0001628280-23-019253 | 10-Q | XBRL Viewer

Description of the Business (Tables)

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The following table presents the number of shares of the Registrant, and warrants that were outstanding as of March 31, 2023 (Successor):


			For the Period March 31, 2023 (Successor)
Class A shares			57,916,649
Class B shares			55,032,961

Warrants			19,971,251

Structure of Related Business Entities

Through a series of intercompany transactions, AlTi was restructured to reflect the final structure depicted below:

https://cdn.kscope.io/2bbb3c9ca3e8daa87bc387fc180cc4a6-Updated Structure Chart-2.jpg

- 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.

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+ Details

Intangible Assets, net - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 298,306	$ 28,663
Accumulated Amortization	(4,240)	(8,085)
Net Carrying Amount	294,066	20,578
Non-amortized intangible assets
Intangible Assets, Gross Carrying Amount	545,406
Intangible Assets, Net Carrying Amount	541,166	$ 20,578
Investment management agreements
Non-amortized intangible assets
Investment management agreements	$ 247,100
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period (in years)	27 years 1 month 6 days	17 years 3 months 18 days
Gross Carrying Amount	$ 164,090	$ 27,900
Accumulated Amortization	(1,516)	(7,743)
Net Carrying Amount	$ 162,574	$ 20,157
Investment management agreements
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period (in years)	15 years
Gross Carrying Amount	$ 117,789
Accumulated Amortization	(1,943)
Net Carrying Amount	$ 115,846
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period (in years)	11 years 6 months	9 months 18 days
Gross Carrying Amount	$ 14,815	$ 71
Accumulated Amortization	(427)	(71)
Net Carrying Amount	$ 14,388	$ 0
Acquired internally developed software
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period (in years)	2 years 6 months	5 years
Gross Carrying Amount	$ 1,000	$ 692
Accumulated Amortization	(50)	(271)
Net Carrying Amount	$ 950	$ 421
Other intangible asset
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period (in years)	6 months
Gross Carrying Amount	$ 612
Accumulated Amortization	(304)
Net Carrying Amount	$ 308

Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Flows from Operating Activities
Net income (loss)	$ (90,290)	$ 886
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	4,517	610
Amortization of debt discounts and deferred financing costs	2,364	0
Unrealized (gain) loss on investments	(3,553)	46
(Income) loss on equity method investments	172	(37)
Restricted unit compensation	0	591
Gain (loss) on warrant liability	12,942	0
Gain (loss) on earn-out liability	29,206	0
Deferred income tax (benefit) expense	3,119	(18)
Equity-settled share-based payments	28,953	0
Unrealized foreign currency (gains)/losses	58	0
(Gain)/loss from retirement of debt	(73)	0
Fair value of interest rate swap	54	(174)
Cash flows due to changes in operating assets and liabilities
Fees receivable	11,147	680
Other assets	(8,220)	(782)
Operating cash flow from operating leases	290	623
Accounts payable and accrued expenses	(27,102)	536
Accrued compensation and profit sharing	(13,357)	(7,476)
Distributions due to former TIG members	(7,108)	0
Other liabilities	(11,524)	184
Other operating activities	186	0
Net cash provided by (used in) operating activities	(68,153)	(3,629)
Cash Flows from Investing Activities
Cash acquired from consolidation of variable interest entity	0	471
Cash payment for acquisition of TWMH and TIG historical equity	(99,999)	0
Receipt of payments of notes receivable from members	216	334
Cash receipts from the repayment of advances and loans	298	0
Purchases of investments	(15,376)	(48)
Purchase of TIH shares	0	(382)
Purchase of Holbein	0	(8,097)
Payment of Payout Right	(760)	0
Sales of investments	1,599	266
Purchases of fixed assets	(107)	(6)
Net cash provided by (used in) investing activities	(114,129)	(7,462)
Cash Flows from Financing Activities
Member contribution (distribution)	(4,257)	(3,475)
Payments on term notes and lines of credit	(136,273)	(640)
Borrowings on term notes and lines of credit	145,660	11,200
Cash payment for purchase of shares issued as part of Alvarium share compensation	(4,215)	0
Cash receipts from exercise of Warrants	4,008	0
Other financing activities	1	0
Net cash provided by (used in) financing activities	4,924	7,085
Effect of exchange rate changes on cash	1,052	(46)
Net increase (decrease) in cash	(176,306)	(4,052)
Cash and cash equivalents at beginning of the period	194,096	8,040
Cash and cash equivalents at end of the period	17,790	3,988
Supplemental Disclosure of Cash Flow Information
Income taxes	0	64
Interest payments on term notes and lines of credit	1,107	64
Shareholder Loan
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Forgiveness of debt	66	619
Member Notes Receivable
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Forgiveness of debt	$ 0	$ 83

Description of the Business - Shares And Warrants Outstanding (Details) - shares	Mar. 31, 2023	Jan. 03, 2023
Class of Stock [Line Items]
Warrants, outstanding (in shares)	19,971,251
Class A shares
Class of Stock [Line Items]
Common stock, outstanding (in shares)	57,916,649
Class B shares
Class of Stock [Line Items]
Common stock, outstanding (in shares)	55,032,961	55,032,961

Related Party Transactions

3 Months Ended

Mar. 31, 2023

Related Party Transactions

Related party transactions include the below:


(dollars in thousands)
Related Party Receivables	Consolidated Balance Sheet Line Item	As of March 31, 2023 (Successor)		As of December 31, 2022 (Predecessor)
Due from Certain TMWH Members, TIG GP Members and TIG MGMT Members	Other assets	$	2,720	$	1,161
Due from Equity Method Investees	Other assets	$	3,874	$	—
Due from Equity Method Investees	Fees receivable, net	$	19	$	—

Related Party Payables
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements	TRA liability	$	(13,300)	$	—
Due to Certain TWMH Members, TIG GP Members, TIG MGMT Members and Alvarium shareholders in connection with the Earn-out	Earn-out liability, at fair value	$	(120,967)	$	—
Due to Equity Method Investees	Accounts payable and accrued expenses	$	(177)	$	—
Due to Equity Method Investees	Other liabilities	$	(726)	$	—

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, if 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 due on or before the closing date of the transaction and have been paid back in full to the Company as of March 31, 2023 (Successor).

For the periods ended January 3 – March 31, 2023 (Successor) and January 1 – March 31, 2022 (Predecessor), the Company recognized $66 thousand and $83 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 Condensed Consolidated Statement of Financial Condition. As of March 31, 2023 (Successor) and December 31, 2022 (Predecessor), the balance of loans to members were $0.9 million and $1.2 million, respectively.

Due from TIG GP Members and TIG MGMT Members

The Company recognized a receivable for amounts due from certain TIG GP Members and TIG MGMT Members. The receivable does not have specific payment terms or a stated rate of interest. This receivable is presented in Other assets on the Condensed Consolidated Statement of Financial Condition and as of March 31, 2023 (Successor), the balance of the receivable was $1.8 million.

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 Condensed Consolidated Statement of Financial Condition, and payables related to loans, fees and expenses, which are presented in Accounts payable and accrued expenses and Other Liabilities on the Condensed Consolidated Statement of Financial Condition.

For the periods ended January 3 – March 31, 2023 (Successor), the Company recognized $0.8 million in Management/advisory fees, $0.8 million in Compensation and employee benefits, $0.1 million in Other income/fees and $22 thousand in Interest and dividend income (expense) from equity method investees on the Condensed Consolidated Statement of Operations.

Tax Receivable Agreements

On the Closing Date, the Company entered into the Tax Receivable Agreement with the TWMH Members, the TIG GP Members, and the TIG MGMT Members (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 their 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 fair value of the TRA Liability was $13.3 million as of March 31, 2023 (Successor).

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 March 31, 2023 (Successor), the fair value of the Earn-out Liability was $121.0 million. The change in fair value of $29.2 million is recorded in the Gain (loss) on earn-out liability line in the Condensed Consolidated Statement of Operations.

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Total revenues	$ 58,047	$ 19,970
Compensation and employee benefits	63,172	13,560
Interest and dividend income (expense)	(3,261)	(74)
TRA liability	13,300		$ 0
Earn-out liability, at fair value	120,967		$ 0
Gain (loss) on earn-out liability	$ (29,206)	0
TMWH, TIG GP, and TIG MGMT Members
Related Party Transaction [Line Items]
TRA, payment, percentage of tax benefit received	85.00%
TRA, administering costs and expenses, percentage of obligation by company	15.00%
TRA, administering costs and expenses, percentage of obligation by affiliated entity	85.00%
TIG GP and TIG MGMT Members
Related Party Transaction [Line Items]
Related Party Receivables	$ 1,800
Management/Advisory fees
Related Party Transaction [Line Items]
Total revenues	46,470	19,970
Other fees/income
Related Party Transaction [Line Items]
Total revenues	970	0
Equity Method Investee
Related Party Transaction [Line Items]
Compensation and employee benefits	800
Interest and dividend income (expense)	22
Equity Method Investee \| Management/Advisory fees
Related Party Transaction [Line Items]
Total revenues	800
Equity Method Investee \| Other fees/income
Related Party Transaction [Line Items]
Total revenues	100
Promissory Notes
Related Party Transaction [Line Items]
Interest rate (in percent)			3.25%
Promissory Notes \| TWMH Members
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 period to determine if principal and accrued interest will be forgiven			5 years
Debt forgiveness, percentage of principal and accrued interest			20.00%
Due date, upon termination of employment (in days)			30 days
Debt instrument, face amount without debt forgiveness provision			$ 400
Forgiveness of debt	66	83
Related Party Receivables	$ 900	$ 1,200

Segment Reporting

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Reporting

The Company operates within two business segments: Asset Management and Wealth Management. See Note 1 (Description of the Business).

The Company’s business segment information was prepared using the following methodologies and generally represents the information that is relied upon by management in its decision-making process.

•Revenues and expenses directly associated with each business segment are included in determining net income/ (loss) by segment.

•Indirect expenses (such as general and administrative expenses including executive and indirect overhead costs) not directly associated with specific business segments are allocated to the business segments’ statement of operations.

Accordingly, the Company presents segment information consistent with internal management reporting. See Note 1 (Description of the Business) and the table below for more detail on unallocated items. The following tables present the financial information for the Company’s segments for the periods indicated.


	For the Period
(Dollars in Thousands)	January 3, 2023 – March 31, 2023 (Successor)						January 1, 2022 – March 31, 2022 (Predecessor)
Net Income by Segment	Asset Management Segment		Wealth Management Segment		Total		Tiedemann Wealth Management Holdings, LLC
Revenue:
Management/advisory fees	$	14,976	$	31,494	$	46,470	$	19,970
Incentive fees	577		—		577		—
Distributions from investments	10,030		—		10,030		—
Other income/fees	932		38		970		—
Total income	$	26,515	$	31,532	$	58,047	$	19,970
Operating Expenses:
Compensation and employee benefits	27,262		35,910		63,172		13,560
Systems, technology, and telephone	1,193		2,635		3,828		1,440
Sales, distribution, and marketing	250		276		526		218
Occupancy costs	1,205		1,975		3,180		968
Professional fees	12,257		10,627		22,884		1,415
Travel and entertainment	990		956		1,946		267
Depreciation and amortization	2,739		1,778		4,517		610
General, administrative, and other	454		978		1,432		318
Total operating expenses	$	46,350	$	55,135	$	101,485	$	18,796
Operating income (loss)	(19,835)		(23,603)		(43,438)		1,174
Other income (expenses):
Gain (loss) on investments	4,122		(973)		3,149		(19)
Gain (loss) on warrant liability	(6,471)		(6,471)		(12,942)		—
Gain (loss) on earn-out liability	(14,603)		(14,603)		(29,206)		—
Interest and dividend income (expense)	(1,753)		(1,508)		(3,261)		(74)
Other income	—		58		58		(2)
Income (loss) before taxes	(38,540)		(47,100)		(85,640)		1,079
Income tax (expenses) benefit	(2,325)		(2,325)		(4,650)		(193)
Net income (loss)	$	(40,865)	$	(49,425)	$	(90,290)	$	886


(Dollars in Thousands)	As of
Assets by segment	March 31, 2023 (Successor)		December 31, 2022 (Predecessor)
Asset management	$	888,050	$	—
Wealth management	$	528,102	$	91,989
Total assets	$	1,416,152	$	91,989

- 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

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+ Details

Revenue (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table represents the Company’s revenue disaggregated by fee type for the period January 3, 2023 – March 31, 2023 (Successor) and for the period January 1 – March 31, 2022 (Predecessor):


	For the Period
(Dollars in Thousands)	January 3 – March 31, 2023 (Successor)		January 1 – March 31, 2022 (Predecessor)

Management/Advisory fees	$	46,470	$	19,970
Incentive fees	577		—
Distributions from investments	10,030		—
Other fees/income	970		—
Total Income	$	58,047	$	19,970


(Dollars in Thousands)	As of March 31, 2023 (Successor)		As of December 31, 2022 (Predecessor)

Management/Advisory fees receivable
Beginning balance	$	30,544	$	20,019
Ending balance	31,192		19,540

Incentive fees receivable
Beginning balance	$	3,540	$	—
Ending balance	238		—

Other fees/income receivable
Beginning balance	$	4,106	$	—
Ending balance	839		—

Deferred management/advisory fees
Beginning balance	$	(693)	$	—
Ending balance	(1,411)		—





Deferred other fees/income
Beginning balance	$	(422)	$	—
Ending balance	(281)		—

Contract with Customer, Contract Asset, Contract Liability, and Receivable


(Dollars in Thousands)	As of March 31, 2023 (Successor)		As of December 31, 2022 (Predecessor)

Management/Advisory fees receivable
Beginning balance	$	30,544	$	20,019
Ending balance	31,192		19,540

Incentive fees receivable
Beginning balance	$	3,540	$	—
Ending balance	238		—

Other fees/income receivable
Beginning balance	$	4,106	$	—
Ending balance	839		—

Deferred management/advisory fees
Beginning balance	$	(693)	$	—
Ending balance	(1,411)		—





Deferred other fees/income
Beginning balance	$	(422)	$	—
Ending balance	(281)		—

Leases - Weighted-average Remaining Lease Term And Discount Rate (Details)	Mar. 31, 2023
Leases [Abstract]
Weighted-average remaining lease term (In years)	5 years 5 months 12 days
Weighted-average discount rate (in percent)	6.29%

Retirement Plans - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Postemployment Benefits [Abstract]
Defined Contribution Plan, Tax Status [Extensible Enumeration]	Qualified Plan [Member]
Contributions	$ 814	$ 196

Earnings Per Share - Antidilutive Securities (Details)	3 Months Ended
Earnings Per Share - Antidilutive Securities (Details)	Mar. 31, 2023 shares
Class B Common Stock and Class B Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	55,032,961
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	20,399,877
Earn-outs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	10,396,318

Goodwill, net - Narrative (Details) - USD ($)	3 Months Ended
Goodwill, net - Narrative (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2023	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment charge	$ 0	$ 0	$ 0

Intangible Assets, net (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

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


	As of March 31, 2023 (Successor)
(Dollars in Thousands)	Weighted Average Amortization Period (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Intangible assets
Amortizing intangible assets
Customer relationships	27.1	$	164,090	$	(1,516)	$	162,574
Investment management agreements	15.0	$	117,789	$	(1,943)	$	115,846
Trade names	11.5	$	14,815	$	(427)	$	14,388
Acquired internally developed software	2.5	$	1,000	$	(50)	$	950
Other intangible asset	0.5	$	612	$	(304)	$	308
Total amortized intangible assets		$	298,306	$	(4,240)	$	294,066
Non-amortized intangible assets(1)
Investment management agreements		$	247,100	$	—	$	247,100
Total intangible assets		$	545,406	$	(4,240)	$	541,166

(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.


	As of December 31, 2022 (Predecessor)
(Dollars in Thousands)	Weighted Average Amortization Period (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Intangible assets
Amortizing intangible assets
Customer relationships	17.3	$	27,900	$	(7,743)	$	20,157

Trade names	0.8	71		(71)		—
Acquired internally developed software	5.0	692		(271)		421


Total intangible assets		$	28,663	$	(8,085)	$	20,578

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

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


(Dollars in Thousands)	As of March 31, 2023 (Successor)

2023	$	11,674
2024	15,080
2025	15,080
2026	15,080
2027 and beyond	237,152
Total	$	294,066

Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Lease Expense And Supplemental Cash Flow Information

The components of lease costs are as follows:


	For the Period
(Dollars in Thousands)	January 3 – March 31, 2023 (Successor)		January 1 – March 31, 2022 (Predecessor)
Operating lease expense	$	1,926	$	750
Variable lease expense	437		358
Short-term lease expense	205		31
Total lease expense	$	2,568	$	1,139

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


	For the Period
(Dollars in Thousands)	January 3 – March 31, 2023 (Successor)		January 1 – March 31, 2022 (Predecessor)
Operating cash flow information:
Operating cash flow from operating leases	$	1,666	$	701
Non-cash activity:
Right-of-use assets obtained in exchange for lease obligations	214		—

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


	As of March 31, 2023 (Successor)
Weighted-average remaining lease term	5.45
Weighted-average discount rate	6.29	%

Lessee, Operating Lease, Liability, Maturity

As of March 31, 2023 (Successor), the future minimum lease payments for the Company’s operating leases for each of the years ending March 31 are as follows (in thousands):


	Future Minimum Rental Operating Leases
(Dollars in Thousands)
Rest of 2023	$	4,957
2024	7,551
2025	5,388
2026	4,131
2027	3,446
2028 and beyond	6,695
Total lease payments	32,168
Less: Imputed interest	3,713
Present value of lease liabilities	$	28,455

Equity	3 Months Ended
Equity	Mar. 31, 2023
Equity [Abstract]
Equity	Equity Class A Common Stock As of March 31, 2023, there were 57,916,649 shares of Class A Common Stock outstanding. Of those shares, 3,276,391 are subject to forfeiture under the terms of the Earn-out. 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 55,032,961 shares of Class B Common Stock, par value $0.0001 per share, 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.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=2208762

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+ Details

Equity (Details) - $ / shares	Mar. 31, 2023	Jan. 03, 2023
Class A shares
Class of Stock [Line Items]
Common stock, outstanding (in shares)	57,916,649
Common stock, shares, outstanding, subject to forfeiture (in shares)	3,276,391
Common stock, par value (in dollars per share)	$ 0.01
Class B shares
Class of Stock [Line Items]
Common stock, outstanding (in shares)	55,032,961	55,032,961
Common stock, par value (in dollars per share)	$ 0.01	$ 0.0001

Business Combination - Narrative (Details) $ / shares in Units, $ in Thousands		3 Months Ended
	Jan. 03, 2023 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)	Jan. 02, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Acquisition-related costs			$ 1,000
Cash and cash equivalents		$ 17,790	$ 3,988	$ 194,096		$ 8,040
Number of operating segments \| segment		2
Goodwill		$ 530,760			$ 25,464	$ 22,185
Wealth management
Business Acquisition [Line Items]
Goodwill		294,077			293,386
Asset management
Business Acquisition [Line Items]
Goodwill		$ 236,683			$ 231,404
Class A shares
Business Acquisition [Line Items]
Conversion ratio	1
Alvarium, TWMH And TIG
Business Acquisition [Line Items]
Acquisition-related costs	$ 17,800
Debt issuance costs	4,600
Total purchase consideration transferred	1,071,116
Earn-out consideration	85,097
Goodwill	$ 524,790
Weighted average useful life (in years)	21 years 6 months
Alvarium, TWMH And TIG \| Wealth management
Business Acquisition [Line Items]
Goodwill	$ 293,400
Alvarium, TWMH And TIG \| Asset management
Business Acquisition [Line Items]
Goodwill	231,400
Alvarium, TWMH And TIG \| Long-Term Debt
Business Acquisition [Line Items]
Debt issuance costs	1,800
Alvarium, TWMH And TIG \| Other assets
Business Acquisition [Line Items]
Debt issuance costs	2,800
Alvarium, TWMH And TIG \| CGC Sponsor LLC \| Class B shares \| The Founder Shares
Business Acquisition [Line Items]
Consideration received	$ 25
Sale of stock, price per share (in dollars per share) \| $ / shares	$ 0.03
Alvarium, TWMH And TIG \| CGC Sponsor LLC \| Class A shares \| The Founder Shares
Business Acquisition [Line Items]
Business combination, shares purchased (in shares) \| shares	8,625,000
Share price \| $ / shares	$ 10.33
Conversion of stock upon closing, expense	$ 89,100
Umbrella
Business Acquisition [Line Items]
Voting interest acquired (in percent)	51.00%
TWMH, TIG, and Alvarium \| Umbrella
Business Acquisition [Line Items]
Voting interest acquired (in percent)	100.00%

Business Combination (Tables)

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions, by Acquisition


(Dollars in Thousands)	Amount

Cash consideration	$	99,999
Equity consideration:
Class A	$	294,159
Class B	$	573,205
Warrants	$	4,896
Earn-out consideration	$	85,097
Tax Receivable Agreement	$	13,000
Payment of assumed liabilities	$	760
Total purchase consideration transferred	$	1,071,116

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table sets forth the fair values of the assets acquired and liabilities assumed in connection with the Business Combination (in thousands):


(Dollars in Thousands)	Business Combination Date Fair Value

Cash and cash equivalents	$	24,047
Management/advisory fees receivable	41,691
Investments at fair value	148,674
Equity method investments	47,713
Property, plant and equipment	3,996
Intangible assets	541,718
Goodwill	524,790
Operating lease right-of-use assets	28,487
Other assets	47,147
Total Assets Acquired	$	1,408,263
Accounts payable and accrued expenses	75,846
Accrued compensation and profit sharing	25,051
Accrued member distributions payable	12,803
Delayed share purchase agreement	1,818
Earn-in consideration payable	1,519
Operating lease liabilities	29,047
Debt	124,533
Deferred tax liability, net	50,288
Other liabilities	15,482
Total Liabilities Assumed	$	336,387
Total Assets Acquired and Liabilities Assumed	1,071,876
Non-controlling interest in subsidiaries	(760)
	$	1,071,116

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination

Below is a summary of the intangible assets acquired in the Business Combination (in thousands):


(Dollars in Thousands)	Acquisition Date Fair Value		Estimated Life (Years)

Trade Names	$	14,695	11.5
Customer Relationships	163,851		27.1
Investment Management Agreements (definite life)	114,473		15
Investment Management Agreements (indefinite life)	247,100		N/A
Developed Technology	1,000		5
Backlog	599		0.5
Total Intangible Assets	$	541,718

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

Basic earnings per share is computed by dividing income attributable to controlling interest 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:


	For the Period
(Dollars in Thousands, except share data)	January 3 – March 31, 2023 (Successor)
Net (loss) attributable to controlling interest - basic and diluted	$	(68,740)
Weighted-average shares of Class A Common Stock outstanding - basic and diluted	57,546,811
(Loss) per Class A Common Stock - basic and diluted	$	(1.19)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following potentially dilutive instruments were excluded from the calculation of diluted net loss per share because their effect would have been antidilutive:


						For the Period
(Dollars in Thousands, except share data)						January 3 – March 31, 2023 (Successor)
Class B Common Stock and Class B Units						55,032,961
Warrants						20,399,877
Earn-outs						10,396,318

Debt, net of unamortized deferred financing cost (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

The following tables summarize outstanding debt obligations of the Company as of March 31, 2023 (Successor):


	As of March 31, 2023 (Successor)
(in thousands)	Debt Outstanding		Net Carrying Value (1)		Fair Value (2)
Credit Agreement
Term Loans	$	98,750	$	97,001	$	98,750
Revolving Credit Facility	36,250		36,250		36,250
Promissory Notes	$	—	$	—	$	—
Total Debt	$	135,000	$	133,251	$	135,000

(1) Represents debt outstanding net of unamortized debt issuance costs.

(2) The fair value of the Term Loans and Revolving Credit Facility approximates carrying value as of March 31, 2023 due to the recent issuance of the debt instruments. The fair value is categorized as Level 3 under ASC 820.

The following tables summarize outstanding debt obligations of the Company as of December 31, 2022 (Predecessor):


	As of December 31, 2022 (Predecessor)
(Dollars in Thousands)	Debt Outstanding		Net Carrying Value (1)
Term Loan	$	5,760	$	5,760
Revolving Credit Facility	14,050		14,050
Promissory Notes	1,377		1,377
Total Debt	$	21,187	$	21,187

(1) There were no unamortized debt issuance costs as of December 31, 2022 (Predecessor).

Schedule of Maturities of Long-Term Debt

Future maturities of the Term Loans as of March 31, 2023 (Successor), are as follows:


(Dollars in Thousands)	Aggregate Maturities

Rest of 2023	$	3,750
2024	$	5,000
2025	$	7,500
2026	$	10,000
2027	$	10,000
Thereafter	$	62,500
Total	$	98,750

- 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

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+ Details

Goodwill, net

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill, net

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


(Dollars in Thousands)	Asset Management As of March 31, 2023 (Successor)		Wealth Management As of March 31, 2023 (Successor)		As of December 31, 2022 (Predecessor)

Beginning Balance
Gross goodwill	$	231,404	$	293,386	$	22,185

Net goodwill:	$	231,404	$	293,386	$	22,185

Goodwill acquired during the period	$	—	$	—	$	3,279

Currency translation and other adjustments	5,279		691		—
	$	5,279	$	691	$	3,279
Ending Balance
Gross goodwill	$	236,683	$	294,077	$	25,464

Net goodwill	$	236,683	$	294,077	$	25,464

For the periods ended January 3 – March 31, 2023 (Successor) and January 1 – March 31, 2022 (Predecessor), no triggering events were identified, and no impairment charge was recognized on goodwill from acquisitions.

Equity Method Investments - Equity Method Investments At Cost and Carrying Value (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Equity method investments	$ 48,803	$ 52

Consolidated Statement of Financial Position (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 17,790	$ 7,131
Investments at fair value	166,669	145
Equity method investments	48,803	52
Intangible assets, net of accumulated amortization	541,166	20,578
Goodwill	530,760	25,464
Operating lease right-of-use assets	27,601	10,095
Other assets	51,094	3,817
Total assets	1,416,152	91,989
Liabilities
Accounts payable and accrued expenses	36,433	8,073
Accrued compensation and profit sharing	11,786	15,660
Accrued member distributions payable	17,600	11,422
Warrant liabilities, at fair value	23,235	0
Earn-out liability, at fair value	120,967	0
TRA liability	13,300	0
Delayed share purchase agreement	1,818	1,818
Earn-in consideration payable	1,593	1,519
Operating lease liabilities	28,455	10,713
Debt, net of unamortized deferred financing cost	133,251	21,187
Deferred tax liability, net	40,545	82
Deferred income	1,692	0
Other liabilities	24,772	3,662
Total liabilities	455,447	74,136
Commitments and contingencies (Note 19)
Shareholders' Equity
Additional paid-in capital	462,275	0
Retained earnings (accumulated deficit)	(96,686)	0
Accumulated other comprehensive income (loss)	4,941	(1,077)
Total AlTi Global, Inc. shareholders' equity	370,536	17,533
Non-controlling interest in subsidiaries	590,169	320
Total shareholders' equity	960,705	17,853
Total liabilities and shareholders' equity	1,416,152	91,989
Class A shares
Shareholders' Equity
Common stock	6	3
Class B shares
Shareholders' Equity
Common stock	0	18,607
Fees receivable, net
Assets
Contract with customer, receivable	32,269	19,540
Other receivable, net
Assets
Contract with customer, receivable	$ 0	$ 5,167

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationThe accompanying unaudited condensed consolidated financial statements comprise the financial statements of the Company and its subsidiaries for the period January 3, 2023 to March 31, 2023 (Successor) and the Condensed Consolidated Statement of Financial Position of TWMH and its subsidiaries as of December 31, 2022 (Predecessor) and the Condensed Consolidated Statement of Operations of TWMH for the period January 1, 2022 to March 31, 2022 (Predecessor). The condensed consolidated financial statements have been prepared under the accrual basis of accounting in accordance with U.S. generally accepted accounting principles ("GAAP") and conforms to prevailing practices within the financial services industry, as applicable to the Company. The notes are an integral part of the Company’s condensed consolidated financial statements. In the opinion of management, all adjustments necessary for a fair presentation of the Company’s condensed consolidated financial statements have been included and are of a normal and recurring nature.The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Certain prior period presentations and disclosures, while not required to be recast, may be reclassified to ensure comparability with current period classifications.
Use of Estimates	Use of EstimatesThe preparation of financial statements in conformity with GAAP requires management to make assumptions and estimates that affect the amounts reported in the condensed consolidated financial statements of the Company. The most critical of these estimates are related to (i) the fair value of the investments held by the products the Company manages, as for many products, 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 Tax Receivable Agreement (“TRA”), warrants 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 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 judgements relating to future cash flows, which include the Company’s interpretation of current economic indicators and market valuations, and assumptions about the Company’s strategic plans with regard to its operations. While management believes that the estimates utilized in preparing the condensed consolidated financial statements are reasonable and prudent, actual results could differ materially from those estimates.
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 The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers. 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 to in exchange for those goods or services. ASC 606 includes a five-step framework 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. Pursuant to ASC 606, 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. Under this standard, revenue is based on a contract with a determinable transaction price and a distinct performance obligation with probable collectability. Revenues cannot be recognized until the performance obligation is satisfied and control is transferred to the customer. 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 AUA of such account representing a single performance obligation. For assets for which valuations are not available on a daily basis, the most recent valuation provided to the Company is used as the fair value for the purpose of calculating the quarterly fee. In certain circumstances, fixed fees are charged to customers on a monthly basis. The nature of the Company’s performance obligation is to provide a series of distinct services in which the customer receives the benefits of the services over time. The Company’s performance obligation is satisfied at the end of each month or quarter, as applicable to the contract with the customer. Fees are charged on a mixture of methodologies that include quarterly in arrears based upon the market value at the end of the quarter, quarterly based on the average daily balance, or monthly. Receivable balances from contracts with customers are included in the fees receivable line in the Condensed Consolidated Statement of Financial Position. There were no write-offs of such fees receivable as of March 31, 2023 (Successor), and December 31, 2022 (Predecessor). Our FOS business is also included in this line item. FOS fees are generally structured to reflect an annual agreed upon fee or they can be structured on a project/time-based fee. FOS fees are typically billed quarterly in arrears. We also generate FOS project/time-based fees arising from accounting, administration fees, set up, 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. Distributions from Investments The Company has equity interests in three entities 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. Other Fees and Income The Company generates fees for advising on capital market transactions such as mergers and acquisitions and capital raising as part of its merchant banking division. Merchant banking fees are primarily success-based fees that are typically a percentage of the financial outcome or target achieved in the merger, acquisition, or capital raising. Revenue is recognized at a point in time upon closing of the transaction or upon the final deliverable. Additionally, the Company may receive upfront non-refundable retainer fees to provide future services to clients, which are recognized over the course of the service period. The Company generates arrangement fees in its co-investment division by arranging private debt or equity financing, generally in connection with an acquisition or an investment. Arrangement fees are typically 50 to 100 basis points of equity value contributed into a transaction. Acquisition fees are typically payable where there are no agency fees or where there is an off-market transaction sourced by the team. Such acquisition fees are usually in the range of 50 to 100 basis points of the purchase price of the relevant acquisition. The equity structures are long-term (five to ten years) closed-ended structures with fees normally ranging between 50 and 175 basis points of the equity value committed or drawn. The debt structure terms are generally between 12 and 36 months. The investment adviser, general partner or other entity entitled to fees in respect of each of our co-investments receives such fees either monthly, quarterly or annually.
Cash and Cash Equivalents	Cash and Cash EquivalentsCash and cash equivalents primarily consist of cash and money market funds. Cash balances maintained by consolidated VIEs are not considered legally restricted and are included in cash and cash equivalents on the Condensed Consolidated Statement of Financial Position. Cash was held across our US and international markets. A majority of cash in the U.S. was held in checking accounts within the credit facility bank group, including at a major global financial institution which management believes is creditworthy.
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. 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 benefit or expense in the Condensed Consolidated Statement of Operations.
Foreign Currency Transactions and Foreign Currency	Foreign Currency and Transactions The Company has multiple functional currencies across various consolidated entities. All functional currencies that are not the U.S. dollar are converted upon consolidation at the reporting date. Monetary assets and liabilities denominated in foreign currency are remeasured into U.S. dollars at the closing rates of exchange on the date of the Condensed Consolidated Statement of Financial Position. Non-monetary assets and liabilities denominated in foreign currencies are remeasured into U.S. dollars using the historical exchange rate. The profit or loss arising from foreign currency transactions is remeasured using the rate in effect on the date of the relevant transaction. Gains and losses on transactions denominated in foreign currencies due to changes in exchange rates are recorded within Foreign currency translation adjustments.
Income Taxes	Income Taxes The Company accounts for income taxes under the asset and liability method in accordance with ASC 740. Under this method, deferred tax assets and liabilities are determined based on differences between the condensed consolidated financial statement carrying amounts and tax bases of assets and liabilities and operating loss and tax credit carryforwards and are measured using the enacted tax rates that are expected to be in effect when the differences reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Condensed Consolidated Statement of Operations in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to an amount that, in the opinion of management, is more likely than not to be realized, meaning the likelihood of realization is greater 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	Other assetsOther assets 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.
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 Condensed Consolidated Statement of Financial Position with changes in fair value recorded in nonoperating income (expense) on the Condensed Consolidated Statement of Operations. Investments in Equity Securities. Equity securities are generally carried at fair value on the Condensed Consolidated Statement of Financial Position in accordance with ASC 321, “Investments – Equity Securities.” Changes in fair value are recorded in net gains (losses) in the Condensed Consolidated Statement of Operations. Equity Method. The Company applies the equity method of accounting for equity investments where the Company does not consolidate the investee but can exert significant influence over the financial and operating policies of the investee. The evaluation of whether the Company exerts control or significant influence over the financial and operational policies of its investees is based on the facts and circumstances surrounding each individual investment. The Company’s share of the investee’s underlying net income or loss is recorded as net gain (loss) on investments within current period earnings. The Company’s share of net income of the investee is recorded based upon the most current information available at the time, which may precede the date of the Condensed Consolidated Statement of Financial Position. 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 option is elected will be measured in accordance with ASC 825. 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.
Leases	LeasesThe Company accounts for its leases in accordance with ASC 842, Leases and recognizes a lease liability and right-of-use asset in the Condensed Consolidated Statement of Financial Position for contracts that it determines are leases or contain a lease. The Company evaluates leases at their inception to determine if they are to be accounted for as an operating lease or a finance lease. A lease is accounted for as a finance lease if it meets one of the following five criteria: the lease has a purchase option that is reasonably certain of being exercised, the present value of the future cash flows is substantially all of the fair market value of the underlying asset, the lease term is for a significant portion of the remaining economic life of the underlying asset, the title to the underlying asset transfers at the end of the lease term, or 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. The Company’s finite-lived intangible assets consist of Trade Names, Customer Relationships, Investment Management Agreements 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. Goodwill is allocated at a reporting unit level. The Company has two reporting units, Asset Management and Wealth Management, and tests goodwill annually for impairment at each reporting unit. If, after assessing qualitative factors, the Company believes that it is more-likely-than-not that the fair value of the reporting unit inclusive of goodwill is less than its carrying amount, the Company will perform a quantitative assessment to determine whether an impairment exists. If an impairment exists, the Company adjusts the carrying value of goodwill so that the carrying value of the reporting unit is equal to its fair value by taking a charge through earnings. The Company also tests goodwill for impairment in other periods if an event occurs or circumstances change such that it is more-likely-than-not to reduce the fair value of the reporting unit below its carrying amount. No impairments have been recognized to date on the Company’s goodwill.
Fixed Assets, Net	Fixed Assets, NetFixed assets are recorded at cost, less accumulated depreciation and amortization, and are included in the “Other assets” line item in the Company’s Condensed Consolidated Statement of Financial Position. Fixed assets are depreciated or amortized on a straight-line basis, with the corresponding depreciation and amortization expense included within general, administrative and other expenses in the Company’s Condensed Consolidated Statement of Operations. The estimated useful life for leasehold improvements is the lesser of the remaining lease term and the life of the asset, while other fixed assets are generally depreciated over a period of two to seven 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 issuances costs are deferred and along with discounts and premiums are amortized to interest expense in the Condensed Consolidated Statement of Operations over the life of the related debt instrument using the effective interest method. Unamortized debt issuance costs, discounts and premiums are written off to net losses on retirement of debt in the Condensed Consolidated Statement of Operations when the Company prepays borrowings prior to maturity.
Tax Receivable Agreement	Tax Receivable AgreementThe 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 other gain (loss) in the Condensed Consolidated Statement of Operations. Future exchanges of Class B Units for Class A Shares may increase the TRA liability. Those increases will be carried at a value equal to the expected future payments due under the TRA. No exchanges have occurred to date. For future increases due to exchanges the Company will record an initial estimate of future payments under the TRA portion as a decrease to additional paid-in capital in the Condensed Consolidated Statement of Financial Position. Subsequent adjustments to the liability for future payments under the TRA related to changes in estimated future tax rates or state income tax apportionment are recognized through current period earnings in the Condensed Consolidated Statement of Operations.
Warrant Liability, Earn-out Liability, and Derivative Financial Instruments	Warrant LiabilityThe Company evaluated the Warrants in accordance with ASC 815-40 and concluded that a provision in the warrant agreement related to certain tender or exchange offers precludes the Warrants from being accounted for as components of equity. As the Warrants meet the definition of a derivative, the Warrants are recorded as derivative liabilities on the balance sheet and measured at fair value at each reporting date in accordance with ASC 820, Fair Value Measurement, with changes in fair value recognized in Other Income/(Expenses) in the Condensed Consolidated Statement of Operations in the period of change. Prior to the Business Combination the Sponsor held private warrants that were contributed to the Company and legally cancelled. The contribution and cancellation of these warrants resulted in derecognition of the private warrants and accounted for in additional paid in capital as of January 3, 2023. The Company subsequently issued new warrants with terms identical to those of the public warrants to the Target Companies’ selling shareholders classified as derivative liabilities.Earn-out LiabilityThe Earn-out Securities, comprised of 3.3 million Class A Shares, 7.1 million Class B Shares, and 7.1 million Class B Units (one Class B share and one Class B Unit comprising a Paired Interest, as described in Note 3 (Business Combination), 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 Earn-Out Securities will vest and be issued in settlement of the 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 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 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). The Company evaluated the terms of the earn-out agreement in accordance with ASC 815-40 and concluded that the Earn-out Securities are precluded from being accounted for as a component of equity. Since the earn-out agreement meets the definition of a derivative, the Earn-out Securities are recorded as a derivative liability on the balance sheet and measured at fair value at each reporting date in accordance with ASC 820, Fair Value Measurement, with changes in fair value recognized in Other Income/(Expenses) in the Condensed Consolidated Statement of Operations in the period of change.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 Condensed Consolidated Statement of Financial Position as either assets or liabilities and to measure them at fair value each reporting period unless they qualify for a 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 InterestsNon-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 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 Reporting Our business is organized into two operating segments: wealth management and asset management. Described below are the segments and the revenue generated by each, which broadly fall into three categories: recurring management, advisory, or administration fees; performance or incentive fees; and transaction fees. Wealth Management Our wealth management services principally consist of investment management and advisory services, trusts and administrative services, and family office services. Our wealth management client base includes high net worth individuals HNWIs, families, single family offices, foundations, and endowments globally. Investment management or advisory fees are the primary source of revenue in our wealth management segment. These fees are generally calculated based on a percentage of the value of each client’s AUM or AUA (as applicable). As of March 31, 2023 (Successor), this segment had $45.6 billion in AUM/AUA. Investment Management and Advisory Services In our investment management and advisory services teams, we diversify our clients’ portfolios across risk factors, geographies, and asset classes including private equity, private debt, hedge funds, real estate, and other assets through highly experienced third-party managers, who may be hard to access. Trusts and Administration Services The trusts and administration services that we provide include entity formation and management, creating or modifying trust instruments and/or administrative practices to meet beneficiary needs, full corporate, trustee-executor, and fiduciary services. We also offer provision of directors and company secretarial services, administering entity ownership of IP rights, advice and administration services in connection with investments in marine and aviation assets, and administering entity ownership of fine art and collectibles. Family Office Services Our family office services are tailored outsourced family office solutions and administrative services which we provide primarily to our larger clients. These services include bookkeeping and back-office services, private foundation management and grantmaking, oversight of trust administration, financial tracking and reporting, cash flow management and bill pay, and other financial services. Asset Management Our asset management services include alternatives platform, public and private real estate, co-investment, and merchant banking businesses. Alternatives Platform Our alternatives platform represents our legacy TIG business which is an alternative asset manager. This platform includes our TIG Arbitrage strategy and funds managed by our External Strategic Managers. Our alternatives platform client base is predominantly comprised of institutional investors. The TIG Arbitrage strategy is our event-driven strategy based in New York through which management fees and incentive fees based on performance are received from the underlying funds and accounts. The strategies of our External Strategic Managers include Real Estate Bridge Lending, European Equities and Asian Credit and Special Situations. We receive distributions from our External Strategic Managers through our profit or revenue sharing arrangements that are generated through their management and incentive fees based on performance of the underlying investments. As of March 31, 2023 (Successor), this platform had $8.3 billion in AUM/AUA. Real Estate - Public and Private Our real estate business includes fund management services as well as co-investment solutions. As of March 31, 2023 (Successor), this business had approximately $12.8 billion of AUM/AUA. Fund Management Our real estate fund management business manages two funds based in the United Kingdom, LXi REIT, a publicly traded REIT, and Home Long Income Fund, a private fund. Services offered through these funds include investments, financial planning and strategy, sales and marketing, and back and middle office infrastructure/administration. The funds are marketed primarily in the United Kingdom to institutional investors, primarily pension funds, as well as to retail investors. Fees from our real estate fund management business are earned from management and advisory fees. Co-Investment Our real estate co-investment business, which was part of the legacy Alvarium business, oversees deal origination, due diligence, documentation, and structuring from inception to exit for a variety of strategies including forward funding, development, income, value-add and planning. Investors are typically HNWIs, single family offices, and institutional investors. Fees earned related to our real estate co-investment business include private market, incentive fees, management and advisory fees, and placement and brokerage fees. As of March 31, 2023 (Successor), our real estate co-investment platform has deployed more than $7.6 billion of capital (inclusive of capital raised for our public and private real estate funds), of which approximately 14% has been invested by legacy Alvarium shareholders and senior employees. Merchant Banking Our Merchant Banking division, which was part of the legacy Alvarium business, is a global corporate advisory practice that services companies principally in the media, consumer, healthcare, and technology and innovation sectors, as well as our wealth management clients around their operational businesses or family holding companies. Fees earned related to merchant banking include advisory fees, retainer fees, and project fees.
Other Income / Expenses	Other Income / Expenses Other income and expenses is comprised of unrealized gains (losses) on investments, interest and dividend income (expense), income from equity method investees, and other items. The Company holds investments in common stock, mutual funds, exchange-traded funds, and exchange-traded notes, which represent investments in equity and debt securities. The Company earns realized and unrealized gains and losses which depend on investment performance. Interest income is earned through its investments in exchange-traded notes. These generally include debt securities held on a short- or medium-term basis when the Company has excess cash. The Company recognizes and records interest income using the effective interest method. Dividend income is earned through investments in common stock, mutual funds, and exchange-traded funds. Dividend income is recorded on the ex-dividend date. 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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which modifies ASC 805 to require an acquiring entity in a business combination to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, Revenue from Contracts with Customers. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with ASC 606 as if it had originated the contracts. Under current GAAP, an acquirer generally recognizes such items at fair value on the acquisition date. This guidance is effective for annual and interim periods beginning after December 15, 2022, with early adoption permitted. The Company adopted this guidance on January 1, 2022 and applied the guidance prospectively to business combinations that occurred after this date. The adoption of this guidance did not have a material effect on the Company’s condensed consolidated financial statements. In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this update clarify the guidance in ASC 820 when measuring the fair value of an equity security subject to contractual sale restrictions and introduce new disclosure requirements related to such equity securities. The amendments are effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The Company does not expect the impact of this guidance to be material to its condensed consolidated financial statements. The Company has considered all newly issued accounting guidance that is applicable to its operations and the preparation of its unaudited condensed consolidated statements, including those it has not yet adopted. The Company does not believe that any such guidance has or will have a material effect on its financial position or results of operations.

Consolidated Statement of Financial Position (Unaudited) (Parenthetical)	Mar. 31, 2023 $ / shares shares
Class A shares
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01
Common stock, authorized (in shares)	797,111,977
Common stock, outstanding (in shares)	57,916,649
Class B shares
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01
Common stock, authorized (in shares)	94,967,039
Common stock, outstanding (in shares)	55,032,961

Leases - Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
Leases - Lease Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating lease expense	$ 1,926	$ 750
Variable lease expense	437	358
Short-term lease expense	205	31
Total lease expense	$ 2,568	$ 1,139

Revenue

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue


	For the Period
(Dollars in Thousands)	January 3 – March 31, 2023 (Successor)		January 1 – March 31, 2022 (Predecessor)

Management/Advisory fees	$	46,470	$	19,970
Incentive fees	577		—
Distributions from investments	10,030		—
Other fees/income	970		—
Total Income	$	58,047	$	19,970


(Dollars in Thousands)	As of March 31, 2023 (Successor)		As of December 31, 2022 (Predecessor)

Management/Advisory fees receivable
Beginning balance	$	30,544	$	20,019
Ending balance	31,192		19,540

Incentive fees receivable
Beginning balance	$	3,540	$	—
Ending balance	238		—

Other fees/income receivable
Beginning balance	$	4,106	$	—
Ending balance	839		—

Deferred management/advisory fees
Beginning balance	$	(693)	$	—
Ending balance	(1,411)		—





Deferred other fees/income
Beginning balance	$	(422)	$	—
Ending balance	(281)		—

- 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.

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+ Details

Subsequent Events (Details) - USD ($) $ in Millions	Apr. 06, 2023	Jun. 02, 2023	May 05, 2023	Mar. 31, 2023
Subsequent Event [Line Items]
Assets under management				$ 66,700.0
Forecast
Subsequent Event [Line Items]
Required vote, percentage of number of outstanding warrants		65.00%
Subsequent Event \| Class A shares
Subsequent Event [Line Items]
Number of securities called by each warrant or right (in shares)		0.225	0.25
Ratio, less than exchange ratio (in percent)		10.00%
AL Wealth Partners Pte. Limited (“AWLP”)
Subsequent Event [Line Items]
Assets under management				$ 971.0
AL Wealth Partners Pte. Limited (“AWLP”) \| Subsequent Event
Subsequent Event [Line Items]
Voting interest acquired (in percent)	100.00%
Cash consideration	$ 15.5
Cash consideration, percentage of closing purchase price based on revenues	50.00%
Deferred Payments, percentage of recalculated purchase price based on revenues	25.00%
Deferred Payments, percentage of consideration paid in shares, maximum	50.00%

Intangible Assets, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 4.2	$ 0.5

Earnings Per Share - Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net (loss) attributable to controlling interest - basic	$ (68,740)
Net (loss) attributable to controlling interest - diluted	$ (68,740)
Weighted-average shares of Class A Common Stock outstanding - basic (in shares)	57,546,811	6,956
Weighted-average shares of Class A Common Stock outstanding - basic (in shares)	57,546,811	6,956
(Loss) per Class A Common Stock - basic (in dollars per share)	$ (1.19)	$ 129.24
(Loss) per Class A Common Stock - diluted (in dollars per share)	$ (1.19)	$ 129.24

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Fair Value Disclosures - Narrative (Details) - Level 3 - Risk-free rate	Dec. 31, 2022
Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-in consideration payable, measurement input	0.068
Monte Carlo
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Payout right, measurement input	1

Fair Value Disclosures - Changes In Fair Value of Level 3 Measurements (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 106,280	$ 5,181	$ 0
Settlements	0
Transfers out of Level 3			0
Purchases			0
Issuances			5,181
Net losses	29,580
Ending balance	135,860	135,860	5,181
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		146,130
Realized and Unrealized Gains (Losses)		3,822
Purchases		15,370
Net gains recognized on equity securities sold
Ending balance	165,322	165,322	146,130
TRA Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	13,000
Settlements	0
Net losses	300
Ending balance	13,300	13,300
Earn-out Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	91,761
Settlements	0
Net losses	29,206
Ending balance	120,967	120,967
Earn-in consideration payable
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,519	1,519	0
Settlements	0
Transfers out of Level 3			0
Purchases			0
Issuances			1,519
Net losses	74
Ending balance	1,593	1,593	1,519
Payout right
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		3,662	0
Transfers out of Level 3			0
Purchases			0
Issuances			3,662
Ending balance			3,662
Investments – External Strategic Managers
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		146,130
Realized and Unrealized Gains (Losses)		3,822
Purchases		15,370
Net gains recognized on equity securities sold
Ending balance	$ 165,322	$ 165,322	$ 146,130

Retirement Plans (Tables)

3 Months Ended

Mar. 31, 2023

Postemployment Benefits [Abstract]

Schedule of Costs of Retirement Plans


(Dollars in Thousands)
For the Period
January 3, 2023 – March 31, 2023 (Successor)		January 1, 2022 – March 31, 2022 (Predecessor)
$	814	$	196

Investments at Fair Value - Cost and Fair Value of Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Schedule of Held-to-Maturity Securities [Line Items]
Cost	$ 148,724	$ 188
Fair Value	166,669	145
Mutual funds
Schedule of Held-to-Maturity Securities [Line Items]
Cost	73	73
Fair Value	48	44
Exchange-traded funds
Schedule of Held-to-Maturity Securities [Line Items]
Cost	120	115
Fair Value	111	101
TIG Arbitrage Associates Master Fund
Schedule of Held-to-Maturity Securities [Line Items]
Cost	214	0
Fair Value	215	0
TIG Arbitrage Enhanced Master Fund
Schedule of Held-to-Maturity Securities [Line Items]
Cost	179	0
Fair Value	177	0
TIG Arbitrage Enhanced
Schedule of Held-to-Maturity Securities [Line Items]
Cost	1,895	0
Fair Value	681	0
Arkkan Opportunities Feeder Fund
Schedule of Held-to-Maturity Securities [Line Items]
Cost	111	0
Fair Value	114	0
Arkkan Capital Management Limited
Schedule of Held-to-Maturity Securities [Line Items]
Cost	16,692	0
Fair Value	24,695	0
Zebedee Asset Management
Schedule of Held-to-Maturity Securities [Line Items]
Cost	56,917	0
Fair Value	70,311	0
Romspen Investment Corporation
Schedule of Held-to-Maturity Securities [Line Items]
Cost	72,523	0
Fair Value	$ 70,317	$ 0

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2023	May 22, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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	520 Madison Avenue, 21st Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	(212)
Local Phone Number	396-5904
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001838615
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Class A shares
Document Information [Line Items]
Title of 12(b) Security	Class A common stock, par value $0.0001 per share
Trading Symbol	ALTI
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		57,995,513
Class B shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		55,032,961
Warrants
Document Information [Line Items]
Title of 12(b) Security	Warrants, each whole warrant exercisable for one Class A common stock at an exercise price of $11.50
Trading Symbol	ALTIW
Security Exchange Name	NASDAQ

Business Combination - Assets Acquired And Liabilities Assumed (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Jan. 03, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Goodwill	$ 530,760		$ 25,464	$ 22,185
Wealth management
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Goodwill	294,077		293,386
Asset management
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Goodwill	$ 236,683		$ 231,404
Alvarium, TWMH And TIG
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Cash and cash equivalents		$ 24,047
Investments at fair value		148,674
Equity method investments		47,713
Property, plant and equipment		3,996
Intangible assets		541,718
Goodwill		524,790
Operating lease right-of-use assets		28,487
Other assets		47,147
Total Assets Acquired		1,408,263
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Accounts payable and accrued expenses		75,846
Accrued compensation and profit sharing		25,051
Accrued member distributions payable		12,803
Delayed share purchase agreement		1,818
Earn-in consideration payable		1,519
Operating lease liabilities		29,047
Debt		124,533
Deferred tax liability, net		50,288
Other liabilities		15,482
Total Liabilities Assumed		336,387
Total Assets Acquired and Liabilities Assumed		1,071,876
Non-controlling interest in subsidiaries		(760)
Total Assets Acquired and Liabilities Assumed, Less Noncontrolling Interest		1,071,116
Alvarium, TWMH And TIG \| Wealth management
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Goodwill		293,400
Alvarium, TWMH And TIG \| Asset management
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Goodwill		231,400
Alvarium, TWMH And TIG \| Management/Advisory fees
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Contract with customer, receivable		$ 41,691

Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

LeasesThe Company adopted ASC 842 as of January 1, 2022, on a modified retrospective basis with no cumulative adjustment to equity as of the adoption date. The Company has presented financial results and applied its accounting policies for the period beginning January 1, 2022 under ASC 842 for the predecessor and successor periods. The Company elected to take the practical expedient to not separate lease and non-lease components as part of the adoption. Lease agreements entered into after the adoption of ASC 842 that include lease and non-lease components are accounted for as a single lease component. Since January 1, 2022, the Company’s operating leases, excluding those with terms less than 12 months, have been discounted and recorded as assets and liabilities on the Company’s Condensed Consolidated Statement of Financial Position. 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 Period
(Dollars in Thousands)	January 3 – March 31, 2023 (Successor)		January 1 – March 31, 2022 (Predecessor)
Operating lease expense	$	1,926	$	750
Variable lease expense	437		358
Short-term lease expense	205		31
Total lease expense	$	2,568	$	1,139

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


	For the Period
(Dollars in Thousands)	January 3 – March 31, 2023 (Successor)		January 1 – March 31, 2022 (Predecessor)
Operating cash flow information:
Operating cash flow from operating leases	$	1,666	$	701
Non-cash activity:
Right-of-use assets obtained in exchange for lease obligations	214		—

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


	As of March 31, 2023 (Successor)
Weighted-average remaining lease term	5.45
Weighted-average discount rate	6.29	%

As of March 31, 2023 (Successor), the future minimum lease payments for the Company’s operating leases for each of the years ending March 31 are as follows (in thousands):


	Future Minimum Rental Operating Leases
(Dollars in Thousands)
Rest of 2023	$	4,957
2024	7,551
2025	5,388
2026	4,131
2027	3,446
2028 and beyond	6,695
Total lease payments	32,168
Less: Imputed interest	3,713
Present value of lease liabilities	$	28,455

Debt, net of unamortized deferred financing cost - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
	Jan. 03, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2020
Debt Instrument [Line Items]
Borrowings on term notes and lines of credit		$ 136,273	$ 640
Debt, net of unamortized deferred financing cost		133,251		$ 21,187
Alvarium, TWMH And TIG
Debt Instrument [Line Items]
Borrowings on term notes and lines of credit	$ 124,400
Line of Credit
Debt Instrument [Line Items]
Debt, net of unamortized deferred financing cost		133,251
Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	250,000
Credit Facility \| Line of Credit \| Term Loans
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 100,000
Debt, net of unamortized deferred financing cost		97,001		$ 5,760
Interest rate (in percent)					2.60%
Credit Facility \| Line of Credit \| Term Loans \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate				1.50%
Credit Facility \| Line of Credit \| Term Loans \| Minimum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Credit Facility \| Line of Credit \| Term Loans \| Minimum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
Credit Facility \| Line of Credit \| Term Loans \| Maximum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
Credit Facility \| Line of Credit \| Term Loans \| Maximum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%
Credit Facility \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 150,000
Accordion option, additional borrowing capacity	75,000
Accordion feature, maximum borrowing capacity	$ 225,000
Debt, net of unamortized deferred financing cost		36,250		$ 14,050
Unused commitment fee (in percent)				0.15%
Credit Facility \| Line of Credit \| Revolving Credit Facility \| Bloomberg Short-Term Bank Yield Index Rate (BSBY)
Debt Instrument [Line Items]
Basis spread on variable rate				1.50%
Promissory Notes
Debt Instrument [Line Items]
Debt, net of unamortized deferred financing cost		$ 0		$ 1,377
Interest rate (in percent)				3.25%

Segment Reporting - Net Income By Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total income	$ 58,047	$ 19,970
Operating Expenses [Abstract]
Compensation and employee benefits	63,172	13,560
Systems, technology and telephone	3,828	1,440
Sales, distribution and marketing	526	218
Occupancy costs	3,180	968
Professional fees	22,884	1,415
Travel and entertainment	1,946	267
Depreciation and amortization	4,517	610
General, administrative and other	1,432	318
Total operating expenses	101,485	18,796
Operating Income (Loss)	(43,438)	1,174
Gain (loss) on warrant liability	(12,942)	0
Gain (loss) on earn-out liability	(29,206)	0
Interest and dividend income (expense)	(3,261)	(74)
Other income	58	(2)
Income (loss) before taxes	(85,640)	1,079
Income tax (expense) benefit	(4,650)	(193)
Net income (loss)	(90,290)	886
Gain (loss) on investments	3,149	(19)
Asset management
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total income	26,515
Operating Expenses [Abstract]
Compensation and employee benefits	27,262
Systems, technology and telephone	1,193
Sales, distribution and marketing	250
Occupancy costs	1,205
Professional fees	12,257
Travel and entertainment	990
Depreciation and amortization	2,739
General, administrative and other	454
Total operating expenses	46,350
Operating Income (Loss)	(19,835)
Gain (loss) on warrant liability	(6,471)
Gain (loss) on earn-out liability	(14,603)
Interest and dividend income (expense)	(1,753)
Other income	0
Income (loss) before taxes	(38,540)
Income tax (expense) benefit	(2,325)
Net income (loss)	(40,865)
Gain (loss) on investments	4,122
Wealth management
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total income	31,532
Operating Expenses [Abstract]
Compensation and employee benefits	35,910
Systems, technology and telephone	2,635
Sales, distribution and marketing	276
Occupancy costs	1,975
Professional fees	10,627
Travel and entertainment	956
Depreciation and amortization	1,778
General, administrative and other	978
Total operating expenses	55,135
Operating Income (Loss)	(23,603)
Gain (loss) on warrant liability	(6,471)
Gain (loss) on earn-out liability	(14,603)
Interest and dividend income (expense)	(1,508)
Other income	58
Income (loss) before taxes	(47,100)
Income tax (expense) benefit	(2,325)
Net income (loss)	(49,425)
Gain (loss) on investments	(973)
Management/Advisory fees
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total income	46,470	19,970
Management/Advisory fees \| Asset management
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total income	14,976
Management/Advisory fees \| Wealth management
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total income	31,494
Incentive fees
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total income	577	0
Incentive fees \| Asset management
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total income	577
Incentive fees \| Wealth management
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total income	0
Distributions from investments
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total income	10,030	0
Distributions from investments \| Asset management
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total income	10,030
Distributions from investments \| Wealth management
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total income	0
Other fees/income
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total income	970	$ 0
Other fees/income \| Asset management
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total income	932
Other fees/income \| Wealth management
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total income	$ 38

Intangible Assets, net

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, net

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


	As of March 31, 2023 (Successor)
(Dollars in Thousands)	Weighted Average Amortization Period (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Intangible assets
Amortizing intangible assets
Customer relationships	27.1	$	164,090	$	(1,516)	$	162,574
Investment management agreements	15.0	$	117,789	$	(1,943)	$	115,846
Trade names	11.5	$	14,815	$	(427)	$	14,388
Acquired internally developed software	2.5	$	1,000	$	(50)	$	950
Other intangible asset	0.5	$	612	$	(304)	$	308
Total amortized intangible assets		$	298,306	$	(4,240)	$	294,066
Non-amortized intangible assets(1)
Investment management agreements		$	247,100	$	—	$	247,100
Total intangible assets		$	545,406	$	(4,240)	$	541,166

(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.


	As of December 31, 2022 (Predecessor)
(Dollars in Thousands)	Weighted Average Amortization Period (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Intangible assets
Amortizing intangible assets
Customer relationships	17.3	$	27,900	$	(7,743)	$	20,157

Trade names	0.8	71		(71)		—
Acquired internally developed software	5.0	692		(271)		421


Total intangible assets		$	28,663	$	(8,085)	$	20,578

Amortization expense of approximately $4.2 million and $0.5 million were recognized for the periods ended January 3 – March 31, 2023 (Successor) and January 1 – March 31, 2022 (Predecessor), respectively.

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


(Dollars in Thousands)	As of March 31, 2023 (Successor)

2023	$	11,674
2024	15,080
2025	15,080
2026	15,080
2027 and beyond	237,152
Total	$	294,066

Consolidated Statement of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues [Abstract]
Total income	$ 58,047	$ 19,970
Operating Expenses
Compensation and employee benefits	63,172	13,560
Systems, technology and telephone	3,828	1,440
Sales, distribution and marketing	526	218
Occupancy costs	3,180	968
Professional fees	22,884	1,415
Travel and entertainment	1,946	267
Depreciation and amortization	4,517	610
General, administrative and other	1,432	318
Total operating expenses	101,485	18,796
Total operating income (loss)	(43,438)	1,174
Other Income (Expenses)
Gain (loss) on investments	3,149	(19)
Gain (loss) on warrant liability	(12,942)	0
Gain (loss) on earn-out liability	(29,206)	0
Interest and dividend income (expense)	(3,261)	(74)
Other income	58	(2)
Income (loss) before taxes	(85,640)	1,079
Income tax (expense) benefit	(4,650)	(193)
Net income (loss)	(90,290)	886
Net income (loss) attributed to non-controlling interests in subsidiaries	(21,550)	(13)
Net income (loss) attributable to AlTi Global, Inc.	(68,740)	899
Other Comprehensive (Loss) Income
Foreign currency translation adjustments	9,671	(275)
Total comprehensive income (loss)	(80,619)	624
Other income (loss) attributed to non-controlling interests in subsidiaries	(16,820)	0
Comprehensive income (loss) attributable to AlTi Global, Inc.	$ (63,799)	$ 624
Net Income (Loss) Per Share
Basic (in dollars per share)	$ (1.19)	$ 129.24
Diluted (in dollars per share)	$ (1.19)	$ 129.24
Weighted Average Shares of Class A Common Stock Outstanding
Basic (in shares)	57,546,811	6,956
Diluted (in shares)	57,546,811	6,956
Management/Advisory fees
Revenues [Abstract]
Total income	$ 46,470	$ 19,970
Incentive fees
Revenues [Abstract]
Total income	577	0
Distributions from investments
Revenues [Abstract]
Total income	10,030	0
Other fees/income
Revenues [Abstract]
Total income	$ 970	$ 0

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The provision for income taxes during the interim periods is calculated by applying an estimate of the forecasted annual effective tax rate for the full year to "ordinary" income or loss (pretax income or loss excluding unusual or infrequently occurring discrete items) for the reporting period. The income tax expense was $4.7 million for the period January 3, 2023 - March 31, 2023 (Successor) compared to $0.2 million for the period January 1, 2022 - March 31, 2022 (Predecessor). Our effective tax rate was (5.4)% for the period January 3, 2023 - March 31, 2023 (Successor) compared to 17.9% for the period January 1, 2022 - March 31, 2022 (Predecessor). The difference in our effective tax rate is primarily driven by the legal entity organizational changes which occurred on account of the Business Combination, the impact of nondeductible mark-to-market losses associated with contingent liabilities and equity consideration in the Business Combination, nondeductible professional fees incurred in connection with the Business Combination, and the impact of a forecasted valuation allowance with respect to deferred tax assets generated in our subsidiaries in the UK. As of March 31, 2023, the Company has evaluated its tax filing positions and has not recorded a reserve for any unrecognized tax benefits.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
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-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Investments at Fair Value

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Investments at Fair Value

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 Investment income (loss) in the Condensed Consolidated Statement of Operations.

The Cost and Fair Value of Investments at fair value as of March 31, 2023 (Successor) and December 31, 2022 (Predecessor) are presented below:


	As of March 31, 2023 (Successor)				As of December 31, 2022 (Predecessor)
(Dollars in Thousands)	Cost		Fair Value		Cost		Fair Value
Investments at Fair Value:
Mutual funds	$	73	$	48	$	73	$	44
Exchange-traded funds	120		111		115		101
TIG Arbitrage Associates Master Fund	214		215		—		—
TIG Arbitrage Enhanced Master Fund	179		177		—		—
TIG Arbitrage Enhanced	1,895		681		—		—

Arkkan Opportunities Feeder Fund	111		114		—		—

Arkkan Capital Management Limited	16,692		24,695		—		—
Zebedee Asset Management	56,917		70,311		—		—
Romspen Investment Corporation	72,523		70,317		—		—



Total	$	148,724	$	166,669	$	188	$	145

The Company’s Investments at fair value include unrealized gains (losses) and realized gains (losses) in the Condensed Consolidated Statement of Financial Position.

The breakdown of unrealized gains (losses) and realized gains (losses) for the relevant periods are as follows:


	For the Period
(Dollars in Thousands)	January 3 – March 31, 2023 (Successor)		January 1 – March 31, 2022 (Predecessor)
Unrealized gains (losses):
Net gains (losses) recognized	$	(1,971)	$	(19)
Net gains recognized on equity securities sold	—		—
Unrealized gains (losses) recognized on equity securities still held	$	(1,971)	$	(19)

Summary of Significant Accounting Policies (Details) $ / shares in Units, shares in Millions		3 Months Ended			12 Months Ended
	Jan. 03, 2023 USD ($)	Mar. 31, 2023 USD ($) segment category fund entity $ / shares shares	Mar. 31, 2023 USD ($) entity $ / shares	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Significant Accounting Policies [Line Items]
Number of entities in which company is entitled to distributions \| entity		3	3
Number of operating segments \| segment		2
Goodwill, Impairment Loss		$ 0	$ 0	$ 0
Number of operating segments, number of revenue generating categories \| category		3
Tiedemann International Holdings, AG ("TIH") \| Tiedemann Wealth Management Holdings, LLC
Significant Accounting Policies [Line Items]
Voting interest acquired (in percent)					51.10%
Total purchase consideration transferred					$ 1,818,440
Alvarium, TWMH And TIG
Significant Accounting Policies [Line Items]
Total purchase consideration transferred	$ 1,071,116,000
Sponsor and Selling Shareholders of TWMH, TIG, and Alvarium \| Class A shares \| Alvarium, TWMH And TIG \| Earnout Shares
Significant Accounting Policies [Line Items]
Number of earn-out securities (in shares) \| shares		3.3
Sponsor and Selling Shareholders of TWMH, TIG, and Alvarium \| Class A shares \| Alvarium, TWMH And TIG \| Earnout Shares, Tranche One
Significant Accounting Policies [Line Items]
Volume weighted average price (in dollars per share) \| $ / shares		$ 12.50	$ 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%	50.00%
Sponsor and Selling Shareholders of TWMH, TIG, and Alvarium \| Class A shares \| Alvarium, TWMH And TIG \| Earnout Shares, Tranche Two
Significant Accounting Policies [Line Items]
Volume weighted average price (in dollars per share) \| $ / shares		$ 15.00	$ 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%	50.00%
Sponsor and Selling Shareholders of TWMH, TIG, and Alvarium \| Class B shares \| Alvarium, TWMH And TIG \| Earnout Shares
Significant Accounting Policies [Line Items]
Number of earn-out securities (in shares) \| shares		7.1
Sponsor and Selling Shareholders of TWMH, TIG, and Alvarium \| Class B Units \| Alvarium, TWMH And TIG \| Earnout Shares
Significant Accounting Policies [Line Items]
Number of earn-out securities (in shares) \| shares		7.1
Asset management \| Co-Investment
Significant Accounting Policies [Line Items]
Deployed capital		$ 7,600,000,000
Deployed capital, percentage invested		14.00%
Asset management \| Alternatives Platform
Significant Accounting Policies [Line Items]
Assets under management and advisement		$ 8,300,000,000	$ 8,300,000,000
Asset management \| Real Estate - Public and Private
Significant Accounting Policies [Line Items]
Assets under management and advisement		$ 12,800,000,000	12,800,000,000
Number of funds managed \| fund		2
Wealth management
Significant Accounting Policies [Line Items]
Assets under management and advisement		$ 45,600,000,000	$ 45,600,000,000
Minimum
Significant Accounting Policies [Line Items]
Percentage of equity value contributed in transaction		0.50%	0.50%
Percentage of purchase price in acquisition		0.50%	0.50%
Equity structures, term (in years)		5 years
Equity structures, percentage of equity value committed or drawn		0.50%	0.50%
Debt structures, term (in months)		12 months
Minimum \| Property, Plant and Equipment, Other Types
Significant Accounting Policies [Line Items]
Useful life		2 years
Maximum
Significant Accounting Policies [Line Items]
Percentage of equity value contributed in transaction		1.00%	1.00%
Percentage of purchase price in acquisition		1.00%	1.00%
Equity structures, term (in years)		10 years
Equity structures, percentage of equity value committed or drawn		1.75%	1.75%
Debt structures, term (in months)		36 months
Maximum \| Property, Plant and Equipment, Other Types
Significant Accounting Policies [Line Items]
Useful life		7 years
Management/Advisory fees
Significant Accounting Policies [Line Items]
Contract with customer, allowance for credit loss		$ 0	$ 0		$ 0

Debt, net of unamortized deferred financing cost - Term Loan Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Aggregate Maturities
Total		$ 21,187
Line of Credit
Aggregate Maturities
Total	$ 135,000
Term Loans \| Credit Facility \| Line of Credit
Aggregate Maturities
Rest of 2023	3,750
2024	5,000
2025	7,500
2026	10,000
2027	10,000
Thereafter	62,500
Total	$ 98,750	$ 5,760

Revenue - Contract with Customer (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Jan. 03, 2023	Dec. 31, 2022	Dec. 31, 2021
Contract with Customer, Receivable, after Allowance for Credit Loss [Roll Forward]
Deferred revenue	$ (1,692)		$ 0
Operating Segments \| Management/Advisory fees
Contract with Customer, Receivable, after Allowance for Credit Loss [Roll Forward]
Contract with customer, receivable	31,192	$ 30,544	19,540	$ 20,019
Deferred revenue	(1,411)	(693)	0	0
Operating Segments \| Incentive fees
Contract with Customer, Receivable, after Allowance for Credit Loss [Roll Forward]
Contract with customer, receivable	238	3,540	0	0
Operating Segments \| Other fees/income
Contract with Customer, Receivable, after Allowance for Credit Loss [Roll Forward]
Contract with customer, receivable	839	4,106	0	0
Deferred revenue	$ (281)	$ (422)	$ 0	$ 0

Segment Reporting - Assets By Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Assets	$ 1,416,152	$ 91,989
Asset management
Segment Reporting Information [Line Items]
Assets	888,050	0
Wealth management
Segment Reporting Information [Line Items]
Assets	$ 528,102	$ 91,989

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

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+ Details

Goodwill, net (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

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


(Dollars in Thousands)	Asset Management As of March 31, 2023 (Successor)		Wealth Management As of March 31, 2023 (Successor)		As of December 31, 2022 (Predecessor)

Beginning Balance
Gross goodwill	$	231,404	$	293,386	$	22,185

Net goodwill:	$	231,404	$	293,386	$	22,185

Goodwill acquired during the period	$	—	$	—	$	3,279

Currency translation and other adjustments	5,279		691		—
	$	5,279	$	691	$	3,279
Ending Balance
Gross goodwill	$	236,683	$	294,077	$	25,464

Net goodwill	$	236,683	$	294,077	$	25,464

- Definition

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

+ References

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+ Details

Fair Value Disclosures - Valuation Methodologies (Details) $ in Thousands	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 166,669	$ 145
Earn-out liability, fair value	120,967	0
Earn-in consideration payable	1,593	$ 1,519
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
TRA liability, fair value	13,300
Earn-out liability, fair value	120,967
Earn-in consideration payable	$ 1,593
Level 3 \| Volatility \| Monte Carlo
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
TRA liability, measurement input	0.45
Earn-out liability, measurement input	0.45
Level 3 \| Correlation \| Monte Carlo
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
TRA liability, measurement input	0.20
Level 3 \| Cost of debt range \| Monte Carlo \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
TRA liability, measurement input	0.056
Level 3 \| Cost of debt range \| Monte Carlo \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
TRA liability, measurement input	0.071
Level 3 \| Equity risk premium \| Monte Carlo \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
TRA liability, measurement input	0.075
Level 3 \| Equity risk premium \| Monte Carlo \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
TRA liability, measurement input	0.129
Level 3 \| Risk-free rate \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-in consideration payable, measurement input		0.068
Level 3 \| Risk-free rate \| Monte Carlo
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-out liability, measurement input	0.036
Level 3 \| Revenue discount rate \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-in consideration payable, measurement input	0.072
Level 3 \| Investments – External Strategic Managers
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 165,322
Level 3 \| Investments – External Strategic Managers \| Discount rate \| Discounted Cash Flow \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.16
Level 3 \| Investments – External Strategic Managers \| Discount rate \| Discounted Cash Flow \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.48
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	0.03

Description of the Business

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of the Business

AlTi Global, Inc. (the “Registrant”), a Delaware corporation, together with its consolidated subsidiaries (collectively, the “Company”, “AlTi” or “Successor”) is a multi-disciplinary financial services business, with a diverse array of investment, advisory, and administrative capabilities. The Company is a global organization that manages or advises approximately $66.7 billion in combined assets. The Company provides holistic solutions for wealth management clients through a full spectrum of wealth management services, including discretionary investment management services, non-discretionary investment advisory services, trust services, administration services, and family office services. It also structures, arranges, and provides a network of investors with co-investment opportunities in a variety of alternative assets which are either managed intra-group or by carefully selected managers in the relevant asset class. The Company manages and advises both public and private investment funds and also provides merchant banking, corporate advisory, brokerage and placement agency services to entrepreneurs, “late stage” companies (particularly in the media, technology and innovation sectors), asset managers, private equity sponsors, and investment funds.

Business Combination

The Registrant was initially incorporated in the Cayman Islands as Cartesian Growth Capital, a special purpose acquisition company (“Cartesian SPAC”). In anticipation of the business combination:

•The holders of the equity of Tiedemann Wealth Management Holdings, LLC, a Delaware limited liability company (“TWMH” or “Predecessor”), TIG Trinity GP, LLC, a Delaware limited liability company (“TIG GP”), TIG Trinity Management, LLC, a Delaware limited liability company (“TIG MGMT” and, together with TIG GP, the “TIG Entities”) contributed their TWMH and TIG equity to Alvarium Tiedemann Capital LLC (“Umbrella”) making TWMH and the TIG wholly owned subsidiaries of Umbrella.

•Alvarium Investments Limited, an English private limited company (“Alvarium”) reorganized such that it became the wholly owned indirect subsidiary of Alvarium Topco (“Alvarium Topco”).

•Cartesian SPAC formed Rook MS, LLC, a Delaware limited liability company (“Umbrella Merger Sub”)

Pursuant to the Business Combination on January 3, 2023 (“Business Combination Date”):

•The Registrant was redomiciled as a Delaware corporation and changed its name to Alvarium Tiedemann Holdings, Inc.. Effective April 19, 2023, Alvarium Tiedemann Holding, Inc. changed its name to AlTi Global, Inc. (the “Company” or “AlTi”).

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

•Umbrella Merger Sub, LLC merged into Umbrella with 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.

•Through a series of intercompany transactions, AlTi was restructured to reflect the final structure depicted below:

Capital Structure

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

•Class A Shares – Shares of Class A common stock that are publicly traded. Class A Shareholders are entitled to declared dividends from Class A shares. As of March 31, 2023 (Successor), the Class A Shares represent 51% of the total voting power of all shares.

•Class B Shares – Shares of Class B common stock are not publicly traded. Class B shareholders are entitled to distributions declared by the Board. As of March 31, 2023 (Successor), the Class B Shares represent 49% of the total voting power of all shares.

•Warrants – The Company has issued and outstanding warrants to purchase Class A Shares at a price of $11.50 per share. The warrants expire five years from the completion of the Business Combination and are exercisable beginning February 2, 2023. The Company may redeem for $0.01 per warrant the outstanding Public Warrants if the Company’s Class A Share price equals or exceeds $18.00 per share, subject to certain conditions and adjustments. Throughout the period January 3, 2023 to March 31, 2023 (Successor), 428,626 warrants were exercised and resulted in an Additional Paid-in-Capital amount of $5.4 million.

The following table presents the number of shares of the Registrant, and warrants that were outstanding as of March 31, 2023 (Successor):


			For the Period March 31, 2023 (Successor)
Class A shares			57,916,649
Class B shares			55,032,961

Warrants			19,971,251

Segments

Our business is organized into two operating segments: Wealth Management and Asset Management. Described below are the segments and the revenue generated by each, which broadly fall into three categories: recurring management, advisory, or administration fees; performance or incentive fees; and transaction fees.

Wealth Management

Our wealth management services principally consist of investment management and advisory services, trusts and administrative services, and family office services. Our wealth management client base includes high net worth individuals, families, single family offices, foundations, and endowments globally. Investment management or advisory fees are the primary source of revenue in our wealth management segment. These fees are generally calculated based on a percentage of the value of each client’s billable assets under management ("AUM") or assets under advisement (“AUA”) (as applicable). As of March 31, 2023 (Successor), this segment had $45.6 billion in AUM/AUA.

Investment Management and Advisory Services

In our investment management and advisory services teams, we diversify our clients’ portfolios across risk factors, geographies, traditional asset classes such as money markets, equities and fixed income, and alternative asset classes including private equity, private debt, hedge funds, real estate, and other assets through highly experienced, and hard to access, third-party managers.

Trusts and Administration Services

The trusts and administration services that we provide include entity formation and management, creating or modifying trust instruments and/or administrative practices to meet beneficiary needs, full corporate, trustee-executor, and fiduciary services. We also offer provision of directors and company secretarial services, administering entity ownership of intellectual property ("IP") rights, advice and administration services in connection with investments in marine and aviation assets, and administering entity ownership of fine art and collectibles.

Family Office Services (FOS)

Our family office services are tailored outsourced family office solutions and administrative services which we provide primarily to our larger clients. These services include bookkeeping and back-office services, private foundation management and grantmaking, oversight of trust administration, financial tracking and reporting, cash flow management and bill pay, and other financial services.

Asset Management

Our asset management services include alternatives platform, public and private real estate (including co-investment), and merchant banking businesses.

Alternatives Platform

Our alternatives platform represents our legacy TIG business which is an alternative asset manager. This platform includes our TIG Arbitrage strategy and funds managed by our External Strategic Managers. Our alternatives platform client base is predominantly comprised of institutional investors. The TIG Arbitrage strategy is our event-driven strategy based in New York through which management fees and incentive fees based on performance are received from the underlying funds and accounts. The strategies of our External Strategic Managers include Real Estate Bridge Lending, European Equities and Asian Credit and Special Situations. We receive distributions from our External Strategic Managers through our profit or revenue sharing arrangements that are generated through their management and incentive fees based on performance of the underlying investments. As of March 31, 2023 (Successor), this platform had $8.3 billion in AUM/AUA. Revenue recognized from this platform of $7.3 million represents a related party transaction.

Real Estate - Public and Private

Our real estate business includes fund management services as well as co-investment solutions. As of March 31, 2023 (Successor), this business had approximately $12.8 billion of AUM/AUA.

Fund Management

Our real estate fund management business manages two funds based in the United Kingdom, LXi REIT, a publicly traded REIT, and Home Long Income Fund, a private fund. Services offered through these funds include investments, financial planning and strategy, sales and marketing, and back and middle office infrastructure/administration. The funds are marketed primarily in the United Kingdom to institutional investors, primarily pension funds, as well as to retail investors. Fees from our real estate fund management business are earned from management and advisory fees.

Prior to the Business Combination, Alvarium RE Limited ("ARE"), an indirect wholly owned subsidiary of Alvarium, entered into an agreement to sell 100% of the equity of Alvarium Home REIT Advisors Ltd (“AHRA”), the advisor to the publicly-traded fund Home REIT plc ("Home REIT"), to a newly formed entity owned by the management of AHRA, for aggregate consideration approximately equal to $29 million. The consideration comprised a promissory note maturing December 31, 2023, subject to extension if mutually agreed upon by the parties thereto. Additionally, ARE received a call option pursuant to which ARE has the right to repurchase AHRA prior to the repayment of the note for a purchase price equal to the loan balance then outstanding thereunder.

The consolidated financial statements include the accounts of AHRA. Subsidiaries are companies over which Alvarium has the power indirectly and/or directly to control the financial and operating policies so as to obtain benefits. In assessing control for accounting purposes, potential voting rights that are presently exercisable or convertible are taken into account. Although Alvarium does not presently have legal control of AHRA, it has a right to reacquire such legal control through the call option it holds and accordingly AHRA has been deemed to be a subsidiary for accounting purposes. As a result of the consolidation, the value of the note is eliminated from Alvarium’s balance sheet.

Co-Investment

Our real estate co-investment business, which was part of the legacy Alvarium business, oversees deal origination, due diligence, documentation, and structuring from inception to exit for a variety of strategies including forward funding, development, income, value-add and planning. Investors are typically HNWIs, single family offices, and institutional investors. Fees earned related to our real estate co-investment business include private market, incentive fees, management and advisory fees, and placement and brokerage fees. As of March 31, 2023 (Successor), our real estate co-investment platform had deployed more than $7.6 billion of

capital (inclusive of capital raised for our public and private real estate funds), of which approximately 14% has been invested by legacy Alvarium shareholders and senior employees.

Merchant Banking

Our Merchant Banking division, which was part of the legacy Alvarium business, is a global corporate advisory practice that services companies principally in the media, consumer, healthcare, and technology and innovation sectors, as well as our wealth management clients around their operational businesses or family holding companies. Fees earned related to merchant banking include advisory fees, retainer fees, and project fees.

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following tables present the financial information for the Company’s segments for the periods indicated.


	For the Period
(Dollars in Thousands)	January 3, 2023 – March 31, 2023 (Successor)						January 1, 2022 – March 31, 2022 (Predecessor)
Net Income by Segment	Asset Management Segment		Wealth Management Segment		Total		Tiedemann Wealth Management Holdings, LLC
Revenue:
Management/advisory fees	$	14,976	$	31,494	$	46,470	$	19,970
Incentive fees	577		—		577		—
Distributions from investments	10,030		—		10,030		—
Other income/fees	932		38		970		—
Total income	$	26,515	$	31,532	$	58,047	$	19,970
Operating Expenses:
Compensation and employee benefits	27,262		35,910		63,172		13,560
Systems, technology, and telephone	1,193		2,635		3,828		1,440
Sales, distribution, and marketing	250		276		526		218
Occupancy costs	1,205		1,975		3,180		968
Professional fees	12,257		10,627		22,884		1,415
Travel and entertainment	990		956		1,946		267
Depreciation and amortization	2,739		1,778		4,517		610
General, administrative, and other	454		978		1,432		318
Total operating expenses	$	46,350	$	55,135	$	101,485	$	18,796
Operating income (loss)	(19,835)		(23,603)		(43,438)		1,174
Other income (expenses):
Gain (loss) on investments	4,122		(973)		3,149		(19)
Gain (loss) on warrant liability	(6,471)		(6,471)		(12,942)		—
Gain (loss) on earn-out liability	(14,603)		(14,603)		(29,206)		—
Interest and dividend income (expense)	(1,753)		(1,508)		(3,261)		(74)
Other income	—		58		58		(2)
Income (loss) before taxes	(38,540)		(47,100)		(85,640)		1,079
Income tax (expenses) benefit	(2,325)		(2,325)		(4,650)		(193)
Net income (loss)	$	(40,865)	$	(49,425)	$	(90,290)	$	886


(Dollars in Thousands)	As of
Assets by segment	March 31, 2023 (Successor)		December 31, 2022 (Predecessor)
Asset management	$	888,050	$	—
Wealth management	$	528,102	$	91,989
Total assets	$	1,416,152	$	91,989

Equity Method Investments	3 Months Ended
Equity Method Investments	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity Method InvestmentsAs of March 31, 2023 (Successor) and December 31, 2022 (Predecessor), the Company had $48.8 million and an immaterial amount of equity method investments, respectively, recorded within equity method investments on the condensed consolidated statements of financial position. In accordance with 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.

Equity-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Earn-in expense	$ 1,000	$ 800
Earn-in consideration payable	1,593		$ 1,519
Restricted Stock Units (RSUs)
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	4,200
Nasdaq Awards \| Class A shares
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 600
Stock issued in period (in shares)	60,800
Fair value of shares issued (in dolalrs per share)	$ 10.00
Alvarium Employee Awards
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 24,600
Share-based payment arrangement, accelerated cost	$ 21,000
Share-based compensation arrangement, accelerated vesting (in shares)	2,100,000
Alvarium Employee Awards, Benefiting Acquirer
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 3,600
Number of shares vested in period (in shares)	360,485

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Management evaluated events and transactions through and including May 22, 2023, the date these financial statements were available to be issued. Based on management’s evaluation there are no events subsequent to March 31, 2023 that require adjustment to or disclosure in the consolidated financial statements, except as noted below. On April 6, 2023, the Company closed its acquisition of 100% of the issued share capital of AL Wealth Partners Pte. Limited (“AWLP”), an independent wealth manager based in Singapore with approximately $971.0 million of assets under management as of March 31, 2023. The purchase price consisted of a $15.5 million cash payment on closing (being 50% of the purchase price calculated on the closing date based on a multiple of recurring revenues), and deferred payments on each of the third and fifth anniversaries of the closing date, with each deferred payment to be 25% of a re-calculated purchase price based on recurring revenues at each relevant time. The deferred payments may be settled in cash or shares of the Company, provided that not more than 50% of the total consideration may be paid in the Company’s shares. The Company is in the process of completing its accounting for the transaction. On May 5, 2023, the Company commenced (i) an offer to each holder of outstanding Warrants the opportunity to receive 0.25 shares of Class A Common Stock, in exchange for each of such Warrants tendered by such holder and exchanged pursuant to the offer (the “Offer”), and (ii) a solicitation of consents (the “Consent Solicitation”) from holders of the Warrants to amend the Warrant Agreement, which governs all of the Warrants, to permit, if approved, us to require that each Warrant that is outstanding upon the closing of the Offer be mandatorily exchanged for 0.225 shares of Class A Common Stock, which is a ratio 10% less than the exchange ratio applicable to the Offer (the “Warrant Amendment”). The Offer and Consent Solicitation will expire at one minute after 11:59 p.m., Eastern Standard Time, on June 2, 2023, or such a later time and date to which we may extend. Pursuant to the terms of the Warrant Agreement, amendments, including the proposed Warrant Amendment, require the vote or written consent of holders of at least 65% of the number of the then outstanding Public Warrants and, separately with respect to any amendment to the terms of the Private Warrants (which Private Warrants, as no longer held by Cartesian or its permitted transferees (as defined in the Warrant Agreement), are identical in terms to the Public Warrants) or any provision of the Warrant Agreement with respect to the Private Warrants such as the Warrant Amendment, the vote or written consent of at least 65% of the number of the then outstanding Private Warrants.

Business Combination - Intangible Assets (Details) - Alvarium, TWMH And TIG $ in Thousands	Jan. 03, 2023 USD ($)
Acquisition Date Fair Value
Total Intangible Assets	$ 541,718
Estimated Life (Years)	21 years 6 months
Investment management agreements
Acquisition Date Fair Value
Indefinite-Lived Intangible Assets	$ 247,100
Trade names
Acquisition Date Fair Value
Definite-Lived Intangible Assets	$ 14,695
Estimated Life (Years)	11 years 6 months
Customer relationships
Acquisition Date Fair Value
Definite-Lived Intangible Assets	$ 163,851
Estimated Life (Years)	27 years 1 month 6 days
Investment management agreements
Acquisition Date Fair Value
Definite-Lived Intangible Assets	$ 114,473
Estimated Life (Years)	15 years
Developed Technology
Acquisition Date Fair Value
Definite-Lived Intangible Assets	$ 1,000
Estimated Life (Years)	5 years
Backlog
Acquisition Date Fair Value
Definite-Lived Intangible Assets	$ 599
Estimated Life (Years)	6 months

Segment Reporting - Narrative (Details)	3 Months Ended
Segment Reporting - Narrative (Details)	Mar. 31, 2023 segment
Segment Reporting [Abstract]
Number of operating segments	2

Other assets, net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Accumulated depreciation and amortization	$ (7,515)	$ (4,491)
Fixed assets, net	3,900	975
Accrued income	11,121	0
Prepaid expenses	10,473	1,898
Sundry receivables	8,743	0
Other receivables	9,497	579
Interest rate swap	187	241
Other assets	7,173	124
Other assets	51,094	3,817
Leasehold improvements
Property, Plant and Equipment [Line Items]
Fixed assets, gross	5,491	2,571
Office equipment and furniture
Property, Plant and Equipment [Line Items]
Fixed assets, gross	5,840	2,895
Foreign currency translation difference
Property, Plant and Equipment [Line Items]
Fixed assets, gross	84	$ 0
TIG GP and TIG MGMT Members
Related Party Transaction [Line Items]
Related Party Receivables	$ 1,800

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Related Party Transactions

Related party transactions include the below:


(dollars in thousands)
Related Party Receivables	Consolidated Balance Sheet Line Item	As of March 31, 2023 (Successor)		As of December 31, 2022 (Predecessor)
Due from Certain TMWH Members, TIG GP Members and TIG MGMT Members	Other assets	$	2,720	$	1,161
Due from Equity Method Investees	Other assets	$	3,874	$	—
Due from Equity Method Investees	Fees receivable, net	$	19	$	—

Related Party Payables
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements	TRA liability	$	(13,300)	$	—
Due to Certain TWMH Members, TIG GP Members, TIG MGMT Members and Alvarium shareholders in connection with the Earn-out	Earn-out liability, at fair value	$	(120,967)	$	—
Due to Equity Method Investees	Accounts payable and accrued expenses	$	(177)	$	—
Due to Equity Method Investees	Other liabilities	$	(726)	$	—

Consolidated Statement of Changes in Shareholders’ Equity (Unaudited) - 3 months ended Mar. 31, 2023 - USD ($)	Total	Additional paid-in-capital	Retained earnings (accumulated deficit)	Accumulated other comprehensive income	Non-controlling interest in subsidiaries	Total Members' Capital	Class A shares	Class A shares Common Stock	Class B shares	Class B shares Common Stock
Beginning balance (in shares) at Jan. 02, 2023								55,388,023		55,032,961
Beginning balance at Jan. 02, 2023	$ 1,014,908,000	$ 435,859,000	$ (27,946,000)	$ 0	$ 606,989,000			$ 6,000		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Shares to Alvarium Trust								2,100,000
Issuance of shares to Alvarium Employee Benefit Trust	21,000,000	21,000,000
Net income (loss)	(90,290,000)		(68,740,000)		(21,550,000)
Currency translation adjustment	9,671,000			4,941,000	4,730,000
Issuance of shares - exercise of warrants (in shares)							428,626	428,626
Issuance of shares - exercise of warrants	5,416,000	5,416,000
Ending balance (in shares) at Mar. 31, 2023							57,916,649	57,916,649	55,032,961	55,032,961
Ending balance at Mar. 31, 2023	960,705,000	$ 462,275,000	$ (96,686,000)	4,941,000	590,169,000			$ 6,000		$ 0
Beginning balance at Jan. 02, 2023	$ 40,021,000			$ 0	$ 433,000	$ 39,588,000		$ 6,000		$ 39,582,000

Fair Value Disclosures - Assets and Liabilities Measured At Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets:
Investments at fair value	$ 166,669	$ 145
Interest rate swap	187	241
Liabilities:
Earn-out liability, at fair value	120,967	0
Earn-in consideration payable	1,593	1,519
Fair Value, Recurring
Assets:
Interest rate swap		241
Total	166,669	386
Liabilities:
Earn-out liability, at fair value	120,967
TRA liability	13,300
Earn-in consideration payable	1,593	1,519
Payout right		3,662
Total	159,095	5,181
Warrant liability \| Fair Value, Recurring
Liabilities:
Derivative liability	23,235
Mutual funds
Assets:
Investments at fair value	48	44
Mutual funds \| Fair Value, Recurring
Assets:
Investments at fair value	48	44
Exchange-traded funds
Assets:
Investments at fair value	111	101
Exchange-traded funds \| Fair Value, Recurring
Assets:
Investments at fair value	111	101
Investments – External Strategic Managers \| Fair Value, Recurring
Assets:
Investments at fair value	165,322
Investments - Affiliated Funds \| Fair Value, Recurring
Assets:
Investments at fair value	$ 1,188
Liabilities:
Redemption, required notice	30 days
Level 1 \| Fair Value, Recurring
Assets:
Interest rate swap		0
Total	$ 159	145
Liabilities:
Earn-out liability, at fair value	0
TRA liability	0
Earn-in consideration payable	0	0
Payout right		0
Total	23,235	0
Level 1 \| Warrant liability \| Fair Value, Recurring
Liabilities:
Derivative liability	23,235
Level 1 \| Mutual funds \| Fair Value, Recurring
Assets:
Investments at fair value	48	44
Level 1 \| Exchange-traded funds \| Fair Value, Recurring
Assets:
Investments at fair value	111	101
Level 1 \| Investments – External Strategic Managers \| Fair Value, Recurring
Assets:
Investments at fair value	0
Level 1 \| Investments - Affiliated Funds \| Fair Value, Recurring
Assets:
Investments at fair value	0
Level 2 \| Fair Value, Recurring
Assets:
Interest rate swap		241
Total	0	241
Liabilities:
Earn-out liability, at fair value	0
TRA liability	0
Earn-in consideration payable	0	0
Payout right		0
Total	0	0
Level 2 \| Warrant liability \| Fair Value, Recurring
Liabilities:
Derivative liability	0
Level 2 \| Mutual funds \| Fair Value, Recurring
Assets:
Investments at fair value	0	0
Level 2 \| Exchange-traded funds \| Fair Value, Recurring
Assets:
Investments at fair value	0	0
Level 2 \| Investments – External Strategic Managers \| Fair Value, Recurring
Assets:
Investments at fair value	0
Level 2 \| Investments - Affiliated Funds \| Fair Value, Recurring
Assets:
Investments at fair value	0
Level 3
Liabilities:
Earn-out liability, at fair value	120,967
TRA liability	13,300
Earn-in consideration payable	1,593
Level 3 \| Fair Value, Recurring
Assets:
Interest rate swap		0
Total	165,322	0
Liabilities:
Earn-out liability, at fair value	120,967
TRA liability	13,300
Earn-in consideration payable	1,593	1,519
Payout right		3,662
Total	135,860	5,181
Level 3 \| Warrant liability \| Fair Value, Recurring
Liabilities:
Derivative liability	0
Level 3 \| Mutual funds \| Fair Value, Recurring
Assets:
Investments at fair value	0	0
Level 3 \| Exchange-traded funds \| Fair Value, Recurring
Assets:
Investments at fair value	0	$ 0
Level 3 \| Investments – External Strategic Managers
Assets:
Investments at fair value	165,322
Level 3 \| Investments – External Strategic Managers \| Fair Value, Recurring
Assets:
Investments at fair value	165,322
Level 3 \| Investments - Affiliated Funds \| Fair Value, Recurring
Assets:
Investments at fair value	$ 0

Earnings Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share


	For the Period
(Dollars in Thousands, except share data)	January 3 – March 31, 2023 (Successor)
Net (loss) attributable to controlling interest - basic and diluted	$	(68,740)
Weighted-average shares of Class A Common Stock outstanding - basic and diluted	57,546,811
(Loss) per Class A Common Stock - basic and diluted	$	(1.19)

The following potentially dilutive instruments were excluded from the calculation of diluted net loss per share because their effect would have been antidilutive:


						For the Period
(Dollars in Thousands, except share data)						January 3 – March 31, 2023 (Successor)
Class B Common Stock and Class B Units						55,032,961
Warrants						20,399,877
Earn-outs						10,396,318

The Holbein Earn-Ins were also excluded from the calculation of diluted EPS. The number of potentially dilutive shares for the Holbein Earn-Ins is contingent on revenue generated from continuing customers in 2023 and 2024. The key terms of the Holbein Earn-Ins are discussed in Note 5 (Equity-Based Compensation).

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Total income	$ 58,047	$ 19,970
Management/Advisory fees
Disaggregation of Revenue [Line Items]
Total income	46,470	19,970
Incentive fees
Disaggregation of Revenue [Line Items]
Total income	577	0
Distributions from investments
Disaggregation of Revenue [Line Items]
Total income	10,030	0
Other fees/income
Disaggregation of Revenue [Line Items]
Total income	970	0
Operating Segments
Disaggregation of Revenue [Line Items]
Total income	58,047	19,970
Operating Segments \| Management/Advisory fees
Disaggregation of Revenue [Line Items]
Total income	46,470	19,970
Operating Segments \| Incentive fees
Disaggregation of Revenue [Line Items]
Total income	577	0
Operating Segments \| Distributions from investments
Disaggregation of Revenue [Line Items]
Total income	10,030	0
Operating Segments \| Other fees/income
Disaggregation of Revenue [Line Items]
Total income	$ 970	$ 0

- 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/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Label	Element	Value
Other Comprehensive Income (Loss), Net of Tax	us-gaap_OtherComprehensiveIncomeLossNetOfTax	$ (275,000)
Distribution Made to Limited Partner, Cash Distributions Declared	us-gaap_DistributionMadeToLimitedPartnerCashDistributionsDeclared	2,150,000
Members' Equity	us-gaap_MembersEquity	35,302,000
Distribution Made to Limited Liability Company (LLC) Member, Tax Distributions Paid	alti_DistributionMadeToLimitedLiabilityCompanyLLCMemberTaxDistributionsPaid	3,771,000
Restricted Unit Compensation Expense	alti_RestrictedUnitCompensationExpense	591,000
Member Capital [Member]
Distribution Made to Limited Partner, Cash Distributions Declared	us-gaap_DistributionMadeToLimitedPartnerCashDistributionsDeclared	2,150,000
Members' Equity	us-gaap_MembersEquity	35,157,000
Distribution Made to Limited Liability Company (LLC) Member, Tax Distributions Paid	alti_DistributionMadeToLimitedLiabilityCompanyLLCMemberTaxDistributionsPaid	3,771,000
Restricted Unit Compensation Expense	alti_RestrictedUnitCompensationExpense	591,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	899,000
Noncontrolling Interest [Member]
Members' Equity	us-gaap_MembersEquity	420,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	(13,000)
AOCI Attributable to Parent [Member]
Other Comprehensive Income (Loss), Net of Tax	us-gaap_OtherComprehensiveIncomeLossNetOfTax	(275,000)
Members' Equity	us-gaap_MembersEquity	(275,000)
Common Class A [Member] \| Common Stock [Member]
Members' Equity	us-gaap_MembersEquity	5,000
Distribution Made to Limited Liability Company (LLC) Member, Tax Distributions Paid	alti_DistributionMadeToLimitedLiabilityCompanyLLCMemberTaxDistributionsPaid	1,000
Common Class B [Member] \| Common Stock [Member]
Distribution Made to Limited Partner, Cash Distributions Declared	us-gaap_DistributionMadeToLimitedPartnerCashDistributionsDeclared	2,150,000
Members' Equity	us-gaap_MembersEquity	35,152,000
Distribution Made to Limited Liability Company (LLC) Member, Tax Distributions Paid	alti_DistributionMadeToLimitedLiabilityCompanyLLCMemberTaxDistributionsPaid	3,770,000
Restricted Unit Compensation Expense	alti_RestrictedUnitCompensationExpense	591,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	$ 899,000

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
TRA liability	$ 13,300	$ 0
Earn-out liability, at fair value	$ 120,967	$ 0

Equity-Based Compensation	3 Months Ended
Equity-Based Compensation	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation	Equity-Based CompensationIn 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 period ended March 31, 2023 (Successor). The $24.6 million consisted of $21.0 million related to the acceleration of 2.1 million 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 to comply with the Nasdaq shareholder requirements (the “Nasdaq Awards”). The Nasdaq 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 period ending March 31, 2023 (Successor). In connection with TMWH’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 cash and the Company’s equity on the second and third anniversaries of the closing date of January 7, 2022. The Company recognized an expense of $1.0 million and $0.8 million for the earn-ins during the three months ended March 31, 2023 (Successor) and the three months ended March 31, 2022 (Predecessor), respectively, which is included in Compensation and employee benefits in the Condensed Consolidated Statement of Operations. 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. This contingent consideration is recorded as a liability of $1.6 million as of March 31, 2023 (Successor) and $1.5 million as of December 31, 2022 (Predecessor) in the “Earn-in consideration payable” line of the Condensed Consolidated Statement of Financial Condition. The contingent consideration is expected to be paid in a combination of cash and the Company’s equity on the second and third anniversaries of the closing date.

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating cash flow information:
Operating cash flow from operating leases	$ 1,666	$ 701
Non-cash activity:
Right-of-use assets obtained in exchange for lease obligations	$ 214	$ 0

Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Other assets \| Equity Method Investee
Related Party Transaction [Line Items]
Related Party Receivables	$ 3,874	$ 0
Other assets \| TMWH, TIG GP, and TIG MGMT Members
Related Party Transaction [Line Items]
Related Party Receivables	2,720	1,161
Fees receivable, net \| Fees receivable, net \| Equity Method Investee
Related Party Transaction [Line Items]
Related Party Receivables	19	0
TRA Liability \| Non-Controlling Interest Holders, Tax Receivable Agreements
Related Party Transaction [Line Items]
Related Party Payables	(13,300)	0
Earn-out liability, at fair value \| TWMH, TIG GP, and TIG MGMT Members and Alvarium Shareholders, Earn-Out
Related Party Transaction [Line Items]
Related Party Payables	(120,967)	0
Accounts payable and accrued expenses \| Equity Method Investee
Related Party Transaction [Line Items]
Related Party Payables	(177)	0
Earn-in consideration payable \| Equity Method Investee
Related Party Transaction [Line Items]
Related Party Payables	$ (726)	$ 0

Debt, net of unamortized deferred financing cost

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Debt, net of unamortized deferred financing cost

The following tables summarize outstanding debt obligations of the Company as of March 31, 2023 (Successor):


	As of March 31, 2023 (Successor)
(in thousands)	Debt Outstanding		Net Carrying Value (1)		Fair Value (2)
Credit Agreement
Term Loans	$	98,750	$	97,001	$	98,750
Revolving Credit Facility	36,250		36,250		36,250
Promissory Notes	$	—	$	—	$	—
Total Debt	$	135,000	$	133,251	$	135,000

(1) Represents debt outstanding net of unamortized debt issuance costs.

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 “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. Upon the de-SPAC event, the Company had initially acquired legacy debt obligations from its subsidiaries in the amount of $124.4 million. Subsequently, after the closing of the Business Combination, the Company obtained additional financing through the BMO Credit Facility from which proceeds from borrowings were used to repay outstanding debt obligations acquired through the transaction, and also for working capital and general corporate purposes, including, without limitation, permitted acquisitions.

The Term Loans and Revolving Credit Facility bear 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 ranges between 1.0% and 2.0% for base rate loans and between 2.0% and 3.0% for SOFR loans. The Company will pay 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 is subject to quarterly amortization payments and will mature on January 3, 2028. The Revolving Credit Facility will terminate on January 3, 2028. As of March 31, 2023, total outstanding debt, net of unamortized deferred financing costs amounted to $133.3 million.

The following tables summarize outstanding debt obligations of the Company as of December 31, 2022 (Predecessor):


	As of December 31, 2022 (Predecessor)
(Dollars in Thousands)	Debt Outstanding		Net Carrying Value (1)
Term Loan	$	5,760	$	5,760
Revolving Credit Facility	14,050		14,050
Promissory Notes	1,377		1,377
Total Debt	$	21,187	$	21,187

(1) There were no unamortized debt issuance costs as of December 31, 2022 (Predecessor).

As of December 31, 2022 (Predecessor), Company had an outstanding Term Loan borrowing of $5.8 million with interest calculated based on a variable one-month LIBOR rate plus 1.50%, subject to a LIBOR floor. The Company entered into an interest rate swap agreement in 2020, which converted the variable rate to a fixed rate of 2.60% on borrowings under the Term Loan. The Company also had an outstanding balance of $14.1 million on its Revolving Credit Facility with interest calculated at the rate of the Daily Bloomberg Short-Term Bank Yield Index rate (“BSBY”) plus 1.50% and an unused commitment fee is 0.15% per annum. In addition, the Company had an outstanding promissory note balance of $1.4 million with interest calculated 3.25%. As of December 31, 2022 (Predecessor), total outstanding debt, net of unamortized deferred financing costs amounted to $21.2 million.

Future maturities of the Term Loans as of March 31, 2023 (Successor), are as follows:


(Dollars in Thousands)	Aggregate Maturities

Rest of 2023	$	3,750
2024	$	5,000
2025	$	7,500
2026	$	10,000
2027	$	10,000
Thereafter	$	62,500
Total	$	98,750

Debt is prepayable without penalty prior to maturity. Borrowings under the Revolving Credit Facility are due and payable on the termination date or an earlier date at the Company’s discretion.

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Investments at Fair Value - Unrealized Gains (Losses) And Realized Gains (Losses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Net gains (losses) recognized	$ (1,971)	$ (19)
Net gains recognized on equity securities sold	0	0
Unrealized gains (losses) recognized on equity securities still held	$ (1,971)	$ (19)

Retirement Plans - Schedule Of Contributions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Postemployment Benefits [Abstract]
Contributions	$ 814	$ 196

Fair Value Disclosures

3 Months Ended

Mar. 31, 2023

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 2 Valuation Techniques

The financial instruments classified within Level 2 of the fair value hierarchy is an interest rate swap. The valuation techniques used to value financial instruments classified within Level 2 of the fair value hierarchy are as follows:

•The interest rate swap is valued based on observable values of underlying interest rates.

Level 3 Valuation Techniques

As the Company exercised significant judgement over unobservable inputs, the fair values of these financial instruments are considered Level 3 measurements:

•The Company utilized a Monte Carlo simulation to measure the Earn-out and TRA liabilities. This simulation uses rates to appropriately capture the risk associated with each obligation. The Company adjusts the liabilities to fair value each reporting period based on certain metrics within the respective agreements. Changes in the fair value are recognized in other expense in the Condensed Consolidated Statement of Operations. Refer to the valuation methodologies table below for further analysis of level 3 valuations.

•The fair value of the Earn-in consideration is based on expected future revenues discounted at the revenue discount rate less the risk-free rate of return. The Company adjusts the liabilities to fair value each reporting period based on certain metrics within the respective agreements. Changes in the fair value are recognized in other expense in the Condensed Consolidated Statement of Operations. Refer to the valuation methodologies table below for further analysis of level 3 valuations.

•The Company utilized a Discounted Cash Flow simulation 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.

The following is a summary categorization, as of March 31, 2023 (Successor) and December 31, 2022 (Predecessor), of the Company’s financial instruments based on the inputs utilized in determining the value of such financial instruments:

Investments at fair value as of March 31, 2023 (Successor) and December 31, 2022 (Predecessor) are presented below:


	As of March 31, 2023 (Successor)
	Level 1		Level 2		Level 3
(Dollars in Thousands)	Quoted Prices		Observable Inputs		Unobservable Inputs		Total
Assets:
Mutual funds	$	48	$	—	$	—	$	48
Exchange-traded funds	111		—		—		111
Investments – External Strategic Managers	—		—		165,322		165,322
Investments – Affiliated Funds(1)	—		—		—		1,188

Total	$	159	$	—	$	165,322	$	166,669

Liabilities:
Warrant liability	$	23,235	$	—	$	—	$	23,235
Earn-out liability	—		—		120,967		120,967
TRA liability	—		—		13,300		13,300
Earn-in consideration payable	—		—		1,593		1,593
Total	$	23,235	$	—	$	135,860	$	159,095

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


	As of December 31, 2022 (Predecessor)
	Level 1		Level 2		Level 3
(Dollars in Thousands)	Quoted Prices		Observable Inputs		Unobservable Inputs		Total
Assets:
Mutual funds	$	44	$	—	$	—	$	44
Exchange-traded funds	101		—		—		101
Interest rate swap	—		241		—		241
Total	$	145	$	241	$	—	$	386

Liabilities:
Earn-in consideration payable	$	—	$	—	$	1,519	$	1,519
Payout right	—		—		3,662		3,662
Total	$	—	$	—	$	5,181	$	5,181

Reconciliation of Fair Value Measurements Categorized within Level 3

Unrealized gains and losses on the Company’s assets and liabilities carried at fair value on a recurring basis are included within other loss in the Condensed Consolidated Statement of Operations. There were no transfers in or out of Level 3. The following table sets forth a summary of changes in the fair value of Level 3 measurements as of March 31, 2023 (Successor) and December 31, 2022 (Predecessor):


	Level 3 Liabilities as of March 31, 2023 (Successor)
(Dollars in Thousands)	TRA Liability		Earn-out Liability		Earn-in consideration payable		Total
Beginning balance	$	13,000	$	91,761	$	1,519	$	106,280
Settlements	—		—		—		—
Net losses	300		29,206		74		29,580
Ending balance	$	13,300	$	120,967	$	1,593	$	135,860


	Level 3 Liabilities as of December 31, 2022 (Predecessor)
(Dollars in Thousands)	Earn-in consideration payable		Payout right		Total
Transfers into Level 3	$	—	$	—	$	—
Transfers out of Level 3	—		—		—
Purchases	—		—		—
Issuances	1,519		3,662		5,181
Ending balance	$	1,519	$	3,662	$	5,181


(Dollars in Thousands)			Level 3 Assets as of March 31, 2023 (Successor)
Assets:	Beginning balance		Realized and Unrealized Gains (Losses)		Purchases		Sales and Maturities	Total
Investments – External Strategic Managers	$	146,130	$	3,822	$	15,370	$	$	165,322
Total Assets	$	146,130	$	3,822	$	15,370	$	$	165,322

Valuation Methodologies for Fair Value Measurements Categorized within Level 3 as of March 31, 2023


(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	$	165,322	Discounted Cash Flow	Discount rate	16% - 48%		Lower
				Long-term growth rate	3	%	Higher
Level 3 Liabilities:
TRA liability	$	13,300	Monte Carlo	Volatility	45	%	Lower
				Correlation	20	%	Higher
				Cost of debt range	5.6% - 7.1%		Lower
				Equity risk premium	7.5% - 12.9%		Lower
Earn-out liability	$	120,967	Monte Carlo	Volatility	45	%	Higher
				Risk-free rate	3.6	%	Higher
Earn-in consideration payable	$	1,593	Discounted Cash Flow	Revenue discount rate	7.2	%	Lower

Valuation Methodologies for Fair Value Measurements Categorized within Level 3 as of December 31, 2022

The fair value of earn-in consideration is based on expected future revenues discounted at the revenue discount rate less the risk-free rate of return, which approximated 6.8% as of December 31, 2022. It is classified as Level 3 within the fair value hierarchy. As of December 31, 2022, carrying value approximates fair value.

The fair value of the payout right is based on expected future payments weighted on the probability of a successful company sale transaction, discounted at the estimated term to transaction closing less the risk-free rate, which approximated 100% as of December 31, 2022.

- 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 + Details

Debt, net of unamortized deferred financing cost - Schedule of Debt (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Debt Outstanding		$ 21,187,000
Net Carrying Value	$ 133,251,000	21,187,000
Unamortized debt issuance costs		0
Line of Credit
Debt Instrument [Line Items]
Debt Outstanding	135,000,000
Net Carrying Value	133,251,000
Fair Value	135,000,000
Promissory Notes
Debt Instrument [Line Items]
Debt Outstanding	0	1,377,000
Net Carrying Value	0	1,377,000
Fair Value	0
Term Loans \| Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Debt Outstanding	98,750,000	5,760,000
Net Carrying Value	97,001,000	5,760,000
Fair Value	98,750,000
Revolving Credit Facility \| Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Debt Outstanding	36,250,000	14,050,000
Net Carrying Value	36,250,000	$ 14,050,000
Fair Value	$ 36,250,000

Goodwill, net (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Goodwill, net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Gross goodwill, beginning balance	$ 25,464	$ 22,185
Goodwill, beginning balance	25,464	22,185
Goodwill, period increase (decrease)		3,279
Goodwill acquired during the period		3,279
Currency translation and other adjustments		0
Gross goodwill, ending balance		25,464
Goodwill, ending balance	530,760	25,464
Asset management
Goodwill [Roll Forward]
Gross goodwill, beginning balance	231,404
Goodwill, beginning balance	231,404
Goodwill, period increase (decrease)	5,279
Goodwill acquired during the period	0
Currency translation and other adjustments	5,279
Gross goodwill, ending balance	236,683	231,404
Goodwill, ending balance	236,683	231,404
Wealth management
Goodwill [Roll Forward]
Gross goodwill, beginning balance	293,386
Goodwill, beginning balance	293,386
Goodwill, period increase (decrease)	691
Goodwill acquired during the period	0
Currency translation and other adjustments	691
Gross goodwill, ending balance	294,077	293,386
Goodwill, ending balance	$ 294,077	$ 293,386

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Investments at Fair Value (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Investment

The Cost and Fair Value of Investments at fair value as of March 31, 2023 (Successor) and December 31, 2022 (Predecessor) are presented below:


	As of March 31, 2023 (Successor)				As of December 31, 2022 (Predecessor)
(Dollars in Thousands)	Cost		Fair Value		Cost		Fair Value
Investments at Fair Value:
Mutual funds	$	73	$	48	$	73	$	44
Exchange-traded funds	120		111		115		101
TIG Arbitrage Associates Master Fund	214		215		—		—
TIG Arbitrage Enhanced Master Fund	179		177		—		—
TIG Arbitrage Enhanced	1,895		681		—		—

Arkkan Opportunities Feeder Fund	111		114		—		—

Arkkan Capital Management Limited	16,692		24,695		—		—
Zebedee Asset Management	56,917		70,311		—		—
Romspen Investment Corporation	72,523		70,317		—		—



Total	$	148,724	$	166,669	$	188	$	145

The breakdown of unrealized gains (losses) and realized gains (losses) for the relevant periods are as follows:


	For the Period
(Dollars in Thousands)	January 3 – March 31, 2023 (Successor)		January 1 – March 31, 2022 (Predecessor)
Unrealized gains (losses):
Net gains (losses) recognized	$	(1,971)	$	(19)
Net gains recognized on equity securities sold	—		—
Unrealized gains (losses) recognized on equity securities still held	$	(1,971)	$	(19)

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies (a)Basis of Presentation The accompanying unaudited condensed consolidated financial statements comprise the financial statements of the Company and its subsidiaries for the period January 3, 2023 to March 31, 2023 (Successor) and the Condensed Consolidated Statement of Financial Position of TWMH and its subsidiaries as of December 31, 2022 (Predecessor) and the Condensed Consolidated Statement of Operations of TWMH for the period January 1, 2022 to March 31, 2022 (Predecessor). The condensed consolidated financial statements have been prepared under the accrual basis of accounting in accordance with U.S. generally accepted accounting principles ("GAAP") and conforms to prevailing practices within the financial services industry, as applicable to the Company. The notes are an integral part of the Company’s condensed consolidated financial statements. In the opinion of management, all adjustments necessary for a fair presentation of the Company’s condensed consolidated financial statements have been included and are of a normal and recurring nature. The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Certain prior period presentations and disclosures, while not required to be recast, may be reclassified to ensure comparability with current period classifications. (b)Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make assumptions and estimates that affect the amounts reported in the condensed consolidated financial statements of the Company. The most critical of these estimates are related to (i) the fair value of the investments held by the products the Company manages, as for many products, 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 Tax Receivable Agreement (“TRA”), warrants 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 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 judgements relating to future cash flows, which include the Company’s interpretation of current economic indicators and market valuations, and assumptions about the Company’s strategic plans with regard to its operations. While management believes that the estimates utilized in preparing the condensed consolidated financial statements are reasonable and prudent, actual results could differ materially from those estimates. (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 The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers. 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 to in exchange for those goods or services. ASC 606 includes a five-step framework 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. Pursuant to ASC 606, 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. Under this standard, revenue is based on a contract with a determinable transaction price and a distinct performance obligation with probable collectability. Revenues cannot be recognized until the performance obligation is satisfied and control is transferred to the customer. 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 AUA of such account representing a single performance obligation. For assets for which valuations are not available on a daily basis, the most recent valuation provided to the Company is used as the fair value for the purpose of calculating the quarterly fee. In certain circumstances, fixed fees are charged to customers on a monthly basis. The nature of the Company’s performance obligation is to provide a series of distinct services in which the customer receives the benefits of the services over time. The Company’s performance obligation is satisfied at the end of each month or quarter, as applicable to the contract with the customer. Fees are charged on a mixture of methodologies that include quarterly in arrears based upon the market value at the end of the quarter, quarterly based on the average daily balance, or monthly. Receivable balances from contracts with customers are included in the fees receivable line in the Condensed Consolidated Statement of Financial Position. There were no write-offs of such fees receivable as of March 31, 2023 (Successor), and December 31, 2022 (Predecessor). Our FOS business is also included in this line item. FOS fees are generally structured to reflect an annual agreed upon fee or they can be structured on a project/time-based fee. FOS fees are typically billed quarterly in arrears. We also generate FOS project/time-based fees arising from accounting, administration fees, set up, 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. Distributions from Investments The Company has equity interests in three entities 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. Other Fees and Income The Company generates fees for advising on capital market transactions such as mergers and acquisitions and capital raising as part of its merchant banking division. Merchant banking fees are primarily success-based fees that are typically a percentage of the financial outcome or target achieved in the merger, acquisition, or capital raising. Revenue is recognized at a point in time upon closing of the transaction or upon the final deliverable. Additionally, the Company may receive upfront non-refundable retainer fees to provide future services to clients, which are recognized over the course of the service period. The Company generates arrangement fees in its co-investment division by arranging private debt or equity financing, generally in connection with an acquisition or an investment. Arrangement fees are typically 50 to 100 basis points of equity value contributed into a transaction. Acquisition fees are typically payable where there are no agency fees or where there is an off-market transaction sourced by the team. Such acquisition fees are usually in the range of 50 to 100 basis points of the purchase price of the relevant acquisition. The equity structures are long-term (five to ten years) closed-ended structures with fees normally ranging between 50 and 175 basis points of the equity value committed or drawn. The debt structure terms are generally between 12 and 36 months. The investment adviser, general partner or other entity entitled to fees in respect of each of our co-investments receives such fees either monthly, quarterly or annually. (e)Cash and Cash Equivalents Cash and cash equivalents primarily consist of cash and money market funds. Cash balances maintained by consolidated VIEs are not considered legally restricted and are included in cash and cash equivalents on the Condensed Consolidated Statement of Financial Position. Cash was held across our US and international markets. A majority of cash in the U.S. was held in checking accounts within the credit facility bank group, including at a major global financial institution which management believes is creditworthy. (f)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. 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 benefit or expense in the Condensed Consolidated Statement of Operations. (g)Foreign Currency and Transactions The Company has multiple functional currencies across various consolidated entities. All functional currencies that are not the U.S. dollar are converted upon consolidation at the reporting date. Monetary assets and liabilities denominated in foreign currency are remeasured into U.S. dollars at the closing rates of exchange on the date of the Condensed Consolidated Statement of Financial Position. Non-monetary assets and liabilities denominated in foreign currencies are remeasured into U.S. dollars using the historical exchange rate. The profit or loss arising from foreign currency transactions is remeasured using the rate in effect on the date of the relevant transaction. Gains and losses on transactions denominated in foreign currencies due to changes in exchange rates are recorded within Foreign currency translation adjustments. (h)Income Taxes The Company accounts for income taxes under the asset and liability method in accordance with ASC 740. Under this method, deferred tax assets and liabilities are determined based on differences between the condensed consolidated financial statement carrying amounts and tax bases of assets and liabilities and operating loss and tax credit carryforwards and are measured using the enacted tax rates that are expected to be in effect when the differences reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Condensed Consolidated Statement of Operations in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to an amount that, in the opinion of management, is more likely than not to be realized, meaning the likelihood of realization is greater 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. (i)Other assets Other assets 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. (j)Investments Investments in Debt Securities. The Company classifies debt investments as held-to-maturity or trading based on the Company’s intent and ability to hold the debt security to maturity or its intent to sell the security. The Company does not have any held-to-maturity debt investments. Trading securities are those investments that are purchased principally for the purpose of selling them in the near term. Trading securities are carried at fair value on the Condensed Consolidated Statement of Financial Position with changes in fair value recorded in nonoperating income (expense) on the Condensed Consolidated Statement of Operations. Investments in Equity Securities. Equity securities are generally carried at fair value on the Condensed Consolidated Statement of Financial Position in accordance with ASC 321, “Investments – Equity Securities.” Changes in fair value are recorded in net gains (losses) in the Condensed Consolidated Statement of Operations. Equity Method. The Company applies the equity method of accounting for equity investments where the Company does not consolidate the investee but can exert significant influence over the financial and operating policies of the investee. The evaluation of whether the Company exerts control or significant influence over the financial and operational policies of its investees is based on the facts and circumstances surrounding each individual investment. The Company’s share of the investee’s underlying net income or loss is recorded as net gain (loss) on investments within current period earnings. The Company’s share of net income of the investee is recorded based upon the most current information available at the time, which may precede the date of the Condensed Consolidated Statement of Financial Position. 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 option is elected will be measured in accordance with ASC 825. 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. (k)Leases The Company accounts for its leases in accordance with ASC 842, Leases and recognizes a lease liability and right-of-use asset in the Condensed Consolidated Statement of Financial Position for contracts that it determines are leases or contain a lease. The Company evaluates leases at their inception to determine if they are to be accounted for as an operating lease or a finance lease. A lease is accounted for as a finance lease if it meets one of the following five criteria: the lease has a purchase option that is reasonably certain of being exercised, the present value of the future cash flows is substantially all of the fair market value of the underlying asset, the lease term is for a significant portion of the remaining economic life of the underlying asset, the title to the underlying asset transfers at the end of the lease term, or 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. (l)Intangible assets other than goodwill, net The Company recognized certain finite-lived intangible assets as a result of the Business Combination. The Company’s finite-lived intangible assets consist of Trade Names, Customer Relationships, Investment Management Agreements 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. (m)Goodwill Goodwill represents the excess of the purchase price in a business combination over the fair value of the tangible and intangible assets acquired and the liabilities assumed. Under ASC 350, Intangibles—Goodwill and Other, goodwill is not amortized, but rather is subject to an annual impairment test. Goodwill represents the excess of consideration over identifiable net assets of an acquired business. Goodwill is allocated at a reporting unit level. The Company has two reporting units, Asset Management and Wealth Management, and tests goodwill annually for impairment at each reporting unit. If, after assessing qualitative factors, the Company believes that it is more-likely-than-not that the fair value of the reporting unit inclusive of goodwill is less than its carrying amount, the Company will perform a quantitative assessment to determine whether an impairment exists. If an impairment exists, the Company adjusts the carrying value of goodwill so that the carrying value of the reporting unit is equal to its fair value by taking a charge through earnings. The Company also tests goodwill for impairment in other periods if an event occurs or circumstances change such that it is more-likely-than-not to reduce the fair value of the reporting unit below its carrying amount. No impairments have been recognized to date on the Company’s goodwill. (n)Fixed Assets, Net Fixed assets are recorded at cost, less accumulated depreciation and amortization, and are included in the “Other assets” line item in the Company’s Condensed Consolidated Statement of Financial Position. Fixed assets are depreciated or amortized on a straight-line basis, with the corresponding depreciation and amortization expense included within general, administrative and other expenses in the Company’s Condensed Consolidated Statement of Operations. The estimated useful life for leasehold improvements is the lesser of the remaining lease term and the life of the asset, while other fixed assets are generally depreciated over a period of two to seven 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. (o)Debt Obligations, Net The Company’s debt obligations are recorded at amortized cost, net of any debt issuance costs, discounts and premiums. Debt issuances costs are deferred and along with discounts and premiums are amortized to interest expense in the Condensed Consolidated Statement of Operations over the life of the related debt instrument using the effective interest method. Unamortized debt issuance costs, discounts and premiums are written off to net losses on retirement of debt in the Condensed Consolidated Statement of Operations when the Company prepays borrowings prior to maturity. (p)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 other gain (loss) in the Condensed Consolidated Statement of Operations. Future exchanges of Class B Units for Class A Shares may increase the TRA liability. Those increases will be carried at a value equal to the expected future payments due under the TRA. No exchanges have occurred to date. For future increases due to exchanges the Company will record an initial estimate of future payments under the TRA portion as a decrease to additional paid-in capital in the Condensed Consolidated Statement of Financial Position. Subsequent adjustments to the liability for future payments under the TRA related to changes in estimated future tax rates or state income tax apportionment are recognized through current period earnings in the Condensed Consolidated Statement of Operations. (q)Warrant Liability The Company evaluated the Warrants in accordance with ASC 815-40 and concluded that a provision in the warrant agreement related to certain tender or exchange offers precludes the Warrants from being accounted for as components of equity. As the Warrants meet the definition of a derivative, the Warrants are recorded as derivative liabilities on the balance sheet and measured at fair value at each reporting date in accordance with ASC 820, Fair Value Measurement, with changes in fair value recognized in Other Income/(Expenses) in the Condensed Consolidated Statement of Operations in the period of change. Prior to the Business Combination the Sponsor held private warrants that were contributed to the Company and legally cancelled. The contribution and cancellation of these warrants resulted in derecognition of the private warrants and accounted for in additional paid in capital as of January 3, 2023. The Company subsequently issued new warrants with terms identical to those of the public warrants to the Target Companies’ selling shareholders classified as derivative liabilities. (r)Earn-out Liability The Earn-out Securities, comprised of 3.3 million Class A Shares, 7.1 million Class B Shares, and 7.1 million Class B Units (one Class B share and one Class B Unit comprising a Paired Interest, as described in Note 3 (Business Combination), 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 Earn-Out Securities will vest and be issued in settlement of the 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 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 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). The Company evaluated the terms of the earn-out agreement in accordance with ASC 815-40 and concluded that the Earn-out Securities are precluded from being accounted for as a component of equity. Since the earn-out agreement meets the definition of a derivative, the Earn-out Securities are recorded as a derivative liability on the balance sheet and measured at fair value at each reporting date in accordance with ASC 820, Fair Value Measurement, with changes in fair value recognized in Other Income/(Expenses) in the Condensed Consolidated Statement of Operations in the period of change. (s)Delayed share purchase agreement Prior to the Business Combination, TWMH entered into an agreement to purchase a remaining non-controlling interest in its consolidated subsidiary representing 51.1% of shares in Tiedemann International Holdings, AG ("TIH"). This arrangement was agreed upon for a fixed consideration of $1,818,440 and is accounted for as a liability until it is settled. (t)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 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. (u)Derivative Financial Instruments The Company accounts for derivative financial instruments in accordance with ASC 815, “Derivatives and Hedging,” which requires the Company to recognize all derivative instruments on the Condensed Consolidated Statement of Financial Position as either assets or liabilities and to measure them at fair value each reporting period unless they qualify for a 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. (v)Segment Reporting Our business is organized into two operating segments: wealth management and asset management. Described below are the segments and the revenue generated by each, which broadly fall into three categories: recurring management, advisory, or administration fees; performance or incentive fees; and transaction fees. Wealth Management Our wealth management services principally consist of investment management and advisory services, trusts and administrative services, and family office services. Our wealth management client base includes high net worth individuals HNWIs, families, single family offices, foundations, and endowments globally. Investment management or advisory fees are the primary source of revenue in our wealth management segment. These fees are generally calculated based on a percentage of the value of each client’s AUM or AUA (as applicable). As of March 31, 2023 (Successor), this segment had $45.6 billion in AUM/AUA. Investment Management and Advisory Services In our investment management and advisory services teams, we diversify our clients’ portfolios across risk factors, geographies, and asset classes including private equity, private debt, hedge funds, real estate, and other assets through highly experienced third-party managers, who may be hard to access. Trusts and Administration Services The trusts and administration services that we provide include entity formation and management, creating or modifying trust instruments and/or administrative practices to meet beneficiary needs, full corporate, trustee-executor, and fiduciary services. We also offer provision of directors and company secretarial services, administering entity ownership of IP rights, advice and administration services in connection with investments in marine and aviation assets, and administering entity ownership of fine art and collectibles. Family Office Services Our family office services are tailored outsourced family office solutions and administrative services which we provide primarily to our larger clients. These services include bookkeeping and back-office services, private foundation management and grantmaking, oversight of trust administration, financial tracking and reporting, cash flow management and bill pay, and other financial services. Asset Management Our asset management services include alternatives platform, public and private real estate, co-investment, and merchant banking businesses. Alternatives Platform Our alternatives platform represents our legacy TIG business which is an alternative asset manager. This platform includes our TIG Arbitrage strategy and funds managed by our External Strategic Managers. Our alternatives platform client base is predominantly comprised of institutional investors. The TIG Arbitrage strategy is our event-driven strategy based in New York through which management fees and incentive fees based on performance are received from the underlying funds and accounts. The strategies of our External Strategic Managers include Real Estate Bridge Lending, European Equities and Asian Credit and Special Situations. We receive distributions from our External Strategic Managers through our profit or revenue sharing arrangements that are generated through their management and incentive fees based on performance of the underlying investments. As of March 31, 2023 (Successor), this platform had $8.3 billion in AUM/AUA. Real Estate - Public and Private Our real estate business includes fund management services as well as co-investment solutions. As of March 31, 2023 (Successor), this business had approximately $12.8 billion of AUM/AUA. Fund Management Our real estate fund management business manages two funds based in the United Kingdom, LXi REIT, a publicly traded REIT, and Home Long Income Fund, a private fund. Services offered through these funds include investments, financial planning and strategy, sales and marketing, and back and middle office infrastructure/administration. The funds are marketed primarily in the United Kingdom to institutional investors, primarily pension funds, as well as to retail investors. Fees from our real estate fund management business are earned from management and advisory fees. Co-Investment Our real estate co-investment business, which was part of the legacy Alvarium business, oversees deal origination, due diligence, documentation, and structuring from inception to exit for a variety of strategies including forward funding, development, income, value-add and planning. Investors are typically HNWIs, single family offices, and institutional investors. Fees earned related to our real estate co-investment business include private market, incentive fees, management and advisory fees, and placement and brokerage fees. As of March 31, 2023 (Successor), our real estate co-investment platform has deployed more than $7.6 billion of capital (inclusive of capital raised for our public and private real estate funds), of which approximately 14% has been invested by legacy Alvarium shareholders and senior employees. Merchant Banking Our Merchant Banking division, which was part of the legacy Alvarium business, is a global corporate advisory practice that services companies principally in the media, consumer, healthcare, and technology and innovation sectors, as well as our wealth management clients around their operational businesses or family holding companies. Fees earned related to merchant banking include advisory fees, retainer fees, and project fees. (w)Other Income / Expenses Other income and expenses is comprised of unrealized gains (losses) on investments, interest and dividend income (expense), income from equity method investees, and other items. The Company holds investments in common stock, mutual funds, exchange-traded funds, and exchange-traded notes, which represent investments in equity and debt securities. The Company earns realized and unrealized gains and losses which depend on investment performance. Interest income is earned through its investments in exchange-traded notes. These generally include debt securities held on a short- or medium-term basis when the Company has excess cash. The Company recognizes and records interest income using the effective interest method. Dividend income is earned through investments in common stock, mutual funds, and exchange-traded funds. Dividend income is recorded on the ex-dividend date. 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. (x)Recent Accounting Pronouncements In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which modifies ASC 805 to require an acquiring entity in a business combination to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, Revenue from Contracts with Customers. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with ASC 606 as if it had originated the contracts. Under current GAAP, an acquirer generally recognizes such items at fair value on the acquisition date. This guidance is effective for annual and interim periods beginning after December 15, 2022, with early adoption permitted. The Company adopted this guidance on January 1, 2022 and applied the guidance prospectively to business combinations that occurred after this date. The adoption of this guidance did not have a material effect on the Company’s condensed consolidated financial statements. In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this update clarify the guidance in ASC 820 when measuring the fair value of an equity security subject to contractual sale restrictions and introduce new disclosure requirements related to such equity securities. The amendments are effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The Company does not expect the impact of this guidance to be material to its condensed consolidated financial statements. The Company has considered all newly issued accounting guidance that is applicable to its operations and the preparation of its unaudited condensed consolidated statements, including those it has not yet adopted. The Company does not believe that any such guidance has or will have a material effect on its financial position or results of operations.

Fair Value Disclosures (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

Investments at fair value as of March 31, 2023 (Successor) and December 31, 2022 (Predecessor) are presented below:


	As of March 31, 2023 (Successor)
	Level 1		Level 2		Level 3
(Dollars in Thousands)	Quoted Prices		Observable Inputs		Unobservable Inputs		Total
Assets:
Mutual funds	$	48	$	—	$	—	$	48
Exchange-traded funds	111		—		—		111
Investments – External Strategic Managers	—		—		165,322		165,322
Investments – Affiliated Funds(1)	—		—		—		1,188

Total	$	159	$	—	$	165,322	$	166,669

Liabilities:
Warrant liability	$	23,235	$	—	$	—	$	23,235
Earn-out liability	—		—		120,967		120,967
TRA liability	—		—		13,300		13,300
Earn-in consideration payable	—		—		1,593		1,593
Total	$	23,235	$	—	$	135,860	$	159,095


	As of December 31, 2022 (Predecessor)
	Level 1		Level 2		Level 3
(Dollars in Thousands)	Quoted Prices		Observable Inputs		Unobservable Inputs		Total
Assets:
Mutual funds	$	44	$	—	$	—	$	44
Exchange-traded funds	101		—		—		101
Interest rate swap	—		241		—		241
Total	$	145	$	241	$	—	$	386

Liabilities:
Earn-in consideration payable	$	—	$	—	$	1,519	$	1,519
Payout right	—		—		3,662		3,662
Total	$	—	$	—	$	5,181	$	5,181

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table sets forth a summary of changes in the fair value of Level 3 measurements as of March 31, 2023 (Successor) and December 31, 2022 (Predecessor):


	Level 3 Liabilities as of March 31, 2023 (Successor)
(Dollars in Thousands)	TRA Liability		Earn-out Liability		Earn-in consideration payable		Total
Beginning balance	$	13,000	$	91,761	$	1,519	$	106,280
Settlements	—		—		—		—
Net losses	300		29,206		74		29,580
Ending balance	$	13,300	$	120,967	$	1,593	$	135,860


	Level 3 Liabilities as of December 31, 2022 (Predecessor)
(Dollars in Thousands)	Earn-in consideration payable		Payout right		Total
Transfers into Level 3	$	—	$	—	$	—
Transfers out of Level 3	—		—		—
Purchases	—		—		—
Issuances	1,519		3,662		5,181
Ending balance	$	1,519	$	3,662	$	5,181

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation


(Dollars in Thousands)			Level 3 Assets as of March 31, 2023 (Successor)
Assets:	Beginning balance		Realized and Unrealized Gains (Losses)		Purchases		Sales and Maturities	Total
Investments – External Strategic Managers	$	146,130	$	3,822	$	15,370	$	$	165,322
Total Assets	$	146,130	$	3,822	$	15,370	$	$	165,322

Fair Value Measurement Inputs and Valuation Techniques


(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	$	165,322	Discounted Cash Flow	Discount rate	16% - 48%		Lower
				Long-term growth rate	3	%	Higher
Level 3 Liabilities:
TRA liability	$	13,300	Monte Carlo	Volatility	45	%	Lower
				Correlation	20	%	Higher
				Cost of debt range	5.6% - 7.1%		Lower
				Equity risk premium	7.5% - 12.9%		Lower
Earn-out liability	$	120,967	Monte Carlo	Volatility	45	%	Higher
				Risk-free rate	3.6	%	Higher
Earn-in consideration payable	$	1,593	Discounted Cash Flow	Revenue discount rate	7.2	%	Lower

Lease - Future Minimum Lease Payments (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Future Minimum Rental Operating Leases
Rest of 2023	$ 4,957
2024	7,551
2025	5,388
2026	4,131
2027	3,446
2028 and beyond	6,695
Total lease payments	32,168
Less: Imputed interest	3,713
Present value of lease liabilities	$ 28,455

Retirement Plans

3 Months Ended

Mar. 31, 2023

Postemployment Benefits [Abstract]

Retirement Plans

Retirement PlansThe 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 for the periods ended January 3 – March 31, 2023 (Successor) and January 1 – March 31, 2022 (Predecessor), were $0.8 million and $0.2 million, respectively, all

of which was payable as of March 31, 2023 (Successor) and is included in accounts payable and accrued expenses on the condensed consolidated financial statements.


(Dollars in Thousands)
For the Period
January 3, 2023 – March 31, 2023 (Successor)		January 1, 2022 – March 31, 2022 (Predecessor)
$	814	$	196

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Business Combination

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Business Combination

Business CombinationOn 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 is a forward merger and is accounted for using the acquisition method of accounting. The Company is the accounting acquirer and Umbrella, including the Target Companies, is the accounting acquiree. The Company has been determined to be the accounting acquirer because Umbrella meets the definition of a variable interest entity (“VIE”), and the Company is the primary beneficiary of Umbrella. ASC 805 requires the primary beneficiary of a VIE to be identified as the accounting acquirer. The Company is the primary beneficiary because it controls all activities of Umbrella, and the non-managing members of Umbrella do not have substantive kick-out or participating rights.

The Business Combination met the requirements to be considered a business combination under ASC 805. The assets and liabilities acquired from the Target Companies, affected for preliminary adjustments to reflect fair market values assigned to assets purchased and liabilities assumed, and results of operations, are included in the Company’s condensed consolidated financial statements from the date of acquisition. The Company has allocated the purchase price to the tangible and identifiable intangible assets based on their estimated fair market values at the acquisition date as required under ASC 805. The excess of the purchase price over the fair value of the net identifiable tangible and intangible assets was recorded as goodwill and is deductible for tax purposes.

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 Condensed 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 Condensed Consolidated Statement of Operations.

Each Class B Unit of Umbrella is paired with a share of Class B Common Stock (collectively, the “Paired Interests”). Pursuant to the Second Amended and Restated Limited Liability Agreement of Umbrella, dated as of January 3, 2023, a Paired Interest is exchangeable at any time after the lock-up period for a share of Class A Common Stock on a one-for-one basis, subject to equitable adjustments for stock splits, stock dividends and reclassifications. As the holder exchanges the Paired Interests pursuant to the LLC Agreement, the shares of Class B Common Stock included in the Paired Interests will automatically be canceled and the Class B Common Units included in the Paired Interests shall be automatically transferred to the Issuer and converted into and become an equal number of Class A Common Units in Umbrella. Alternatively, if approved by the disinterested members of the board of directors of the Company, such Class B Common Stock can be settled in cash funded from the proceeds of a private sale or a public offering of Class A Common Stock.

The Sponsor, in connection with the Business Combination, purchased 8,625,000 shares of Class B Common Stock (the “Founder Shares”) for $25,000 (approximately $0.03 per share). These shares had no value until the Business Combination completed. At this point, the Founder Shares automatically converted into Class A Common Stock. This conversion was solely contingent upon the completion of the business combination and did not include any future service requirements. As such, this cost of 8,625,000 shares at $10.33 per share for $89.1 million will be presented “on the line” and is not reflected in either predecessor or successor financial statement periods. “On the line” describes those expenses triggered by the consummation of a business combination that are not recognized in the Condensed Consolidated Statement of Operations as they are not directly attributable to either period but instead were contingent on the Business Combination.

As part of the Business Combination, the Company incurred $17.8 million of acquisition-related costs during the three months ended March 31, 2023 (Successor) which are included predominantly in the “Professional

fees” line in the Condensed Consolidated Statements of Operations. The Predecessor incurred $1.0 million of acquisition-related costs during the three months ended March 31, 2022 (Predecessor). In addition, the Company incurred $4.6 million of debt issuance costs related to debt issued to finance the Business Combination. Of the total debt issuance costs, $1.8 million is related to the Term Loan and drawn amount of the Revolver and is recorded as an offset to the “Debt, net of unamortized deferred financing cost” line item of the Condensed Consolidated Statement of Financial Position. $2.8 million of the debt issuance costs related to the undrawn amount of the Revolver were recorded in the “Other assets” line item of the Condensed Consolidated Statements of Financial Position.

The Business Combination was accounted for using the acquisition method of accounting, and the fair value of the total purchase consideration transferred was $1,071.1 million. Included in total purchase consideration is 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. The contingent consideration was measured at fair value at the acquisition date and recorded as a liability in the "Earn-out liability" line of the Condensed Consolidated Statement of Financial Position. See Note 2 (Summary of Significant Accounting Policies) for additional information.


(Dollars in Thousands)	Amount

Cash consideration	$	99,999
Equity consideration:
Class A	$	294,159
Class B	$	573,205
Warrants	$	4,896
Earn-out consideration	$	85,097
Tax Receivable Agreement	$	13,000
Payment of assumed liabilities	$	760
Total purchase consideration transferred	$	1,071,116

The consideration transferred is subject to customary closing adjustments in the post-combination period. While the valuation of consideration transferred is substantially completed, fair value estimates related to the consideration transferred are subject to adjustment for up to one year after the closing date of the acquisition as additional information becomes available. Valuations subject to adjustment include, but are not limited to, the Tax Receivable Agreement and Earn-out consideration as management continues to review the estimated fair values and evaluate the assumed tax position. When the valuation is final, any changes to the preliminary valuation of consideration transferred could result in adjustments to identified intangibles and goodwill. The fair values of consideration transferred is expected to be finalized during the remeasurement period, which ends on December 31, 2023. During the period January 3, 2023 - March 31, 2023 (Successor), there were no measurement period adjustments made to purchase consideration transferred.

The following table sets forth the fair values of the assets acquired and liabilities assumed in connection with the Business Combination (in thousands):


(Dollars in Thousands)	Business Combination Date Fair Value

Cash and cash equivalents	$	24,047
Management/advisory fees receivable	41,691
Investments at fair value	148,674
Equity method investments	47,713
Property, plant and equipment	3,996
Intangible assets	541,718
Goodwill	524,790
Operating lease right-of-use assets	28,487
Other assets	47,147
Total Assets Acquired	$	1,408,263
Accounts payable and accrued expenses	75,846
Accrued compensation and profit sharing	25,051
Accrued member distributions payable	12,803
Delayed share purchase agreement	1,818
Earn-in consideration payable	1,519
Operating lease liabilities	29,047
Debt	124,533
Deferred tax liability, net	50,288
Other liabilities	15,482
Total Liabilities Assumed	$	336,387
Total Assets Acquired and Liabilities Assumed	1,071,876
Non-controlling interest in subsidiaries	(760)
	$	1,071,116

For the period January 3 – March 31, 2023 (Successor), cash and cash equivalents at the beginning of the period of $194.1 million included the proceeds from the PIPE Investors related to the private placements issuances, remaining cash held in the trust account, and the beginning balance sheet cash from each of Alvarium, TIG, and TWMH.

While the valuation of acquired assets and liabilities is substantially complete, fair value estimates are subject to adjustment for up to one year after the closing date of the acquisition as additional information becomes available. Valuations subject to adjustment include, but are not limited to, equity method investments, intangible assets, and the Tax Receivable Agreement, as management continues to review the estimated fair values and evaluate the assumed tax position. At this time, the Company expects that changes to the value of equity method investments, intangible assets, goodwill, the Tax Receivable Agreement and deferred tax assets and liabilities will be made during the measurement period. The fair values of assets acquired and liabilities assumed is expected to be finalized during the remeasurement period, which ends on December 31, 2023.

During the three months ended March 31, 2023 (Successor), there were no measurement period adjustments made to the assets acquired or liabilities assumed. When the valuation is final, any changes to the preliminary valuation of acquired assets and liabilities could result in adjustments to identified intangibles and goodwill.

The fair values of assets acquired and liabilities assumed is expected to be finalized during the remeasurement period, which ends on December 31, 2023.

Fair Value of Net Assets Acquired and Intangibles

With the exception of operating right-of-use assets and operating lease liabilities accounted for under Topic 842, in accordance with Accounting Standards Codification, or ASC 805, the assets and liabilities were recorded at their respective fair values as of January 3, 2023. The Company developed the fair value of intangible assets, which include trade names, customer relationships, investment management agreements, developed technology and backlog, using various techniques including discounted cash flow, relief from royalty, multi-period excess earnings, and a Monte Carlo simulation approach. The Company developed the fair value of equity method investments using various techniques including discounted cash flow and a guideline public company approach. The investments at fair value and earn-in consideration are carried at fair value and no adjustment was made. 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. Goodwill is allocated between the two reporting segments: Wealth Management and Asset Management. The goodwill allocation between Wealth Management and Asset Management is $293.4 million and $231.4 million, respectively.

Below is a summary of the intangible assets acquired in the Business Combination (in thousands):


(Dollars in Thousands)	Acquisition Date Fair Value		Estimated Life (Years)

Trade Names	$	14,695	11.5
Customer Relationships	163,851		27.1
Investment Management Agreements (definite life)	114,473		15
Investment Management Agreements (indefinite life)	247,100		N/A
Developed Technology	1,000		5
Backlog	599		0.5
Total Intangible Assets	$	541,718

The intangible assets acquired and subject to amortization have a weighted average useful life of 21.5 years.

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income tax expense	$ (4,650)	$ (193)
Effective income tax rate, percentage	(5.40%)	17.90%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Business Combination - Purchase Consideration Transferred (Details) - Alvarium, TWMH And TIG $ in Thousands	Jan. 03, 2023 USD ($)
Business Combination, Consideration Transferred [Abstract]
Cash consideration	$ 99,999
Earn-out consideration	85,097
Tax Receivable Agreement	13,000
Payment of assumed liabilities	760
Total purchase consideration transferred	1,071,116
Class A shares
Business Combination, Consideration Transferred [Abstract]
Equity consideration:	294,159
Class B shares
Business Combination, Consideration Transferred [Abstract]
Equity consideration:	573,205
Warrants
Business Combination, Consideration Transferred [Abstract]
Equity consideration:	$ 4,896

Other assets, net

3 Months Ended

Mar. 31, 2023

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

Other assets, net

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


(dollars in thousands)	As of March 31, 2023 (Successor)		As of December 31, 2022 (Predecessor)
Fixed assets, net:
Leasehold improvements	$	5,491	$	2,571
Office equipment and furniture	5,840		2,895
Foreign currency translation difference	84		—
Accumulated depreciation and amortization	(7,515)		(4,491)
Fixed assets, net	3,900		975
Accrued income	11,121		—
Prepaid expenses	10,473		1,898
Sundry receivables	8,743		—
Other receivables (1)	9,497		579
Interest rate swap	187		241
Other assets	7,173		124
Other assets, net	$	51,094	$	3,817

(1) Other receivables as of March 31, 2023 (Successor) includes a $1.8 million receivable due from a related party. Refer to Note 16 (Related Party Transactions) for further details.

Other assets, net (Tables)

3 Months Ended

Mar. 31, 2023

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

Schedule of Other Assets

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


(dollars in thousands)	As of March 31, 2023 (Successor)		As of December 31, 2022 (Predecessor)
Fixed assets, net:
Leasehold improvements	$	5,491	$	2,571
Office equipment and furniture	5,840		2,895
Foreign currency translation difference	84		—
Accumulated depreciation and amortization	(7,515)		(4,491)
Fixed assets, net	3,900		975
Accrued income	11,121		—
Prepaid expenses	10,473		1,898
Sundry receivables	8,743		—
Other receivables (1)	9,497		579
Interest rate swap	187		241
Other assets	7,173		124
Other assets, net	$	51,094	$	3,817

(1) Other receivables as of March 31, 2023 (Successor) includes a $1.8 million receivable due from a related party. Refer to Note 16 (Related Party Transactions) for further details.

Intangible Assets, net - Estimated Future Amortization (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2023	$ 11,674
2024	15,080
2025	15,080
2026	15,080
2027 and beyond	237,152
Net Carrying Amount	$ 294,066	$ 20,578

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2023
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 Alvarium Tiedemann related to the Business Combination. Amounts payable under the TRA are contingent upon (i) the generation of taxable income over the life of the TRA, (ii) the tax rates in effect as of time periods in which tax benefits are used, and (iii) certain terms governing the rate of interest to be applied to payments under the TRA. As of March 31, 2023 (Successor), the liability associated with the TRA was approximately $13.3 million and consisted entirely of a liability recorded under ASC 805 associated with the Business Combination, and as such, is presented at fair value through the discount of future anticipated payments. 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. 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. for Class A shares 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 Alvarium Tiedemann 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. 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. The estimate of the timing and amount of future payments under the TRA involves several assumptions that do not account for the significant uncertainties associated with those potential payments, including an assumption that the Company will have sufficient taxable income in the relevant tax years to utilize the tax benefits that would give rise to an obligation to make payments. As of March 31, 2023 (Successor), 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 AlTi Global's assets, we expect to pay approximately $13.3 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 Units for Class A Shares would be accounted for separately from the amount related to the Business Combination. Earn-out Under the terms of the Business Combination, upon Closing, the Sponsor and the selling shareholders of TWMH, TIG, and Alvarium became 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 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. As of March 31, 2023 (Successor), the fair value of the earn-out shares was $121.0 million. See Note 2 (Summary of Significant Accounting Policies) for additional detail. Litigation From time to time, the Company is involved in legal actions in the ordinary course of business. Although there can be no assurance of the outcome of such legal actions, in the opinion of management, the Company does not have a potential liability related to any current legal proceeding or claim that would individually or in the aggregate materiality affects its results of operations, financial condition or cash flows. Home REIT is a real estate investment trust company listed on the London Stock Exchange. Alvarium Fund Managers (UK) Limited (“AFM UK”) is its alternative investment fund manager (or “AIFM”) and AHRA is its investment adviser. AFM UK is a wholly owned subsidiary of Alvarium. AHRA was owned by ARE up until December 30, 2022, when it was sold. As such, AHRA was not acquired by Cartesian pursuant to the business combination between the Cartesian, Alvarium and certain Tiedemann entities which completed on January 3, 2023 and formed the Company. Accordingly, AHRA has never been a member of our corporate group. Notwithstanding the disposal of AHRA, Alvarium RE retained an option to reacquire AHRA and, consequently, AHRA has been included in our consolidated financial statements for the financial year ending December 31, 2022 in accordance with applicable accounting requirements. 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. Following the publication of the short seller report, a UK law firm (Harcus Parker Limited) announced that it was seeking current and former shareholders of Home REIT to potentially bring claims in connection with the allegations. Harcus Parker’s announcement states that claims will likely be brought against Home REIT itself, its directors, and AFM UK. Notwithstanding the Harcus Parker publication, as at the date of authorising these financial statements, no letter before action has been received by AFM UK (as such is required under the Practice Direction on Pre-action Protocols and Conduct contained in the Civil Procedure Rules prior to a claimant commencing litigation), no litigation has been commenced against Home REIT or AFM UK, and we do not currently have visibility on the likelihood or otherwise of litigation actually being commenced. Further, given the above, it is not possible at this point in time for us to reliably assess the quantum of any claims that may potentially be brought, though such quantum may potentially be material to the Group. If any litigation or other action is commenced against AFM UK, our current assessment is that any such claims or actions should be defended and would be unlikely to succeed. However, if any claims were commenced, we would anticipate that such claims may involve complex questions of law and fact and we may incur significant legal expenses in defending such litigation. We will continue to assess any potential litigation or regulatory risk associated with the above-mentioned matters. We maintain insurance policies which are intended to provide coverage for various claims against us, subject to the terms and conditions of the relevant policy. Such policies include, among other things, indemnification for legal expenses. We also have access to credit facilities to support the business, if required. These arrangements support our assessment of going concern and of our ability to address any potential financial impact arising from the above.

Description of the Business - Narrative (Details) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($) segment category fund $ / shares	Mar. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($)	Jan. 03, 2023
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Assets under management	$ 66,700,000	$ 66,700,000
Warrant, exercise price (in dollars per share) \| $ / shares	$ 11.50	$ 11.50
Warrant, expiration period (in years)	5 years
Warrant redemption price (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Exercise of warrants, additional paid in capital		$ 5,416
Number of operating segments \| segment	2
Number of operating segments, number of revenue generating categories \| category	3
Additional paid-in-capital
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Exercise of warrants, additional paid in capital		5,416
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%
Wealth management
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Assets under management and advisement	$ 45,600,000	45,600,000
Asset management \| Alternatives Platform
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Assets under management and advisement	8,300,000	8,300,000
Revenue from related parties	7,300
Asset management \| Real Estate - Public and Private
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Assets under management and advisement	$ 12,800,000	$ 12,800,000
Number of funds managed \| fund	2
Asset management \| Fund Management
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of funds managed \| fund	2
Asset management \| Fund Management \| Alvarium RE Limited ("ARE") \| Alvarium Home REIT Advisors Ltd ("AHRA") \| Entity Owned By Management Of Alvarium Home REIT Advisors Ltd (“AHRA”)
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Voting interest to be acquired (in percent)			100.00%
Price of acquisition, expected			$ 29,000
Asset management \| Co-Investment
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Deployed capital, percentage invested	14.00%
Deployed capital	$ 7,600,000
Class A shares
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Total voting power (in percent)	51.00%	51.00%
Warrant redemption, minimum share price (in dollars per share) \| $ / shares	$ 18.00
Issuance of shares - exercise of warrants (in shares) \| shares		428,626
Class B shares
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Total voting power (in percent)	49.00%	49.00%