operating decision maker, which is our Chief Executive Officer, to assess performance and to allocate resources. See Note 1 (Description of the Business) and Note 19 (Segment Reporting) for further information. (aa)Interest Income Interest income is earned on the Company’s cash balances, money market accounts, or through its investments in exchange-traded note that hold fixed-income securities such as debt securities. The Company recognizes and records interest income in Interest Income in the Consolidated Statement of Operations. Dividend income is earned through investments in common stock, mutual funds, and exchange-traded funds that hold equity securities. Dividend income is recorded on the date received and is included in Interest income in the Consolidated Statement of Operations. (ab)Interest Expense Interest expense consists of the interest expense on the Company’s outstanding debt, amortization of deferred financing costs, and amortization of original issue discount. (ac)Gain (loss) on investments The Company holds investments in common stock, mutual funds, exchange-traded funds, and exchange-traded notes, which hold investments in equity and debt securities. The Company’s realized and unrealized gains and losses on these investments are recorded in Gain (loss) on investments in the Consolidated Statement of Operations. The Company holds interests in various affiliated limited partnerships and limited liability companies, whose purpose is to achieve capital appreciation through investments in financial instruments and investment vehicles. The Company accounts for investments in which it has significant influence but not a controlling financial interest using the equity method of accounting and may earn income related to its equity in income of equity method investees. The equity method investments are in various fund complexes, including funds focused on infrastructure and utilities, high income yields, and multi-strategy, among others. Changes in fair value of these investments are recorded in Gain (loss) on investments in the Consolidated Statement of Operations. (ad)Other Income (Expense) Other income (expense) includes miscellaneous charges such as settlement payments made to Tolleson (see Note 21 (Litigation), realized gains (losses) on lease terminations, and franchise tax, among other items. (ae)Held for Sale Accounting In circumstances when the Company is evaluating its components, we may establish plans that require us to evaluate whether a component qualifies for held-for-sale accounting under ASC 360, Property, Plant, and Equipment. If a sale is deemed probable within a twelve-month period, the component is classified to either the assets held for sale or liabilities held for sale line items on the Consolidated Statement of Financial Position. The disposal group will be measured at the lower of its carrying amount or fair value less the cost to sell. Any long-lived assets shall not be depreciated or amortized while classified as held for sale. (af)Recent Accounting Pronouncements In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”). ASU 2025-11 clarifies and improves existing interim reporting guidance by consolidating disclosure requirements within Topic 270 and introducing a disclosure principle requiring entities to disclose events and changes occurring after the most recent annual reporting period that are expected to have a material effect on the entity’s financial condition or results of operations. The ASU does not introduce significant changes to recognition or measurement guidance. ASU 2025-11 is effective for interim reporting periods beginning after December 31, 2027, with early adoption permitted. The Company does not expect the adoption of ASU 2025-11 to have a material impact on its consolidated financial statements. In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). ASU 2025-05 provides all entities, when developing reasonable and supportable forecasts as part of estimating expected credit losses, the election of a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. ASU 2025-05 is effective for annual periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. The Company does not expect the adoption of ASU 2025-05 to have a material impact on itsconsolidated financial statements. In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity (“ASU 2025-03”). ASU 2025-03 clarifies the guidance in determining the acquirer in an acquisition transaction effected primarily by exchanging equity interests when the legal acquiree is a VIE that meets the definition of a business. The amendments require that an entity consider the same factors that are currently required for determining which entity is the accounting acquirer in other acquisition transactions. ASU 2025-03 is effective for annual periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company does not expect the adoption of ASU 2025-03 to have a material impact on to its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”). ASU 2024-03 require disclosure, in the notes to financial statements, of specified information about certain costs and expenses at each interim and annual reporting period. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company does not expect the adoption of ASU 2024-03 to have a material impact on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 expands income tax disclosures and requires the Company disclose (1) consistent categories and greater disaggregation of information in the rates reconciliation and (2) income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective beginning with this Annual Report on Form 10-K for the year ended December 31, 2025 and was applied retrospectively to all periods presented. The additional required disclosures are included in Note 7 (Income Taxes).

Goodwill (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Reconciliation of Goodwill

The following table provides a reconciliation of Goodwill reported on the Consolidated Statement of Financial Position as of December 31, 2025 and December 31, 2024, respectively.


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

Beginning Balance	$	377,842	$	361,780




Goodwill recognized in connection with acquisitions	542		44,065
Impairment	—		(29,367)

Measurement period adjustments	439		3,600
Currency translation and other adjustments	$	7,143	$	(2,236)
	$	8,124	$	16,062
Ending Balance	$	385,966	$	377,842

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Goodwill

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The following table provides a reconciliation of Goodwill reported on the Consolidated Statement of Financial Position as of December 31, 2025 and December 31, 2024, respectively.


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

Beginning Balance	$	377,842	$	361,780




Goodwill recognized in connection with acquisitions	542		44,065
Impairment	—		(29,367)

Measurement period adjustments	439		3,600
Currency translation and other adjustments	$	7,143	$	(2,236)
	$	8,124	$	16,062
Ending Balance	$	385,966	$	377,842

For the year ended December 31, 2024, the Company recognized a $29.4 million impairment to goodwill. The primary drivers of impairment were a decrease in the financial projections resulting from redemption activity, existing levels of AUM, the change in the discount rate for the IMAs, and market multiples for goodwill.

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

- Definition

The entire disclosure for goodwill.

+ References + Details

Summary of Significant Accounting Policies - Goodwill (Details) - segment	6 Months Ended
	Dec. 31, 2025	Jun. 30, 2025
Accounting Policies [Abstract]
Number of operating segments	1	2

Intangible Assets, net - Schedule of Estimated Future Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2026	$ 16,245
2027	16,229
2028	16,184
2029	15,909
2030 and beyond	205,586
Total	$ 270,153	$ 268,563

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Tax Receivable Agreement Pursuant to the TRA, the Company will pay certain parties to the Business Combination 85% of certain tax benefits, if any, that it realizes (or in certain cases is deemed to realize) as a result of any increase in tax basis of the assets of Umbrella related to the Business Combination. Amounts payable under the TRA are contingent upon (i) the generation of taxable income in the Company over the life of the TRA, (ii) the tax rates in effect as of time periods in which tax benefits are used, and (iii) certain terms governing the rate of interest to be applied to payments under the TRA. As of December 31, 2025 and December 31, 2024, the liability associated with the TRA was approximately $25.7 million and $28.8 million, respectively. Payments under the TRA that are on account of liabilities arising in connection with the Business Combination will be revalued at the end of each reporting period with the gain or loss recognized in earnings. As of December 31, 2025 and December 31, 2024, the Company carried $8.8 million and $9.4 million, respectively, of its TRA liability at fair value, as it is contingent consideration from the Business Combination. The remaining portion of the TRA liability is carried at a value equal to the expected future payments under the TRA. In connection with the TRA, certain parties to the Business Combination who received Class B Units in Umbrella have the ability to exchange Class B Units in Umbrella (along with their paired shares of Class B Common Stock) for shares of Class A Common Stock in the Company on a 1:1 exchange basis. These future exchanges are anticipated to be treated as taxable exchanges which may provide an increase in the tax basis of the assets of the Company and therefore provide for additional payments under the TRA. TRA liabilities that are generated on account of future exchanges will be recorded under ASC 450, Contingencies. As of December 31, 2025, holders of Class B Units have exchanged a total of 10,844,400 Class B Paired Interests with the Company, for shares of Class A Common Stock on a 1:1 basis totaling an amount equal to the weighted average price of $5.68 multiplied by the total number of shares of Class A Common Stock received at the time of the transactions. Payments under the TRA will continue until all such tax benefits have been utilized or expired unless (i) the Company exercises its right to terminate the TRA and pays recipients an amount representing the present value of the remaining payments, (ii) there is a change of control or (iii) the Company breaches any of the material obligations of the TRA, in which case all obligations will generally be accelerated and due as if the Company had exercised its right to terminate the TRA. In each case, if payments are accelerated, such payments will be based on certain assumptions, including that the Company will have sufficient taxable income to fully utilize the deductions arising from the increased tax deductions. As of December 31, 2025, assuming no material changes in the relevant tax laws and that the Company generates sufficient taxable income to realize the full tax benefit of the increased amortization resulting from the increase in tax basis of certain of AlTi’s assets, we expect to pay approximately $25.7 million under the TRA. Future changes in the fair value of the TRA liability will be recognized in earnings. Any future cash savings and related payments under the TRA due to subsequent exchanges of Class B Paired Interests for shares of Class A Common Stock would be accounted for separately from the amount related to the Business Combination. Business Combination Earn-out Liability Under the terms of the Business Combination, upon Closing, the Sponsor and the selling shareholders of TWMH, TIG, and Alvarium became entitled to receive earn-out shares contingent on various share price milestones. Additionally, upon a change of control of the Company, the share price milestones will be deemed to have been met and all the Business Combination Earn-out Securities will be payable to the earn-out holders. The earn-out shares are precluded from being considered indexed to the Company’s own stock and are recognized as a liability at fair value with changes in fair value recognized in earnings. The Business Combination Earn-out Securities, comprised of 3.3 million Class A Shares, 7.1 million shares of Class B Common Stock, and 7.1 million Class B Units (one Class B share and one Class B Unit comprising a Paired Interest, as described in Note 4 (Business Combinations and Divestitures)), are payable to the Sponsor and the selling shareholders of TWMH, TIG, and Alvarium upon the achievement of certain vesting conditions in accordance with the terms of the Business Combination Agreement. Upon the Company’s Class A Share price meeting a volume-weighted average price threshold of $12.50 for 20 out of 30 trading days within five years of the Closing, fifty percent of the Business Combination Earn-out Securities will vest and be issued in settlement of the Business Combination Earn-out Liability (or, in the case of the Sponsor, which shares have already been issued, will no longer be subject to forfeiture). Upon the Company’s Class A Share price meeting a volume-weighted average price threshold of $15.00 for 20 out of 30 trading days within five years of the Closing, the remaining fifty percent of the Business Combination Earn-out Securities will vest and be issued. If, within five years of the Closing, a change of control event occurs (as defined in the Business Combination Agreement), any Business Combination Earn-out Securities not previously issued will be deemed to have vested and will be issued (or, in the case of the Sponsor, which shares have already been issued, will no longer be subject to forfeiture). As of December 31, 2025 and December 31, 2024, the fair value of the earn-out shares was $15.3 million and $23.8 million, respectively. See Note 2 (Summary of Significant Accounting Policies) for additional detail. EEA Earn-out Liability On April 1, 2024, the Company acquired all of the issued and outstanding ownership and membership interests of EEA. The EEA Acquisition was accounted for using the acquisition method of accounting and the fair value of the total purchase consideration transferred was $93.1 million. The total purchase consideration transferred includes estimated contingent consideration of $23.3 million, for which the Company may be required to make additional cash payments contingent on the future EBITDA performance targets between the closing date and the fifth anniversary of the closing date. As of December 31, 2025 and December 31, 2024, the EEA earn-out liability of $25.3 million and $29.9 million, respectively, is reported in Earn-out liabilities, at fair value, in the Consolidated Statement of Financial Position. Since the EEA earn-out liability meets the definition of a derivative, it is recorded at fair value as a derivative liability on the Consolidated Statement of Financial Position and measured at fair value at each reporting date in accordance with ASC 820, Fair Value Measurement. Changes in fair value will be recognized in Gain (loss) on earnout liabilities in the Consolidated Statement of Operations and in Fair value (gain) loss on earnout liability in the Consolidated Statement of Cash Flows in the period of change. See Note 2 (Summary of Significant Accounting Policies) for additional detail. Pointwise Deferred Consideration On May 9, 2024, AlTi acquired the remaining 50% of the issued and outstanding ownership and membership interest of PW, increasing its interest from 50% to 100%. The PW Acquisition was accounted for using the acquisition method of accounting and the fair value of the total purchase consideration was $8.0 million. The total purchase consideration transferred includes cash consideration, equity consideration and estimated deferred consideration of $3.3 million. The deferred consideration was measured at fair value at the acquisition date, and as of December 31, 2024, amounted to $3.3 million, and was recorded within the Other liabilities line item in the Consolidated Statement of Financial Position. The deferred consideration was paid during the first quarter ended March 31, 2025, in cash and equity totaling $3.4 million. Envoi Earn-out Liability On July 1, 2024, the Company purchased substantially all of the assets of Envoi pursuant to the terms of the Envoi Acquisition. The Envoi Acquisition was accounted for using the acquisition method of accounting and the fair value of the total purchase consideration transferred was $34.3 million. The total purchase consideration transferred includes estimated contingent consideration totaling $9.0 million as of the acquisition date, which is comprised of the Envoi earn-out consideration liability and the Envoi earn-out growth consideration liability, for which the Company may be required to pay additional cash or equity consideration contingent on future revenue-based performance targets between the closing date and the fourth anniversary of the closing date. As of December 31, 2025 and December 31, 2024, the Envoi earn-out consideration liability of $8.2 million and $9.6 million, respectively, and the Envoi earn-out growth consideration liability of $1.6 million and $1.3 million, respectively, are reported in the Earn-out liabilities, at fair value, in the Consolidated Statement of Financial Position. The fair values will be remeasured at each reporting date in accordance with ASC 820, Fair Value Measurement. Changes in the fair value of the Envoi earn-out liability will be recognized in Gain (loss) on earnout liabilities in the Consolidated Statement of Operations and in Fair value (gain) loss on earnout liability in the Consolidated Statement of Cash Flows in the period of change. See Note 2 (Summary of Significant Accounting Policies) for additional detail. Kontora Earn-out Consideration On April 30, 2025, the Company acquired all of the issued and outstanding ownership interests of Kontora. The Kontora Acquisition was accounted for using the acquisition method of accounting and the fair value of the total purchase consideration transferred was $15.7 million. Included in the total purchase consideration is contingent consideration of $5.7 million, comprised of the Kontora earn-out liability, for which the Company may be required to make additional cash payments contingent upon Kontora meeting certain revenue requirements between the closing date and December 31, 2035. As of December 31, 2025, the Kontora earn-out liability of $7.0 million is reported in the Earn-out liabilities, at fair value, in the Consolidated Statement of Financial Position. The fair values will be remeasured at each reporting date in accordance with ASC 820, Fair Value Measurement. Changes in the fair value of the Kontora earn-out liability will be recognized in Gain (loss) on earnout liabilities in the Consolidated Statement of Operations and in Fair value (gain) loss on earnout liability in the Consolidated Statement of Cash Flows in the period of change. See Note 2 (Summary of Significant Accounting Policies) for additional detail. Letter of Credit On December 19, 2024, the Company entered into a letter of credit (the “Facility Agreement”) with BMO Harris Bank N.A. for the purpose of issuing instruments under this Facility Agreement through December 19, 2025 (the “Termination Date”). The Company will deposit a cash collateral equal to 102% of the amount of each instrument issued. The aggregate outstanding face amount of all issued instruments shall not exceed $5.0 million and shall have an expiry date of no later than one year from the Termination Date. Upon an issuance, the Company will pay a commitment fee equal to (i) the actual daily amount of the unused commitment, multiplied by (ii) 0.3% (the “Commitment Fee”). The Commitment Fee shall be calculated on the basis of a year of 365 days and shall be payable quarterly in arrears on the last day of each fiscal quarter. As of both December 31, 2025 and December 31, 2024, the Company has existing letters of credit in the amount of $3.4 million 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 December 31, 2025 for any potential liability related to any current legal or regulatory proceeding or claim that would individually or in the aggregate materially affect our results of operations, financial condition, or cash flows. On July 11, 2025, after conducting the previously announced strategic review of the International Real Estate Businesses, the Company approved the appointment of Teneo as administrators of the International Real Estate Businesses. Potential litigation related to that business, including Home REIT and HLIF below, will be dealt with as appropriate by the administrators. Home REIT Home REIT is a real estate investment trust company listed on the London Stock Exchange. AFM UK, a wholly owned subsidiary of the Company, is one of the International Real Estate entities which entered into administration, and was Home REIT’s alternative investment fund manager (“AIFM”) until August 21, 2023 and AHRA was its investment adviser until June 30, 2023. Services are no longer provided by any AlTi companies or any legacy Alvarium companies to Home REIT. AHRA was owned by ARE (another wholly owned subsidiary of the Company, and one of the International Real Estate entities which entered into administration) up until December 30, 2022, when it was sold. AlTi was formed on January 3, 2023, through the Business Combination that included certain legacy Alvarium companies, including AFM UK. While the sale of AHRA occurred prior to the Business Combination, under GAAP, its results were required to be consolidated in our financial statements until June 30, 2023, when it was deconsolidated. For UK regulatory purposes, up until June 30, 2023, AHRA was permitted to perform certain limited regulated activities as an “appointed representative” of its regulated principal firm, ARE (which is authorized and regulated by the UK FCA). Since November 2022, Home REIT and AHRA have been the subject of a series of allegations in the UK media regarding Home REIT’s operations, triggered by a report issued by a short seller. Home REIT’s stock price fell materially as a result and its shares are currently suspended from trading. On October 6, 2023, pre-action steps were commenced by a law firm acting on behalf of a group of current and former shareholders in Home REIT (in the UK, pre-action correspondence is required under the Practice Direction on Pre-Action Protocols and Conduct contained in the United Kingdom’s Ministry of Justice Civil Procedure Rules prior to a claimant commencing litigation). In the pre-action correspondence, the claimant group alleges that there were misstatements in Home REIT’s offering documents and certain other public filings between 2020 and 2022 and asserts potential claims against AFM UK and ARE (as well as against Home REIT itself and its directors, among others) in connection with such matters and the historic management and advisory services provided to Home REIT by certain legacy Alvarium companies. On April 12, 2024, pre-action steps were commenced by Home REIT and its directors against AFM UK and ARE. This relates to the historic management of Home REIT by certain legacy Alvarium companies. In the pre-action correspondence, Home REIT and its directors assert potential claims against AFM UK and ARE and state their intention to bring claims against those entities: (i) for a 100% contribution to any losses incurred by Home REIT or its directors if current or former shareholders in Home REIT issue claims against them as outlined in the preceding paragraph; and (ii) on a standalone basis, for losses they assert have been incurred by Home REIT as a result of alleged breaches of contractual, tortious and fiduciary duties, unlawful means conspiracy and deceit by AFM UK and/or AHRA, and, in the case of ARE, they assert that ARE is liable to Home REIT for any acts or omissions of AHRA under the UK’s appointed representative regime. There have been no material developments in the potential litigation relating to Home REIT since the appointment of administrators on July 11, 2025. HLIF HLIF is a private fund which pursues a similar investment strategy to Home REIT. In the period from June 30, 2022 to December 31, 2023, the estimated value of its underlying real estate investment portfolio declined by approximately 50%, due to a decrease in the timely collection of rents on the underlying portfolio, but also due to higher interest rates and other macro-economic factors. HLIF was managed by AFM UK as its AIFM and ‘authorized corporate director’ and was advised by SHIA, (one of the International Real Estate entities which entered into administration), until August 2025, when management of HLIF was transitioned to a third party manager and AFM UK’s and SHIA’s services were terminated. Like AHRA, SHIA was permitted to perform certain limited regulated activities as an “appointed representative” of its regulated principal firm, ARE. In February 2024, the UK FCA commenced investigations into the historic performance of certain International Real Estate entities, in their services to Home REIT and/or HLIF, and whether they breached certain civil or criminal regulatory rules and/or principles. The investigations relate to the historic management of Home REIT and/or HLIF by certain legacy Alvarium companies. The investigations are focused primarily on whether any false or misleading statements were made in relation to Home REIT and/or HLIF and/or whether these group entities breached other FCA rules and/or principles. ARE and AFM UK have voluntarily requested the imposition of requirements by the UK FCA which primarily involves the companies agreeing to maintain their current assets and not undertaking any new business without UK FCA consent. The commencement of the investigations does not mean that the UK FCA has determined that any such breaches have occurred. However, it is possible that the UK FCA may determine that certain breaches have occurred, and it may seek to impose financial penalties or other outcomes on one or more group entities, that may potentially be material. We are not able to estimate how long it might take for the UK FCA to complete such investigations, but it is possible that the investigations may continue for a prolonged period, potentially over several years. Potential Redress in Relation to Real Estate Products As part of ongoing examinations with regulators and our review of client relationships, it has been agreed, that if certain conditions are met, redress will be paid to a limited number of clients in relation to certain Real Estate Products. As of the issuance of these financial statements all impacted clients have been informed of this proposal. As of the year ended December 31, 2025, a provision of $3.6 million has been recognized in relation to this potential future liability. The ultimate loss could differ from the accrued amount. Tolleson Wealth Management The Company was involved in a dispute with Tolleson related to alleged improper solicitation of Tolleson’s clients and employees. Certain former Tolleson employees who joined AlTi were party to Tolleson employment agreements which contained a one-year client and employee non-solicit and a lost client fee clause requiring payment for lost revenue. In September 2024, despite offers by the Company to pay for the departed clients, Tolleson filed a lawsuit against AlTi and the former Tolleson employees. The parties reached an agreement later in September 2024, dismissing the litigation and agreeing to mediation. The Company and Tolleson entered a binding settlement agreement on February 19, 2025, memorializing the terms agreed to in mediation and concluding this matter. On March 13, 2025, the settlement amount of $5.1 million was paid by the Company to Tolleson.

Investments - Schedule of Unrealized Gains (Losses) and Realized Gains (Losses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Realized gains (losses)	$ (20)	$ (15)	$ 1
Unrealized gains (losses)	(4,359)	(16,491)	2,749
Total gains (losses) on Investments at fair value	$ (4,379)	$ (16,506)	$ 2,750

Debt, net of unamortized deferred financing cost (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Outstanding Debt Obligations

The following table summarizes outstanding debt obligations of the Company as of December 31, 2025 and December 31, 2024:


	As of December 31, 2025						As of December 31, 2024
(Dollars in Thousands)	Debt Outstanding		Net Carrying Value (1)		Fair Value		Debt Outstanding		Net Carrying Value		Fair Value
Kontora Credit Facility
Term Loan	$	503	$	503	$	503	—		—		—
Revolving Line of Credit	$	380	$	380	$	380	$	—	$	—	$	—
Total Debt	$	883	$	883	$	883	$	—	$	—	$	—

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

Schedule of Contractual Maturities of the Term Loans

Contractual maturities of the term loan as of December 31, 2025, are set out in the table below:


(Dollars in Thousands)	Aggregate Maturities


2026	$	337
2027	$	166


Total	$	503

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

+ Details

Equity-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation

The Company grants equity-based compensation awards in the form of restricted share units (“RSUs”) or performance restricted share units (“PRSUs”) for Class A Common Stock to its management, employees, consultants, and independent members of the Board under its 2023 Stock Incentive Plan (the “Plan”). The total number of shares of Class A Common Stock that may be issued under the Plan is 20,798,132, of which 5,971,095 remain available as of December 31, 2025. To the extent that an award expires or is canceled, forfeited, terminated, surrendered, exchanged or withheld to cover tax withholding obligations, the unissued awards will again be available for grant under the Plan.

The Company recognizes equity-based compensation expenses at the Company’s stock price as of the grant date. As of December 31, 2025, the Company has an unrecognized equity-based compensation expense of $23.0 million, which is expected to be recognized over a weighted average period of 1.59 years.

The following table summarizes the equity-based compensation award activity for the years ended December 31, 2025, and December 31, 2024:


	December 31, 2025			December 31, 2024
	Number of Awards	Weighted Average Grant Date Fair Value		Number of Awards	Weighted Average Grant Date Fair Value
Restricted common stock
Restricted common stock awards outstanding at beginning of period	6,216,513	$	4.86	4,797,464	$	4.64
Restricted common stock granted	7,676,202	3.82		4,181,243	5.18
Restricted common stock forfeited	(197,427)	3.90		(938,383)	4.86
Restricted common stock vested	(2,266,401)	4.60		(1,823,811)	4.99
Restricted common stock awards outstanding at end of period	11,428,887	$4.23		6,216,513	$	4.86


	For the Year Ended
(Dollars in Thousands)		December 31, 2025		December 31, 2024		December 31, 2023
RSUs		$	18,882	$	10,554	$	36,779
PRSUs		3,200		3,241		—
Acquisition-related		4,488		6,891		6,968
TIH SPA		—		—		1,178
Revenue share		1,024		1,077		1,249
Deferred compensation		4,465		4,523		—
Accrued compensation		65		—		—
Total		$	32,124	$	26,287	$	46,174

RSUs

In connection with the Business Combination, certain of TWMH’s restricted units vested and the Company granted fully vested shares to Alvarium’s employees, resulting in compensation expense of $4.2 million and $24.6 million, respectively, during the year ended December 31, 2023. The $24.6 million consisted of $21.0 million related to the acceleration of 2.1 million of earn-out shares at closing and $3.6 million for 360,485 shares related to another transaction completed in contemplation of and for the benefit of the acquirer under Topic 805. None of these stock awards were outstanding after the Business Combination.

Upon completion of the Business Combination, the Company issued 60,800 shares of Class A Common Stock to employees of the Company. These awards vested in full immediately and had a fair value of $10.00 per share, resulting in compensation expense of $0.6 million for the year ended December 31, 2023.

On February 27, 2025 and May 14, 2025, the Company granted 2,772,576 and 79,155, respectively, of RSUs to its employees, which vest over a three-year period and had a fair value of $3.45 and $3.32, respectively, per share. On June 5, 2024, the Company granted 2,219,661 RSUs to its employees, which vest over a three-year period and had a fair value of $4.78 per share. On May 31, 2023, the Company granted 4,697,317 RSUs to its

employees, which vest over a three-year period and had a fair value of $4.35 per share. These grants resulted in compensation expense of $11.7 million, $8.6 million, and $5.4 million for the years ended December 31, 2025, 2024, and 2023, respectively. Since the initial grant date of these awards, 1,028,495 shares have been forfeited.

On June 23, 2025, the Company granted 231,889 RSUs to its Board, which vest over a twelve-month period and had a grant date fair value of $4.07 per share. On August 2, 2024, the Company granted 45,549 RSUs to its Board, which vested over an eleven-month period and had a grant date fair value of $4.38 per share.On June 27, 2024, the Company granted 123,732 RSUs to its Board, which vested over a twelve-month period and had a grant date fair value of $4.91 per share. On March 1, 2024, the Company granted 138,564 RSUs to its Board, which vested over a four-month period and had a fair value of $5.87 per share. On March 23, 2023, in connection with the Business Combination, the Company granted 65,554 RSUs to its Board, which vested over an approximate nine-month period and had a fair value of $12.56 per share. These grants resulted in compensation expense of $0.9 million, $1.2 million, and $0.8 million for the years ended December 31, 2025, 2024, and 2023, respectively.

On April 15, 2025, the Company granted 81,266 shares of Class A Common Stock to employees, representative of buy-out equity awards as restricted units, vesting over a three-year period, with a fair value of $3.31 per share. On December 23, 2024, the Company granted 57,458 shares of Class A Common Stock to employees, representative of buy-out equity awards as restricted units, vesting over a three year period, with a fair value of $4.14 per share. On February 6, 2024, the Company granted 29,154 shares of Class A Common Stock to employees, representative of buy-out equity awards as restricted units, vesting over a two year period, with a fair value of $5.36 per share. On various dates throughout 2023, the Company granted 111,148 and 118,987 RSUs to employees, representative of buy-out equity awards as restricted units, vesting generally over a one to three year period, with a fair value of $7.66 and $8.72, respectively, per share. The Company recognized compensation expense of $1.3 million, $0.8 million, and $1.0 million for the years ended December 31, 2025, 2024, and 2023, respectively, related to these buy-out equity awards.

During year ended December 31, 2025, the Company reclassed certain liability classified retention awards to be equity classified and recognized compensation expense for the year ended December 31, 2025 of $5.0 million related to these retention awards.

PRSUs

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

On May 22, 2025, the Company granted 263,564 PRSUs to participants and used a Monte Carlo simulation model to determine the average grant date fair value of $2.82 per share using the following model inputs and assumptions: (i) ending average stock price of $3.19, (ii) volatility rate of 60.7%, (iii) risk free rate of 4.0% and (iv) expected term of 2.86 years. Compensation expense associated with the PRSUs will be recognized over the longer of the expected achievement period for the service or market condition. On June 5, 2024, the Company granted 1,567,125 PRSUs to participants and used a Monte Carlo simulation model to determine the average grant date fair value of $5.76 per share using the following model inputs and assumptions: (i) ending average stock price of $4.78, (ii) volatility rate of 62.1%, (iii) risk free rate of 4.5% and (iv) expected term of 2.88 years. Compensation expense associated with the PRSUs will be recognized over the longer of the expected achievement period for the service or market condition. These grants resulted in compensation expense of $3.2 million and $3.2 million for the years ended December 31, 2025 and 2024, respectively. Since the initial grant date of these awards, 289,942 shares have been forfeited.

Acquisition-Related Equity-Based Compensation Awards

In connection with TWMH’s historical acquisition of Holbein Partners, LLP (“Holbein”), certain employees of Holbein are entitled to receive a combination of cash and shares of the Company based on Holbein revenues in 2023 and 2024 (the “Holbein Earn-Ins”). The Holbein Earn-Ins were measured at fair value using estimates of future revenues as of the closing date. The earn-ins are expected to be paid in a combination of 50% cash and 50% in shares of the Company’s Class A Common Stock on the second and third anniversaries of the closing date of January 7, 2022. On July 14, 2023, the Company amended the Holbein purchase agreement related to the Holbein acquisition. The amendment crystallized the contingent earn-in consideration amount by replacing the valuation of the Holbein Earn-Ins consideration of an estimate of future revenue. Additionally, the first payment date and second payment date are agreed as April 1, 2024, and April 1, 2025, respectively, replacing the original share purchase agreement payment dates of ten business days after the second and third anniversary of the acquisition of Holbein. The agreed upon first and second date payments are $7.1 million and $8.9 million, respectively. The selling shareholders remain required to maintain certain service agreements to receive the compensatory Holbein Earn-ins. The number of shares awarded will be calculated based on the twenty-day average volume weighted average price of the Company’s Class A Common Stock preceding the first and second payment dates. The Company recognized an expense for the earn-ins of $0.9 million, $4.1 million, $7.0 million for the years ended December 31, 2025, 2024, and 2023, respectively.

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

In connection with the Company’s acquisition of East End Advisors (see Note 4 Business Combinations and Divestitures), certain employees of East End Advisors are entitled to receive a portion of the contingent consideration comprised of a combination of additional cash and shares of the Company (the “EEA Equity Awards”) based on the future EBITDA performance targets between the closing date of April 3, 2024 and the fifth anniversary of the closing date. The portion of the EEA Equity Awards to be issued in shares was measured at fair value as of the closing date. The Company recognized compensation expense for the estimated shares in relation to the accrual of the EEA Equity Awards of $2.2 million and $1.6 million for the years ended December 31, 2025 and 2024, respectively.

In connection with the Company’s acquisition of Envoi (see Note 4 Business Combinations and Divestitures), certain employees of Envoi are entitled to receive a portion of the earn-out growth consideration liability comprised of a combination of cash and additional shares of the Company (the “Envoi Equity Awards”). Compensation expense related to the Envoi Equity Awards is determined in accordance with revenue based formulas provided for in the asset purchase agreement and are payable to eligible employees in 2028. The Company recognized compensation expense in relation to the accrual of the Envoi Equity Awards of $0.3 million and $0.1 million for the years ended December 31, 2025 and 2024, respectively.

In connection with the Company’s acquisition of PW (see Note 4 Business Combinations and Divestitures), certain employees of PW were entitled to receive additional shares of the Company (the “PW Earn-Ins”). The PW Earn-Ins were payable in equity upon the achievement of certain integration milestones and were due for payment no later than March 1, 2025. The estimated deferred consideration was paid in cash and equity during the first quarter ended March 31, 2025. The Company recognized compensation expense in relation to the accrual of the PW Earn-Ins of $1.0 million for the year ended December 31, 2024.

In connection with the Company’s acquisition of Kontora (see Note 4 Business Combinations and Divestitures), the Company may be required to make additional compensatory payments comprised of a combination of cash and equity at the Company’s option based on Kontora’s adjusted EBITDA (the “Kontora Earn-Ins”). The Company recognized compensation expense in relation to the accrual for the expected equity element of the Kontora Earn-Ins of $1.1 million for the year ended December 31, 2025.

Revenue Share

During the years ended December 31, 2025, 2024, and 2023, the Company accrued $1.0 million, $1.1 million, and $1.2 million, respectively, in compensation expense related to various revenue share arrangements to its employees, which is included in Compensation and employee benefits in the Consolidated Statement of Operations and in Accrued compensation and profit sharing in the Consolidated Statement of Financial Position.

Deferred Compensation Liability

In connection with the acquisition of all of the issued and outstanding ownership and membership interests of AlTi Wealth Management (Singapore) Pte Limited (“ALWP”) pursuant to the terms of the share purchase agreement between the Company and ALWP on April 6, 2023, the Company accrued, during the years ended December 31, 2025 and 2024, $4.5 million and $4.5 million, respectively, in shares of Class A Common Stock which is included in Compensation and employee benefits in the Consolidated Statement of Operations and in Accrued compensation and profit sharing in the Consolidated Statement of Financial Position.

Subsequent Events (Details) - Settled Litigation £ in Millions, $ in Millions	Mar. 19, 2026 USD ($)	Mar. 19, 2026 GBP (£)	Mar. 13, 2025 USD ($)
Subsequent Event [Line Items]
Litigation settlement			$ 5.1
Subsequent Event
Subsequent Event [Line Items]
Litigation settlement	$ 15.0	£ 11.2

Fair Value Disclosures - Schedule of Assets and Liabilities Measured At Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets:
Investments at fair value	$ 144,196	$ 148,674
Total	144,196	148,674
Liabilities:
Preferred stock tranche liability	2,410	3,940
Earn-out liabilities	57,411	64,639
TRA liability	8,785	9,378
Earn-in consideration payable	0	932
Total	68,606	78,889
Mutual funds
Assets:
Investments at fair value	42	105
Exchange-traded funds and BDC funds
Assets:
Investments at fair value	35	118
Investments – External Strategic Managers
Assets:
Investments at fair value	142,976	147,568
Investments – Affiliated Funds
Assets:
Investments at fair value	$ 1,080	$ 883
Liabilities:
Redemption, required notice (in days)	30 days	30 days
Other
Assets:
Investments at fair value	$ 63	$ 6
Level 1
Assets:
Total	83	223
Liabilities:
Preferred stock tranche liability	0	0
Earn-out liabilities	0	0
TRA liability	0	0
Earn-in consideration payable		932
Total	0	932
Level 1 \| Mutual funds
Assets:
Investments at fair value	42	105
Level 1 \| Exchange-traded funds and BDC funds
Assets:
Investments at fair value	35	118
Level 1 \| Investments – External Strategic Managers
Assets:
Investments at fair value	0	0
Level 1 \| Investments – Affiliated Funds
Assets:
Investments at fair value	0	0
Level 1 \| Other
Assets:
Investments at fair value	6
Level 2
Assets:
Total	57	0
Liabilities:
Preferred stock tranche liability	0	0
Earn-out liabilities	0	0
TRA liability	0	0
Earn-in consideration payable		0
Total	0	0
Level 2 \| Mutual funds
Assets:
Investments at fair value	0	0
Level 2 \| Exchange-traded funds and BDC funds
Assets:
Investments at fair value	0	0
Level 2 \| Investments – External Strategic Managers
Assets:
Investments at fair value	0	0
Level 2 \| Investments – Affiliated Funds
Assets:
Investments at fair value	0	0
Level 2 \| Other
Assets:
Investments at fair value	57
Level 3
Assets:
Total	142,976	147,568
Liabilities:
Preferred stock tranche liability	2,410	3,940
Earn-out liabilities	57,411	64,639
TRA liability	8,785	9,378
Earn-in consideration payable		0
Total	68,606	77,957
Level 3 \| Mutual funds
Assets:
Investments at fair value	0	0
Level 3 \| Exchange-traded funds and BDC funds
Assets:
Investments at fair value	0	0
Level 3 \| Investments – External Strategic Managers
Assets:
Investments at fair value	142,976	147,568
Level 3 \| Investments – Affiliated Funds
Assets:
Investments at fair value	0	$ 0
Level 3 \| Other
Assets:
Investments at fair value	$ 0

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current income tax expense (benefit)
U.S. federal	$ (175)	$ 584	$ 749
State and local	361	1,046	98
Foreign	1,704	465	871
Current income tax expense (benefit)	1,890	2,095	1,718
Deferred income tax expense (benefit)
U.S. federal	12,658	(10,202)	(344)
State and local	4,997	(10,119)	(1,021)
Foreign	(957)	(2,630)	(859)
Deferred income tax expense (benefit)	16,698	(22,951)	(2,224)
U.S. federal	12,483	(9,618)	405
State and local	5,358	(9,073)	(923)
Foreign	747	(2,165)	12
Total income tax expense (benefit)	$ 18,588	$ (20,856)	$ (506)

Related Party Transactions - Allianz Transaction (Details) $ / shares in Units, $ in Thousands				12 Months Ended
	May 13, 2025 $ / shares shares	Jul. 31, 2024 director $ / shares shares	Feb. 22, 2024 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) shares	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 07, 2023 shares
Related Party Transaction [Line Items]
Number of securities called by warrants or rights (in shares) \| shares							19,892,387
Preferred stock tranche liability, at fair value				$ 2,410	$ 3,940
Gain (loss) on preferred stock tranche liability				1,530	600	$ 0
Equity method investments				138	20,403
Related party
Related Party Transaction [Line Items]
Equity method investments				0	20,300
Allianz warrant
Related Party Transaction [Line Items]
Warrant liabilities, at fair value				6,600	6,600
Series A Preferred Stock
Related Party Transaction [Line Items]
Preferred stock				168,934	142,858	$ 0
Series A Preferred Stock \| Related party
Related Party Transaction [Line Items]
Preferred stock				$ 168,934	$ 142,858
Class A Common Stock
Related Party Transaction [Line Items]
Number of securities called by warrants or rights (in shares) \| shares							4,962,147
Allianz Strategic Investments S.à.r.l. (“Allianz”) \| Series A Preferred Stock \| Allianz Investment Agreement
Related Party Transaction [Line Items]
Sale of stock, number of shares issued in transaction (in shares) \| shares		140,000
Preferred stock, dividend rate, per-dollar amount (in dollars per share) \| $ / shares	$ 1,000	$ 1,000
Dividends payable (in percent)		50.00%
Allianz Strategic Investments S.à.r.l. (“Allianz”) \| Series A Preferred Stock \| Allianz Investment Agreement \| Allianz Tranche Right
Related Party Transaction [Line Items]
Number of securities called by warrants or rights (in shares) \| shares	18,471		50,000	1,523,289
Value of securities called by warrant or right			$ 50,000
Preferred stock, dividend rate, per-dollar amount (in dollars per share) \| $ / shares			$ 1,000
Allianz Strategic Investments S.à.r.l. (“Allianz”) \| Class A Common Stock \| Allianz Investment Agreement
Related Party Transaction [Line Items]
Sale of stock, number of shares issued in transaction (in shares) \| shares		19,318,580.96
Number of directors available for nomination \| director		2
Threshold of ownership (in percent)		50.00%
Dividends payable (in percent)		50.00%
Allianz Strategic Investments S.à.r.l. (“Allianz”) \| Class A Common Stock \| Allianz Investment Agreement \| Allianz warrant
Related Party Transaction [Line Items]
Number of securities called by warrants or rights (in shares) \| shares		5,000,000

Equity Method Investments	12 Months Ended
Equity Method Investments	Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity Method Investments As of December 31, 2025 and 2024, the Company had $0.1 million and $20.4 million, respectively, of equity method investments recorded within Equity method investments on the Consolidated Statement of Financial Position. In accordance with US GAAP, certain equity method investees do not account for both their financial assets and liabilities under fair value measures; therefore, the Company’s investment in such equity method investees may not represent fair value. For the year ended December 31, 2024, the Company recognized impairment of $1.7 million on its equity method investments within Gain (loss) on investments in the Consolidated Statement of Operations. The Company evaluates each of its equity method investments to determine if any were significant as defined by guidance from the SEC. As of and for the years ended December 31, 2025 and 2024, no equity method investment held by the Company met the significance criteria individually or in aggregate. As such, the Company is not required to present separate financial statements or supplemental financial information for any of its equity method investments.

Related Party Transactions

12 Months Ended

Dec. 31, 2025

Related Party Transactions

Related party transactions include the below:


(Dollars in Thousands)
Related Party Receivables	Consolidated Balance Sheet Line Item	As of December 31, 2025		As of December 31, 2024
Due from Certain TWMH Members, TIG GP Members and TIG MGMT Members	Other assets	$	223	$	435
Due from Equity Method Investees	Other assets	$	22	$	30

Due from Alvarium related fee arrangements	Fees receivable, net	$	—	$	84
Due from TIG related fee arrangements	Fees receivable, net	$	9,535	$	804

Related Party Investments
Equity method investment with Allianz	Equity method investments	$	—	$	20,300

Related Party Payables
Due to Certain TWMH Members, TIG GP Members and TIG MGMT Members	Accrued member distribution payable	$	(3,260)	$	(3,355)
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements	TRA liability	$	(25,724)	$	(28,765)


PW deferred consideration	Other liabilities	$	—	$	(3,339)
Due to certain employees	Other liabilities	$	(747)	$	—
Due to Certain TWMH Members, TIG GP Members, TIG MGMT Members and Alvarium Shareholders in connection with the Business Combination Earn-out	Earn-out liabilities, at fair value	$	(15,268)	$	(23,848)



EEA earn-out liability	Earn-out liabilities, at fair value	$	(25,259)	$	(29,871)
Envoi earn-out consideration liability	Earn-out liabilities, at fair value	$	(8,220)	$	(9,600)
Envoi earn-out growth consideration liability	Earn-out liabilities, at fair value	$	(1,620)	$	(1,320)
Kontora earn-out liability	Earn-out liabilities, at fair value	$	(7,044)	$	—
Preferred stock tranche liability	Preferred stock tranche liability	$	(2,410)	$	(3,940)
Office lease liability	Operating lease liabilities	$	(1,215)	$	(305)

Mezzanine Equity
Series A Preferred Stock	Series A Redeemable Cumulative Convertible Preferred Stock	$	168,934	$	142,858
Series C Preferred Stock	Series C Redeemable Cumulative Convertible Preferred Stock	$	176,904	$	160,808

Shareholders’ Equity
Delayed share purchase agreement	Additional paid-in capital	$	—	$	40
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

Due from TWMH Members

Certain TWMH Members were offered promissory notes to pay their estimated federal, state and local withholding taxes owed by such members, which constitute loans to members. Promissory notes totaling $1.5

million were issued by the Company in 2020, 2021 and 2022, and bear interest at an annual rate of three and one quarter percent (3.25%). Of these, certain promissory notes totaling $1.1 million included a forgiveness of debt provision. If at each of the first five one-year anniversaries of February 15, 2023, the members’ employment relationship has not been terminated for any reason, an amount equal to twenty percent (20%) of the principal and accrued interest, shall be forgiven. Upon termination of employment, any outstanding amount of loan not forgiven becomes due within 30 days. The additional notes totaling $0.4 million were paid back in full to the Company as of December 31, 2022. On March 14, 2024, a certain member repaid their note totaling $0.7 million.

For the years ended December 31, 2025, 2024, and 2023, the Company recognized $223 thousand, $230 thousand, and $261 thousand, respectively, of forgiveness of principal debt and accrued interest within Compensation and employee benefits expense on the Consolidated Statement of Operations.

The promissory notes are full legal recourse and have applicable default provisions, which allow the Company to enforce collection against all assets of the note holder, including Class B Units which have been pledged as collateral. These loans are presented in Other assets on the Consolidated Statement of Financial Condition. As of December 31, 2025 and December 31, 2024, the balances of loans to members was $0.2 million and $0.4 million, respectively.

Equity Method Investees

The Company’s transactions with Equity Method Investees include receivables related to loans, fees, and expenses, which are presented in Other assets on the Consolidated Statement of Financial Condition.

The Company recognized Management/advisory fees, Other income/fees, Compensation and employee benefits, and Interest income from its equity method investees on the Consolidated Statement of Operations, as summarized in the following table:


(Dollars in Thousands)	For the Year Ended
		December 31, 2025		December 31, 2024		December 31, 2023
Management/advisory fees		$	—	$	(254)	$	(677)

Compensation and employee benefits		$	—	$	—	$	1,826
Other income/fees		$	—	$	2,226	$	2,389
Interest income		$	—	$	(31)	$	—

Due to Certain TIG GP Members and TIG MGMT Members

Certain TIG GP and TIG MGMT Members were issued a distribution from the legacy partnership businesses in connection with the Business Combination. This was treated as a partnership distribution and is presented as Accrued member distributions payable on the Consolidated Statement of Financial Condition. As of December 31, 2025 and December 31, 2024, the balance of Accrued member distributions payable was $3.3 million and $3.4 million, respectively.

Tax Receivable Agreements

On the Closing Date, the Company entered into the Tax Receivable Agreement. The TRA generally provides for certain payments and makes certain arrangements with respect to certain tax benefits to be derived by the Company and its subsidiaries as the result of the Business Combination and future exchanges by such TWMH Members, TIG GP Members and TIG MGMT Members of each of their Class B Unit of Umbrella paired with a share of Class B Common Stock (collectively, the “Paired Interests”) for Class A Common Stock in accordance with the Umbrella LLC Agreement and the making of payments under the TRA.

Pursuant to the terms of the TRA, the Company generally will pay an amount equal to 85% of the net tax benefit that it receives from such exchanges to the TWMH Members, the TIG GP Members, and the TIG MGMT Members. The costs and expenses of administering the TRA will be borne 15% by the Company and 85% by the TWMH Members, the TIG GP Members and the TIG MGMT Members, or in certain instances, all or a portion of such 85% amount may be borne by Umbrella.

The TRA is recognized on the Consolidated Statement of Financial Condition as the TRA Liability. The value of the TRA Liability as of December 31, 2025 and December 31, 2024 was $25.7 million and $28.8 million, respectively. As of December 31, 2025 and December 31, 2024, the Company carried $8.8 million and $9.4 million, respectively, of its TRA Liability at fair value, as it is contingent consideration from the Business Combination. The remaining portion related to the TRA Liability is related to the TRA Exchange of $16.9 million and $19.4 million as of December 31, 2025 and December 31, 2024, respectively, is recorded at its carrying value. For the years ended December 31, 2025, 2024, and 2023, the Company recognized a gain of $5.4 million, a gain of $3.9 million, and a loss of $(0.2) million,respectively, which is recorded in Gain (loss) on TRA in the Consolidated Statement of Operations.

As of December 31, 2025, holders of Class B Units have exchanged a total of 10,844,400 Class B Paired Interests with the Company, for shares of Class A Common Stock on a 1:1 basis totaling an amount equal to the weighted average price of $5.68 multiplied by the total number of shares of Class A Common Stock received at the time of the transactions. For the year ended December 31, 2025, the Company did not make any tax distributions to Class B Units holders.

Business Combination Earn-out Liability

Under the terms of the Business Combination, upon closing, the selling shareholders of TWMH, TIG, and Alvarium became entitled to receive earn-out shares contingent on various share price milestones and in the event of a change in control. The earn-out shares are precluded from being considered indexed to the Company’s own stock and are recognized as a liability at fair value with changes in fair value recognized in earnings. As of December 31, 2025 and December 31, 2024, the fair value of the Business Combination Earn-out Liability was $15.3 million and $23.8 million, respectively, and is reported in Earn-out liabilities, at fair value, in the Consolidated Statement of Financial Position. The Company recognized the change in fair value of $8.6 million, $38.5 million and $29.4 million for the years ended December 31, 2025, 2024, and 2023, respectively, which is recorded in Gain (loss) on earnout liabilities in the Consolidated Statement of Operations and in Fair value (gain) loss on earnout liability in the Consolidated Statement of Cash Flows in the period of change.

EEA Earn-out Liability

On April 1, 2024, the Company acquired all of the issued and outstanding ownership and membership interests of EEA. The EEA Acquisition was accounted for using the acquisition method of accounting and the fair value of the total purchase consideration transferred was $93.1 million. Included in the total purchase consideration is estimated contingent consideration of $23.3 million, for which the Company may be required to make additional cash payments contingent on the future EBITDA performance targets between the closing date and the fifth anniversary of the closing date (or EEA earn-out liability). During the second quarter ended June 30, 2025, a cash payment of $7.4 million related to this contingent consideration was made. As of December 31, 2025 and December 31, 2024, the EEA earn-out liability of $25.3 million and $29.9 million, respectively, is reported in Earn-out liabilities, at fair value, in the Consolidated Statement of Financial Position. The fair value will be remeasured at each reporting date in accordance with ASC 820, Fair Value Measurement. The Company recognized the change in fair value of $(2.8) million and $(6.6) million for the years ended December 31, 2025 and 2024, respectively, which is recorded in Gain (loss) on earnout liabilities in the Consolidated Statement of Operations and in Fair value (gain) loss on earnout liability in the Consolidated Statement of Cash Flows in the period of change.

Envoi Earn-out Liabilities

On July 1, 2024, the Company purchased substantially all of the assets of Envoi pursuant to the terms of the Envoi Acquisition. The Envoi Acquisition was accounted for using the acquisition method of accounting and the fair value of the total purchase consideration transferred was $34.3 million. The total purchase consideration transferred includes estimated contingent consideration totaling $9.0 million, comprised of the Envoi earn-out consideration liability and the Envoi earn-out growth consideration liability, for which the Company may be required to pay additional cash or equity consideration contingent on future revenue-based performance targets between the closing date and the fourth anniversary of the closing date. As of December 31, 2025 and December 31, 2024, the Envoi earn-out consideration liability of $8.2 million and $9.6 million, respectively, and the Envoi earn-out growth consideration liability of $1.6 million and $1.3 million, respectively, are reported in the Earn-out liabilities, at fair value, in the Consolidated Statement of Financial Position. The Company recognized the change in fair value for the Envoi earn-out consideration liability of $(1.6) million and $(1.6) million for the years ended December 31, 2025 and 2024, respectively, and the change in fair value for the Envoi earn-out growth consideration liability of $(0.3) million and $(0.3) million, for the years ended December 31, 2025 and 2024, respectively, which are recorded in Gain (loss) on earnout liabilities in the Consolidated Statement of Operations and in Fair value (gain) loss on earnout liability in the Consolidated Statement of Cash Flows in the period of change.

Kontora Earn-out Consideration

On April 30, 2025, the Company acquired all of the issued and outstanding ownership interests of Kontora. The Kontora Acquisition was accounted for using the acquisition method of accounting and the fair value of the total purchase consideration transferred was $15.7 million. Included in the total purchase consideration is contingent consideration of $5.7 million, comprised of the Kontora earn-out liability, for which the Company may be required to make additional cash payments tied to certain revenue streams acquired in the Kontora Acquisition between the Closing Date and December 31, 2025. As of December 31, 2025, the Kontora earn-out liability of $7.0 million is reported in the Earn-out liabilities, at fair value, in the Consolidated Statement of Financial Position. The Company recognized the change in fair value for the Kontora earn-out liability of $(1.3) million for the year ended December 31, 2025, which is recorded in Gain (loss) on earnout liabilities in the Consolidated Statement of Operations and in Fair value (gain) loss on earnout liability in the Consolidated Statement of Cash Flows in the period of change.

Due to Certain Employees

In August 2020, a senior executive of the Company entered into a Share Purchase Agreement with Tiedemann Constantia AG (“TC”), a wholly-owned subsidiary of the Company, in connection with a share buyback transaction pursuant to which the senior executive sold 702 shares of TC stock (“TC Shares”) to TC in exchange for a vendor loan note issued by TC (the “Vendor Loan Note”). The Vendor Loan Note accrues interest until settlement. On May 18, 2025, the senior executive sent the Company a demand notice for repayment of the Vendor Loan Note in accordance with its terms. The Company expects the loan to be settled in mid-2026. As of December 31, 2025, the outstanding balance of this loan was approximately $0.7 million and is reported in Other liabilities in the Consolidated Statement of Financial Position.

Pointwise Deferred Consideration

On May 9, 2024, AlTi acquired the remaining 50% of the issued and outstanding ownership and membership interest of PW, increasing its interest from 50% to 100%. The PW Acquisition was accounted for using the acquisition method of accounting and the fair value of the total purchase consideration was $8.0 million. The total purchase consideration transferred includes cash consideration, equity consideration and estimated deferred consideration of $3.3 million. The deferred consideration was measured at fair value at the acquisition

date, and as of December 31, 2024, amounted to $3.3 million, and was recorded within the Other liabilities line item in the Consolidated Statement of Financial Position. The deferred consideration was paid during the first quarter ended March 31, 2025, in cash and equity totaling $3.4 million. For the year ended December 31, 2025, the Company recognized the change in fair value for the deferred consideration liability of $372.6 thousand, of which $390.7 thousand is recorded in Gain (loss) on earnout liabilities and $(18.1) thousand is recorded in Interest expense, both in the Consolidated Statement of Operations.

Operating Lease Liabilities

ALWP renewed a lease it had previously entered into for its Singapore office with a related party, which became effective on November 1, 2025. The lessor is the head of investments of this subsidiary. As of December 31, 2025 and December 31, 2024, the operating lease payable amounted to $1.2 million and $0.3 million, respectively, and is reported in the Operating lease liabilities in the Consolidated Statement of Financial Position. The Company recorded lease expense related to this lease of $0.5 million, $0.5 million, and $0.4 million for the years ended December 31, 2025, 2024, and 2023, respectively, which is recorded in Occupancy costs in the Consolidated Statement of Operations and $0.5 million, $0.5 million, and $0.4 million for the years ended December 31, 2025, 2024, and 2023, respectively, in Operating cash flow from operating leases in the Consolidated Statement of Cash Flows in the period of change.

Fees Receivable, net

The Company recognizes fees at the time of transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. Fees recognized are calculated based on contractual terms, including the transaction price, whether a distinct performance obligation has been satisfied and control is transferred to the customer, and when collection of the revenue is assessed as probable. Such fees are recognized in the Consolidated Statement of Financial Condition as Fees receivable, net. As of December 31, 2025 and December 31, 2024, fees due from Alvarium related fee arrangements were $0.0 thousand and $84.0 thousand, respectively. Additionally, as of December 31, 2025 and December 31, 2024, management and incentive fees receivable due from TIG related fee agreements were $9.5 million and $0.8 million, respectively.

Allianz Transactions

On July 31, 2024, the Company closed on the Allianz Transaction which resulted in the issuance of 140,000 shares of Series A Preferred Stock, 19,318,580.96 shares of Class A Common Stock, the Allianz Warrants to purchase 5,000,000 shares of Class A Common Stock, and the Allianz Tranche Right which permits Allianz, at its option, to purchase up to 50,000 additional shares of Series A Preferred Stock up to an aggregate amount equal to $50 million.

Additionally, the Board established a Transaction Committee for purposes of reviewing and assessing all proposals, plans, or recommendations by the Company’s management with respect to potential or proposed merger, acquisition or investment (including minority investments and investments into any funds); (ii) material asset purchase (including the hiring of groups of key employees of target businesses in lieu of acquiring legal entities or property); (iii) divestiture or disposition of a material asset or a material portion of any business; and (iv) financing of any of the foregoing.

Pursuant to the Allianz Investor Rights Agreement, Allianz has the right to nominate two directors (the “Investor Designees”) until such time as Allianz ceases to own at least 50% of the initial shares of Class A Common Stock. For so long as Allianz is permitted to designate the Investor Designees, one Investor Designee will serve as a member of the Transaction Committee and each Investor Designee will serve as a member of at least one other Board committee.

Based on Allianz’s rights under the Investor Rights Agreement, including to hold Board seats, the Company has concluded that Allianz represents a related party. As of both December 31, 2025 and December 31, 2024, the Allianz Warrants of $6.6 million are recorded as a component of equity in the line item Additional paid-in capital on the Company’s Consolidated Statement of Financial Position.

On May 13, 2025, Allianz exercised the Allianz Tranche Right to purchase an additional 18,471 shares of Series A Preferred Stock at $1,000 per share. As of December 31, 2025 and December 31, 2024, the Allianz Tranche Right of $2.4 million and $3.9 million, respectively, is recorded in the line item Preferred stock tranche liability on the Company’s Consolidated Statement of Financial Position. For the years ended December 31, 2025 and December 31, 2024, the change in fair value of the Allianz Tranche Right is $1.5 million and $0.6 million, respectively, and is recorded in the line item Gain (loss) on preferred stock tranche liability in the Consolidated Statement of Operations.

On June 30, 2025, the Board declared dividends payable in kind to Allianz that were comprised of 50% shares of Series A Preferred Stock and 50% in shares of Class A Common Stock. The Series A Preferred Stock of 168,934, inclusive of dividends paid in kind, is classified outside of permanent equity as mezzanine equity in the accompanying Consolidated Statement of Financial Position and is presented net of issuance costs and inclusive of accrued dividends. An additional 1,523,289 shares of Class A Common Stock were issued to Allianz as part of the 50% dividends paid in kind. Refer to Note 1 (Description of the Business), Note 8 (Fair Value Disclosures), and Note 16 (Debt, net of unamortized deferred financing cost) for additional details around instruments related to the Allianz Transaction.

As of December 31, 2024, the Company entered into an equity method investment of $20.3 million with Allianz, which was recorded in the line item Equity method investments on the Company’s Consolidated Statement of Financial Position. The equity method investment was sold at cost along with an immaterial gain as of the first quarter ended March 31, 2025.

Constellation Transaction

During the first quarter ended March 31, 2024, the Company entered into an agreement with Constellation for the sale and issuance of 150,000 shares of Series C Preferred Stock that occurred in two transactions, the first of which closed on March 27, 2024, for the sale of 115,000 shares and the second of which closed on May 15, 2024, for the sale of 35,000 shares. The Series C Preferred Stock will receive cumulative, compounding dividends at a rate of 9.75% per year on the aggregate purchase price of $150 million, subject to annual adjustments based on the stock price of the Class A Common Stock during the fourth quarter of each applicable year (subject to a maximum rate of 9.75%) on the sum of (i) $1,000 per share plus, (ii) once compounded, any compounded dividends thereon ($1,000 per share plus accumulated compounded dividends and accrued but unpaid dividends through any date of determination).

Dividends will be paid (at the option of the Company) as payment in kind increases in the stated value of the issued shares of Series C Preferred Stock or in cash. The Series C Preferred Stock will also participate with any dividends or distributions declared on the Class A Common Stock. As of December 31, 2025, the 150,000 outstanding shares of Series C Preferred Stock represent 7.5% of the total voting power of all shares.

Additionally, the Company issued the Constellation Warrants to purchase 2,000,000 shares of the Company’s Class A Common Stock at an exercise price of $7.40 per share. On March 27, 2024 and May 15, 2024, the Company completed the initial and additional issuances of Constellation Warrants to purchase 1,533,333 shares and 466,667 shares, respectively, of the Company’s Class A Common Stock. No Constellation Warrants were exercised during the year ended December 31, 2025. As of both December 31, 2025 and December 31, 2024,

the Constellation Warrants of $3.0 million, are recorded as a component of equity in the line item Additional paid-in capital on the Company’s Consolidated Statement of Financial Position.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Business Combinations and Divestitures

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Business Combinations and Divestitures

Acquisition of Kontora Family Office GmbH

On April 30, 2025 (the “Kontora Acquisition Date”), the Company acquired all of the outstanding ownership interests of Kontora Family Office GmbH (“Kontora”) (the “Kontora Acquisition”). Kontora is a multi-family office and asset management company headquartered in Hamburg, Germany, focused on UHNW families, entrepreneurs and select institutions. This acquisition expanded the Company’s presence in Europe through entry into the key wealth hub of Germany, which represents the third largest UHNW market in the world.

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

The Kontora Acquisition was accounted for using the acquisition method of accounting and the fair value of the total purchase consideration transferred was $15.7 million. Included in the total purchase consideration is contingent consideration of $5.7 million, comprised of the Kontora earn-out liability, for which the Company may be required to make additional cash payments tied to certain revenue streams acquired in the Kontora Acquisition between the Closing Date and December 31, 2035. The contingent consideration was measured at fair value at the Kontora Acquisition Date and recorded within the Earn-out liabilities, at fair value line item in the Consolidated Statement of Financial Position. In addition to the contingent consideration, the Company may be required to make additional compensatory payments comprised of a combination of cash and equity at the Company’s option based on Kontora’s adjusted EBITDA. See Note 6 Equity-Based Compensation for additional details on the equity awards. 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

The Company incurred $1.6 million of direct acquisition-related expenses, which were recognized in the Professional fees line item of the Consolidated Statement of Operations during the year ended December 31, 2025.

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


(Dollars in Thousands)	Kontora Acquisition Date Fair Value
Cash and cash equivalents	$	3,440
Fees receivable	2,702
Equity method investments	28
Intangible assets	14,075
Goodwill	981
Operating lease right-of-use assets	1,952
Deferred tax assets, net	1,451
Other assets, net	2,326
Total Assets Acquired	$	26,955
Accounts payable and accrued expenses	526
Accrued compensation and profit sharing	218
Debt, net of unamortized deferred financing cost	732
Operating lease liability	1,952
Deferred tax liability	4,774
Other liabilities, net	3,057
Total Liabilities Assumed	$	11,259
Total Assets Acquired and Liabilities Assumed	$	15,696

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

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

For all other major assets and liabilities acquired, the Company determined that book value approximated fair value. Goodwill is comprised of expected synergies for the combined operations and the assembled workforce acquired in the Kontora Acquisition, which does not qualify as a separately recognized intangible asset.

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


(Dollars in Thousands)	Kontora Acquisition Date Fair Value		Estimated Life (Years)
Brand	$	187	3
License	4,385		15
Customer relationships	9,443		15
Software	60		3
Total Intangible Assets	$	14,075

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

Acquisition of Envoi, LLC

On July 1, 2024 (the “Envoi Acquisition Date”), the Company purchased substantially all of the assets of Envoi, pursuant to the terms of the asset purchase agreement by and among the Company and Envoi, as well as Envoi’s individual members (the “Envoi Acquisition”). Envoi is a private family office focused on multi-generational family wealth. The acquisition expanded the Company’s operations into the mid-West region of the United States.

The Envoi Acquisition met the requirements to be considered a business combination under ASC 805 and was accounted for using the acquisition method of accounting. The fair value of the total purchase consideration was $34.3 million, consisting of cash consideration of $25.3 million, and estimated contingent consideration of $9.0 million comprised of the Envoi earn-out liability and earn-out growth consideration liability. A portion of the contingent consideration will be used to establish a retention pool which is payable in a mixture of cash and equity to employees upon meeting certain revenue thresholds over a required service period. The portion of contingent consideration used to establish the retention pool is treated as compensation rather than consideration transferred. See Note 6 (Equity-Based Compensation) for further details about the related equity award. The amount of contingent consideration related to consideration transferred was measured at fair value at the acquisition date and recorded within the Earn-out liabilities, at fair value line item in the Consolidated Statement of Financial Position. The total purchase consideration is summarized below:


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

The Company incurred $1.1 million of direct acquisition-related expenditures, which were recognized in the Professional fees line item of the Consolidated Statement of Operations during the year ended December 31, 2024.

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


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

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

In accordance with ASC 805, the assets and liabilities were recorded at their respective fair values as of July 1, 2024. The fair value of intangible assets was determined using the multi-period excess earnings method. For all other major assets and liabilities acquired, the Company determined that book value approximated fair value. Goodwill is comprised of expected synergies for the combined operations and the assembled workforce acquired in the business combination, which does not qualify as a separately recognized intangible asset. The goodwill resulting from this acquisition is expected to be deductible for tax purposes. The components of goodwill do not qualify as a separately recognized intangible asset.

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


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

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

Acquisition of Pointwise Partners Limited

On May 9, 2024 (the “PW Acquisition Date”), the Company acquired the remaining 50% of the issued and outstanding ownership and membership interest of PW, increasing its interest from 50% to 100% (the “PW Acquisition”). PW is a wealth management business based in the United Kingdom, focused on international clients. The acquisition further expanded the Company’s global client base.

The PW Acquisition met the requirements to be considered a business combination under ASC 805 and was accounted for using the acquisition method of accounting. The fair value of the total purchase consideration was $8.0 million, consisting of cash consideration, equity consideration, estimated deferred consideration, and the settlement of pre-existing relationships as summarized below:


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

The estimated deferred consideration of $3.4 million was paid in cash and equity during the first quarter ended March 31, 2025. An additional amount of $1.0 million was paid fully in cash rather than in equity to PW employees upon meeting certain performance milestones. This additional amount was determined to be compensation rather than consideration transferred.

At the PW Acquisition Date, as required by ASC 805, the Company’s existing 50% equity in PW, which was previously recognized as an equity method investment, was revalued to reflect the fair value at this date. The fair value of this existing equity method investment was $6.2 million, which was calculated as 50% of the fair value of PW total equity value, excluding the impact of any synergies or control premium that would be realized by a controlling interest.

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


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

The fair value of intangible assets was determined using the multi-period excess earnings method. Goodwill is comprised of expected synergies of the combined operations, including employees acquired in a business combination. The components of goodwill do not qualify as a separately recognized intangible asset.

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


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

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

Acquisition of East End Advisors, LLC

On April 3, 2024 (the “EEA Acquisition Date”), the Company acquired all of the issued and outstanding ownership and membership interests of EEA pursuant to the terms of the purchase agreement between the Company and EEA Holding Company, LLC (the “EEA Acquisition”). EEA provides customized portfolios for a select number of ultra-high net worth families and foundations using an OCIO model. The acquisition expanded the Company’s footprint in the OCIO space.

The EEA Acquisition met the requirements to be considered a business combination under ASC 805 and was accounted for using the acquisition method of accounting. The fair value of the total purchase consideration transferred was $93.1 million, consisting of cash consideration of $69.0 million and contingent consideration of $23.3 million, for which the Company may be required to make additional cash payments contingent on the future EBITDA performance targets between the closing date and the fifth anniversary of the closing date. The contingent consideration was measured at fair value at the acquisition date and recorded within the Earn-out liabilities, at fair value line item in the Consolidated Statement of Financial Position.


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

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

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


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

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 1, 2024. The Company developed the fair value of intangible assets, which includes trade names, customer relationships and developed technology, using various techniques including relief of royalty, excess earnings method, and a discounted cash flow approach. For all other major assets and liabilities acquired, the Company determined that book value approximated fair value. Goodwill is comprised of expected synergies for the combined operations and the assembled workforce acquired in the business combination, which does not qualify as a separately recognized intangible asset.

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


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

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

Acquisition of AlTi Wealth Management (Switzerland) SA

On August 2, 2023, (the “AWMS Acquisition Date”), the Company acquired the remaining 70% of the issued and outstanding ownership and membership interests of AWMS, increasing its interest in AWMS from 30% to 100% (the “AWMS Acquisition”).

The AWMS Acquisition met the requirements to be considered a business combination under ASC 805 and was accounted for using the acquisition method of accounting. The fair value of the total purchase consideration transferred was $16.8 million. The total purchase consideration transferred included cash consideration of $5.7 million, equity consideration of $1.5 million, deferred cash consideration of $6.7 million, earn-out consideration (“AWMS earn-out liability”) of $2.7 million, and the payment of assumed liabilities. Since the AWMS earn-out liability met the definition of a derivative, it was recorded at fair value as a derivative liability in Earn-out liabilities, at fair value on the Consolidated Statement of Financial Position and measured at fair value at the acquisition date and at each reporting date in accordance with ASC 820, Fair Value Measurement, with changes in fair value to be recognized in Gain (loss) on earnout liabilities in the Consolidated Statement of Operations and in Fair value (gain) loss on earnout liability in the Consolidated Statement of Cash Flows in the period of change. The deferred cash consideration and the earn-out consideration were both paid during the year ended December 31, 2024.

At the AWMS Acquisition Date, as required by ASC 805, the Company’s existing 30% equity interest in AWMS, which was previously recognized as an equity method investment, was revalued to reflect the fair value at this date. The fair value of this existing equity method investment was $7.4 million, which was calculated as 30% of the fair value of AWMS total equity value (determined using the discounted cash flow method of the income approach, less debt), excluding the impact of any synergies or control premium that would be realized by a controlling interest. This change in fair value resulted in a gain of $1.9 million, which was recognized during the year ended December 31, 2023 in the Gain (loss) on investments line of the Consolidated Statement of Operations.

The Company incurred $0.01 million in direct acquisition-related expenses, which are recognized in the Professional fees line item of the Consolidated Statement of Operations during the year ended December 31, 2024.

Acquisition of AlTi Wealth Management (Singapore) Pte Limited

On April 6, 2023 (the “ALWP Acquisition Date”), the Company acquired all of the issued and outstanding ownership and membership interests of AlTi Wealth Management (Singapore) Pte Limited (“ALWP”) pursuant to the terms of the share purchase agreement between the Company and ALWP (the “ALWP Acquisition”). The primary purpose of the ALWP Acquisition is to acquire ALWP’s extensive business within Southeast Asia to further expand the Company’s global operations.

The ALWP Acquisition met the requirements to be considered a business combination under ASC 805 and was accounted for using the acquisition method of accounting. The fair value of the total purchase consideration transferred was $15.5 million, with the total amount paid in cash. The Company will make second and third payments to the sellers of ALWP on the third and fifth anniversary of the ALWP Acquisition Date, respectively. Management has determined that these payments will be treated as future compensation expense in the Company’s Consolidated Statement of Operations. There was no contingent consideration as part of the ALWP Acquisition.

For the year ended December 31, 2023, the Company incurred $0.4 million of direct acquisition-related expenses, which are recognized in the Professional fees line item of the Consolidated Statement of Operations.

AlTi Global Business Combination

On January 3, 2023, the Company entered into the Business Combination described in Note 1 (Description of the Business). The primary purpose of the Business Combination was to combine established high-growth companies that can benefit from access to capital and public markets and continue value-creation by management.

The Business Combination was a forward merger and accounted for using the acquisition method of accounting. The fair value of the total purchase consideration transferred was $1,071.1 million. Included in total purchase consideration was contingent consideration of $85.1 million, which is payable to the selling shareholders upon achievement of certain volume-weighted average price targets for the shares of Class A Common Stock or upon a change of control of the Company occurring between the Closing Date and the fifth anniversary of the Closing Date. Since this liability meets the definition of a derivative, it is recorded at fair value as a derivative liability in Earn-out liabilities, at fair value on the Consolidated Statement of Financial Position and measured at fair value at the acquisition date and at each reporting date in accordance with ASC 820, Fair Value Measurement, with changes in fair value to be recognized in Gain (loss) on earnout liabilities in the Consolidated Statement of Operations and in Fair value (gain) loss on earnout liability in the Consolidated Statement of Cash Flows in the period of change.

The Business Combination resulted in the Company acquiring 51% of the equity interests of Umbrella which holds 100% of the equity interests of Alvarium, TWMH, and TIG. The remainder of Umbrella is held by the historical equity holders of TWMH and TIG through their ownership of Class B Units, which are presented as non-controlling interest on the Company’s Consolidated Statement of Financial Position.

As a result of the Business Combination, Umbrella, which represents substantially all of the economic activity of the Company, became a subsidiary of the Company. Since the Company is the sole managing member of Umbrella following the Business Combination, the Class B Units held by the former equity holders of TWMH and TIG are classified as non-controlling interests in the Company’s financial statements. An allocation of net income or loss representing the percentage of ownership of Umbrella not controlled by the Company will be attributed to the non-controlling interests in the Company’s Consolidated Statement of Operations.

For the year ended December 31, 2023, the Company incurred $17.8 million of acquisition-related costs which are included predominantly in the “Professional fees” line in the Consolidated Statement of Operations. In addition, the Company incurred $4.6 million of debt issuance costs related to debt issued to finance the Business Combination. During the quarter ended December 31, 2024, the Company paid off the debt outstanding. Accordingly, the unamortized deferred debt issuance costs of $4.5 million was expensed and recorded in Interest Expense in the Statement of Operations. See Note 16 (Debt, net of unamortized deferred financing cost) for additional details.

Supplemental Pro Forma Financial Information (Unaudited)

The following selected unaudited supplemental pro forma financial information is a summary of our combined results for AWMS, ALWP, Envoi, EEA, PW and Kontora as of the year ended December 31, 2025, 2024 and 2023. The unaudited supplemental pro forma financial information gives effect to the AWMS and ALWP acquisitions as if they had occurred on January 1, 2023, the Envoi, EEA and PW acquisitions as if they had occurred on January 1, 2024, and the Kontora acquisition as if it had occurred on January 1, 2025.

The following acquisitions have been excluded from the unaudited pro forma financial information presented below since their results of operations are included in our unaudited consolidated statement of operations:

• AWMS and ALWP acquisitions for the years ended December 31, 2025 and 2024, respectively.

• EEA, PW, and Envoi acquisitions for the years ended December 31, 2025.

The unaudited pro forma financial information presented below is for informational purposes only, and is not necessarily indicative of the results that would have been achieved if the acquisitions had taken place on the first of the year in which they were acquired, nor is it indicative of future results.


	For the Year Ended
(Dollars in Thousands)		December 31, 2025		December 31, 2024		December 31, 2023
Total revenue		$	260,911	$	221,297	$	241,618
Net income (loss)		$	(119,955)	$	(102,245)	$	(162,443)

FOS

On May 8, 2024, the Company sold FOS, its European-based trust and private office service, for cash consideration of $19.5 million.

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

12 Months Ended

Dec. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Assets

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


(Dollars in Thousands)	As of December 31, 2025		As of December 31, 2024
Fixed assets, net:
Leasehold improvements	$	18,705	$	17,736
Office equipment and furniture	5,653		2,849
Foreign currency translation adjustment	184		285
Accumulated depreciation	(6,852)		(4,861)
Fixed assets, net	17,690		16,009
Lease incentive receivables	—		5,522
Accrued income	18,409		13,423
Prepaid expenses	8,268		8,776
Sundry receivables	4,908		2,610
Other receivables	2,683		2,984
Third party receivables related to IRE	2,082		—
Other assets	2,406		1,064
Other assets, net (1)	$	56,446	$	50,388

(1) As of December 31, 2025 and December 31, 2024, these amounts include $0.2 million and $0.5 million, respectively, in receivables due from related parties. See Note 18 (Related Party Transactions) for further details.

Schedule of Other Liabilities

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


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

PW deferred consideration	$	—	$	3,339
Payroll taxes	1,754		1,128
Payroll	869		—
Corporation tax payable	2,532		2,415

Accrued legal	4,496		5,125
Other (1)	5,025		(168)


Other Liabilities, net (2)	$	14,676	$	11,839

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

(2) As of December 31, 2025 and December 31, 2024, these amounts include $0.7 million and $3.3 million, respectively, in liabilities due to related parties.

Summary of Significant Accounting Policies - Segment Reporting (Details) - segment	6 Months Ended
	Dec. 31, 2025	Jun. 30, 2025
Accounting Policies [Abstract]
Number of operating segments	1	2
Number of reportable segments	1

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Philadelphia, PA
Auditor Firm ID	185

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying audited consolidated financial statements comprise the financial statements of the Company and its subsidiaries. These consolidated financial statements have been prepared under the accrual basis of accounting in accordance with U.S. GAAP and conform to prevailing practices within the financial services industry, as applicable to the Company. The notes are an integral part of the Company’s consolidated financial statements. In the opinion of management, all adjustments necessary for a fair presentation of the Company’s consolidated financial statements have been included and are of a normal and recurring nature. The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Certain prior period presentations and disclosures, while not required to be recast, may be reclassified to ensure comparability with current period classifications.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make assumptions and estimates that affect the amounts reported in the consolidated financial statements of the Company. The most critical of these estimates are related to (i) the fair value of the investments included in the billable assets within AUM/AUA, as this impacts the amount of revenues the Company recognizes each period; (ii) the fair values of the Company’s investments and liabilities with respect to the TRA, and Earn-out Securities, as changes in these fair values have a direct impact on the Company’s consolidated net income (loss); (iii) the estimate of future taxable income, which impacts the realizability and carrying amount of the Company’s deferred income tax assets; (iv) the qualitative and quantitative assessments of whether impairments of equity method investments, carried interest vehicles, acquired intangible assets, and goodwill exist; and (v) the determination of whether to consolidate a variable interest entity (“VIE”); and (vi) fair value of assets acquired and liabilities assumed in business combinations, including assumptions with respect to future cash inflows and outflows, discount rates, assets’ useful lives, market multiples, the allocation of purchase price consideration in the business combination valuation of acquired assets and liabilities, the estimated useful lives of intangible assets, goodwill impairment testing, assumptions used to calculate equity-based compensation, and the realization of deferred tax assets. Inherent in such estimates are judgments relating to future cash flows, which include the Company’s interpretation of current economic indicators and market valuations, and assumptions about the Company’s strategic plans with regard to its operations. While management believes that the estimates utilized in preparing the consolidated financial statements are reasonable and prudent, actual results could differ materially from those estimates.
Consolidation	Consolidation The Company consolidates those entities in which it has a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. The Company determines whether an entity should be consolidated by first evaluating whether it holds a variable interest in the entity. Entities that are not VIEs are further evaluated for consolidation under the voting interest model (“VOE” model). An entity is considered to be a VIE if any of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) the holders of equity investment at risk, as a group, lack either the direct or indirect ability through voting rights or similar rights to make decisions that have a significant effect on the success of the entity or the obligation to absorb the expected losses or right to receive the expected residual returns, or (c) the voting rights of some equity investors are disproportionate to their obligation to absorb losses of the entity, their rights to receive returns from an entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. Fees that are customary and commensurate with the level of services provided by the Company, and where the Company does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, are not considered a variable interest. The Company factors in all economic interests, including proportionate interests through related parties, to determine if fees are considered a variable interest. Where the Company’s interests in funds are primarily management fees and insignificant direct or indirect equity interests through related parties, the Company is not considered to have a variable interest in such entities. The Company consolidates all VIEs for which it is the primary beneficiary. An entity is determined to be the primary beneficiary if it holds a controlling financial interest, which is defined as having (a) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The Company does not consolidate any of the products it manages as it does not hold any direct or indirect interests in such entities that could expose the Company to an obligation to absorb losses of an entity or the right to receive benefits from an entity that could potentially be significant to such entities. The Company determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and continuously reconsiders that conclusion. In evaluating whether the Company is the primary beneficiary, the Company evaluates its direct and indirect economic interests in the entity. The consolidation analysis is generally performed qualitatively, however, if the primary beneficiary is not readily determinable, a quantitative analysis may also be performed. This analysis requires judgment, including: (1) determining whether the equity investment at risk is sufficient to permit the entity to finance its activities without additional subordinated financial support, (2) evaluating whether the equity holders, as a group, can make decisions that have a significant effect on the success of the entity, (3) determining whether two or more parties’ equity interests should be aggregated, (4) determining whether the equity investors have proportionate voting rights to their obligations to absorb losses or rights to receive returns from an entity and (5) evaluating the nature of relationships and activities of the parties involved in determining which party within a related-party group is most closely associated with a VIE and therefore would be deemed the primary beneficiary. Under the voting interest model, the Company consolidates those entities it controls through a majority voting interest. The Company will generally not consolidate those voting interest entities where a single investor or simple majority of third-party investors with equity have the ability to exercise substantive kick-out or participation rights.
Revenue Recognition	Revenue Recognition Revenue is recognized when the Company transfers promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. A five-step framework is utilized that requires an entity to: (i) identify the contract(s) with a customer, which includes assessing the collectability of the consideration to which it will be entitled in exchange for the goods or services transferred to the customer, (ii) identify the performance obligation in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligation in the contract, and (v) recognize revenue when the entity satisfies a performance obligation. Management/Advisory Fees Revenues from contracts with customers consist of investment management, trustee, and custody fees. The Company recognizes revenue at the time of transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. Revenue recognized is calculated based on contractual terms, including the transaction price, whether a distinct performance obligation has been satisfied and control is transferred to the customer, and when collection of the revenue is assessed as probable. Investment management, trustee and custody fees are recognized over the period in which the investment management services are performed, using a time-based output method to measure progress. The amount of revenue varies from one reporting period to another as levels of AUA change (from inflows, outflows, and market movements) and the number of days in the reporting period change. For services provided to each client account, the Company charges an investment management fee, inclusive of custody and/or trustee fees, based on the fair value of the AUM of such account representing a single performance obligation. For assets for which valuations are not available on a daily basis, the most recent valuation provided to the Company is used as the fair value for the purpose of calculating the quarterly fee. In certain circumstances, fixed fees are charged to customers on a monthly basis. The nature of the Company’s performance obligation is to provide a series of distinct services in which the customer receives the benefits of the services over time. The Company’s performance obligation is satisfied at the end of each month or quarter, as applicable to the contract with the customer. Fees are charged on a mixture of methodologies that include quarterly in arrears based upon the market value at the end of the quarter, quarterly based on the average daily balance, or monthly. Receivable balances from contracts with customers are included in the fees receivable line in the Consolidated Statement of Financial Position. Our family office services business is also included in the Management/advisory fees line item. Family office services fees are generally structured to reflect an annual agreed upon fee or they can be structured on a project/time-based fee. Family office services fees are typically billed quarterly in arrears. We also generate family office services project/time-based fees arising from accounting, administration fees, set up, the Foreign Account Tax Compliance Act (“FATCA”), and other non-investment advisory services. Incentive Fees The Company is entitled to incentive fees if targeted returns have been achieved in accordance with customer contracts. Incentive fees are calculated using a percentage of net profit from the amount the customers earn. Incentive fees are variable consideration that is generally calculated as applicable to the contract with the customer. We recognize our incentive fees when it is no longer probable that a significant reversal of revenue will occur. Our incentive fees are not subject to clawback provisions. Other Fees/Income The Company generates brokerage fees which are similar to arrangement fees except that they are generally paid for assisting public companies in raising capital.
Distributions from Investments	Distributions from Investments The Company has equity interests in External Strategic Managers pursuant to which it is entitled to distributions based on the terms of the respective arrangements. Distributions from each investment will be recorded upon receipt of the distribution. These distributions are recurring under investment agreements and are structured as either a profit or revenue share of the investment’s management and incentive fees.
Cash and Cash Equivalents	Cash and Cash EquivalentsCash and cash equivalents primarily consist of cash and highly liquid investments with original maturities of three months or less at the date of purchase. The Company invests its excess cash primarily in money market funds or demand deposit accounts of major financial institutions. Accordingly, the Company’s cash and cash equivalents are subject to minimal credit and market risk. Cash balances maintained by consolidated VIEs are not considered legally restricted and are included in cash and cash equivalents on the Consolidated Statement of Financial Position.
Restricted Cash and Cash Equivalents	Restricted Cash and Cash Equivalents Restricted cash and cash equivalents consist of balances that are restricted as to withdrawal or usage. As of December 31, 2025 and December 31, 2024, restricted cash and cash equivalents amounted to $7.0 million and $9.1 million, respectively, and are included in the line item Cash and cash equivalents on the Consolidated Statement of Financial Position as of such dates. These amounts represent collateral held as well as the level of liquidity to be maintained by the Company’s certain subsidiaries to meet regulatory requirements. Failing to meet the requirement could lead to censure, fines, and ultimately a loss of license.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially expose the Company to concentration of credit risk consist primarily of cash and cash equivalents. The Company’s cash and cash equivalents are generally held with large financial institutions. Although the Company’s deposits may exceed federally insured limits, the financial institutions that the Company uses have high investment-grade credit ratings and, as a result, the Company believes that, as of December 31, 2025, its risk related to deposits exceeding federally insured limits was not significant.
Compensation and Employee Benefits	Compensation and Employee Benefits Cash-Based Compensation Compensation and benefits consist of salaries, bonuses, commissions, benefits and payroll taxes. Compensation is accrued over the related service period. Equity-Based Compensation Equity-based compensation awards are reviewed to determine whether such awards are equity-classified or liability-classified. Compensation expense related to equity-classified awards is equal to their grant-date fair value and generally recognized on a straight-line basis over the awards’ requisite service period for time-based awards or recognized over a graded-vesting period for awards with both a service and market condition, as applicable. When certain settlement features require an award to be liability-classified, compensation expense is recognized over the service period, and such amount is adjusted at each statement of financial position date through the settlement date to the then current fair value of such award. The Company recognizes equity-based award forfeitures in the period they occur as a reversal of previously recognized compensation expense. The reduction in compensation expense is determined based on the specific awards forfeited during that period. Furthermore, the Company recognizes all excess tax benefits and deficiencies as income tax benefits or expenses in the Consolidated Statement of Operations.
Foreign Currency Translation	Foreign Currency Translation The functional currency for the Company’s foreign subsidiaries is based on the subsidiaries’ financial and operational environment and is the applicable local currency. Revenues, expenses, assets and liabilities denominated in non-functional currencies are recorded in the appropriate functional currency at rate of exchange prevailing at the transaction date. Monetary assets and liabilities denominated in non-functional currencies are remeasured at the end of each reporting period at the exchange rate as of such date. Foreign currency remeasurement gains or losses on monetary assets and liabilities in non-functional currencies are recognized in the Consolidated Statement of Operations within general and administrative expenses. Since the consolidated financial statements are prepared in U.S. dollars, the Company also translates all non-U.S. dollar functional currency revenues, expenses, assets and liabilities into U.S. dollars. All non-U.S. dollar functional currency revenue and expenses are translated into U.S. dollars at average exchange rates during the period. All non-U.S. dollar functional assets and liabilities are translated at the exchange rates at the end of reporting period. Gains or losses on translation in the financial statements are included as a component of other comprehensive income.
Income Taxes	Income Taxes The Company accounts for income taxes under the asset and liability method in accordance with ASC 740, Income Taxes. Under this method, deferred tax assets and liabilities are determined based on differences between the consolidated financial statement carrying amounts and tax bases of assets and liabilities and operating loss and tax credit carryforwards and are measured using the enacted tax rates that are expected to be in effect when the differences reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Consolidated Statement of Operations in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to an amount that, in the opinion of management, is more likely than not to not be realized, meaning the likelihood of realization is less than 50%. The Company accounts for uncertain tax positions by reporting a liability for unrecognizable tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense.
Other Assets, Net and Other Liabilities, Net	Other Assets, Net and Other Liabilities, Net Other assets, net include prepaid expenses, miscellaneous receivables, current income taxes receivable, fixed assets, and software licenses. The Company amortizes assets over their respective useful lives, as applicable. Other liabilities, net include accrued payroll and payroll related taxes, accrued legal fees, and corporate taxes payable, among other miscellaneous payables.
Investments and Gain (loss) on investments	Investments Investments in Debt Securities. The Company classifies debt investments as held-to-maturity or trading based on the Company’s intent and ability to hold the debt security to maturity or its intent to sell the security. The Company does not have any held-to-maturity debt investments. Trading securities are those investments that are purchased principally for the purpose of selling them in the near term. Trading securities are carried at fair value on the Consolidated Statement of Financial Position with changes in fair value recorded in Loss on investments on the Consolidated Statement of Operations. Investments in Equity Securities. Equity securities are generally carried at fair value on the Consolidated Statement of Financial Position in accordance with ASC 321, Investments – Equity Securities. Changes in fair value are recorded in Loss on investments on the Consolidated Statement of Operations. Equity Method. The Company applies the equity method of accounting for equity investments where the Company does not consolidate the investee but can exert significant influence over the financial and operating policies of the investee. The evaluation of whether the Company exerts control or significant influence over the financial and operational policies of its investees is based on the facts and circumstances surrounding each individual investment. The Company’s share of the investee’s underlying net income or loss is recorded as Loss on investments within current period earnings. The Company’s share of net income of the investee is recorded based upon the most current information available at the time, which may precede the date of the Consolidated Statement of Financial Position. Due to the nature and size of its investees, the Company has adopted a lag in reporting for certain equity method investees for which the Company cannot reliably obtain financial information on a regular basis. Distributions received reduce the Company’s carrying value of the investee and the cost basis if deemed to be a return of capital. For certain investments, the Company may apply the alternative fair value option to the investment at initial measurement. The fair value measurement of investments in which the fair value option is elected will be measured in accordance with ASC 825, Financial Instruments. For equity method investments and nonmarketable investments, impairment evaluation considers qualitative factors, including the financial conditions and specific events related to an investee, which may indicate the fair value of the investment is less than the carrying value. For held-to-maturity investments, impairment is evaluated using market values, when available, or the expected cash flows of the investment. These losses in value may be considered other than temporary impairment losses. Gain (loss) on investments The Company holds investments in common stock, mutual funds, exchange-traded funds, and exchange-traded notes, which hold investments in equity and debt securities. The Company’s realized and unrealized gains and losses on these investments are recorded in Gain (loss) on investments in the Consolidated Statement of Operations. The Company holds interests in various affiliated limited partnerships and limited liability companies, whose purpose is to achieve capital appreciation through investments in financial instruments and investment vehicles. The Company accounts for investments in which it has significant influence but not a controlling financial interest using the equity method of accounting and may earn income related to its equity in income of equity method investees. The equity method investments are in various fund complexes, including funds focused on infrastructure and utilities, high income yields, and multi-strategy, among others. Changes in fair value of these investments are recorded in Gain (loss) on investments in the Consolidated Statement of Operations.
Leases	Leases The Company determines if an arrangement is a lease at inception of the arrangement and primarily enters into operating leases, as the lessee, for office space. The Company accounts for its leases in accordance with ASC 842, Leases, and recognizes a lease liability and right-of-use asset in the Consolidated Statement of Financial Position for contracts that it determines are leases or contain a lease. The Company evaluates leases at their inception to determine if they are to be accounted for as an operating lease or a finance lease. A lease is accounted for as a finance lease if it meets one of the following five criteria: (i) the lease has a purchase option that is reasonably certain of being exercised, (ii) the present value of the future cash flows is substantially all of the fair market value of the underlying asset, (iii) the lease term is for a significant portion of the remaining economic life of the underlying asset, (iv) the title to the underlying asset transfers at the end of the lease term, or (v) if the underlying asset is of such a specialized nature that it is expected to have no alternative uses to the lessor at the end of the term. Leases that do not meet the finance lease criteria are accounted for as an operating lease. At the inception of a finance lease, an asset and finance lease obligation are recorded at an amount equal to the lesser of the present value of the minimum lease payments and the property’s fair market value. Finance lease obligations are classified as either current or long-term based on the due dates of future lease payments, net of interest. The Company’s lease portfolio primarily consists of operating leases for office space in various countries around the world. The Company also has operating leases for office equipment and vehicles, which are not significant. The Company does not separate non-lease components from lease components for its office space and equipment operating leases and instead accounts for each separate lease component and its associated non-lease component as a single lease component. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the leases. The Company’s right-of-use assets and lease liabilities are recognized at lease commencement based on the present value of lease payments over the lease term. Lease right-of-use assets include initial direct costs incurred by the Company and are presented net of deferred rent and lease incentives. Absent an implicit interest rate in the lease, the Company uses its incremental borrowing rate, adjusted for the effects of collateralization, based on the information available at commencement in determining the present value of lease payments. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise those options. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Lease right-of-use assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The Company does not recognize a lease liability or right-of-use asset on the balance for short-term leases. Instead, the Company recognizes short-term lease payments as an expense on a straight-line basis over the lease term. A short-term lease is defined as a lease that, at the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. When determining whether a lease qualifies as a short-term lease, the Company evaluates the lease term and the purchase option in the same manner as all other leases.
Intangible Assets Other Than Goodwill, Net	Intangible Assets Other Than Goodwill, Net The Company recognized certain finite-lived intangible assets as a result of the Business Combination and other acquisitions. The Company’s finite-lived intangible assets consist of Customer Relationships, Trade Names, Investment Management Agreements, Licenses, Internally Developed Software and Backlog. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives. The Company tests finite-lived intangible assets for impairment if certain events occur or circumstances change indicating that the carrying amount of the intangible asset may not be recoverable. The Company evaluates impairment by comparing the estimated fair value attributable to the intangible asset with its carrying amount. If an impairment exists, the Company adjusts the carrying value to equal the fair value by taking a charge through earnings. The Company also recognized certain indefinite-lived intangible assets as a result of the Business Combination consisting of certain investment management agreements. These indefinite-lived intangibles are not subject to amortization, but are evaluated for impairment at least annually. In assessing its indefinite-lived intangible assets for impairment, the Company has the option to first perform a qualitative assessment to determine whether events or circumstances exist that lead to a determination that it is unlikely that the fair value of the indefinite-lived intangible asset is less than its carrying amount. If the Company determines that it is unlikely that the fair value of an indefinite-lived intangible asset is less than its carrying amount, the Company is not required to perform any additional tests in assessing the asset for impairment. However, if the Company concludes otherwise or elects not to perform the qualitative assessment, then it is required to perform a quantitative analysis to determine if the fair value of an indefinite-lived intangible asset is less than its carrying value. If through this quantitative analysis the Company determines the fair value of an indefinite-lived intangible asset exceeds its carrying amount, the indefinite-lived intangible asset is considered not to be impaired. If the Company concludes that the fair value of an indefinite-lived intangible asset is less than its carrying value, an impairment loss will be recognized for the amount by which the carrying amount exceeds the indefinite-lived intangible asset’s fair value.
Goodwill	GoodwillGoodwill represents the excess of the purchase price in a business combination over the fair value of the tangible and intangible assets acquired and the liabilities assumed. Under ASC 350, Intangibles—Goodwill and Other, goodwill is not amortized, but rather is subject to an annual impairment test. Goodwill represents the excess of consideration over identifiable net assets of an acquired business. The Company has one reporting unit, and tests goodwill annually for impairment. If, after assessing qualitative factors, the Company believes that it is more likely than not that the fair value of the reporting unit inclusive of goodwill is less than its carrying amount, the Company will perform a quantitative assessment to determine whether an impairment exists. If an impairment exists, the Company adjusts the carrying value of goodwill so that the carrying value of the reporting unit is equal to its fair value by taking a charge through earnings. The Company also tests goodwill for impairment in other periods if an event occurs or circumstances change such that it is more-likely-than-not to reduce the fair value of the reporting unit below its carrying amount.
Fixed Assets, Net	Fixed Assets, Net Fixed assets are recorded at cost, less accumulated depreciation, and are included in Other assets in the Consolidated Statement of Financial Position. Fixed assets are depreciated on a straight-line basis, with the corresponding depreciation expense included within Depreciation and amortization in the Consolidated Statement of Operations. The estimated useful life for leasehold improvements is the lesser of the remaining lease term and the life of the asset, while other fixed assets are generally depreciated over a period of one to ten years. Fixed assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
Debt Obligations, Net	Debt Obligations, NetThe Company’s debt obligations are recorded at amortized cost, net of any debt issuance costs, discounts and premiums. Debt issuance costs are deferred and along with discounts and premiums are amortized to interest expense in the Consolidated Statement of Operations over the life of the related debt instrument using the effective interest method. Unamortized debt issuance costs, discounts and premiums are written off to net losses on retirement of debt in the Consolidated Statement of Operations when the Company prepays borrowings prior to maturity.
Tax Receivable Agreement	Tax Receivable Agreement The TRA liability represents amounts payable to certain pre-Business Combination equity holders of the Company. The portion of the TRA liability related to the Business Combination is deemed contingent consideration payable to the previous owners and is carried at fair value, with changes in fair value reported within Gain (loss) on TRA in the Consolidated Statement of Operations. Future exchanges of Class B Units for shares of Class A Common Stock may increase the TRA liability. Those increases will be carried at a value equal to the expected future payments due under the TRA. See Note 21 (Commitments and Contingencies) for a detailed discussion on TRA exchanges. For future changes in the TRA balance due to exchanges, the Company will record an initial estimate of future payments under the TRA portion as an adjustment to Additional paid-in capital in the Consolidated Statement of Financial Position. Subsequent adjustments to the liability for future payments under the TRA related to changes in estimated future tax rates or state income tax apportionment are recognized through current period earnings in the Consolidated Statement of Operations.
Earn-out Liabilities, at Fair Value, Equity-Classified Warrants, Derivative Financial Instruments	Earn-out Liabilities, at Fair ValueThe Earn-out liabilities, at fair value, represents contingent consideration payable related to the Business Combination and various acquisitions by the Company. Changes in fair value are recognized in Gain (loss) on earnout liabilities in the Consolidated Statement of Operations and in Fair value (gain) loss on earnout liability in the Consolidated Statement of Cash Flows in the period of change.Equity-Classified Warrants In connection with the Allianz and Constellation Transactions, the Company issued warrants to purchase shares of the Company’s Class A Common Stock. The Company evaluated the Allianz and Constellation Warrants in accordance with ASC 815-40, Contracts in an Entity’s Own Equity, and determined that the warrants are derivatives that meet the fixed-for-fixed equity classification criteria. As such, the Allianz and Constellation Warrants are classified as a component of equity in the Consolidated Statement of Financial Position. Derivative Financial InstrumentsThe Company accounts for derivative financial instruments in accordance with ASC 815, Derivatives and Hedging, which requires the Company to recognize all derivative instruments on the Consolidated Statement of Financial Position as either assets or liabilities and to measure them at fair value each reporting period unless they qualify for normal purchases and normal sales exception. Normal purchases and normal sales contracts are those that provide for the purchase or sale of something other than a financial instrument or derivative instrument that will be delivered in quantities expected to be used or sold by a reporting entity over a reasonable period in the normal course of business.
Non-controlling Interests	Non-controlling Interests Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Company’s equity. Non-controlling interests consist of the amount of those interests at the date of the original Business Combination and the minority’s share of changes in equity since the date of the Business Combination. The proportions of profit and loss and changes in equity allocated to the owners of the parent and to the non-controlling interests are determined on the basis of existing ownership interests.
Segment Reporting	Segment ReportingPrior to the third quarter ended September 30, 2025, the Company was organized into two operating segments: Wealth & Capital Solutions and International Real Estate. During the third quarter ended September 30, 2025, the Company disposed of its International Real Estate segment with an effective date of July 11, 2025, and as such, is organized as one reportable segment as of September 30, 2025. See Note 3 (Discontinued Operations). Additionally, during the third quarter ended September 30, 2024, the Company changed the composition of its reportable segments and recast prior period amounts to conform to the Company’s then current period segment information. Segment information is utilized by the Company’s chief operating decision maker, which is our Chief Executive Officer, to assess performance and to allocate resources.
Interest Income	Interest Income Interest income is earned on the Company’s cash balances, money market accounts, or through its investments in exchange-traded note that hold fixed-income securities such as debt securities. The Company recognizes and records interest income in Interest Income in the Consolidated Statement of Operations. Dividend income is earned through investments in common stock, mutual funds, and exchange-traded funds that hold equity securities. Dividend income is recorded on the date received and is included in Interest income in the Consolidated Statement of Operations.
Interest Expense	Interest Expense Interest expense consists of the interest expense on the Company’s outstanding debt, amortization of deferred financing costs, and amortization of original issue discount.
Other Income (Expense)	Other Income (Expense) Other income (expense) includes miscellaneous charges such as settlement payments made to Tolleson (see Note 21 (Litigation), realized gains (losses) on lease terminations, and franchise tax, among other items.
Held for Sale Accounting	Held for Sale AccountingIn circumstances when the Company is evaluating its components, we may establish plans that require us to evaluate whether a component qualifies for held-for-sale accounting under ASC 360, Property, Plant, and Equipment. If a sale is deemed probable within a twelve-month period, the component is classified to either the assets held for sale or liabilities held for sale line items on the Consolidated Statement of Financial Position. The disposal group will be measured at the lower of its carrying amount or fair value less the cost to sell. Any long-lived assets shall not be depreciated or amortized while classified as held for sale.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”). ASU 2025-11 clarifies and improves existing interim reporting guidance by consolidating disclosure requirements within Topic 270 and introducing a disclosure principle requiring entities to disclose events and changes occurring after the most recent annual reporting period that are expected to have a material effect on the entity’s financial condition or results of operations. The ASU does not introduce significant changes to recognition or measurement guidance. ASU 2025-11 is effective for interim reporting periods beginning after December 31, 2027, with early adoption permitted. The Company does not expect the adoption of ASU 2025-11 to have a material impact on its consolidated financial statements. In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). ASU 2025-05 provides all entities, when developing reasonable and supportable forecasts as part of estimating expected credit losses, the election of a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. ASU 2025-05 is effective for annual periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. The Company does not expect the adoption of ASU 2025-05 to have a material impact on itsconsolidated financial statements. In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity (“ASU 2025-03”). ASU 2025-03 clarifies the guidance in determining the acquirer in an acquisition transaction effected primarily by exchanging equity interests when the legal acquiree is a VIE that meets the definition of a business. The amendments require that an entity consider the same factors that are currently required for determining which entity is the accounting acquirer in other acquisition transactions. ASU 2025-03 is effective for annual periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company does not expect the adoption of ASU 2025-03 to have a material impact on to its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”). ASU 2024-03 require disclosure, in the notes to financial statements, of specified information about certain costs and expenses at each interim and annual reporting period. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company does not expect the adoption of ASU 2024-03 to have a material impact on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 expands income tax disclosures and requires the Company disclose (1) consistent categories and greater disaggregation of information in the rates reconciliation and (2) income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective beginning with this Annual Report on Form 10-K for the year ended December 31, 2025 and was applied retrospectively to all periods presented. The additional required disclosures are included in Note 7 (Income Taxes).
Fair Value Measurement	The Company classifies its fair value measurements using a three-tiered fair value hierarchy. The basis of the tiers is dependent upon the various “inputs” used to determine the fair value of the Company’s assets and liabilities. Fair value is considered the value using the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s assumptions about the inputs market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The inputs are summarized in the three broad levels listed below: •Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. •Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. •Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement. Level 3 Valuation Techniques In the absence of observable market prices, the Company values financial instruments using valuation methodologies applied on a consistent basis. For some investments little market activity may exist; management’s determination of fair value is then based on the best information available in the circumstances and may incorporate management’s own assumptions and involves a significant degree of judgment, taking into consideration a combination of internal and external factors. Financial instruments for which market prices are not observable include: •Business Combination Earn-Out Liability - The Company’s valuation approach utilized a Monte Carlo simulation to estimate future share prices and the implied earn-out payment discounted using the risk-free rate. •TRA Liability - The Company’s valuation approach utilized a Monte Carlo simulation to estimate future taxable income, share prices, and the implied TRA payments discounted using the liability discount rate which is estimated based on the Company’s credit rating. •AWMS Earn-Out Liability - In connection with the deferred cash consideration related to its acquisition of the remaining 70% of the issued and outstanding ownership and membership interests of AlTi Wealth Management (Switzerland) SA, (“AWMS”), increasing its interest in AWMS from 30% to 100%, on August 2, 2023, the Company’s valuation approach utilized a Monte Carlo simulation to estimate future revenue and the implied earn-out payment discounted using the liability discount rate which is estimated based on the Company’s credit rating. As of September 30, 2024, the settlement amount became known, which was based on actual revenues received, and the use of the Level 3 valuation technique was discontinued. Additionally, during the fourth quarter of 2024, the AWMS earn-out liability was fully paid. •EEA Earn-Out Liability - The Company’s valuation approach utilized a Discounted Cash Flow approach to determine the fair value using the liability discount rate which is estimated based on the Company’s credit quality. •Envoi Earn-Out Consideration Liability - The Company’s valuation approach utilized a risk-adjusted Discounted Cash Flow approach to determine the fair value using the liability discount rate which is estimated based on the Company’s credit quality rating. •Envoi Earn-Out Growth Consideration Liability - The Company’s valuation approach utilized a Monte Carlo simulation to estimate future revenue and the implied earn-out payment discounted using the liability discount rate which is estimated based on the Company’s credit quality rating. •Kontora Earn-Out Liability - The Company’s valuation approach utilized a Discounted Cash Flow approach to determine the fair value using the liability discount rate which is estimated based on the Kontora subgroups’ weighted average cost of capital for a useful life of ten years. •Preferred Stock Tranche Liability - The fair value of the Allianz Tranche Right is determined based on Level 3 inputs using a binomial lattice model. At each node of the binomial lattice model, the decision to exercise the Allianz Tranche Right is determined based on if the value of the Series A Preferred Stock at such node is greater than the right’s strike price of $1,000 per share. At nodes where the Allianz Tranche Right is exercised, the resulting payoff of the right is discounted back to the prior node at the risk-free rate. The fair value of the Allianz Tranche Right is estimated by backward inducting values in the binomial lattice model to the initial node. A probability-weighted assessment is also included as part of the inputs to the valuation of the Allianz Tranche Right. •Investments in External Strategic Managers - The Company utilized a Discounted Cash Flow approach to determine the fair value of the External Strategic Managers. The discount rate selection for each investment was calibrated using the implied internal rate of return as of the original investment date, adjusted for certain market- and company-specific factors. The selected long-term growth rate for each investment was based on long-term GDP growth rates in the geographic locations of the underlying External Strategic Manager, with consideration for general growth in the asset management industry.

Investments - Schedule of Cost and Fair Value of Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Schedule of Held-to-Maturity Securities [Line Items]
Investment at Fair Value, Cost	$ 162,380	$ 162,499
Investment at Fair Value, Fair Value	144,196	148,674
Equity method investments, Cost	138	20,403
Equity method investments, Carrying Value	138	20,403
Total Investments, Cost	162,518	182,902
Total Investments, Fair Value	144,334	169,077
Mutual funds
Schedule of Held-to-Maturity Securities [Line Items]
Investment at Fair Value, Cost	38	122
Investment at Fair Value, Fair Value	42	105
Exchange-traded funds and BDC funds
Schedule of Held-to-Maturity Securities [Line Items]
Investment at Fair Value, Cost	17	101
Investment at Fair Value, Fair Value	35	112
TIG Arbitrage Associates Master Fund
Schedule of Held-to-Maturity Securities [Line Items]
Investment at Fair Value, Cost	482	482
Investment at Fair Value, Fair Value	566	515
TIG Arbitrage Enhanced Master Fund
Schedule of Held-to-Maturity Securities [Line Items]
Investment at Fair Value, Cost	179	179
Investment at Fair Value, Fair Value	362	229
Arkkan Opportunities Feeder Fund
Schedule of Held-to-Maturity Securities [Line Items]
Investment at Fair Value, Cost	111	111
Investment at Fair Value, Fair Value	152	139
Arkkan Capital Management Limited
Schedule of Held-to-Maturity Securities [Line Items]
Investment at Fair Value, Cost	20,062	20,062
Investment at Fair Value, Fair Value	19,543	21,181
Zebedee Asset Management
Schedule of Held-to-Maturity Securities [Line Items]
Investment at Fair Value, Cost	68,913	68,913
Investment at Fair Value, Fair Value	93,716	80,127
Romspen Investment Corporation
Schedule of Held-to-Maturity Securities [Line Items]
Investment at Fair Value, Cost	72,523	72,523
Investment at Fair Value, Fair Value	29,717	46,260
Other
Schedule of Held-to-Maturity Securities [Line Items]
Investment at Fair Value, Cost	55	6
Investment at Fair Value, Fair Value	63	6
Wealth management - investment advisory
Schedule of Held-to-Maturity Securities [Line Items]
Equity method investments, Cost	138	20,403
Equity method investments, Carrying Value	$ 138	$ 20,403

Fair Value Disclosures - Schedule of Valuation Methodologies (Details) $ in Thousands	Dec. 31, 2025 USD ($)	Apr. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)	Jul. 01, 2024 USD ($)	Apr. 03, 2024 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 144,196		$ 148,674
TRA liability	8,785		9,378
Earn-out liabilities, at fair value	57,411		64,639
Preferred stock tranche liability	2,410		3,940
Alvarium, TWMH And TIG
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-out liabilities, at fair value	15,300		23,800
East End Advisors, LLC ("EEA")
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-out liabilities, at fair value	25,300		29,900		$ 23,300
Envoi, LLC (“Envoi”)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-out liabilities, at fair value				$ 9,000
Envoi, LLC (“Envoi”) \| Earn-out consideration liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-out liabilities, at fair value	8,200		9,600
Envoi, LLC (“Envoi”) \| Earn-out growth consideration liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-out liabilities, at fair value	1,600		1,300
Kontora Family Office GmbH ("Kontora")
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-out liabilities, at fair value		$ 5,743
Investments – External Strategic Managers
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	142,976		147,568
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
TRA liability	8,785		9,378
Earn-out liabilities, at fair value	57,411		64,639
Preferred stock tranche liability	2,410		3,940
Level 3 \| Alvarium, TWMH And TIG
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-out liabilities, at fair value	15,268		23,848
Level 3 \| East End Advisors, LLC ("EEA")
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-out liabilities, at fair value	25,259		29,871
Level 3 \| Envoi, LLC (“Envoi”) \| Earn-out consideration liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-out liabilities, at fair value	8,220		9,600
Level 3 \| Envoi, LLC (“Envoi”) \| Earn-out growth consideration liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-out liabilities, at fair value	1,620		$ 1,320
Level 3 \| Kontora Family Office GmbH ("Kontora")
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-out liabilities, at fair value	$ 7,044
Level 3 \| Discount rate \| Discounted Cash Flow \| Kontora Family Office GmbH ("Kontora")
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-out liability, measurement input (in percent)	0.117
Level 3 \| Long-term growth rate \| Discounted Cash Flow \| Envoi, LLC (“Envoi”) \| Earn-out consideration liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-out liability, measurement input (in percent)	0.110		0.109
Level 3 \| Volatility \| Monte Carlo
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
TRA liability, measurement input (in percent)	0.550		0.550
Level 3 \| Volatility \| Monte Carlo \| Alvarium, TWMH And TIG
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-out liability, measurement input (in percent)	0.650		0.700
Level 3 \| Volatility \| Binomial lattice model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred stock tranche liability, measurement input (in percent)	0.475		0.500
Level 3 \| Risk-free rate \| Discounted Cash Flow \| East End Advisors, LLC ("EEA")
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-out liability, measurement input (in percent)	0.035		0.043
Level 3 \| Risk-free rate \| Discounted Cash Flow \| Envoi, LLC (“Envoi”) \| Earn-out consideration liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-out liability, measurement input (in percent)	0.034		0.042
Level 3 \| Risk-free rate \| Monte Carlo \| Alvarium, TWMH And TIG
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-out liability, measurement input (in percent)	0.035		0.043
Level 3 \| Risk-free rate \| Monte Carlo \| Envoi, LLC (“Envoi”) \| Earn-out growth consideration liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-out liability, measurement input (in percent)	0.034		0.043
Level 3 \| Risk-free rate \| Binomial lattice model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred stock tranche liability, measurement input (in percent)	0.048		0.048
Level 3 \| Credit spread \| Discounted Cash Flow \| East End Advisors, LLC ("EEA")
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-out liability, measurement input (in percent)	0.093		0.079
Level 3 \| Credit spread \| Discounted Cash Flow \| Envoi, LLC (“Envoi”) \| Earn-out consideration liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-out liability, measurement input (in percent)	0.091		0.077
Level 3 \| Credit spread \| Binomial lattice model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred stock tranche liability, measurement input (in percent)	0.093		0.079
Level 3 \| Correlation \| Monte Carlo
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
TRA liability, measurement input (in percent)	0.225		0.225
Level 3 \| EBITDA Discount Rate \| Discounted Cash Flow \| East End Advisors, LLC ("EEA")
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-out liability, measurement input (in percent)	0.146		0.163
Level 3 \| Revenue risk-adjusted discount rate \| Discounted Cash Flow \| Envoi, LLC (“Envoi”) \| Earn-out consideration liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-out liability, measurement input (in percent)			0.125
Level 3 \| Metric volatility \| Monte Carlo \| Envoi, LLC (“Envoi”) \| Earn-out growth consideration liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-out liability, measurement input (in percent)	0.290		0.330
Level 3 \| Revenue Discount Rate \| Monte Carlo \| Envoi, LLC (“Envoi”) \| Earn-out growth consideration liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-out liability, measurement input (in percent)	0.110		0.125
Level 3 \| Credit Risk Adjusted Discount Rate \| Monte Carlo \| Envoi, LLC (“Envoi”) \| Earn-out growth consideration liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-out liability, measurement input (in percent)	0.125		0.119
Level 3 \| Probability of option exercise \| Binomial lattice model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred stock tranche liability, measurement input (in percent)	0.500		0.500
Level 3 \| Minimum \| Cost of debt range \| Monte Carlo
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
TRA liability, measurement input (in percent)	0.106		0.102
Level 3 \| Minimum \| Equity risk premium \| Monte Carlo
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
TRA liability, measurement input (in percent)	0.058		0.061
Level 3 \| Maximum \| Cost of debt range \| Monte Carlo
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
TRA liability, measurement input (in percent)	0.119		0.109
Level 3 \| Maximum \| Equity risk premium \| Monte Carlo
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
TRA liability, measurement input (in percent)	0.132		0.132
Level 3 \| Investments – External Strategic Managers
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 142,976		$ 147,568
Level 3 \| Investments – External Strategic Managers \| Long-term growth rate \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input (in percent)	0.040		0.040
Level 3 \| Investments – External Strategic Managers \| Minimum \| Discount rate \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input (in percent)	0.170		0.180
Level 3 \| Investments – External Strategic Managers \| Maximum \| Discount rate \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input (in percent)	0.300		0.33

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Related Party Transactions

Related party transactions include the below:


(Dollars in Thousands)
Related Party Receivables	Consolidated Balance Sheet Line Item	As of December 31, 2025		As of December 31, 2024
Due from Certain TWMH Members, TIG GP Members and TIG MGMT Members	Other assets	$	223	$	435
Due from Equity Method Investees	Other assets	$	22	$	30

Due from Alvarium related fee arrangements	Fees receivable, net	$	—	$	84
Due from TIG related fee arrangements	Fees receivable, net	$	9,535	$	804

Related Party Investments
Equity method investment with Allianz	Equity method investments	$	—	$	20,300

Related Party Payables
Due to Certain TWMH Members, TIG GP Members and TIG MGMT Members	Accrued member distribution payable	$	(3,260)	$	(3,355)
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements	TRA liability	$	(25,724)	$	(28,765)


PW deferred consideration	Other liabilities	$	—	$	(3,339)
Due to certain employees	Other liabilities	$	(747)	$	—
Due to Certain TWMH Members, TIG GP Members, TIG MGMT Members and Alvarium Shareholders in connection with the Business Combination Earn-out	Earn-out liabilities, at fair value	$	(15,268)	$	(23,848)



EEA earn-out liability	Earn-out liabilities, at fair value	$	(25,259)	$	(29,871)
Envoi earn-out consideration liability	Earn-out liabilities, at fair value	$	(8,220)	$	(9,600)
Envoi earn-out growth consideration liability	Earn-out liabilities, at fair value	$	(1,620)	$	(1,320)
Kontora earn-out liability	Earn-out liabilities, at fair value	$	(7,044)	$	—
Preferred stock tranche liability	Preferred stock tranche liability	$	(2,410)	$	(3,940)
Office lease liability	Operating lease liabilities	$	(1,215)	$	(305)

Mezzanine Equity
Series A Preferred Stock	Series A Redeemable Cumulative Convertible Preferred Stock	$	168,934	$	142,858
Series C Preferred Stock	Series C Redeemable Cumulative Convertible Preferred Stock	$	176,904	$	160,808

Shareholders’ Equity
Delayed share purchase agreement	Additional paid-in capital	$	—	$	40
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


(Dollars in Thousands)	For the Year Ended
		December 31, 2025		December 31, 2024		December 31, 2023
Management/advisory fees		$	—	$	(254)	$	(677)

Compensation and employee benefits		$	—	$	—	$	1,826
Other income/fees		$	—	$	2,226	$	2,389
Interest income		$	—	$	(31)	$	—

Summary of Significant Accounting Policies - Fixed Assets, Net (Details) - Property, plant and equipment, other types	Dec. 31, 2025
Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	1 year
Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	10 years

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Other assets, net and Other liabilities, net

12 Months Ended

Dec. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other assets, net and Other liabilities, net

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


(Dollars in Thousands)	As of December 31, 2025		As of December 31, 2024
Fixed assets, net:
Leasehold improvements	$	18,705	$	17,736
Office equipment and furniture	5,653		2,849
Foreign currency translation adjustment	184		285
Accumulated depreciation	(6,852)		(4,861)
Fixed assets, net	17,690		16,009
Lease incentive receivables	—		5,522
Accrued income	18,409		13,423
Prepaid expenses	8,268		8,776
Sundry receivables	4,908		2,610
Other receivables	2,683		2,984
Third party receivables related to IRE	2,082		—
Other assets	2,406		1,064
Other assets, net (1)	$	56,446	$	50,388

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


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

PW deferred consideration	$	—	$	3,339
Payroll taxes	1,754		1,128
Payroll	869		—
Corporation tax payable	2,532		2,415

Accrued legal	4,496		5,125
Other (1)	5,025		(168)


Other Liabilities, net (2)	$	14,676	$	11,839

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

(2) As of December 31, 2025 and December 31, 2024, these amounts include $0.7 million and $3.3 million, respectively, in liabilities due to related parties.

Debt, net of unamortized deferred financing cost - Contractual Maturities of the Term Loans (Details) - Line of Credit - USD ($) $ in Thousands	Dec. 31, 2025	Apr. 30, 2025	Dec. 31, 2024
Maturities of Long-Term Debt [Abstract]
Total	$ 883		$ 0
Secured Debt \| Kontora Credit Facility
Maturities of Long-Term Debt [Abstract]
2026	337
2027	166
Total	$ 503	$ 500	$ 0

Equity-Based Compensation - Schedule of Equity-Based Compensation Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 32,124	$ 26,287	$ 46,174
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	18,882	10,554	36,779
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	3,200	3,241	0
Acquisition-related
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	4,488	6,891	6,968
TIH SPA
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	0	0	1,178
Revenue share
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	1,024	1,077	1,249
Deferred compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	4,465	4,523	0
Accrued compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 65	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Related Party Transactions - Kontora Earn-out Consideration (Details) - USD ($) $ in Thousands		12 Months Ended
	Apr. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Related Party Transaction [Line Items]
Earn-out liabilities, at fair value		$ 57,411	$ 64,639
Kontora Family Office GmbH ("Kontora")
Related Party Transaction [Line Items]
Total purchase consideration transferred	$ 15,696
Earn-out liabilities, at fair value	$ 5,743
Kontora Family Office GmbH ("Kontora") \| Earn-out liability
Related Party Transaction [Line Items]
Fair value of the business combination earn-out liability		7,044	$ 0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings		$ (1,301)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Gain (loss) on earnout liabilities

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Variable Interest Entities - Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Variable Interest Entity [Line Items]
Total VIE assets	$ 1,176,448	$ 1,255,833
Total VIE liabilities	301,659	285,638
Total equity investments in VIEs	600,106	658,402
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Total VIE assets	3,653,414	3,509,769
Total VIE liabilities	219,013	187,837
Total equity investments in VIEs	978	789
Maximum exposure to loss	$ 978	$ 789

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 64
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481620/480-10-55-64

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-14

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-11

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 13: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-25

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 19: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 20: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-12

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 35: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481404/852-10-50-7

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

- Definition

Amount of liability recognized for present obligation requiring transfer or otherwise providing economic benefit to others.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(24))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 64
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481620/480-10-55-64

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(25))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(26))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(21))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-3

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-25

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 18: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-12

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(14))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481404/852-10-50-7

Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481404/852-10-50-7

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 16: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Equity method investments	$ 138,000	$ 20,403,000
Additional paid-in capital	667,298,000	652,857,000
Series A Preferred Stock
Related Party Transaction [Line Items]
Preferred stock	168,934,000	142,858,000	$ 0
Series C Preferred Stock
Related Party Transaction [Line Items]
Preferred stock	176,904,000	160,808,000	$ 0
Related party
Related Party Transaction [Line Items]
Equity method investments	0	20,300,000
Related party \| Delayed share purchase agreement
Related Party Transaction [Line Items]
Additional paid-in capital	0	40,000
Related party \| Warrants, net of issuance costs \| Allianz warrant
Related Party Transaction [Line Items]
Additional paid-in capital	6,591,000	6,591,000
Related party \| Warrants, net of issuance costs \| Constellation warrant
Related Party Transaction [Line Items]
Additional paid-in capital	3,003,000	3,003,000
Related party \| Series A Preferred Stock
Related Party Transaction [Line Items]
Preferred stock	168,934,000	142,858,000
Related party \| Series C Preferred Stock
Related Party Transaction [Line Items]
Preferred stock	176,904,000	160,808,000
Other assets \| Related party
Related Party Transaction [Line Items]
Related Party Receivables	200,000	500,000
Other assets \| Equity method investee
Related Party Transaction [Line Items]
Related Party Receivables	22,000	30,000
Fees receivable, net \| Related party \| Fees receivable
Related Party Transaction [Line Items]
Related Party Receivables	0.0	84,000.0
Preferred stock tranche liability \| Related party
Related Party Transaction [Line Items]
Related Party Payables	(2,410,000)	(3,940,000)
Operating lease liabilities \| Related party
Related Party Transaction [Line Items]
Related Party Payables	(1,215,000)	(305,000)
Due from Certain TWMH Members, TIG GP Members and TIG MGMT Members \| Other assets \| Related party
Related Party Transaction [Line Items]
Related Party Receivables	223,000	435,000
Due from TIG related fee arrangements \| Fees receivable, net \| Related party \| Fees receivable
Related Party Transaction [Line Items]
Related Party Receivables	9,535,000	804,000
Due to Certain TWMH Members, TIG GP Members and TIG MGMT Members \| Accrued member distribution payable \| Related party
Related Party Transaction [Line Items]
Related Party Payables	(3,260,000)	(3,355,000)
Due to Certain TWMH Members, TIG GP Members and TIG MGMT Members \| Other liabilities \| Related party
Related Party Transaction [Line Items]
Related Party Payables	(3,300,000)	(3,400,000)
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements \| TRA liability \| Related party
Related Party Transaction [Line Items]
Related Party Payables	(25,724,000)	(28,765,000)
Pointwise Partners Limited ("PW") \| Other liabilities \| Related party
Related Party Transaction [Line Items]
PW deferred consideration	0	(3,339,000)
Certain Employees \| Other liabilities \| Related party
Related Party Transaction [Line Items]
Related Party Payables	(747,000)	0
Due to Certain TWMH Members, TIG GP Members, TIG MGMT Members and Alvarium Shareholders in connection with the Business Combination Earn-out \| Earn-out liabilities, at fair value \| Related party
Related Party Transaction [Line Items]
Related Party Payables	(15,268,000)	(23,848,000)
East End Advisors, LLC ("EEA") \| Earn-out liabilities, at fair value \| Related party
Related Party Transaction [Line Items]
Related Party Payables	(25,259,000)	(29,871,000)
Envoi, LLC (“Envoi”) \| Earn-out liabilities, at fair value \| Related party \| Earn-out consideration liability
Related Party Transaction [Line Items]
Related Party Payables	(8,220,000)	(9,600,000)
Envoi, LLC (“Envoi”) \| Earn-out liabilities, at fair value \| Related party \| Earn-out growth consideration liability
Related Party Transaction [Line Items]
Related Party Payables	(1,620,000)	(1,320,000)
Kontora Family Office GmbH ("Kontora") \| Earn-out liabilities, at fair value \| Related party
Related Party Transaction [Line Items]
Related Party Payables	$ (7,044,000)	$ 0

Discontinued Operations - Narrative (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2025 USD ($) segment	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Jan. 09, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of reportable segments \| segment	1
Discontinued Operations, Disposed of by Means Other than Sale \| International Real Estate Segment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on disposal		$ (20,100)
Receivables	$ 17,800	17,800
Payables	26,000	26,000
Payment against third party accounts payable balance		(4,000)
Payment against third party accounts payable balance, on-going services		1,300
Other assets	2,100	2,100	$ 9,409
Other payables	$ 22,000	$ 22,000	$ 4,087
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| LXi Reit Advisors Limited (“LRA”) \| LondonMetric Property Plc \| International Real Estate Segment \| Real Estate Fund Management
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage in disposed asset (in percent)				100.00%

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Management evaluated events and transactions through the date of issuance of these financial statements. Based on management’s evaluation there are no events subsequent to December 31, 2025 that require adjustment to or disclosure in the consolidated financial statements, except as noted below. International Real Estate Businesses — Teneo Settlement In connection with the administration of the International Real Estate Businesses, the Company and the Administrators have negotiated a settlement of outstanding intercompany balances between certain of our affiliates and the International Real Estate Businesses. On March 19, 2026, the Company and certain of our affiliates on the one hand and the International Real Estate Businesses the Administrators on the other hand entered into a binding settlement and intercompany loan deed memorializing the terms of the settlement and concluding this matter. The settlement amount of £11.2 million ($15.0 million) will be paid in installments through November 2027.

Debt, net of unamortized deferred financing cost - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands							12 Months Ended
	May 13, 2025	Apr. 30, 2025	Dec. 19, 2024	Jul. 31, 2024	Feb. 22, 2024	Jan. 03, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jun. 07, 2023
Debt Instrument [Line Items]
Number of securities called by warrants or rights (in shares)										19,892,387
Proceeds from issuance of preferred stock and Constellation Warrants							$ 18,471	$ 300,800	$ 0
Preferred stock tranche liability, at fair value							2,410	3,940
Gain (loss) on preferred stock tranche liability							1,530	600	0
Repayments of debt							$ 289	221,008	97,810
Allianz Strategic Investments S.à.r.l. (“Allianz”) \| Series A Preferred Stock \| Allianz Investment Agreement
Debt Instrument [Line Items]
Preferred stock, dividend rate, per-dollar amount (in dollars per share)	$ 1,000			$ 1,000
Proceeds from issuance of preferred stock and Constellation Warrants	$ 18,500
Allianz Strategic Investments S.à.r.l. (“Allianz”) \| Allianz Tranche Right \| Series A Preferred Stock \| Allianz Investment Agreement
Debt Instrument [Line Items]
Number of securities called by warrants or rights (in shares)	18,471				50,000		1,523,289
Preferred stock, dividend rate, per-dollar amount (in dollars per share)					$ 1,000
Line of Credit
Debt Instrument [Line Items]
Outstanding principal amount							$ 883	0
Repayments of debt			$ 133,400
Write-off of deferred issuance costs								4,500
Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 250,000
Secured Debt \| Kontora Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Fixed quarterly installments		$ 100
Interest rate (in percent)		6.70%
Economic equity required		$ 1,800
Economic equity required (in percent)		30.00%
Outstanding principal amount		$ 500					503	0
Secured Debt \| Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 100,000
Secured Debt \| Credit Facility \| Line of Credit \| Base rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)						1.00%
Secured Debt \| Credit Facility \| Line of Credit \| Base rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)						2.00%
Secured Debt \| Credit Facility \| Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)						2.00%
Secured Debt \| Credit Facility \| Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)						3.00%
Revolving Credit Facility \| Kontora Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Outstanding principal amount							$ 380	0
Maximum borrowing capacity		$ 900
Revolving Credit Facility \| Kontora Credit Facility \| Line of Credit \| Euro Interbank Offered Rate (EURIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)		7.15%
Revolving Credit Facility \| Kontora Credit Facility \| Line of Credit \| Base rate
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)		0.75%
Revolving Credit Facility \| Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 150,000		$ 110,000	$ 150,000
Accordion option, additional borrowing capacity						75,000
Accordion feature, maximum borrowing capacity						$ 225,000

Related Party Transactions - Pointwise Deferred Consideration (Details) - USD ($)		12 Months Ended
	May 09, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2025	May 08, 2024
Related Party Transaction [Line Items]
Gain (loss) on earnout liabilities		$ (3,280,000)	$ (30,727,000)	$ (31,104,000)
Interest expense		(347,000)	(22,134,000)	$ (14,710,000)
Pointwise Partners Limited ("PW")
Related Party Transaction [Line Items]
Voting interest acquired (in percent)	50.00%
Equity interest (in percent)						50.00%
Equity interest, including subsequent acquisition (in percent)	100.00%
Total purchase consideration transferred	$ 7,954,000
Payment of assumed liabilities	3,300,000
Deferred consideration	$ 3,328,000	0	$ 3,339,000
Deferred cash consideration paid					$ 3,400,000
Change in fair value of deferred consideration liability		372,600
Gain (loss) on earnout liabilities		390,700
Interest expense		$ (18,100)

Discontinued Operations - Schedule of Assets and Liabilities Classified as Discontinued Operations (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 0	$ 0	$ 2,897
Assets of discontinued operations	0	22,445
Liabilities
Liabilities of discontinued operations	0	13,108
Discontinued Operations, Disposed of by Means Other than Sale \| International Real Estate Segment
Assets
Cash and cash equivalents		1,077
Fees receivable		3,396
Equity method investments		7,114
Deferred tax assets, net		60
Other assets, net	2,100	9,409
Contingent consideration receivable		1,389
Assets of discontinued operations		22,445
Liabilities
Accounts payable and accrued expenses		8,587
Accrued compensation and profit sharing		153
Deferred tax liability		281
Other liabilities, net	$ 22,000	4,087
Liabilities of discontinued operations		$ 13,108

Related Party Transactions - Due from TWMH Members (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) anniversary	Mar. 14, 2024 USD ($)
Related Party Transaction [Line Items]
Other receivables	$ 2,683	$ 2,984
TWMH Members \| Promissory Notes \| Related party
Related Party Transaction [Line Items]
Debt instrument, face amount				$ 1,500
Interest rate (in percent)				3.25%
Debt, including debt forgiveness portion				$ 1,100
Initial number of periods to determine if principal and accrued interest will be forgiven \| anniversary				5
Debt forgiveness, percentage of principal and accrued interest (in percent)				20.00%
Due date, upon termination of employment (in days)				30 days
Debt instrument, face amount without debt forgiveness provision				$ 400
Forgiveness of debt shareholder loan	223	230	$ 261
Other receivables	$ 200	$ 400
Certain TWMH Member \| Promissory Notes \| Related party
Related Party Transaction [Line Items]
Debt instrument, face amount without debt forgiveness provision					$ 700

Equity	12 Months Ended
Equity	Dec. 31, 2025
Equity [Abstract]
Equity	Equity Class A Common Stock As of December 31, 2025 and December 31, 2024, there were 103,330,156 and 93,686,980, respectively, shares of Class A Common Stock outstanding. Of those shares, 754,968 are subject to performance targets under the terms of the Business Combination Earn-out as of both December 31, 2025 and December 31, 2024. The holders of the Class A Common Stock represent the controlling interest of the Company. Class B Common Stock Upon the Closing of the Business Combination, the Company issued shares of Class B Common Stock to the holders of Class B Units. The Class B Common Stock has no economic rights but entitles each holder of at least one such share (regardless of the number of shares so held) to a number of votes that is equal to the aggregate number of Class B Units held by such holders on all matters on which shareholders of the Company are entitled to vote generally. As of December 31, 2025 and December 31, 2024, there were 44,188,561 and 46,138,876, respectively, shares of Class B Common Stock outstanding. Treasury Stock From time to time, the Company may repurchase common shares related to its equity-based compensation award programs. During the second quarter ended June 30, 2025 the Company reissued, from Treasury Stock, 817,730 shares of Class A Common Stock which were repurchased and classified as Treasury Stock on the Consolidated Statement of Financial Position during the first quarter ended March 31, 2025, in the amount of $2.8 million. Treasury Stock was recorded at cost, representing the market price on the repurchase date, and was accounted for as a reduction of Additional Paid-in Capital. As of December 31, 2025, there was no Treasury Stock outstanding. Series A Preferred Stock As part of the Allianz Transaction, the Company issued 140,000 shares of Series A Preferred Stock to Allianz, which is classified outside of permanent equity as mezzanine equity in the accompanying Consolidated Statement of Financial Position as they are not mandatorily redeemable as of December 31, 2025. As of December 31, 2025, the Series A Preferred Stock amounts to 168,934, which is inclusive of dividends paid in kind. Series C Preferred Stock In connection with the Constellation Transaction, the Company issued 150,000 shares of Series C Preferred Stock to Constellation. The Series C Preferred Stock is classified outside of permanent equity as mezzanine equity in the accompanying Consolidated Statement of Financial Position as they are not mandatorily redeemable as of December 31, 2025. Allianz and Constellation Warrants In connection with the Constellation and Allianz Transactions, the Company evaluated the Constellation and Allianz Warrants in accordance with ASC 815-40, Contracts in an Entity’s Own Equity, and concluded that the warrants are derivatives that meet the equity classification criteria. As of both December 31, 2025 and December 31, 2024, the Constellation and Allianz Warrants of $9.6 million are recorded as a component of equity net of issuance costs in the line item Additional paid-in capital on the Company’s Consolidated Statement of Financial Position.

- Definition

The entire disclosure for equity.

+ References

+ Details

Summary of Significant Accounting Policies - Preferred Stock Tranche Liability, At Fair Value (Details) - USD ($) $ / shares in Units, $ in Millions	May 13, 2025	Jul. 31, 2024	Feb. 22, 2024	Dec. 31, 2025	Jun. 07, 2023
Class of Warrant or Right [Line Items]
Number of securities called by warrants or rights (in shares)					19,892,387
Allianz Strategic Investments S.à.r.l. (“Allianz”) \| Series A Preferred Stock \| Allianz Investment Agreement
Class of Warrant or Right [Line Items]
Preferred stock, dividend rate, per-dollar amount (in dollars per share)	$ 1,000	$ 1,000
Allianz Strategic Investments S.à.r.l. (“Allianz”) \| Allianz Tranche Right \| Series A Preferred Stock \| Allianz Investment Agreement
Class of Warrant or Right [Line Items]
Number of securities called by warrants or rights (in shares)	18,471		50,000	1,523,289
Value of securities called by warrant or right			$ 50
Preferred stock, dividend rate, per-dollar amount (in dollars per share)			$ 1,000

Business Combinations and Divestitures - Narrative (Details) - USD ($)									3 Months Ended	12 Months Ended
	Apr. 30, 2025	Jul. 01, 2024	May 09, 2024	May 08, 2024	Apr. 03, 2024	Aug. 02, 2023	Apr. 06, 2023	Jan. 03, 2023	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combination [Line Items]
Earn-out liabilities, at fair value										$ 57,411,000	$ 64,639,000
Measurement period adjustments										439,000	3,600,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Family Office Service ("FOS") \| Wealth & Capital Solutions Segment
Business Combination [Line Items]
Cash consideration, net of adjustments				$ 19,500,000
Line of Credit
Business Combination [Line Items]
Write-off of deferred issuance costs											4,500,000
Kontora Family Office GmbH ("Kontora")
Business Combination [Line Items]
Total purchase consideration transferred	$ 15,696,000
Earn-out liabilities, at fair value	5,743,000
Acquisition-related costs	1,600,000
Adjustments to intangibles										(700,000)
Measurement period adjustments										400,000
Deferred tax liability adjustments										(300,000)
Other assets, net adjustments										24,000.0
Purchase consideration adjustment										(10,000.0)
Cash consideration	$ 8,740,000
Envoi, LLC (“Envoi”)
Business Combination [Line Items]
Total purchase consideration transferred		$ 34,258,000
Earn-out liabilities, at fair value		9,000,000.0
Acquisition-related costs		1,100,000
Measurement period adjustments											(1,000,000.0)
Cash consideration		25,258,000
Earn-out consideration		$ 9,000,000
Pointwise Partners Limited ("PW")
Business Combination [Line Items]
Total purchase consideration transferred			$ 7,954,000
Cash consideration			$ 1,735,000						$ 1,000,000.0
Voting interest acquired (in percent)			50.00%
Equity interest (in percent)				50.00%
Equity interest, including subsequent acquisition (in percent)			100.00%
Deferred cash consideration paid									$ 3,400,000
Fair value of existing equity method investment				$ 6,200,000
Equity consideration			$ 1,705,000
East End Advisors, LLC ("EEA")
Business Combination [Line Items]
Total purchase consideration transferred					$ 93,114,000
Earn-out liabilities, at fair value					23,300,000					25,300,000	29,900,000
Acquisition-related costs					1,300,000
Adjustments to intangibles											(4,600,000)
Cash consideration					$ 69,013,000
AlTi Wealth Management (Switzerland) SA (“AWMS”)
Business Combination [Line Items]
Total purchase consideration transferred						$ 16,800,000
Acquisition-related costs						10,000.00
Cash consideration						$ 5,700,000
Voting interest acquired (in percent)						70.00%
Equity interest (in percent)						30.00%
Equity interest, including subsequent acquisition (in percent)						100.00%
Fair value of existing equity method investment						$ 7,400,000
Earn-out consideration						2,700,000
Equity consideration						1,500,000
Deferred cash consideration						$ 6,700,000
Remeasurement gain												$ 1,900,000
Business Combination, Achieved in Stages, Preacquisition Equity Interest in Acquiree, Remeasurement, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration]												Gain (loss) on investments
AlTi Wealth Management (Singapore) Pte Limited (“ALWP”)
Business Combination [Line Items]
Total purchase consideration transferred							$ 15,500,000
Earn-out liabilities, at fair value							$ 0
Acquisition-related costs												$ 400,000
Alvarium, TWMH And TIG
Business Combination [Line Items]
Total purchase consideration transferred								$ 1,071,100,000
Earn-out liabilities, at fair value										$ 15,300,000	$ 23,800,000
Acquisition-related costs												17,800,000
Voting interest acquired (in percent)								100.00%
Earn-out consideration								$ 85,100,000
Debt issuance costs												$ 4,600,000
Umbrella
Business Combination [Line Items]
Voting interest acquired (in percent)								51.00%

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Lease Expense, Supplemental Cash Flow and Weighted-average Remaining Lease Term

The components of lease costs are as follows:


	For the Year Ended
(Dollars in Thousands)		December 31, 2025		December 31, 2024		December 31, 2023
Operating lease expense		$	11,673	$	12,680	$	8,782
Variable lease expense		2,620		2,709		3,165
Short-term lease expense		267		256		750
Total lease expense (1)		$	14,560	$	15,645	$	12,697

(1) These amounts include $0.5 million, $0.5 million, and $0.4 million for the years ended December 31, 2025, 2024, and 2023, respectively, in operating lease expense from related parties. See Note 18 (Related Party Transactions) for further details.

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


	For the Year Ended
(Dollars in Thousands)	December 31, 2025		December 31, 2024		December 31, 2023
Operating cash flow information:
Cash outflows - operating leases (1)	$	9,482	$	8,027	$	7,131
Non-cash activity:
Right-of-use assets obtained in exchange for lease obligations	$	4,960	$	6,239	$	35,629

(1) These amounts include $0.5 million, $0.5 million, and $0.4 million for the years ended December 31, 2025, 2024, and 2023, respectively, in cash outflows related to operating leases from related parties. See Note 18 (Related Party Transactions) for further details.

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


	As of December 31, 2025		As of December 31, 2024
Weighted-average remaining lease term	11.38		11.46
Weighted-average discount rate	6.31	%	5.99	%

Schedule of Future Minimum Lease Payments

Future minimum lease payments for the Company’s operating leases as of December 31, 2025, are as follows:


	Future Minimum Rental Operating Leases
(Dollars in Thousands)
2026	$	8,626
2027	8,880
2028	8,368
2029	7,096
2030	6,411
2031 and beyond	49,911
Total lease payments	89,292
Less: Imputed interest	27,617
Present value of lease liabilities	$	61,675

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

For financial reporting purposes, the components of income (loss) from continuing operations before income tax benefit were as follows:


	For the Year Ended
(Dollars in Thousands)	December 31, 2025		December 31, 2024		December 31, 2023
U.S. Domestic	$	(66,901)	$	(65,357)	$	(8,812)
Foreign	(38,228)		(57,747)		(33,363)
Income (loss) before income tax benefit	$	(105,129)	$	(123,104)	$	(42,175)

Schedule of Components of Income Tax Expense (Benefit)

The following table presents the components of the Company’s income tax expense (benefit) from continuing operations :


	For the Year Ended
(Dollars in Thousands)	December 31, 2025		December 31, 2024		December 31, 2023
Current income tax expense (benefit)
U.S. federal	$	(175)	$	584	$	749
State and local	361		1,046		98
Foreign	1,704		465		871
	$	1,890	$	2,095	$	1,718

Deferred income tax expense (benefit)
U.S. federal	$	12,658	$	(10,202)	$	(344)
State and local	4,997		(10,119)		(1,021)
Foreign	(957)		(2,630)		(859)
	$	16,698	$	(22,951)	$	(2,224)

Total income tax expense (benefit)
U.S. federal	$	12,483	$	(9,618)	$	405
State and local	5,358		(9,073)		(923)
Foreign	747		(2,165)		12
Total income tax expense (benefit)	$	18,588	$	(20,856)	$	(506)

Schedule of Effective Income Tax Rate Reconciliation

The following table sets forth the reconciliation of the Company’s effective rate to the statutory rate for the year ended December 31, 2025:


	For the Year Ended
(Dollars in Thousands)	December 31, 2025
U.S. federal tax expense (benefit) at statutory rate	$	(22,077)	21.0	%
State tax, net of federal benefit	3,522		(3.3)	%
Foreign tax effects
United Kingdom
Foreign rate differential	(1,379)		1.3	%
Change in valuation allowance	3,840		(3.7)	%
Non-deductible expenses	3,153		(3.0)	%
Change in fair value of contingent consideration	1,268		(1.2)	%

Other	354		(0.3)	%
Germany
Foreign rate differential	(219)		0.2	%
Non-deductible expenses	759		(0.7)	%

Other jurisdictions
Foreign rate differential	(77)		0.1	%
Change in valuation allowance	1,014		(1.0)	%
Other	53		—	%
Change in Valuation Allowance	26,429		(25.1)	%
Nondeductible items
Stock based compensation	(9)		—	%
Executive Compensation Limitation under 162(m)	61		(0.1)	%
Net impact of non-controlling interest	3,344		(3.2)	%

Change in fair value of contingent consideration	(1,365)		1.3	%
Other Permanent differences	(95)		0.1	%
Rate change	12		—	%
Total Effective Tax Rate	$	18,588	(17.7)	%

The following table sets forth the reconciliation of the Company’s effective rate to the statutory rate for the years ended December 31, 2024 and 2023:


	For the Year Ended
(Dollars in Thousands)	December 31, 2024				December 31, 2023
U.S. federal tax expense (benefit) at statutory rate	$	(25,851)	21.0	%	$	(8,856)	21.0	%
State tax, net of federal benefit	(9,457)		7.7	%	(1,246)		3.0	%
Goodwill Impairment	7,342		(6.0)	%	—		—	%

Non-deductible Professional Fees	1,337		(1.1)	%	1,808		(4.3)	%
Change in fair value of warrant liability	—		—	%	2,702		(6.4)	%
Change in fair value of contingent consideration	(6,129)		5.0	%	(5,657)		13.4	%
Other Perms	421		(0.3)	%	256		(0.6)	%
Prior year true-ups	(361)		0.3	%	10		—	%
Change in Valuation Allowance	6,278		(5.1)	%	10,530		(25.0)	%
Foreign rate differential	(1,751)		1.4	%	(1,778)		4.2	%
Stock based compensation	434		(0.4)	%	145		(0.3)	%

Rate Change	96		(0.1)	%	—		—	%
Net impact of non-controlling interest	6,785		(5.5)	%	1,580		(3.7)	%
Total Effective Rate	$	(20,856)	16.9	%	$	(506)	1.2	%

Schedule of Deferred Tax Assets and Liabilities

As of December 31, 2025 and 2024 the income tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities were as follows:


(Dollars in Thousands)	December 31, 2025		December 31, 2024
Deferred tax assets
Net operating losses	$	44,632	$	27,736
Investment in partnership	18,519		13,117
Goodwill	921		1,503
Disallowed interest carryforward	3,455		5,816
Accruals and reserves	7,017		6,567
Operating Lease Liability	1,329		1,744
Other deferred tax asset	802		921
Total deferred tax assets	76,675		57,404

Deferred tax liabilities
Intangibles	$	17,405	$	17,353
Operating Lease - Right Of Use	1,281		1,723


Other deferred tax liability	233		254
Total deferred tax liabilities	18,919		19,330
Valuation allowance	(67,323)		(27,325)
Net deferred tax asset (liabilities)	$	(9,567)	$	10,749

Schedule of Unrecognized Tax Benefits Roll Forward

The following table presents a reconciliation of the Company’s total gross unrecognized tax benefits for the year ended December 31, 2025 and 2024:


(Dollars in Thousands)	December 31, 2025		December 31, 2024
Balance at January 1,	$	240	$	—
Additions, based on tax positions related to current year	—		—
Additions for tax positions of prior years	—		240
Reduction for tax positions of prior years	—		—
Settlements	—		—
Lapses in statues of limitations	—		—
Balance at December 31	$	240	$	240

Schedule of Cash Flow Supplemental Disclosures

For the year ended December 31, 2025, income taxes paid exceeded 5% of total income taxes paid, net of refunds, in the following jurisdictions:


(Dollars in Thousands)	December 31, 2025
Federal	$	744
New York City	253
Hong Kong	485
Switzerland	289
Singapore	243
Italy	175
Other	135
Total income taxes paid (net of refunds)	$	2,324

Leases - Schedule of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Lease [Line Items]
Operating lease expense	$ 11,673	$ 12,680	$ 8,782
Variable lease expense	2,620	2,709	3,165
Short-term lease expense	267	256	750
Total lease expense	14,560	15,645	12,697
Related party
Operating Lease [Line Items]
Operating lease expense	$ 500	$ 500	$ 400

Related Party Transactions - Tax Receivable Agreements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
TRA liability	$ 25,724,000	$ 28,765,000
TRA liability	8,785,000	9,378,000
Tax receivable agreement liability, carrying value	16,900,000	19,400,000
Gain (loss) on TRA	$ 5,372,000	$ 3,855,000	$ (233,000)
Conversion ratio	1
Class A Common Stock
Related Party Transaction [Line Items]
Converted shares (in shares)	10,844,400
Conversion ratio	1
Share price (in dollars per share)	$ 5.68
Class B Common Stock
Related Party Transaction [Line Items]
Converted shares (in shares)	1,950,315	7,080,837
TRA, tax payments and cash distributions	$ 0
Due from Certain TWMH Members, TIG GP Members and TIG MGMT Members
Related Party Transaction [Line Items]
TRA, payment, percentage of tax benefit received (in percent)	85.00%
Tax receivable agreement, administering costs and expenses, percentage of obligation of company (in percent)	15.00%
TRA, administering costs and expenses, percentage of obligation by affiliated entity (in percent)	85.00%

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

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

The components of lease costs are as follows:


	For the Year Ended
(Dollars in Thousands)		December 31, 2025		December 31, 2024		December 31, 2023
Operating lease expense		$	11,673	$	12,680	$	8,782
Variable lease expense		2,620		2,709		3,165
Short-term lease expense		267		256		750
Total lease expense (1)		$	14,560	$	15,645	$	12,697

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


	For the Year Ended
(Dollars in Thousands)	December 31, 2025		December 31, 2024		December 31, 2023
Operating cash flow information:
Cash outflows - operating leases (1)	$	9,482	$	8,027	$	7,131
Non-cash activity:
Right-of-use assets obtained in exchange for lease obligations	$	4,960	$	6,239	$	35,629

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


	As of December 31, 2025		As of December 31, 2024
Weighted-average remaining lease term	11.38		11.46
Weighted-average discount rate	6.31	%	5.99	%

Future minimum lease payments for the Company’s operating leases as of December 31, 2025, are as follows:


	Future Minimum Rental Operating Leases
(Dollars in Thousands)
2026	$	8,626
2027	8,880
2028	8,368
2029	7,096
2030	6,411
2031 and beyond	49,911
Total lease payments	89,292
Less: Imputed interest	27,617
Present value of lease liabilities	$	61,675

Condensed Consolidated Statement of Financial Position (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
TRA liability	$ 8,785	$ 9,378
Preferred stock, issued (in shares)	150,000
Treasury stock (in shares)	0	0
Series A Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	795,947	140,000
Preferred stock, issued (in shares)	168,934	140,000
Preferred stock, outstanding (in shares)	168,934	140,000
Series C Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	150,000	150,000
Preferred stock, issued (in shares)	150,000	150,000
Preferred stock, outstanding (in shares)	150,000	150,000
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	875,000,000	875,000,000
Common stock, issued (in shares)	103,330,156	93,686,980
Common stock, outstanding (in shares)	103,330,156	93,686,980
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	150,000,000	150,000,000
Common stock, issued (in shares)	44,188,561	46,138,876
Common stock, outstanding (in shares)	44,188,561	46,138,876
Class C Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	9,000,000	9,000,000
Common stock, issued (in shares)	0	0
Common stock, outstanding (in shares)	0	0
Fees receivable
Contract with customer, receivable	$ 65,571	$ 30,220
Fees receivable \| Related party
Contract with customer, receivable	$ 9,535	$ 888

Business Combinations and Divestitures - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Apr. 30, 2025	Dec. 31, 2024	Jul. 01, 2024	May 09, 2024	Apr. 03, 2024	Dec. 31, 2023
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Goodwill	$ 385,966		$ 377,842				$ 361,780
Kontora Family Office GmbH ("Kontora")
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
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		2,326
Total Assets Acquired		26,955
Business Combination, Recognized Liability Assumed, Liability [Abstract]
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
Other liabilities, net		3,057
Deferred tax liability		4,774
Total Liabilities Assumed		11,259
Total Assets Acquired and Liabilities Assumed		$ 15,696
Envoi, LLC (“Envoi”)
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Intangible assets				$ 23,300
Goodwill				10,824
Operating lease right-of-use assets				196
Other assets				157
Total Assets Acquired				34,477
Business Combination, Recognized Liability Assumed, Liability [Abstract]
Accounts payable and accrued expenses				1
Operating lease liability				218
Total Liabilities Assumed				219
Total Assets Acquired and Liabilities Assumed				$ 34,258
Pointwise Partners Limited ("PW")
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Cash and cash equivalents					$ 269
Intangible assets					9,700
Goodwill					6,747
Other assets					20
Total Assets Acquired					16,736
Business Combination, Recognized Liability Assumed, Liability [Abstract]
Accounts payable and accrued expenses					589
Other liabilities, net					292
Deferred tax liability					1,749
Total Liabilities Assumed					2,630
Total Assets Acquired and Liabilities Assumed					$ 14,106
East End Advisors, LLC ("EEA")
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Cash and cash equivalents						$ 218
Intangible assets						62,700
Goodwill						30,094
Operating lease right-of-use assets						2,326
Other assets						1,181
Total Assets Acquired						96,531
Business Combination, Recognized Liability Assumed, Liability [Abstract]
Accounts payable and accrued expenses						79
Operating lease liability						2,326
Other liabilities, net						1,012
Total Liabilities Assumed						3,417
Total Assets Acquired and Liabilities Assumed						93,114
East End Advisors, LLC ("EEA") \| Management/advisory fees
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Management/advisory fees receivable						$ 12

Other assets, net and Other liabilities, net - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Foreign currency translation adjustment	$ 184	$ 285
Accumulated depreciation	(6,852)	(4,861)
Fixed assets, net	17,690	16,009
Lease incentive receivables	0	5,522
Accrued income	18,409	13,423
Prepaid expenses	8,268	8,776
Sundry receivables	4,908	2,610
Other receivables	2,683	2,984
Third party receivables related to IRE	2,082	0
Other assets	2,406	1,064
Other assets, net	56,446	50,388
Other assets \| Related party
Property, Plant and Equipment [Line Items]
Related Party Receivables	200	500
Leasehold improvements
Property, Plant and Equipment [Line Items]
Fixed assets, gross	18,705	17,736
Office equipment and furniture
Property, Plant and Equipment [Line Items]
Fixed assets, gross	$ 5,653	$ 2,849

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash Flows from Operating Activities
Net income (loss)		$ (155,070)	$ (174,305)	$ (311,215)
Net income (loss) from discontinued operations, net of income tax		(31,353)	(72,057)	(269,546)
Net income (loss) from continuing operations		(123,717)	(102,248)	(41,669)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities from continuing operations:
Depreciation and amortization		18,446	14,427	10,397
Amortization of debt discounts and deferred financing costs		0	6,184	927
Unrealized (gain) loss on investments		5,162	13,057	(4,161)
Realized (gain) loss on investments		(20)	(11,128)	0
Impairment loss on goodwill and intangible assets		35,000	74,267	0
Fair value (gain) loss on TRA		(5,372)	(3,855)	233
Realized gain (loss) on earn-out payment	$ 0	(2,350)	0
(Income) loss on equity method investments		4	198	228
Fair value (gain) loss on warrant liability		0	0	12,866
Fair value (gain) loss on earnout liability		(3,280)	(30,727)	(31,104)
Fair value gain (loss) on preferred stock tranche liability		(1,530)	(600)	0
Deferred income tax (benefit) expense		16,698	(22,951)	(2,224)
Equity-settled share-based payments		30,327	17,469	19,210
Unrealized foreign currency (gains)/losses		0	14	587
(Gain) loss from retirement of debt		0	0	(73)
Fair value of interest rate swap		0	0	33
Cash flows due to changes in operating assets and liabilities
(Increase) decrease in fees receivable		(32,183)	38,845	(34,071)
(Increase) decrease in other assets		(5,890)	(10,535)	(147,384)
Operating cash flow from operating leases		2,381	6,502	7,209
Increase (decrease) in accounts payable and accrued expenses		(635)	(5,695)	7,125
Increase (decrease) in accrued compensation and profit sharing		21,013	(15,753)	40,278
Increase (decrease) in other liabilities		(5,714)	16,344	13,761
Other operating activities		0	(215)	871
Net cash provided by (used in) operating activities from continuing operations		(51,437)	(16,188)	(146,700)
Cash Flows from Investing Activities
Cash payment for acquisition of TWMH and TIG historical equity		0	0	(99,999)
Receipt of payments of notes receivable from members		0	66	226
Purchases of investments		(10,447)	(20,380)	(15,695)
Cash payment for delayed share purchase agreement		0	(1,818)	0
Payment of payout right		0	0	(760)
Acquisition of AWMS, net of cash acquired		0	0	(4,383)
Acquisition of ALWP, net of cash acquired		0	0	(14,430)
Acquisition of Kontora, net of cash acquired		(6,556)	0	0
Acquisition of EEA, net of cash acquired		0	(69,182)	0
Acquisition of PW, net of cash acquired		0	(1,467)	0
Acquisition of Envoi		0	(25,258)	0
Sales of investments		188	798	1,725
Proceeds from sale of FOS		0	16,683	0
Proceeds from Pointwise warehousing transaction		31,313	0	0
Loss on disposal of intangible assets		(9)	0	0
Sale of fixed assets		0	144	8
Purchases of fixed assets		(806)	(7,560)	(334)
Net cash provided by (used in) investing activities from continuing operations		13,683	(107,974)	(133,642)
Cash Flows from Financing Activities
Proceeds from issuance of preferred stock and Constellation Warrants		18,471	300,800	0
Proceeds from issuance of common stock		0	94,660	0
Proceeds from issuance of preferred stock tranche right liability		0	4,540	0
Member contribution (distribution)		0	(6,760)	(8,492)
Payments on term notes and lines of credit		(289)	(221,008)	(97,810)
Borrowings on term notes and lines of credit		415	32,258	223,500
Cash payment for earnout		(6,280)	(8,449)	0
Payments of debt issuance costs		0	(1,519)	(2,586)
Taxes paid on net settled share-based compensation awards		0	(4,037)	0
Tax payments on behalf of Umbrella partners		0	(424)	0
Increase (decrease) in distributions due to former TIG members		0	0	(14,199)
Repurchase of common stock		0	0	(4,215)
Cash receipts from exercise of Warrants		0	0	5,836
Payment of preferred stock tranche right liability issuance costs		0	(203)	0
Cash payment of earn-in liability		(315)	(754)	0
Dividends paid to former owners of AWMS and ALWP		0	(11)	(3,372)
Net cash provided by (used in) financing activities from continuing operations		12,002	174,313	98,662
Cash Flows from Discontinued Operations:
Net cash provided by (used in) operating activities from discontinued operations		426	(34,464)	64,995
Net cash provided by (used in) investing activities from discontinued operations		(1,589)	32,289	694
Net cash provided by (used in) financing activities from discontinued operations		0	(54)	(62,643)
Net cash provided by discontinued operations		(1,163)	(2,229)	3,046
Net increase (decrease) in cash and cash equivalents, including discontinued operations		(26,915)	47,922	(178,634)
Effect of exchange rate changes on cash and cash equivalents, including discontinued operations		2,579	(673)	2,793
Cash and cash equivalents, including discontinued operations, at beginning of the period	$ 18,245	65,494	18,245	194,086
Cash and cash equivalents, including discontinued operations, at end of the period		41,158	65,494	18,245
Less: Cash and cash equivalents of discontinued operations, at end of the period		0	1,077	1,731
Cash and cash equivalents		41,158	64,417	16,514
Cash and cash equivalents		41,158	64,417	15,348
Reconciliation of balance sheet cash and cash equivalents to cash flows:
Cash and cash equivalents on balance sheet		41,158	64,417	15,348
Cash and cash equivalents included in Assets held for sale		0	0	2,897
Cash and cash equivalents, including cash in Assets held for sale		41,158	64,417	18,245
Supplemental Disclosure of Cash Flow Information
Income taxes		2,324	1,474	848
Interest payments on term notes and lines of credit		37	16,712	14,079
Supplemental disclosure of noncash financing activities:
Non-cash portion of earn-in liability		497	0	0
Non-cash portion of earn-out		1,880	0	0
Preferred Stock
Cash Flows from Financing Activities
Payment of issuance costs		0	(10,544)	0
Common Stock
Cash Flows from Financing Activities
Payment of issuance costs		0	(4,236)	0
Member Notes Receivable
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities from continuing operations:
Forgiveness of debt of notes receivable from members		$ 223	$ 212	$ 261

Income Taxes - Schedule of Income before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
U.S. Domestic	$ (66,901)	$ (65,357)	$ (8,812)
Foreign	(38,228)	(57,747)	(33,363)
Income (loss) before taxes from continuing operations	$ (105,129)	$ (123,104)	$ (42,175)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 16: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities

The Company’s maximum exposure to loss relating to non-consolidated VIEs is as follows:


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






Total VIE assets	$	3,653,414	$	3,509,769



Total VIE liabilities	$	219,013	$	187,837
Total equity investments in VIEs	978		789
Maximum exposure to loss	$	978	$	789

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Intangible Assets, net (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

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


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

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

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

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

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

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

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


	As of December 31, 2024
(Dollars in Thousands)	Weighted Average Amortization Period (in years)	Gross Carrying Amount (2)		Impairment		Accumulated Amortization		Net Carrying Amount

Amortizing intangible assets
Customer relationships	22.3	$	277,117	$	—	$	(18,999)	$	258,118

Trade names	9.4	11,941		—		(2,351)		9,590
Acquired internally developed software	5.0	1,300		—		(445)		855

Total amortized intangible assets		290,358		—		(21,795)		268,563
Non-amortized intangible assets (1)
Investment management agreements (3)		245,900		(44,900)		—		201,000
Total intangible assets		$	536,258	$	(44,900)	$	(21,795)	$	469,563

(1) The Company’s non-amortized intangible assets consist of management contracts for open-ended fund products, in which there is no contractual termination date.

(2) As of December 31, 2024, gross carrying amounts related to the Company’s intangible assets include additions to intangibles of $99.3 million related to the PW, EEA, and Envoi Acquisitions, a transfer of $4.6 million to Goodwill related to measurement period adjustments for the EEA Acquisition and a transfer of $1.0 million from Goodwill related to measurement period adjustments for the Envoi Acquisition (see Note 4 Business Combinations and Divestitures), as well as foreign currency translation differences of $(1.3) million.

(3) During the quarter ended September 30, 2024, the Company commenced a strategic review of its International Real Estate Businesses and conducted a realignment of its operating segments. Prior to the realignment, the Company conducted a goodwill impairment test to determine whether the fair value of its reporting units declined to an amount lower than the carrying value of goodwill. As part of the test, we utilized the discounted cash flow method and determined the fair value of TIG’s Investment Management Agreement (the “IMA”) had declined. As such, the Company recognized intangible asset impairment charges of $44.9 million related to the IMA, which is classified as an indefinite-lived intangible asset. Drivers of the impairment for the IMA primarily include the financial projections and discount rate associated with the instrument.

Schedule of Estimated Future Amortization

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 December 31, 2025

2026	$	16,245
2027	16,229
2028	16,184
2029	15,909
2030 and beyond	205,586
Total	$	270,153

Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Unrecognized Tax Benefits [Roll Forward]
Beginning balance	$ 240	$ 0
Additions, based on tax positions related to current year	0	0
Additions for tax positions of prior years	0	240
Reduction for tax positions of prior years	0	0
Settlements	0	0
Lapses in statues of limitations	0	0
Ending balance	$ 240	$ 240

Description of the Business - Narrative (Details) $ / shares in Units, $ in Thousands							3 Months Ended		6 Months Ended			12 Months Ended
	May 13, 2025 $ / shares shares	Jul. 31, 2024 USD ($) director $ / shares shares	May 15, 2024 shares	Mar. 27, 2024 shares	Feb. 22, 2024 USD ($) $ / shares shares	Apr. 03, 2023 shares	Mar. 31, 2024	Mar. 31, 2023 shares	Dec. 31, 2025 USD ($) employee segment $ / shares shares	Jun. 30, 2025 segment	Jun. 30, 2023 USD ($)	Dec. 31, 2025 USD ($) employee $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) shares	Jun. 07, 2023 shares	Jan. 03, 2023	Jan. 01, 2023 $ / shares
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Assets under management \| $									$ 93,100,000			$ 93,100,000
Number of professionals \| employee									490			490
Number of securities called by warrants or rights (in shares)															19,892,387
Adjustments to additional paid-in-capital \| $											$ 29,500		$ 9,594
Warrants, outstanding (in shares)													0
Series C redeemable cumulative convertible preferred stock, issued (in shares)									150,000			150,000
Number of operating segments \| segment									1	2
Assets under advisement \| $									$ 93,100,000			$ 93,100,000	$ 67,300,000
Alternatives Platform, Externally - Managed Fund
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Assets under management \| $									5,500,000			5,500,000
Alternatives Platform, Internally - Managed Fund
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Assets under management \| $									1,800,000			1,800,000
Externally Managed Funds, Romspen, Real Estate Bridge Lending Strategy
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Assets under advisement \| $									1,900,000			1,900,000
Externally Managed Funds, Zebedee, European Equities Strategy
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Assets under advisement \| $									2,500,000			2,500,000
Externally Managed Funds, Arkkan, Asian Credit And Special Situations Strategy
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Assets under advisement \| $									$ 1,100,000			$ 1,100,000
Constellation warrant
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Warrant, exercise price (in dollars per share) \| $ / shares													$ 7.40
Allianz Strategic Investments S.à.r.l. (“Allianz”) \| Allianz Investment Agreement
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Consideration received \| $		$ 250,000
Class A Common Stock
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Total voting power (in percent)									70.00%			70.00%
Warrant, exercise price (in dollars per share) \| $ / shares																	$ 11.50
Issuance of shares - exercise of warrants (in shares)						78,864		428,626
Number of securities called by warrants or rights (in shares)															4,962,147
Common stock, par value (in dollars per share) \| $ / shares									$ 0.0001			$ 0.0001	$ 0.0001
Class A Common Stock \| Allianz warrant
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Issuance of shares - exercise of warrants (in shares)												0	0
Class A Common Stock \| Constellation warrant
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Issuance of shares - exercise of warrants (in shares)												0	0
Number of securities called by warrants or rights (in shares)			466,667	1,533,333									2,000,000
Class A Common Stock \| Allianz Strategic Investments S.à.r.l. (“Allianz”) \| Allianz Investment Agreement
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		19,318,580.96
Dividends payable (in percent)		50.00%
Ownership cap (in percent)		24.90%
Number of directors available for nomination \| director		2
Threshold of ownership (in percent)		50.00%
Class A Common Stock \| Allianz Strategic Investments S.à.r.l. (“Allianz”) \| Allianz Investment Agreement \| Allianz warrant
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Warrant, exercise price (in dollars per share) \| $ / shares		$ 7.40
Number of securities called by warrants or rights (in shares)		5,000,000
Class B Common Stock
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Total voting power (in percent)									30.00%			30.00%
Common stock, par value (in dollars per share) \| $ / shares									$ 0.0001			$ 0.0001	$ 0.0001
Class B Common Stock \| Allianz Strategic Investments S.à.r.l. (“Allianz”) \| Allianz Investment Agreement
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Ownership cap (in percent)		24.90%
Series A Preferred Stock
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Preferred stock \| $									$ 168,934			$ 168,934	$ 142,858	$ 0
Series C redeemable cumulative convertible preferred stock, issued (in shares)									168,934			168,934	140,000
Preferred stock, outstanding (in shares)									168,934			168,934	140,000	0
Series A Preferred Stock \| Related party
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Preferred stock \| $									$ 168,934			$ 168,934	$ 142,858
Series A Preferred Stock \| Allianz Strategic Investments S.à.r.l. (“Allianz”) \| Allianz Investment Agreement
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		140,000
Preferred stock, dividend rate (in percent)		9.75%
Preferred stock, dividend rate, per-dollar amount (in dollars per share) \| $ / shares	$ 1,000	$ 1,000
Dividends payable (in percent)		50.00%
Series A Preferred Stock \| Allianz Strategic Investments S.à.r.l. (“Allianz”) \| Allianz Investment Agreement \| Maximum
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Preferred stock, dividend rate (in percent)		9.75%
Series A Preferred Stock \| Allianz Strategic Investments S.à.r.l. (“Allianz”) \| Allianz Investment Agreement \| Allianz Tranche Right
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of securities called by warrants or rights (in shares)	18,471				50,000				1,523,289			1,523,289
Preferred stock, dividend rate, per-dollar amount (in dollars per share) \| $ / shares					$ 1,000
Value of securities called by warrant or right \| $					$ 50,000
Class C Common Stock
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Common stock, par value (in dollars per share) \| $ / shares									$ 0.0001			$ 0.0001	$ 0.0001
Class C Common Stock \| Allianz Strategic Investments S.à.r.l. (“Allianz”) \| Allianz Investment Agreement
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Common stock, par value (in dollars per share) \| $ / shares		$ 0.0001
Series C Preferred Stock
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Preferred stock, dividend rate (in percent)							9.75%
Preferred stock, dividend rate, per-dollar amount (in dollars per share) \| $ / shares													$ 1,000
Preferred stock \| $									$ 176,904			$ 176,904	$ 160,808	$ 0
Less: Preferred stock dividends \| $													$ 150,000
Series C redeemable cumulative convertible preferred stock, issued (in shares)									150,000			150,000	150,000
Preferred stock, outstanding (in shares)									150,000			150,000	150,000	0
Preferred stock, total voting power (in percent)									7.50%			7.50%
Series C Preferred Stock \| Related party
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Preferred stock \| $									$ 176,904			$ 176,904	$ 160,808
Series C Preferred Stock \| Maximum
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Preferred stock, dividend rate (in percent)													9.75%
Series C Preferred Stock \| CWC AlTi Investor LLC (“Constellation”) \| Constellation Investment Agreement
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Sale of stock, number of shares issued in transaction (in shares)			35,000	115,000									150,000
Umbrella
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Voting interest acquired (in percent)																51.00%
Umbrella \| TWMH and TIG Shareholders
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Voting interest acquired (in percent)																49.00%
TWMH, TIG, and Alvarium \| Umbrella
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Voting interest acquired (in percent)																100.00%

Related Party Transactions - Due to Certain Employees (Details) - Related party - USD ($) $ in Thousands	1 Months Ended
	Aug. 31, 2020	Dec. 31, 2025	Dec. 31, 2024
Tiedemann Constantia AG (“TC”) \| Senior Executive
Related Party Transaction [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	702
Certain Employees \| Other liabilities
Related Party Transaction [Line Items]
Related Party Payables		$ 747	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Condensed Consolidated Statement of Changes in Mezzanine Equity and Shareholders’ Equity - USD ($) $ in Thousands	Total	Family Office Service ("FOS")	LXi Reit Advisors Limited (“LRA”)	Alvarium Home REIT Advisors Ltd ("AHRA")	Treasury Stock	Additional paid-in-capital	Additional paid-in-capital Alvarium Home REIT Advisors Ltd ("AHRA")	Retained earnings (accumulated deficit)	Accumulated other comprehensive income	Accumulated other comprehensive income Family Office Service ("FOS")	Accumulated other comprehensive income LXi Reit Advisors Limited (“LRA”)	Non-controlling interest in subsidiaries	Non-controlling interest in subsidiaries Family Office Service ("FOS")	Non-controlling interest in subsidiaries LXi Reit Advisors Limited (“LRA”)	Non-controlling interest in subsidiaries Alvarium Home REIT Advisors Ltd ("AHRA")	Series A Preferred Stock	Series C Preferred Stock	Class A Common Stock	Class A Common Stock Common Stock	Class B Common Stock	Class B Common Stock Common Stock
Ending balance (in shares) at Dec. 31, 2023																0	0
Ending balance at Dec. 31, 2023																$ 0	$ 0
Beginning balance (in shares) at Dec. 31, 2022																			55,388,023		55,032,961
Beginning balance at Dec. 31, 2022	$ 1,013,653					$ 434,620		$ (27,946)	$ 0			$ 606,973							$ 6		$ 0
Shareholders’ Equity
Issuance of shares to Alvarium Employee Benefit Trust (in shares)																			2,100,000
Issuance of shares to Alvarium Employee Benefit Trust	21,000					21,000
Net income (loss)	(311,215)							(165,584)				(145,631)
Currency translation adjustment	20,916							3	9,575			11,338
Cancellation of AHRA call option	154											154
Other comprehensive income	(764)								(420)			(344)
Payment for partner’s tax	(998)					(998)
Issuance of shares for EEA business combination (in shares)																			339,967
Issuance of shares for EEA business combination	2,058					2,058
Share based compensation	7,937					7,937
TRA Exchange (in shares)																		1,813,248			(1,813,248)
TRA Exchange	1,025					14,280						(13,255)
Issuance of shares - exercise of warrants (in shares)																			5,469,637
Issuance of shares - exercise of warrants	29,480					29,479													$ 1
Deconsolidation				$ 0			$ 28,768								$ (28,768)
Measurement period adjustment	(753)					(635)						(118)
Ending balance (in shares) at Dec. 31, 2023																			65,110,875		53,219,713
Ending balance at Dec. 31, 2023	782,493					536,509		(193,527)	9,155			430,349							$ 7		$ 0
Mezzanine Equity
Issuance of preferred shares (in shares)																140,000	150,000
Issuance of preferred stock, net of issuance costs	280,150															$ 137,460	$ 142,690
Preferred share accrued dividend																$ 5,398	$ 18,118
Ending balance (in shares) at Dec. 31, 2024																140,000	150,000
Ending balance at Dec. 31, 2024																$ 142,858	$ 160,808
Shareholders’ Equity
Net income (loss)	(174,305)							(103,034)				(71,271)
Currency translation adjustment	(14,760)								(9,676)			(5,084)
Other comprehensive income	119								80			39
Payment for partner’s tax	(3,271)					(3,271)
Preferred share accrued dividend, including adjustments	2					(23,514)
Issuance of shares for EEA business combination	1,025					1,025
Share based compensation	17,454					17,454
Shares issued to employees on vesting of equity awards (in shares)																			2,176,687
Shares issued to employees on vesting of equity awards	(4,037)					(4,037)
Class A Common Stock issued to Allianz, net of issuance costs (in shares)																			19,318,581
Class A Common Stock issued to Allianz, net of issuance costs	90,424					90,422													$ 2
TRA Exchange (in shares)																			7,080,837		(7,080,837)
TRA Exchange	(12,814)					28,675						(41,489)
Deconsolidation		$ (510)	$ (1,369)							$ (306)	$ (822)		$ (204)	$ (547)
Issuance of Allianz and Constellation warrants	9,594					9,594
Ending balance (in shares) at Dec. 31, 2024																		93,686,980	93,686,980	46,138,876	46,138,876
Ending balance at Dec. 31, 2024	970,195				$ 0	652,857		(296,561)	(1,569)			311,793							$ 9		$ 0
Mezzanine Equity
Preferred share accrued dividend (in shares)																10,463
Preferred share accrued dividend																$ 7,605	$ 16,096
Preferred stock tranche issuance (in shares)																18,471
Preferred stock tranche issuance	18,471															$ 18,471
Ending balance (in shares) at Dec. 31, 2025																168,934	150,000
Ending balance at Dec. 31, 2025																$ 168,934	$ 176,904
Shareholders’ Equity
Net income (loss)	(155,070)							(119,699)				(35,371)
Currency translation adjustment	9,224								6,628			2,596
Other comprehensive income	(25)								(18)			(7)
Tax allocation to equity holders	407							(1,755)	(66)			2,228
Sale of investment	234											234
Preferred share accrued dividend (in shares)																			2,388,633
Preferred share accrued dividend, including adjustments	0					(23,702)													$ 1
Issuance of shares for EEA business combination (in shares)																			594,057
Issuance of shares for EEA business combination	1,903					1,880						23
Issuance of shares for PW deferred consideration (in shares)																			385,279
Issuance of shares for PW deferred consideration	1,299					1,299
Share based compensation (in shares)																			4,324,891
Share based compensation	30,327					30,327
TRA Exchange (in shares)																			1,950,315		(1,950,315)
TRA Exchange	(2,163)					4,650						(6,813)
Restructurings	(13)					(13)
Ending balance (in shares) at Dec. 31, 2025																		103,330,156	103,330,155	44,188,561	44,188,561
Ending balance at Dec. 31, 2025	$ 874,789				$ 0	$ 667,298		$ (418,015)	$ 4,975			$ 274,683							$ 10		$ 0

Business Combinations and Divestitures - Schedule of Pro Forma Financial Information (Details) - AWMS, ALWP, Envoi, EEA, PW, Kontora - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combination, Pro Forma Information [Line Items]
Total revenue	$ 260,911	$ 221,297	$ 241,618
Net income (loss)	$ (119,955)	$ (102,245)	$ (162,443)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Leases - Schedule of Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Future Minimum Rental Operating Leases
2026	$ 8,626
2027	8,880
2028	8,368
2029	7,096
2030	6,411
2031 and beyond	49,911
Total lease payments	89,292
Less: Imputed interest	27,617
Present value of lease liabilities	$ 61,675

Related Party Transactions - Due to Certain TIG GP Members and TIG MGMT Members (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Due to Certain TWMH Members, TIG GP Members and TIG MGMT Members \| Other liabilities \| Related party
Related Party Transaction [Line Items]
Related Party Payables	$ 3.3	$ 3.4

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Related Party Transactions - Operating Lease Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Operating lease liabilities	$ (61,675)	$ (63,055)
Operating lease expense	11,673	12,680	$ 8,782
Cash outflows - operating leases	9,482	8,027	7,131
Related party
Related Party Transaction [Line Items]
Operating lease liabilities	(1,200)	(300)
Operating lease expense	500	500	400
Cash outflows - operating leases	$ 500	$ 500	$ 400

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations

The following table provides a summary of the assets and liabilities classified as discontinued operations:


(Dollars in Thousands)	As of December 31, 2024
Assets
Cash and cash equivalents	$	1,077
Fees receivable	3,396
Equity method investments	7,114



Deferred tax assets, net	60
Other assets, net	9,409
Contingent consideration receivable	$	1,389

Assets of discontinued operations	$	22,445
Liabilities
Accounts payable and accrued expenses	8,587
Accrued compensation and profit sharing	153


Deferred tax liability	281
Other liabilities, net	4,087

Liabilities of discontinued operations	$	13,108

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


	For the Year Ended
(Dollars in Thousands)		December 31, 2025		December 31, 2024		December 31, 2023
Revenue
Management/advisory fees		$	1,976	$	7,856	$	20,076
Incentive fees		—		—		702

Other income/fees		1		688		4,994
Total revenue		1,977		8,544		25,772
Operating Expenses
Compensation and employee benefits		3,039		13,766		39,064
Systems, technology and telephone		457		927		1,267
Sales, distribution and marketing		129		397		323
Occupancy costs		433		267		2,104
Professional fees		4,253		14,359		17,657
Travel and entertainment		135		589		816
Depreciation and amortization		—		125		6,642
General, administrative and other		3,280		6,030		8,920
Total operating expenses		11,726		36,460		76,793
Total operating income (loss)		(9,749)		(27,916)		(51,021)
Other Income (Expenses)
Impairment loss on goodwill and intangible assets		—		(42,502)		(206,777)
Gain (loss) on investments		(21,556)		(2,055)		(19,643)





Interest expense		—		(12)		209
Interest income		13		156		1,301
Other income (expense)		—		(5)		(3,643)
Income (loss) before taxes		(31,292)		(72,334)		(279,574)
Income tax (expense) benefit		(61)		277		10,028
Net income (loss) from discontinued operations, net of income tax		$	(31,353)	$	(72,057)	$	(269,546)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-SubTopic 10
-Topic 360
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483475/205-20-45-11

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-3A

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-4A

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-4B

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5A

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5B

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5C

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5D

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 20
-Topic 205
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-1

Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-3

+ Details

Investments

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Investments

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

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

•reflect economic events in earnings on a timely basis;

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

•address simplification and cost-benefit considerations

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

The Cost and Fair Value of Investments as of December 31, 2025 and December 31, 2024 are presented below:


	As of December 31, 2025				As of December 31, 2024
(Dollars in Thousands)	Cost		Fair Value		Cost		Fair Value
Investments at Fair Value:
Mutual funds	$	38	$	42	$	122	$	105
Exchange-traded funds and BDC funds	17		35		101		112
TIG Arbitrage Associates Master Fund	482		566		482		515
TIG Arbitrage Enhanced Master Fund	179		362		179		229


Arkkan Opportunities Feeder Fund	111		152		111		139

Arkkan Capital Management Limited	20,062		19,543		20,062		21,181
Zebedee Asset Management	68,913		93,716		68,913		80,127
Romspen Investment Corporation	72,523		29,717		72,523		46,260

Other	55		63		6		6

Total Investments at fair value	$	162,380	$	144,196	$	162,499	$	148,674


Equity method investments:	Cost		Carrying Value		Cost		Carrying Value

Wealth management - investment advisory	$	138	$	138	$	20,403	$	20,403

Total Equity method investments	138		138		20,403		20,403

Total	$	162,518	$	144,334	$	182,902	$	169,077

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


	For the Year Ended
(Dollars in Thousands)		December 31, 2025		December 31, 2024		December 31, 2023
Gains (Losses) on Investments at fair value:
Realized gains (losses)		$	(20)	$	(15)	$	1
Unrealized gains (losses)		(4,359)		(16,491)		2,749
Total gains (losses) on Investments at fair value		$	(4,379)	$	(16,506)	$	2,750

Revenue - Schedule of Contract with Customer (Details) - Operating Segments - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Management/advisory fees
Contract with Customer, Receivable, after Allowance for Credit Loss [Roll Forward]
Contract with customer, receivable	$ 35,047	$ 28,896	$ 26,802
Management/advisory fees \| Related party
Contract with Customer, Receivable, after Allowance for Credit Loss [Roll Forward]
Contract with customer, receivable	600	700
Incentive fees
Contract with Customer, Receivable, after Allowance for Credit Loss [Roll Forward]
Contract with customer, receivable	30,335	1,324	40,356
Incentive fees \| Related party
Contract with Customer, Receivable, after Allowance for Credit Loss [Roll Forward]
Contract with customer, receivable	9,000	200
Other fees/income
Contract with Customer, Receivable, after Allowance for Credit Loss [Roll Forward]
Contract with customer, receivable	$ 189	$ 0	$ 0

Debt, net of unamortized deferred financing cost

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt, net of unamortized deferred financing cost

The following table summarizes outstanding debt obligations of the Company as of December 31, 2025 and December 31, 2024:


	As of December 31, 2025						As of December 31, 2024
(Dollars in Thousands)	Debt Outstanding		Net Carrying Value (1)		Fair Value		Debt Outstanding		Net Carrying Value		Fair Value
Kontora Credit Facility
Term Loan	$	503	$	503	$	503	—		—		—
Revolving Line of Credit	$	380	$	380	$	380	$	—	$	—	$	—
Total Debt	$	883	$	883	$	883	$	—	$	—	$	—

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

Kontora Credit Facility

On April 30, 2025, the Company acquired Kontora. See Note 4 (Business Combinations and Divestitures). At the acquisition date, Kontora had a term loan with HypoVereinsbank. The term loan is repayable in fixed quarterly installments of $0.1 million plus interest, with the final payment due on June 30, 2027. The term loan bears interest at 6.7% per annum which is payable quarterly. Throughout the period of the loan Kontora Family Office GmbH, as a standalone entity, is required to maintain economic equity of the higher of $1.8 million or 30% of the total assets of this standalone entity. At December 31, 2025, the term loan had an outstanding principal amount of $0.5 million.

At the acquisition date, Kontora also had a revolving line of credit, which expires on July 25, 2029, with an aggregate borrowing facility of $0.9 million with HypoVereinsbank. The revolving line of credit bears interest at 3-month EURIBOR plus 7.15% on funded amounts and a commitment fee of 0.75% on unfunded amounts. The funded amounts bear no restrictions on its use. At December 31, 2025, the funded amount under the revolving line of credit was $0.4 million.

Contractual maturities of the term loan as of December 31, 2025, are set out in the table below:


(Dollars in Thousands)	Aggregate Maturities


2026	$	337
2027	$	166


Total	$	503

Allianz Tranche Right

The Company issued the Allianz Tranche Right in which Allianz, at their option, can purchase up to a total of 50,000 additional shares of Series A Preferred Stock at $1,000 per share. See Note 1 (Description of the Business) for details. On May 13, 2025, Allianz exercised the Allianz Tranche Right to purchase an additional 18,471 shares of Series A Preferred Stock at the stated price for $18.5 million. As of December 31, 2025 and December 31, 2024, the Allianz Tranche Right of $2.4 million and $3.9 million, respectively, is classified as a liability in accordance with ASC 480, Liabilities, and is recorded in the line item Preferred stock tranche liability on the Company’s Consolidated Statement of Financial Position. For the year ended December 31, 2025 and December 31, 2024, the change in fair value of the Allianz Tranche Right is $1.5 million and $0.6 million, respectively, which is recorded in the line item Gain (loss) on preferred stock liability in the Consolidated Statement of Operations.

Credit Agreement

On January 3, 2023, the Company entered into a credit agreement (the “Credit Agreement”) with BMO Harris Bank N.A., as administrative agent, for a senior secured credit facility (the “BMO Credit Facility”) in an aggregate principal amount of $250.0 million, consisting of term loan commitments for an aggregate principal amount of $100.0 million (the “Term Loans”) and a revolving credit facility with commitments for an aggregate commitment amount of $150.0 million (the “Revolving Credit Facility”), with an accordion option to increase the revolving commitments an additional $75.0 million to $225.0 million total. Subsequent to entering into the Credit Agreement and prior to the pay down of its debt in its entirety (see discussion below), the Company entered into multiple amendments during 2023 and 2024, which included a reduction of the aggregate commitment amount under the Revolving Credit Facility from $150.0 million to $110.0 million.

The Term Loans and Revolving Credit Facility bore interest at a rate per annum equal to, at the Company’s option, either (i) SOFR plus a margin based on the Company’s Total Leverage Ratio (as defined in the Credit Agreement) or (ii) the Base Rate (as defined in the Credit Agreement) plus a margin based on the Company’s Total Leverage Ratio. The margin ranged between 1.0% and 2.0% for base rate loans and between 2.0% and 3.0% for SOFR loans. The Company paid a commitment fee based on the average daily unused portion of the commitments under the Revolving Credit Facility, a letter of credit fee equal to the margin then in effect with respect to the SOFR loans under the Revolving Credit Facility, a fronting fee and any customary documentary and processing charges for any letter of credit issued under the Credit Agreement. The Term Loan was subject to quarterly amortization payments and matured on December 31, 2024. The Revolving Credit Facility terminated on December 31, 2024. As security for the Term Loans and Revolving Credit Facility, the borrower and the guarantors thereunder pledged substantially all of their assets, subject to agreed-upon

exclusions. The guarantor group consisted of the Company’s U.S. and non-U.S. subsidiaries, subject to an agreed-upon materiality threshold.

On December 19, 2024, the Company paid off its debt outstanding in the amount of $133.4 million related to the BMO Credit Facility, with the proceeds raised from the Allianz Transaction and the Constellation Transaction (see Note 1 (Description of the Business)). This debt was due to terminate on December 31, 2024. The Company recognized a write-off of the deferred issuance costs related to the extinguishment of this debt in the amount of $4.5 million, which was recorded in the line Interest expense in the Consolidated Statement of Operations during the year ended December 31, 2024.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Intangible Assets, net

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, net

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


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

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

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

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


	As of December 31, 2024
(Dollars in Thousands)	Weighted Average Amortization Period (in years)	Gross Carrying Amount (2)		Impairment		Accumulated Amortization		Net Carrying Amount

Amortizing intangible assets
Customer relationships	22.3	$	277,117	$	—	$	(18,999)	$	258,118

Trade names	9.4	11,941		—		(2,351)		9,590
Acquired internally developed software	5.0	1,300		—		(445)		855

Total amortized intangible assets		290,358		—		(21,795)		268,563
Non-amortized intangible assets (1)
Investment management agreements (3)		245,900		(44,900)		—		201,000
Total intangible assets		$	536,258	$	(44,900)	$	(21,795)	$	469,563

(1) The Company’s non-amortized intangible assets consist of management contracts for open-ended fund products, in which there is no contractual termination date.

Amortization expense of $15.9 million, $13.3 million, and $8.5 million for the years ended December 31, 2025, 2024, and 2023, respectively, was recognized.

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


(Dollars in Thousands)	As of December 31, 2025

2026	$	16,245
2027	16,229
2028	16,184
2029	15,909
2030 and beyond	205,586
Total	$	270,153

Equity (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended	12 Months Ended
Equity (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Treasury stock reissued (in shares)		817,730
Treasury stock reissued, amount			$ 2,800
Series C redeemable cumulative convertible preferred stock, issued (in shares)					150,000
Adjustments to additional paid-in-capital				$ 29,500		$ 9,594
Classification changes, liability to equity
Class of Stock [Line Items]
Adjustments to additional paid-in-capital					$ 9,600	$ 9,600
Class A Common Stock
Class of Stock [Line Items]
Common stock, outstanding (in shares)					103,330,156	93,686,980
Common stock, shares, outstanding, subject to forfeiture (in shares)					754,968	754,968
Common stock, issued (in shares)					103,330,156	93,686,980
Class A Common Stock \| Allianz Strategic Investments S.à.r.l. (“Allianz”) \| Allianz Investment Agreement
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	19,318,580.96
Class B Common Stock
Class of Stock [Line Items]
Common stock, outstanding (in shares)					44,188,561	46,138,876
Common stock, issued (in shares)					44,188,561	46,138,876
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock					$ 168,934	$ 142,858	$ 0
Series C redeemable cumulative convertible preferred stock, issued (in shares)					168,934	140,000
Series A Preferred Stock \| Related party
Class of Stock [Line Items]
Preferred stock					$ 168,934	$ 142,858
Series A Preferred Stock \| Allianz Strategic Investments S.à.r.l. (“Allianz”) \| Allianz Investment Agreement
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	140,000

Summary of Significant Accounting Policies - Delayed Share Purchase Agreement (Details) - USD ($)	8 Months Ended
	Mar. 25, 2024	Dec. 31, 2024	Dec. 31, 2022
Additional paid-in-capital
Business Combination [Line Items]
Delayed share purchase agreement		$ 40,000.0
Tiedemann International Holdings, AG ("TIH") \| Tiedemann Wealth Management Holdings, LLC
Business Combination [Line Items]
Voting interest acquired (in percent)			51.10%
Cash consideration	$ 2,100,000
Tiedemann International Holdings, AG ("TIH") \| Tiedemann Wealth Management Holdings, LLC \| Class A Common Stock
Business Combination [Line Items]
Equity consideration	$ 1,200,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-8

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-47

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-3

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-4A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-4

Reference 22: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-4A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-4A

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 37: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

The computation of the effective tax rate, tax provision and related income tax assets and liabilities are based on, among other things, an estimate of the impact of the exchanges of Common Units for shares of Class A Stock, inclusive of an analysis of tax basis and state tax implications of the Company and their underlying assets and liabilities. The Company’s estimate is based on the most recent information available and cannot be finally determined until the Company’s 2025 tax returns have been filed. The tax basis and impact of the Company and their underlying assets and liabilities are based on estimates subject to finalization of its tax returns.

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

For financial reporting purposes, the components of income (loss) from continuing operations before income tax benefit were as follows:


	For the Year Ended
(Dollars in Thousands)	December 31, 2025		December 31, 2024		December 31, 2023
U.S. Domestic	$	(66,901)	$	(65,357)	$	(8,812)
Foreign	(38,228)		(57,747)		(33,363)
Income (loss) before income tax benefit	$	(105,129)	$	(123,104)	$	(42,175)

The following table presents the components of the Company’s income tax expense (benefit) from continuing operations :


	For the Year Ended
(Dollars in Thousands)	December 31, 2025		December 31, 2024		December 31, 2023
Current income tax expense (benefit)
U.S. federal	$	(175)	$	584	$	749
State and local	361		1,046		98
Foreign	1,704		465		871
	$	1,890	$	2,095	$	1,718

Deferred income tax expense (benefit)
U.S. federal	$	12,658	$	(10,202)	$	(344)
State and local	4,997		(10,119)		(1,021)
Foreign	(957)		(2,630)		(859)
	$	16,698	$	(22,951)	$	(2,224)

Total income tax expense (benefit)
U.S. federal	$	12,483	$	(9,618)	$	405
State and local	5,358		(9,073)		(923)
Foreign	747		(2,165)		12
Total income tax expense (benefit)	$	18,588	$	(20,856)	$	(506)

More than 50% of the Company's recognized state and local income tax benefit for all periods is attributable to New York state and New York City.

The following table sets forth the reconciliation of the Company’s effective rate to the statutory rate for the year ended December 31, 2025:


	For the Year Ended
(Dollars in Thousands)	December 31, 2025
U.S. federal tax expense (benefit) at statutory rate	$	(22,077)	21.0	%
State tax, net of federal benefit	3,522		(3.3)	%
Foreign tax effects
United Kingdom
Foreign rate differential	(1,379)		1.3	%
Change in valuation allowance	3,840		(3.7)	%
Non-deductible expenses	3,153		(3.0)	%
Change in fair value of contingent consideration	1,268		(1.2)	%

Other	354		(0.3)	%
Germany
Foreign rate differential	(219)		0.2	%
Non-deductible expenses	759		(0.7)	%

Other jurisdictions
Foreign rate differential	(77)		0.1	%
Change in valuation allowance	1,014		(1.0)	%
Other	53		—	%
Change in Valuation Allowance	26,429		(25.1)	%
Nondeductible items
Stock based compensation	(9)		—	%
Executive Compensation Limitation under 162(m)	61		(0.1)	%
Net impact of non-controlling interest	3,344		(3.2)	%

Change in fair value of contingent consideration	(1,365)		1.3	%
Other Permanent differences	(95)		0.1	%
Rate change	12		—	%
Total Effective Tax Rate	$	18,588	(17.7)	%

The following table sets forth the reconciliation of the Company’s effective rate to the statutory rate for the years ended December 31, 2024 and 2023:


	For the Year Ended
(Dollars in Thousands)	December 31, 2024				December 31, 2023
U.S. federal tax expense (benefit) at statutory rate	$	(25,851)	21.0	%	$	(8,856)	21.0	%
State tax, net of federal benefit	(9,457)		7.7	%	(1,246)		3.0	%
Goodwill Impairment	7,342		(6.0)	%	—		—	%

Non-deductible Professional Fees	1,337		(1.1)	%	1,808		(4.3)	%
Change in fair value of warrant liability	—		—	%	2,702		(6.4)	%
Change in fair value of contingent consideration	(6,129)		5.0	%	(5,657)		13.4	%
Other Perms	421		(0.3)	%	256		(0.6)	%
Prior year true-ups	(361)		0.3	%	10		—	%
Change in Valuation Allowance	6,278		(5.1)	%	10,530		(25.0)	%
Foreign rate differential	(1,751)		1.4	%	(1,778)		4.2	%
Stock based compensation	434		(0.4)	%	145		(0.3)	%

Rate Change	96		(0.1)	%	—		—	%
Net impact of non-controlling interest	6,785		(5.5)	%	1,580		(3.7)	%
Total Effective Rate	$	(20,856)	16.9	%	$	(506)	1.2	%

The Company had an effective tax rate on continuing operations of (17.7)%, 16.9% and 1.2% for the years ended December 31, 2025, 2024 and 2023, respectively. The effective tax rates differed from the statutory rate primarily due to the impact of valuation allowance with respect to deferred tax assets generated in the Company’s subsidiaries in the U.K. and in the Company’s investment in subsidiary, the portion of income allocated to noncontrolling interests, and goodwill impairment.

As of December 31, 2025 and 2024 the income tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities were as follows:


(Dollars in Thousands)	December 31, 2025		December 31, 2024
Deferred tax assets
Net operating losses	$	44,632	$	27,736
Investment in partnership	18,519		13,117
Goodwill	921		1,503
Disallowed interest carryforward	3,455		5,816
Accruals and reserves	7,017		6,567
Operating Lease Liability	1,329		1,744
Other deferred tax asset	802		921
Total deferred tax assets	76,675		57,404

Deferred tax liabilities
Intangibles	$	17,405	$	17,353
Operating Lease - Right Of Use	1,281		1,723


Other deferred tax liability	233		254
Total deferred tax liabilities	18,919		19,330
Valuation allowance	(67,323)		(27,325)
Net deferred tax asset (liabilities)	$	(9,567)	$	10,749

As of December 31, 2025, the Company has U.S. federal net operating losses (“NOLs”) of $88.7 million and foreign NOLs of $81.8 million that can be carried forward indefinitely until they are used. The Company regularly evaluates the realizability of its deferred tax asset and may recognize or adjust any valuation allowance when it is more-likely-than-not that all or a portion of the deferred tax asset may not be realized. As of December 31, 2025, the Company has recorded a full valuation allowance against the NOLs and other available tax attributes generated by its U.S. operations and substantially all the foreign subsidiaries with NOL carryforwards are in a full valuation allowance position.

The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the tax years that remain open under the statute of limitations will be subject to examinations by the appropriate tax authorities. The Company is currently under examination by New York City UBT for the years ended December 2020 and 2021. We do not believe that there is material exposure in connection with the examination.

The following table presents a reconciliation of the Company’s total gross unrecognized tax benefits for the year ended December 31, 2025 and 2024:


(Dollars in Thousands)	December 31, 2025		December 31, 2024
Balance at January 1,	$	240	$	—
Additions, based on tax positions related to current year	—		—
Additions for tax positions of prior years	—		240
Reduction for tax positions of prior years	—		—
Settlements	—		—
Lapses in statues of limitations	—		—
Balance at December 31	$	240	$	240

For the year ended December 31, 2025, income taxes paid exceeded 5% of total income taxes paid, net of refunds, in the following jurisdictions:


(Dollars in Thousands)	December 31, 2025
Federal	$	744
New York City	253
Hong Kong	485
Switzerland	289
Singapore	243
Italy	175
Other	135
Total income taxes paid (net of refunds)	$	2,324

For the years ended December 31, 2024 and 2023, income taxes paid, net, were $1.5 million and $0.8 million, respectively.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Revenue

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue

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


	For the Year Ended
(Dollars in Thousands)		December 31, 2025		December 31, 2024		December 31, 2023

Management/advisory fees		$	198,410	$	182,599	$	160,785
Incentive fees		34,708		3,256		42,674
Distributions from investments		20,837		12,304		17,185
Other fees/income		1,001		231		501
Total revenue		$	254,956	$	198,390	$	221,145


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

Management/advisory fees receivable
Beginning balance	$	28,896	$	26,802
Ending balance (1)	35,047		28,896

Incentive fees receivable
Beginning balance	$	1,324	$	40,356
Ending balance (2)	30,335		1,324

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

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Related Party Transactions - Schedule of Structure of Related Business Entities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Total revenue	$ (4)	$ (198)	$ (228)
Equity method investee
Related Party Transaction [Line Items]
Total revenue	0	(31)	0
Management/advisory fees \| Equity method investee
Related Party Transaction [Line Items]
Total revenue	0	(254)	(677)
Compensation and employee benefits \| Equity method investee
Related Party Transaction [Line Items]
Total revenue	0	0	1,826
Other income/fees \| Equity method investee
Related Party Transaction [Line Items]
Total revenue	$ 0	$ 2,226	$ 2,389

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Fair Value Disclosures - Schedule of Changes In Fair Value of Level 3 Measurements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Preferred stock tranche liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 3,940	$ 0
Issuances	0	4,540
Settlements	0	0
Net (gains) losses	(1,530)	(600)
Transfers out of Level 3	0	0
Ending balance	2,410	3,940	$ 0
Earn-out liability \| Alvarium, TWMH And TIG
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	23,848	62,380
Issuances	0	0
Settlements	0	0
Net (gains) losses	(8,580)	(38,532)	(29,400)
Transfers out of Level 3	0	0
Ending balance	15,268	23,848	62,380
Earn-out liability \| East End Advisors, LLC ("EEA")
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	29,871	0
Issuances	0	23,308
Settlements	(7,387)	0
Net (gains) losses	2,775	6,563
Transfers out of Level 3	0	0
Ending balance	25,259	29,871	0
Earn-out liability \| Kontora Family Office GmbH ("Kontora")
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0
Issuances	5,743
Settlements	0
Net (gains) losses	1,301
Transfers out of Level 3	0
Ending balance	7,044	0
Earn-out liability \| AlTi Wealth Management (Switzerland) SA (“AWMS”)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0	1,064
Issuances		0
Settlements		0
Net (gains) losses		39
Transfers out of Level 3		(1,103)
Ending balance		0	1,064
Earn-out consideration liability \| Envoi, LLC (“Envoi”)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	9,600	0
Issuances	0	7,980
Settlements	(2,953)	0
Net (gains) losses	1,573	1,620
Transfers out of Level 3	0	0
Ending balance	8,220	9,600	0
Earn-out growth consideration liability \| Envoi, LLC (“Envoi”)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,320	0
Issuances	0	1,020
Settlements	0	0
Net (gains) losses	300	300
Transfers out of Level 3	0	0
Ending balance	1,620	1,320	0
TRA liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	9,378	13,233
Issuances	0	0
Settlements	0	0
Net (gains) losses	(593)	(3,855)
Transfers out of Level 3	0	0
Ending balance	8,785	9,378	13,233
Investments – External Strategic Managers
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	147,568	164,077
Issuances	0	0
Settlements	0	0
Net (gains) losses	(4,592)	(16,509)
Transfers out of Level 3	0	0
Ending balance	$ 142,976	$ 147,568	$ 164,077

Description of the Business (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Structure of Related Business Entities

AlTi’s capital structure as of December 31, 2025 is reflected below:

Schedule of Shares Issued and Outstanding

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


	As of December 31, 2025	As of December 31, 2024
Class A Common Stock	103,330,156	93,686,980
Class B Common Stock	44,188,561	46,138,876
Series A Preferred Stock	168,934	140,000
Series C Preferred Stock	150,000	150,000

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-4

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-5

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481142/505-10-45-2

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-10

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Condensed Consolidated Statement of Financial Position - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents	$ 41,158	$ 64,417
Investments at fair value	144,196	148,674
Equity method investments	138	20,403
Intangible assets, net of accumulated amortization	436,157	469,563
Goodwill	385,966	377,842
Operating lease right-of-use assets	46,686	50,436
Deferred tax asset, net	130	21,445
Other assets, net	56,446	50,388
Assets of discontinued operations	0	22,445
Total assets	1,176,448	1,255,833
Liabilities
Accounts payable and accrued expenses	48,637	25,388
Accrued compensation and profit sharing	77,286	59,921
Accrued member distributions payable	3,260	3,355
Earn-out liabilities, at fair value	57,411	64,639
TRA liability (includes $8,785 and $9,378 at fair value, respectively)	25,724	28,765
Preferred stock tranche liability, at fair value	2,410	3,940
Earn-in consideration payable	0	932
Operating lease liabilities	61,675	63,055
Debt, net of unamortized deferred financing cost	883	0
Deferred tax liability, net	9,697	10,696
Other liabilities, net	14,676	11,839
Liabilities of discontinued operations	0	13,108
Total liabilities	301,659	285,638
Commitments and contingencies (Note 21)
Shareholders’ Equity
Treasury stock, at cost: 0 and 0 shares as of December 31, 2025 and December 31, 2024, respectively	0	0
Additional paid-in capital	667,298	652,857
Retained earnings (accumulated deficit)	(418,015)	(296,561)
Accumulated other comprehensive income (loss)	4,975	(1,569)
Total AlTi Global, Inc. shareholders’ equity	600,106	658,402
Non-controlling interest in subsidiaries	274,683	311,793
Total shareholders’ equity	874,789	970,195
Total liabilities, mezzanine equity, and shareholders’ equity	1,176,448	1,255,833
Series A Preferred Stock
Mezzanine Equity
Preferred stock	168,934	142,858
Series C Preferred Stock
Mezzanine Equity
Preferred stock	176,904	160,808
Class A Common Stock
Shareholders’ Equity
Common stock	10	9
Class B Common Stock
Shareholders’ Equity
Common stock	0	0
Class C Common Stock
Shareholders’ Equity
Common stock	0	0
Fees receivable
Assets
Fees receivable, net (includes $9,535 and $888 of related party receivables, respectively)	$ 65,571	$ 30,220

Segment Reporting	12 Months Ended
Segment Reporting	Dec. 31, 2025
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Prior to the third quarter ended September 30, 2025, the Company was organized into two reportable segments: Wealth & Capital Solutions and International Real Estate. On July 11, 2025, the Board approved a plan to appoint administrators over the International Real Estate Businesses. See Note 3 (Discontinued Operations) for further information. As such, during the third quarter ended September 30, 2025, the Company disposed of its International Real Estate segment, and is now organized as one reportable segment as of September 30, 2025. Our chief operating decision maker (“CODM”), currently, our Chief Executive Officer, assesses the Company’s performance and allocation of resources based on Net income (loss) from continuing operations, as reported in the Consolidated Statement of Operations, to assist with the evaluation of strategic business decisions, including potential acquisitions or divestitures and whether to invest in certain products or services, and expense management. Expenses The expense categories that are regularly reviewed by the CODM are presented in the Company's Consolidated Statement 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.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

+ Details

Debt, net of unamortized deferred financing cost - Outstanding Debt Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Apr. 30, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Net Carrying Value	$ 883		$ 0
Line of Credit
Debt Instrument [Line Items]
Debt Outstanding	883		0
Net Carrying Value	883		0
Fair Value	883		0
Term Loan \| Kontora Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Debt Outstanding	503	$ 500	0
Net Carrying Value	503		0
Fair Value	503		0
Revolving Line of Credit \| Kontora Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Debt Outstanding	380		0
Net Carrying Value	380		0
Fair Value	$ 380		$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

+ Details

- Definition

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-SubTopic 10
-Topic 825
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-12

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Earnings Per Share - Schedule of Treatment for Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	May 13, 2025	Feb. 22, 2024	Jun. 07, 2023
Class of Warrant or Right [Line Items]
Number of securities called by warrants or rights (in shares)						19,892,387
Holbein Partners, LLP (“Holbein”) \| Earn-in awards
Class of Warrant or Right [Line Items]
Shares issued in period (in shares)	1,686,763
East End Advisors, LLC ("EEA")
Class of Warrant or Right [Line Items]
Issued as part of earn-out liability (in shares)		618,453
East End Advisors, LLC ("EEA") \| Earn-in awards
Class of Warrant or Right [Line Items]
Shares issued in period (in shares)		436,816
Class B Common Stock
Class of Warrant or Right [Line Items]
Converted shares (in shares)		1,950,315	7,080,837
Series A Preferred Stock \| Allianz Strategic Investments S.à.r.l. (“Allianz”) \| Allianz Tranche Right \| Allianz Investment Agreement
Class of Warrant or Right [Line Items]
Number of securities called by warrants or rights (in shares)		1,523,289		18,471	50,000
Value of securities called by warrant or right					$ 50

Goodwill - Schedule of Reconciliation of Goodwill, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 377,842	$ 361,780
Goodwill, period increase (decrease)	8,124	16,062
Goodwill recognized in connection with acquisitions	542	44,065
Impairment	0	(29,367)
Measurement period adjustments	439	3,600
Currency translation and other adjustments	7,143	(2,236)
Goodwill, ending balance	$ 385,966	$ 377,842

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-8

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-41

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 740
-Name Accounting Standards Codification
-Section 55
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478064/805-740-55-13

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 39
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-39

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

+ Details

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

Segment Reporting - Narrative (Details) - segment	6 Months Ended
Segment Reporting - Narrative (Details) - segment	Dec. 31, 2025	Jun. 30, 2025
Segment Reporting [Abstract]
Number of operating segments	1	2

Income Taxes - Schedule of Income Taxes Paid (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]
Federal	$ 744
Total income taxes paid (net of refunds)	2,324	$ 1,500	$ 800
New York City
Effective Income Tax Rate Reconciliation [Line Items]
State	253
Hong Kong
Effective Income Tax Rate Reconciliation [Line Items]
Foreign	485
Switzerland
Effective Income Tax Rate Reconciliation [Line Items]
Foreign	289
Singapore
Effective Income Tax Rate Reconciliation [Line Items]
Foreign	243
Italy
Effective Income Tax Rate Reconciliation [Line Items]
Foreign	175
Other
Effective Income Tax Rate Reconciliation [Line Items]
Foreign	$ 135

Description of the Business - Schedule of Shares Issued and Outstanding (Details) - shares	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Preferred stock, issued (in shares)	150,000
Class A Common Stock
Class of Stock [Line Items]
Common stock, issued (in shares)	103,330,156	93,686,980
Common stock, outstanding (in shares)	103,330,156	93,686,980
Class B Common Stock
Class of Stock [Line Items]
Common stock, issued (in shares)	44,188,561	46,138,876
Common stock, outstanding (in shares)	44,188,561	46,138,876
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, issued (in shares)	168,934	140,000
Preferred stock, outstanding (in shares)	168,934	140,000	0
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, issued (in shares)	150,000	150,000
Preferred stock, outstanding (in shares)	150,000	150,000	0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Investments (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments

The Cost and Fair Value of Investments as of December 31, 2025 and December 31, 2024 are presented below:


	As of December 31, 2025				As of December 31, 2024
(Dollars in Thousands)	Cost		Fair Value		Cost		Fair Value
Investments at Fair Value:
Mutual funds	$	38	$	42	$	122	$	105
Exchange-traded funds and BDC funds	17		35		101		112
TIG Arbitrage Associates Master Fund	482		566		482		515
TIG Arbitrage Enhanced Master Fund	179		362		179		229


Arkkan Opportunities Feeder Fund	111		152		111		139

Arkkan Capital Management Limited	20,062		19,543		20,062		21,181
Zebedee Asset Management	68,913		93,716		68,913		80,127
Romspen Investment Corporation	72,523		29,717		72,523		46,260

Other	55		63		6		6

Total Investments at fair value	$	162,380	$	144,196	$	162,499	$	148,674


Equity method investments:	Cost		Carrying Value		Cost		Carrying Value

Wealth management - investment advisory	$	138	$	138	$	20,403	$	20,403

Total Equity method investments	138		138		20,403		20,403

Total	$	162,518	$	144,334	$	182,902	$	169,077


	For the Year Ended
(Dollars in Thousands)		December 31, 2025		December 31, 2024		December 31, 2023
Gains (Losses) on Investments at fair value:
Realized gains (losses)		$	(20)	$	(15)	$	1
Unrealized gains (losses)		(4,359)		(16,491)		2,749
Total gains (losses) on Investments at fair value		$	(4,379)	$	(16,506)	$	2,750

Goodwill - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Goodwill - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment	$ 0	$ 29,367
Goodwill, Impairment Loss, Statement of Income or Comprehensive Income [Extensible Enumeration]		Goodwill and Intangible Asset Impairment

- Definition

+ References + Details

Variable Interest Entities

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

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

VIEs include certain private equity, real estate, and CLO vehicles. The purposes of such VIEs is to provide strategy-specific investment opportunities for investors in exchange for management and performance-based fees.

The Company holds variable interests in certain VIEs which are not consolidated because it was determined that the Company is not the primary beneficiary of such VIEs. The Company’s involvement with such entities is in the form of direct and indirect equity interests and fee arrangements. The Company’s maximum exposure to loss relating to non-consolidated VIEs is the carrying value of such investments, and in certain instances, its initial investment in and loans to certain VIEs. The Company’s maximum exposure to loss relating to non-consolidated VIEs is as follows:


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






Total VIE assets	$	3,653,414	$	3,509,769



Total VIE liabilities	$	219,013	$	187,837
Total equity investments in VIEs	978		789
Maximum exposure to loss	$	978	$	789

Equity-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands															6 Months Ended	12 Months Ended			19 Months Ended	31 Months Ended
	Jun. 23, 2025 $ / shares shares	May 22, 2025 $ / shares shares	May 14, 2025 $ / shares shares	Apr. 15, 2025 $ / shares shares	Feb. 27, 2025 $ / shares shares	Dec. 23, 2024 $ / shares shares	Aug. 02, 2024 $ / shares shares	Jun. 27, 2024 $ / shares shares	Jun. 05, 2024 $ / shares shares	Mar. 01, 2024 $ / shares shares	Feb. 06, 2024 $ / shares shares	Jul. 14, 2023 USD ($) d	May 31, 2023 $ / shares shares	Mar. 23, 2023 $ / shares shares	Jun. 30, 2025 shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Jan. 07, 2022 d
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized equity-based compensation expense, weighted average recognition period (in years)																1 year 7 months 2 days
Unrecognized equity-based compensation expense																$ 23,000			$ 23,000	$ 23,000
Share-based payment arrangement, expense																32,124	$ 26,287	$ 46,174
Earn-in consideration payable																$ 0	932		$ 0	$ 0
Holbein Partners, LLP (“Holbein”)
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Earn-in expense, cash (in percent)																50.00%
Earn-in expense, equity (in percent)																50.00%
Earn-in share-purchase payment period \| d																					10
Earn-in payment, first date												$ 7,100
Earn-in payment, second date												$ 8,900
Earn-in, share-purchase price, volume weighted average price, number of days \| d												20
Earn-in consideration payable																	900
RSUs
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, expense																$ 18,882	$ 10,554	$ 36,779
Number of shares vested in period (in shares) \| shares																2,266,401	1,823,811
Shares outstanding (in shares) \| shares																11,428,887	6,216,513	4,797,464	11,428,887	11,428,887
Shares issued in period (in shares) \| shares																7,676,202	4,181,243
Fair value of shares issued (in dollars per share) \| $ / shares																$ 4.23	$ 4.86	$ 4.64	$ 4.23	$ 4.23
Shares forfeited in period (in shares) \| shares																197,427	938,383
RSUs \| Board of directors
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, expense																$ 900	$ 1,200	$ 800
Shares issued in period (in shares) \| shares	231,889						45,549	123,732		138,564				65,554
Fair value of shares issued (in dollars per share) \| $ / shares	$ 4.07						$ 4.38	$ 4.91		$ 5.87				$ 12.56
Vesting period (in years)	12 months						11 months	12 months		4 months				9 months
RSUs \| Share-Based Payment Arrangement, Employee
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, expense																$ 11,700	8,600	5,400
Shares issued in period (in shares) \| shares			79,155		2,772,576				2,219,661				4,697,317
Fair value of shares issued (in dollars per share) \| $ / shares			$ 3.32		$ 3.45				$ 4.78				$ 4.35
Vesting period (in years)			3 years		3 years				3 years				3 years
Shares forfeited in period (in shares) \| shares																				1,028,495
RSUs \| Class A Common Stock
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Authorized (in shares) \| shares																20,798,132			20,798,132	20,798,132
Available for grant (in shares) \| shares																5,971,095			5,971,095	5,971,095
TWMH Restricted Stock Units (RSUs)
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, expense																		4,200
Shares outstanding (in shares) \| shares																0			0	0
Alvarium Employee Awards
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, expense																		24,600
Share-based payment arrangement, accelerated cost																		$ 21,000
Share-based compensation arrangement, accelerated vesting (in shares) \| shares																		2,100,000
Alvarium Employee Awards, Benefiting Acquirer
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, expense																		$ 3,600
Number of shares vested in period (in shares) \| shares																		360,485
Nasdaq Awards \| Class A Common Stock
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Shares issued in period (in shares) \| shares																		60,800
Fair value of shares issued (in dollars per share) \| $ / shares																		$ 10.00
Buy-out equity awards as restricted stock units (RSUs) \| Share-Based Payment Arrangement, Employee
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, expense																$ 1,300	800	$ 1,000
Shares issued in period (in shares) \| shares				81,266		57,458					29,154
Fair value of shares issued (in dollars per share) \| $ / shares				$ 3.31		$ 4.14					$ 5.36
Vesting period (in years)				3 years		3 years					2 years
Buy-out equity awards as restricted stock units (RSUs) \| Share-Based Payment Arrangement, Employee \| Minimum
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting period (in years)																		1 year
Buy-out equity awards as restricted stock units (RSUs) \| Share-Based Payment Arrangement, Employee \| Maximum
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting period (in years)																		3 years
Buy-out equity awards as restricted stock units (RSUs) \| Class A Common Stock
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, expense																		$ 600
Buy-out equity awards as restricted stock units (RSUs), first grant date \| Share-Based Payment Arrangement, Employee
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Shares issued in period (in shares) \| shares																		111,148
Fair value of shares issued (in dollars per share) \| $ / shares																		$ 7.66
Buy-out equity awards as restricted stock units (RSUs), second grant date \| Share-Based Payment Arrangement, Employee
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Shares issued in period (in shares) \| shares																		118,987
Fair value of shares issued (in dollars per share) \| $ / shares																		$ 8.72
Restricted Stock Units (RSUs), Retention Awards
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, expense																5,000
PRSUs
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, expense																$ 3,200	3,241	$ 0
Shares issued in period (in shares) \| shares		263,564							1,567,125
Fair value of shares issued (in dollars per share) \| $ / shares		$ 2.82							$ 5.76
Vesting period (in years)																3 years
Ending average stock price (in dollars per share) \| $ / shares		$ 3.19							$ 4.78
Volatility rate (in percent)		60.70%							62.10%
Risk free rate (in percent)		4.00%							4.50%
Expected term (in years)		2 years 10 months 9 days							2 years 10 months 17 days
PRSUs \| Share-Based Payment Arrangement, Employee
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Shares forfeited in period (in shares) \| shares																			289,942
Earn-in awards \| Holbein Partners, LLP (“Holbein”)
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, expense																$ 900	4,100	7,000
Shares issued in period (in shares) \| shares															1,686,763
Earn-in awards \| East End Advisors, LLC ("EEA")
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Shares issued in period (in shares) \| shares																436,816
Equity Awards \| East End Advisors, LLC ("EEA")
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, expense																$ 2,200	1,600
Equity Awards \| Envoi, LLC (“Envoi”)
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, expense																300	100
Revenue share
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, expense																1,024	1,077	1,249
Deferred compensation
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, expense																4,465	4,523	$ 0
Earn In Awards \| Pointwise Partners Limited ("PW")
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, expense																	$ 1,000
Earn In Awards \| Kontora Family Office GmbH ("Kontora")
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, expense																$ 1,100