0001193125-23-152922 | S-1/A | XBRL Viewer

(Dollars in Thousands)

For the Period

January 3, 2023 – March 31, 2023 (Successor)

January 1, 2022 – March 31, 2022 (Predecessor)

Debt, net of unamortized deferred financing cost (Tables)

3 Months Ended

Mar. 31, 2023

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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
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-Section S99
-Paragraph 1
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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21506-112644

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 55
-Paragraph 69B
-URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 69E
-URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21521-112644

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21538-112644

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-Topic 505
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+ Details

Segment Reporting - Narrative (Details) - segment		3 Months Ended
Segment Reporting - Narrative (Details) - segment	Jan. 03, 2023	Mar. 31, 2023
Segment Reporting [Abstract]
Number of operating segments	2	2

Equity Method Investments

3 Months Ended

Mar. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

(8)	Equity Method Investments

As 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.

Business Combination

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Business Combination

(3)	Business Combination

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

The Business Combination 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.

Class A Ordinary Shares Subject to Possible Redemption	12 Months Ended
Class A Ordinary Shares Subject to Possible Redemption	Dec. 31, 2022
ALVARIUM TIEDEMANN HOLDINGS INC [Member]
Temporary Equity [Line Items]
Class A Ordinary Shares Subject to Possible Redemption	NOTE 7. CLASS A ORDINARY SHARE SUBJECT TO POSSIBLE REDEMPTION Class A Ordinary Shares — The Company is authorized to issue up to 200,000,000 Class A ordinary shares with a par value of $0.0001 per share. At each of December 31, 2022 and 2021 there were 34,500,000 issued and outstanding. Of the 34,500,000 issued and outstanding Class A ordinary shares, 34,500,000 shares are subject to possible redemption at December 31, 2022 and 2021 and, therefore, classified outside of permanent equity. At December 31, 2022 and 2021, all Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ deficit section of the Company’s balance sheets.

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	$ 1,500	$ 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
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

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


	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	)		—

Summary Of Significant Accounting Policies

3 Months Ended

12 Months Ended

Mar. 31, 2023

Dec. 31, 2022

Significant Accounting Policies [Line Items]

Summary Of Significant Accounting Policies

(2)	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

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.

ALVARIUM TIEDEMANN HOLDINGS, INC [Member]

Significant Accounting Policies [Line Items]

Summary Of Significant Accounting Policies

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”).

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of Estimates

The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting periods.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. One of the more significant accounting estimates included in these financial statements is the determination of the fair value of the warrant liabilities. Such estimates may be subject to change as more current information becomes available and accordingly, the actual results could differ significantly from those estimates.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had cash of $85,540 and $551,258 as of December 31, 2022 and 2021, respectively. The Company did not have any cash equivalents as of December 31, 2022 and 2021.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage. The Company has not experienced losses on this account.

Cash and Marketable Securities Held in Trust Account

Through December 29, 2022 and at December 31, 2021, substantially all of the assets held in the Trust Account were held in money market funds which invest in U.S. Treasury securities. At December 31, 2022, substantially all of the assets held in the Trust account were transferred and held in the cash in preparation for the Business Combination closing date.

Convertible Debt

The Company accounts for promissory note that feature conversion options in accordance with Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 815, “Derivatives and Hedging” (“ASC 815”). ASC 815 requires companies to bifurcate conversion options from their host instruments and account for them as freestanding derivative financial instruments according to certain criteria. These criteria include circumstances in which (i) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (ii) a promissory note that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise applicable GAAP with changes in fair value reported in earnings as they occur and (iii) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument.

Warrant Liabilities

The Company evaluates the Warrants (which are discussed in Note 3, Note 4 and Note 9), in accordance with FASB ASC Topic 815-40, “Derivatives and Hedging, Contracts in Entity’s Own Equity” (“ASC 815-40”) and concluded that a provision in its 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 as contemplated in ASC 815-40, the Warrants are recorded as derivative liabilities on the balance sheets and measured at fair value at inception (the date of the IPO) and at each reporting date in accordance with FASB ASC Topic 820, “Fair Value Measurement,” with changes in fair value recognized in the statements of operations in the period of change.

Offering Costs Associated with the Initial Public Offering

The Company complies with the requirements of the FASBASC 340-10-S99-1. Offering costs consisted of legal fees, accounting fees, underwriting fees and other costs incurred through the IPO that were directly related to the IPO. Offering costs are allocated to the separable financial instruments issued in the IPO based on a relative fair value basis, compared to total proceeds received. Offering costs associated with warrant liabilities are expensed as incurred, presented as non-operating expenses in the statements of operations. Offering costs associated with the Class A ordinary shares were charged to temporary equity upon the completion of the IPO.

Class A Ordinary Shares Subject to Possible Redemption

The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity” (ASC 480). Ordinary shares subject to mandatory redemption (if any) are classified as a liability instrument and measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. All of the 34,500,000 Class A ordinary shares contain a redemption feature which allows for the redemption of such Class A ordinary shares in connection with the Company’s liquidation, if there is a shareholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s amended and restated memorandum and articles of association. In accordance with the SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption provisions not solely within the control of the Company require ordinary shares subject to redemption to be classified outside of permanent equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of ASC 480. Accordingly, at December 31, 2022 and 2021, all Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ deficit section of the Company’s balance sheets.

The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable ordinary shares are affected by charges against additional paid in capital and accumulated deficit.

As of December 31, 2022 and 2021, the Class A ordinary shares subject to redemption reflected on the balance sheets are reconciled in the following table:


Gross Proceeds	$	345,000,000
Less:
Proceeds allocated to Public Warrants		(15,007,500	)
Class A ordinary shares issuance costs		(18,671,929	)
Plus:
Remeasurement of carrying value to redemption value		33,679,429
Interest earned on Trust Account		31,308

Class A ordinary shares subject to possible redemption at December 31, 2021	$	345,031,308
Interest earned on Trust Account		4,952,531

Class A ordinary shares subject to possible redemption at December 31, 2022	$	349,983,839

Income Taxes

The Company accounts for income taxes under ASC 740, “Income Taxes” (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized.

ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of December 31, 2022 and 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.

There is currently no taxation imposed on income by the government of the Cayman Islands. In accordance with Cayman Islands income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statements. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.

Fair Value of Financial Instruments

The Company follows the guidance in FASB ASC Topic 820, “Fair Value Measurement,” for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually.

The fair value of certain of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:

Level 1 –Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment.

Level 2 –Valuations based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active for identical or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived principally from or corroborated by market through correlation or other means.

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

See Note 9 for additional information on assets and liabilities measured at fair value.

Net Income (Loss) per Share

The Company complies with the accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” Net (loss) income per share is computed by dividing net (loss) income by the weighted average

number of ordinary shares outstanding during the period. The Company has two classes of shares, Class A ordinary shares and Class B ordinary shares. Earnings and losses are shared pro rata between the two classes of shares. The Company has not considered the effect of the 20,400,000 Class A ordinary shares underlying the 11,500,000 Warrants and the 8,900,000 Private Warrants, in the calculation of diluted net (loss) income per share, since the exercise of the Warrants is contingent upon the occurrence of future events. As a result, diluted net (loss) income per ordinary share is the same as basic net (loss) income per ordinary share for the period presented.

The Company’s statements of operations apply the two-class method in calculating net (loss) income per share. Basic and diluted net (loss) income per Class A ordinary share and Class B ordinary share is calculated by dividing net (loss) income attributable to the Company by the weighted average number of Class A ordinary shares and Class B ordinary shares outstanding, allocated proportionally to each class of shares.

Reconciliation of Net (Loss) Income per Share

The Company’s net (loss) income is adjusted for the portion of net (loss) income that is allocable to each class of shares. The allocable net (loss) income is calculated by multiplying net (loss) income by the ratio of weighted average number of shares outstanding attributable to Class A ordinary shares and Class B ordinary shares to the total weighted average number of shares outstanding for the period. Remeasurement of the carrying value of Class A ordinary shares to redemption value is excluded from net (loss) income per ordinary share because the redemption value approximates fair value.

Accordingly, basic and diluted (loss) income per ordinary share is calculated as follows:


	For the Year Ended December 31, 2022			For the Year Ended December 31, 2021
Class A Ordinary Shares
Numerator: Net income (loss) allocable to Class A ordinary shares
Net income (loss)	$	8,779,014		$	(1,035,380	)
Less: Allocation of net income (loss) to Class B ordinary shares		(1,755,803	)		(232,904	)

Proportionate share of net income (loss)	$	7,023,211		$	(802,476	)


Denominator: Weighted Average Class A ordinary shares
Basic and diluted weighted average shares outstanding		34,500,000			29,112,329

Basic and diluted net income (loss) per share	$	0.20		$	(0.03	)

Class B Ordinary Shares
Numerator: Net income (loss) allocable to Class B ordinary shares
Net income (loss)	$	8,779,014		$	(1,035,380	)
Less: Allocation of net income (loss) to Class A ordinary shares		(7,023,211	)		(802,476	)

Proportionate share of net income (loss)	$	1, 755,803		$	(232,904	)
Denominator: Weighted Average Class B ordinary shares
Basic and diluted weighted average shares outstanding		8,625,000			8,449,315

Basic and diluted net income (loss) per share	$	0.20		$	(0.03	)

Recent Accounting Pronouncements

The Company’s management does not believe that any other recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the accompanying financial statements

Fair Value Measurements (Details) - Schedule of Schedule of Key Inputs into the Monte Carlo Simulation Model - ALVARIUM TIEDEMANN HOLDINGS, INC [Member] - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Key Inputs Into The Monte Carlo Simulation [Line Items]
Risk-free interest rate	4.70%	1.30%
Expected term remaining (years)	5 months 15 days	5 years 5 months 26 days
Expected volatility	22.50%	17.50%
Trading stock price	$ 10.91	$ 9.88

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

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 - 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

Equity-Based Compensation

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation

(5)	Equity-Based Compensation

In connection with the Business Combination, certain of TWMH’s restricted units vested and the Company granted fully vested shares to Alvarium’s employees, resulting in compensation expense of $4.2 million and $24.6 million, respectively, during the 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.

Investments at Fair Value (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Investment [Table Text Block]

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	)

Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ (90,290,000)	$ 886,000
Net income (loss)	(68,740,000)	899,000
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	4,517,000	610,000
Amortization of debt discounts and deferred financing costs	2,364,000	0
Unrealized (gain) loss on investments	(3,553,000)	46,000
(Income) loss on equity method investments	172,000	(37,000)
Restricted unit compensation	0	591,000
Fair value of warrant liability	12,942,000	0
Fair value of earn-out liability	29,206,000	0
Deferred income tax (benefit) expense	3,119,000	(18,000)
Equity-settled share-based payments	28,953,000	0
Unrealized foreign currency (gains)/losses	58,000	0
(Gain)/loss from retirement of debt	(73,000)	0
Fair value of interest rate swap	54,000	(174,000)
Cash flows due to changes in operating assets and liabilities
Fees receivable	11,147,000	680,000
Other assets	(8,220,000)	(782,000)
Operating cash flow from operating leases	290,000	623,000
Accounts payable and accrued expenses	(27,102,000)	536,000
Accrued compensation and profit sharing	(13,357,000)	(7,476,000)
Distributions due to former TIG members	(7,108,000)	0
Other liabilities	(11,524,000)	184,000
Other operating activities	186,000	0
Net cash provided by (used in) operating activities	(68,153,000)	(3,629,000)
Cash Flows from Investing Activities:
Cash acquired from consolidation of variable interest entity	0	471,000
Cash payment for acquisition of TWMH and TIG historical equity	(99,999,000)	0
Receipt of payments of notes receivable from members	216,000	334,000
Cash receipts from the repayment of advances and loans	298,000	0
Purchases of investments	(15,376,000)	(48,000)
Purchase of TIH shares	0	(382,000)
Purchase of Holbein	0	(8,097,000)
Payment of Payout Right	(760,000)	0
Sales of investments	1,599,000	266,000
Purchases of fixed assets	(107,000)	(6,000)
Net cash provided by (used in) investing activities	(114,129,000)	(7,462,000)
Cash Flows from Financing Activities:
Member contribution (distribution)	(4,257,000)	(3,475,000)
Payments on term notes and lines of credit	(136,273,000)	(640,000)
Borrowings on term notes and lines of credit	145,660,000	11,200,000
Cash payment for purchase of shares issued as part of Alvarium share compensation	(4,215,000)	0
Cash receipts from exercise of Warrants	4,008,000	0
Other financing activities	1,000	0
Net cash provided by (used in) financing activities	4,924,000	7,085,000
Effect of exchange rate changes on cash	1,052,000	(46,000)
Net increase (decrease) in cash	(176,306,000)	(4,052,000)
Cash and cash equivalents at beginning of the period	194,096,000	8,040,000	$ 8,040,000
Cash and cash equivalents at end of the period	17,790,000	3,988,000		$ 8,040,000
Supplemental Disclosure of Cash Flow Information
Income taxes	0	64,000
Interest payments on term notes and lines of credit	1,107,000	64,000
Shareholder Loan
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Forgiveness of debt	66,000	619,000
Member Notes Receivable
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Forgiveness of debt	$ 0	83,000
ALVARIUM TIEDEMANN HOLDINGS, INC [Member]
Cash flows from operating activities:
Net income (loss)			8,779,014	(1,035,380)
Net income (loss)			8,779,014	(1,035,380)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Unrealized (gain) loss on investments			22,368	0
(Income) loss on equity method investments			(8,779,014)	1,035,380
Interest earned on cash and marketable securities held in Trust Account			(4,974,899)	(31,308)
Other income			(195,587)	0
Offering costs allocated to warrants			0	868,131
Excess of private warrants fair value over purchase price			0	3,097,200
Fair value of warrant liability			(12,562,468)	(3,911,091)
Amortization of debt discount			32,145	0
Change in fair value of conversion option liability			40,776	0
Cash flows due to changes in operating assets and liabilities
Prepaid expenses			70,406	(70,406)
Accounts payable and accrued expenses			7,822,527	174,172
Net cash provided by (used in) operating activities			(965,718)	(908,682)
Cash Flows from Investing Activities:
Proceeds from sale of investments held in trust account			348,906,871	0
Purchases of investments			(348,906,871)	(345,000,000)
Net cash provided by (used in) investing activities			0	(345,000,000)
Cash Flows from Financing Activities:
Proceeds from sale of Units, net of underwriting commissions			0	338,100,000
Proceeds from sale of Private Warrants			0	8,900,000
Proceeds from issuance of promissory note to Sponsor			500,000	144,890
Payment on promissory issued to Sponsor			0	(144,890)
Payment of deferred offering costs			0	(540,060)
Net cash provided by (used in) financing activities			500,000	346,459,940
Net change in cash			(465,718)	551,258
Cash and cash equivalents at beginning of the period		$ 551,258	551,258	0
Cash and cash equivalents at end of the period			85,540	551,258
Supplemental Disclosure of Cash Flow Information
Initial classification of Class A ordinary shares subject to possible redemption			0	345,000,000
Remeasurement of ordinary shares subject to possible redemption noncash transaction			4,952,531	0
Deferred underwriting fee charged to additional paid in capital			0	12,075,000
Initial classification of warrant liability			0	27,004,700
Waived deferred underwriting fee			$ (4,079,413)	$ 0

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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
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+ 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)

Goodwill, net

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill, net

(13)	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.

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 - diluted (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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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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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

Other assets, net

3 Months Ended

Mar. 31, 2023

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

Other assets, net

(11)	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.

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

Debt, net of unamortized deferred financing cost

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Debt, net of unamortized deferred financing cost

(14)	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.

(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.

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

Fair Value Measurements (Details) - Schedule of changes in the fair value of the Level 3 conversion option - USD ($)	3 Months Ended	7 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 106,280,000
Change in fair value	29,580,000
Ending balance	$ 135,860,000	$ 5,181,000
ALVARIUM TIEDEMANN HOLDINGS, INC [Member] \| Conversion Option [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance		41,331
Change in fair value		40,776
Ending balance		$ 82,107

Other assets, net - (Details) (Parentheticals) $ in Millions	Mar. 31, 2023 USD ($)
TIG GP And TIG MGMT [Member]
Related Party Transaction [Line Items]
Related Party Receivables	$ 1.8

Leases - 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

Cover Page	3 Months Ended
Cover Page	Mar. 31, 2023
Document Information [Line Items]
Document Type	S-1/A
Amendment Flag	true
Entity Registrant Name	AlTi Global, Inc.
Entity Central Index Key	0001838615
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	92-1552220
Entity Address, Address Line One	520 Madison Avenue
Entity Address, Address Line Two	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
Amendment Description	AMENDMENT NO. 3
Entity Primary SIC Number	6282
Business Contact [Member]
Document Information [Line Items]
Entity Address, Address Line One	520 Madison Avenue
Entity Address, Address Line Two	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
Contact Personnel Name	Michael Tiedemann

Condensed Consolidated Statement of Financial Position (Unaudited) - USD ($)	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 17,790,000	$ 7,131,000
Investments at fair value	166,669,000	145,000
Equity method investments	48,803,000	52,000
Intangible assets, net of accumulated amortization	541,166,000	20,578,000
Goodwill	530,760,000	25,464,000	$ 22,185,000
Operating lease right-of-use assets	27,601,000	10,095,000
Other assets	51,094,000	3,817,000
Total assets	1,416,152,000	91,989,000
Liabilities
Accounts payable and accrued expenses	36,433,000	8,073,000
Accrued compensation and profit sharing	11,786,000	15,660,000
Accrued member distributions payable	17,600,000	11,422,000
Warrant liabilities, at fair value	23,235,000	0
Earn-out liability, at fair value	120,967,000	0
TRA liability	13,300,000	0
Delayed share purchase agreement	1,818,000	1,818,000
Earn-in consideration payable	1,593,000	1,519,000
Operating lease liabilities	28,455,000	10,713,000
Debt, net of unamortized deferred financing cost	133,251,000	21,187,000
Deferred tax liability, net	40,545,000	82,000
Deferred income	1,692,000	0
Other liabilities	24,772,000	3,662,000
Total liabilities	455,447,000	74,136,000
Commitments and contingencies (Note 19)
Shareholders' Equity
Additional paid-in capital	462,275,000
Retained earnings (accumulated deficit)	(96,686,000)	0
Accumulated other comprehensive income (loss)	4,941,000	(1,077,000)
Total AlTi Global, Inc. shareholders' equity	370,536,000	17,533,000
Non-controlling interest in subsidiaries	590,169,000	320,000
Total shareholders' equity	960,705,000	17,853,000
Total liabilities and shareholders' equity	1,416,152,000	91,989,000
ALVARIUM TIEDEMANN HOLDINGS, INC [Member]
Assets
Cash and cash equivalents		85,540	551,258
Prepaid Expenses		0	70,406
Total current assets		85,540	621,664
Cash and marketable securities held in Trust Account		349,983,839	345,031,308
Total assets		350,069,379	345,652,972
Liabilities
Accounts payable and accrued expenses		8,004,647	182,120
Total current liabilities		8,004,647	182,120
Deferred underwriting fee		7,800,000	12,075,000
Convertible promissory note – related party		490,814	0
Conversion option liability		82,107	0
Warrant liabilities		10,531,140	23,093,608
Total liabilities		26,908,708	35,350,728
Commitments and contingencies (Note 19)
Class A ordinary shares subject to possible redemption, 34,500,000 shares, issued and outstanding, at redemption values of approximately $10.14 and $10.00 at December 31, 2022 and 2021, respectively		349,983,839	345,031,308
Shareholders' Equity
Preference shares, $0.0001 par value; 1,000,000 shares authorized; no shares issued and outstanding		0	0
Common stock		0	0
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 8,625,000 shares issued and outstanding at December 31, 2022 and 2021		863	863
Additional paid-in capital		1,200,788	0
Retained earnings (accumulated deficit)		(28,024,819)	(34,729,927)
Total AlTi Global, Inc. shareholders' equity		(26,823,168)	(34,729,064)
Total liabilities and shareholders' equity		350,069,379	$ 345,652,972
Class A shares
Shareholders' Equity
Common stock	6,000	3,000
Class B shares
Shareholders' Equity
Common stock	0	18,607,000
Fees receivable, net
Assets
Contract with customer, receivable	32,269,000	19,540,000
Other receivable, net
Assets
Contract with customer, receivable	$ 0	$ 5,167,000

Fair Value Disclosures

3 Months Ended

12 Months Ended

Mar. 31, 2023

Dec. 31, 2022

Fair Value Disclosures [Line Items]

Fair Value Disclosures

(7)	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

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.

ALVARIUM TIEDEMANN HOLDINGS INC [Member]

Fair Value Disclosures [Line Items]

Fair Value Disclosures

NOTE 9. FAIR VALUE MEASUREMENTS

The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2022 and 2021, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:


	December 31, 2022		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
Cash held in Trust Account	$	349,983,839	$	349,983,839	$	—	$	—

Liabilities:
Public Warrants Liability	$	5,882,250	$	5,882,250	$	—	$	—
Private Warrants Liability		4,648,890		—		—		4,648,890

	$	10,531,140	$	5,882,250	$	—	$	4,648,890


	December 31, 2021		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
U.S. Money Market held in Trust Account	$	345,031,308	$	345,031,308	$	—	$	—

Liabilities:
Public Warrants Liability	$	12,765,000	$	12,765,000	$	—	$	—
Private Warrants Liability		10,328,609		—		—		10,328,609

	$	23,093,609	$	12,765,000	$	—	$	10,328,609

The Warrants are accounted for as liabilities in accordance with ASC 815-40 and are presented within warrant liabilities on the balance sheets. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of warrant liabilities in the statements of operations.

The Company established the initial fair value of the Public Warrants and Private Warrants on February 26, 2021, the date of the Company’s IPO, using a Monte Carlo simulation model. As of December 31, 2022 and 2021, the fair value for the Private Warrants was estimated using a Monte Carlo simulation model, and the fair value of the Public Warrants by reference to the quoted market price. The Public Warrants and Private Warrants were classified as Level 3 at the initial measurement date, and the Private Warrants were classified as Level 3 as of December 31, 2022 and 2021 due to the use of unobservable inputs. For the period ended December 31, 2021, the Public Warrants were reclassified from a Level 3 to a Level 1 classification due to the use of the observed trading price of the separated Public Warrants. For the year ended December 31, 2022, there were no transfers between Levels 1, 2 or 3.

The following table presents the changes Level 3 liabilities for the year ended December 31, 2022:



Fair Value at January 1, 2022	$	10,328,609
Change in fair value		(5,679,719	)

Fair Value at December 31, 2022	$	4,648,890

The following table presents the changes Level 3 liabilities for the year ended December 31, 2021:


Fair Value at January 1, 2021	$	—
Initial fair value of Public Warrants and Private Warrants		27,004,700
Transfer of Public Warrants to Level 1		(15,007,500	)
Change in fair value		(1,668,591	)

Fair Value at December 31, 2021	$	10,328,609

The key inputs into the Monte Carlo simulation model as of December 31, 2022 and 2021 were as follows:


	December 31, 2022			December 31, 2021
Risk-free interest rate		4.70	%		1.30	%
Expected term remaining (years)		0.46			5.49
Expected volatility		22.5	%		17.5	%
Trading stock price	$	10.91		$	9.88

The Company utilizes a Monte Carlo simulation model to estimate the fair value of the conversion feature of the Working Capital Note, which is required to be recorded at its initial fair value on the date of issuance and each balance sheet date thereafter. Changes in the estimated fair value of the conversion feature of the Working Capital Note are recognized as non-cash gains or losses in the statements of operations.

The key assumptions in the Monte Carlo simulation model relate to the expected trading share-price volatility of the Class A ordinary shares, risk-free interest rate, strike price – warrants and debt conversion, expected term of the warrants and the probability of consummation of a Business Combination. The expected trading share-price volatility of the Class A ordinary shares is based on the average trading share price volatility of shares of special purpose acquisition companies (SPACs) that are searching for a target to consummate a business combination. The risk-free interest rate is based on interpolation of U.S. Treasury yields with a term commensurate with the term of the warrants. The Company anticipates the dividend yield to be zero. The expected term of the warrants is assumed to be the timing and likelihood of consummating a Business Combination.

The estimated fair value of the conversion feature of the Working Capital Note as of issuance and for the period ended

May 25, 2022 and

December

31, 2022 are $41,331 and $82,107, respectively.

The following are the primary assumptions used for the valuation of the conversion feature of the Working Capital Note:


	May 25, 2022			December 31, 2022
Warrant Valuation Terms
Risk-free interest rate		2.72	%		4.70	%
Expected term remaining (years)		5.32			0.46
Expected volatility		10.9	%		22.5	%
Trading share price	$	9.77		$	10.91


	May 25, 2022			December 31, 2022
Compound Option Terms
Strike price – debt conversion	$	1.00		$	1.00
Strike price – warrants	$	11.50		$	11.50
Term – debt conversion		0.32			0.01
Term – warrant conversion		5.32			5.01
Probability of consummation of a Business Combination		90	%		99	%
Probability of consummation of a Business Combination – Target Date 11/30/2022 and 1/4/2023		90	%		99	%
Probability of consummation of a Business Combination – Target Date 2/28/2023 and 1/31/2023		10	%		1	%

The following table presents the changes in the fair value of the Level 3 conversion option:



Fair value at May 25, 2022 (date of issuance)	$	41,331
Change in fair value		40,776

Fair value at December 31, 2022	$	82,107

There were no transfers in or out of Level 3 f

rom

other levels in the fair value hierarchy during the period ended December 31, 2022 for the conversion feature of the Working Capital

Note

- 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

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
Investment management agreements	247,100
Intangible Assets, Gross Carrying Amount	545,406
Intangible Assets, Net Carrying Amount	$ 541,166	$ 20,578
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

Related Party Transactions

3 Months Ended

12 Months Ended

Mar. 31, 2023

Dec. 31, 2022

Related Party Transactions

(16) 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	Earn-out liability, at fair value
Members, TIG MGMT Members and Alvarium shareholders in connection with the Earn-out		$	(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.

ALVARIUM TIEDEMANN HOLDINGS INC [Member]

Related Party Transactions

NOTE 5. RELATED PARTY TRANSACTIONS

Founder Shares

On December 31, 2020, the Company issued an aggregate of 7,187,500 founder shares to the Sponsor for an aggregate purchase price of $25,000, or approximately $0.003 per share, in cash. In February 2021, the Sponsor transferred an aggregate of 75,000 founder shares to its independent directors. On February 23, 2021, the Company effectuated a recapitalization, and as a result, the initial shareholders held 8,625,000 founder shares, including up to 1,125,000 founder shares which were subject to forfeiture by the Sponsor, if the over-allotment option was not exercised by the underwriters in full. As a result of the underwriters’ full exercise of their over-allotment option on February 26, 2021, none of the Class B ordinary shares are subject to forfeiture any longer.

The initial shareholders have agreed not to transfer, assign or sell any of the founder shares (except to certain permitted transferees) until the earlier of (i) one year after the date of the completion of the initial Business Combination or earlier if, subsequent to the initial Business Combination, the last reported sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share dividends, reorganizations and recapitalizations) for any 20 trading days within any30-tradingday period commencing at least 150 days after the initial Business Combination, or (ii) the Company consummates a subsequent liquidation, merger, capital stock exchange or other similar transaction which results in all of the shareholders having the right to exchange their ordinary shares for cash, securities or other property.

Promissory Note

On December 31, 2020, the Sponsor issued to the Company an unsecured promissory note to borrow up to $250,000 to be used for a portion of the expenses of the IPO. These loans were non-interest bearing, unsecured and were due at the earlier of September 30, 2021 or the closing of the IPO. As of February 26, 2021, the Company had borrowings of $144,890 under the promissory note, and on February 26, 2021, repaid the $144,890 from the proceeds of the IPO.

Working Capital Loans

In order to fund working capital deficiencies or finance transaction costs in connection with an initial Business Combination, the Sponsor, the Company’s officers, directors or their affiliates may, but are not obligated to, loan the Company funds from time to time as may be required (the “Working Capital Loans”). If the Company completes the initial Business Combination, the Company will repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. In the event that the initial Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay the

Working Capital Loans but no proceeds from the Trust Account would be used to repay the Working Capital Loans. Up to $1,500,000 of such Working Capital Loans may be convertible into Private Warrants at a price of $1.00 per warrant at the option of the lender. Such warrants would be identical to the Private Warrants.

On May 25, 2022, the Company issued an unsecured promissory note (the “Working Capital Note”) in the principal amount of $500,000 to the Sponsor, which was funded in its entirety by the Sponsor upon execution of the Working Capital Note. The Working Capital Note does not bear interest and the principal balance will be payable on the earlier to occur of (i) the date on which the Company consummates its initial Business Combination and (ii) the date that the winding up of the Company is effective (such earlier date, the “Maturity Date”). In the event the Company consummates its initial Business Combination, the Sponsor has the option, on the Maturity Date, to convert all or any portion of the principal outstanding under the Working Capital Note into that number of warrants (“Working Capital Warrants”) equal to the portion of the principal amount of the Working Capital Note being converted, divided by $1.00, rounded up to the nearest whole number. The terms of the Working Capital Warrants, if any, would be identical to the terms of the Private Warrants, including the transfer restrictions applicable thereto. The Working Capital Note is subject to customary events of default, the occurrence of certain of which automatically triggers the unpaid principal balance of the Working Capital Note and all other sums payable with regard to the Working Capital Note becoming immediately due and payable. The issuance of the Working Capital Note was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended.

As of December 31, 2022 and 2021, the Company had $

490,814

and $

borrowings under the Working Capital Note, net of debt discount of $

32,145

and $

, respectively.

On January 3, 2023, the outstanding working capital Note was paid in full (see Note 10).

Administrative Services Agreement

The Company agreed to pay the Sponsor $10,000 per month for office space, utilities, secretarial support and administrative services. The Company began incurring these fees on February 23, 2021 and will continue to incur these fees monthly until the earlier of the completion of an initial Business Combination and the Company’s liquidation. For the year ended December 31, 2022 and 2021, the Company has paid $120,000 and $100,000 in such fees, respectively.

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 [Abstract]
Deferred income	$ (1,692)		$ 0
Operating Segments [Member] \| Management/Advisory fees
Contract with Customer Receivable After Allowance For Credit Loss Roll Forward [Abstract]
Contract with customer, receivable	31,192	$ 30,544	19,540	$ 20,019
Deferred income	(1,411)	(693)	0	0
Operating Segments [Member] \| Incentive fees
Contract with Customer Receivable After Allowance For Credit Loss Roll Forward [Abstract]
Contract with customer, receivable	238	3,540	0	0
Operating Segments [Member] \| Other fees/income
Contract with Customer Receivable After Allowance For Credit Loss Roll Forward [Abstract]
Contract with customer, receivable	839	4,106	0	0
Deferred income	$ (281)	$ (422)	$ 0	$ 0

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]	us-gaap:QualifiedPlanMember
Contributions	$ 814	$ 196

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
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

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]
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	$ 530,760	524,790	$ 25,464	$ 22,185
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
Management/Advisory fees
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Contract with customer, receivable		$ 41,691

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

Summary Of Significant Accounting Policies (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2023

Dec. 31, 2022

Significant Accounting Policies [Line Items]

Schedule of basic and diluted loss per ordinary share

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	)

ALVARIUM TIEDEMANN HOLDINGS, INC [Member]

Significant Accounting Policies [Line Items]

Summary Of Ordinary Shares Subject To Redemption

As of December 31, 2022 and 2021, the Class A ordinary shares subject to redemption reflected on the balance sheets are reconciled in the following table:


Gross Proceeds	$	345,000,000
Less:
Proceeds allocated to Public Warrants		(15,007,500	)
Class A ordinary shares issuance costs		(18,671,929	)
Plus:
Remeasurement of carrying value to redemption value		33,679,429
Interest earned on Trust Account		31,308

Class A ordinary shares subject to possible redemption at December 31, 2021	$	345,031,308
Interest earned on Trust Account		4,952,531

Class A ordinary shares subject to possible redemption at December 31, 2022	$	349,983,839

Schedule of basic and diluted loss per ordinary share

Accordingly, basic and diluted (loss) income per ordinary share is calculated as follows:


	For the Year Ended December 31, 2022			For the Year Ended December 31, 2021
Class A Ordinary Shares
Numerator: Net income (loss) allocable to Class A ordinary shares
Net income (loss)	$	8,779,014		$	(1,035,380	)
Less: Allocation of net income (loss) to Class B ordinary shares		(1,755,803	)		(232,904	)

Proportionate share of net income (loss)	$	7,023,211		$	(802,476	)


Denominator: Weighted Average Class A ordinary shares
Basic and diluted weighted average shares outstanding		34,500,000			29,112,329

Basic and diluted net income (loss) per share	$	0.20		$	(0.03	)

Class B Ordinary Shares
Numerator: Net income (loss) allocable to Class B ordinary shares
Net income (loss)	$	8,779,014		$	(1,035,380	)
Less: Allocation of net income (loss) to Class A ordinary shares		(7,023,211	)		(802,476	)

Proportionate share of net income (loss)	$	1, 755,803		$	(232,904	)
Denominator: Weighted Average Class B ordinary shares
Basic and diluted weighted average shares outstanding		8,625,000			8,449,315

Basic and diluted net income (loss) per share	$	0.20		$	(0.03	)

Private Placement (Details) - ALVARIUM TIEDEMANN HOLDINGS, INC [Member] - USD ($)	12 Months Ended
	Dec. 31, 2022	Feb. 23, 2021
IPO [Member]
Private Placement (Details) [Line Items]
Private placement warrants	8,900,000
Price per share	$ 1	$ 10
Private Placement [Member]
Private Placement (Details) [Line Items]
Price per share	$ 1
Aggregate purchase price	$ 8,900,000

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 [Member]
Property, Plant and Equipment [Line Items]
Fixed assets, gross	5,491	2,571
Office Equipment And Furniture [Member]
Property, Plant and Equipment [Line Items]
Fixed assets, gross	5,840	2,895
Foreign Currency Translation Difference [Member]
Property, Plant and Equipment [Line Items]
Fixed assets, gross	$ 84	$ 0

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
Total	$ 294,066	$ 20,578

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

(1)

buy-ins,


	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

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

Fair Value Measurements (Details) - ALVARIUM TIEDEMANN HOLDINGS, INC [Member] - USD ($)	12 Months Ended
	Dec. 31, 2022	May 25, 2022
Conversion Option [Member]
Fair Value Disclosures [Line Items]
Fair value transfers between levels	$ 0
Liabilities, fair Value disclosure	82,107	$ 41,331
Fair Value, Inputs, Level 1, 2 and 3 [Member]
Fair Value Disclosures [Line Items]
Fair value transfers between levels	$ 0

Description of the Business

3 Months Ended

12 Months Ended

Mar. 31, 2023

Dec. 31, 2022

Organization and Business Operations [Line Items]

Description of the Business

(1)	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:

apital 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)

Asset Management

Our asset management services include alternatives platform, public and private real estate (including

co-

investment), and merchant banking businesses.

Alternatives Platform

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

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

ALVARIUM TIEDEMANN HOLDINGS, INC [Member]

Organization and Business Operations [Line Items]

Description of the Business

NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

Cartesian Growth Corporation (now known as Alvarium Tiedemann Holdings, Inc.) (the “Company”) was incorporated as a Cayman Islands exempted company on December 18, 2020. The Company was incorporated for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or engaging in any other similar business combination with one or more businesses (the “Business Combination”).

As of December 31, 2022, the Company had not commenced any operations. All activity through December 31, 2022 relates to the Company’s formation and its initial public offering (the “IPO”) which is described below and identifying a target company for a Business Combination. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company generates non-operating income in the form of interest income from the proceeds derived from the IPO.

The Company’s sponsor is CGC Sponsor LLC, a Cayman Islands limited liability Company (the “Sponsor”).

On February 26, 2021, the Company consummated the IPO, including the full exercise of the over-allotment option by the underwriters on February 23, 2021, of 34,500,000 units (the “Units” and, with respect to the Class A ordinary shares and warrants included in the Units, the “Class A ordinary shares” and “Public Warrants,” respectively), at $10.00 per Unit, generating gross proceeds of $345,000,000, which is further discussed in Note 3. Each Unit consists of one Class A ordinary share and one-third of one redeemable warrant to purchase one Class A ordinary share at a price of $11.50 per whole share. The registration statements on Form S-1 (File Nos. 333-252784 and 333-253428) for the Company’s IPO were declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on February 23, 2021.

Simultaneously with the closing of the IPO, the Company consummated the sale of 8,900,000 warrants (the “Private Warrants,” and together with the “Public Warrants,” the “Warrants”), at a price of $1.00 per Private Warrant, in a private placement to the Sponsor, generating gross proceeds of $8,900,000, which is further discussed in Note 4.

Transaction costs of the IPO amounted to $19,540,060, consisting of $6,900,000 of underwriting commission, $12,075,000 of deferred underwriting commission, and $565,060 of other offering costs.

Following the closing of the IPO on February 26, 2021, $345,000,000 (or $10.00 per Unit) of the net offering proceeds of the sale of the Units and the sale of the Private Warrants was placed in a trust account for the benefit of the Company’s public shareholders (the “Trust Account”), with Continental Stock Transfer & Trust Company acting as trustee. The proceeds in the Trust Account may be invested in U.S. government treasury bills with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act that invest only in direct U.S. government treasury obligations. Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its taxes, if any, the funds held in the Trust Account will not be released from the Trust Account until the earliest to occur of: (i) the completion of an initial Business Combination, (ii) the redemption of the Class A ordinary shares if the Company is unable to complete its initial Business Combination by February 26, 2023, subject to applicable law, and (iii) the redemption of any Class A ordinary shares properly tendered in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association (a) to modify the substance or timing of the Company’s obligation to redeem 100% of the Class A ordinary shares if it does not complete its initial Business Combination by February 26, 2023 or (b) with respect to any other provision relating to shareholders’ rights or pre-initial business combination activity.

The Company will provide the holders of its outstanding Class A ordinary shares (the “public shareholders”) with the opportunity to redeem all or a portion of their Class A ordinary shares upon the completion of the initial Business Combination either (i) in connection with a general meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder

approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would require the Company to seek shareholder approval under the law or stock exchange listing requirement. The public shareholders will be entitled to redeem their shares at a per-share price, payable in cash, equal to the aggregate

amount then on

deposit in the Trust Account calculated as of two business days prior to the consummation of the initial Business Combination, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes, if any, divided by the number of then outstanding Class A ordinary shares. The amount in the Trust Account is initially anticipated to be $

10.00

per public share. The per share amount the Company will distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters.

The Company will have until February 26, 2023 to complete the initial Business Combination. If the Company is unable to complete the initial Business Combination by February 26, 2023, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of the Class A ordinary shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (less tax payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Class A ordinary shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Company’s board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii) to the Company’s obligations under Cayman Islands law to provide for claims of creditors and in all cases subject to the other requirements of applicable law.

The Company’s initial shareholders, officers and directors have agreed to (i) waive their redemption rights with respect to their Class B ordinary shares, par value of $0.0001 per share (the “founder shares”) (as described in Note 3) and any Class A ordinary shares purchased during or after the IPO, in connection with the completion of the initial Business Combination, (ii) waive their rights to liquidating distributions from the Trust Account with respect to their founder shares if the Company fails to complete the initial Business Combination by February 26, 2023, although they will be entitled to liquidating distributions from the Trust Account with respect to any Class A ordinary shares they acquired during or after the IPO if the Company fails to complete the initial Business Combination within the prescribed time frame, and (iii) vote any founder shares held by them and any Class A ordinary shares purchased during or after the IPO (including in open market and privately-negotiated transactions) in favor of the initial Business Combination. The Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account.

This liability will not apply with respect to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, then the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company has not independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and the Company has not asked the Sponsor to reserve for such indemnification obligations. Therefore, the Company cannot assure you that the Sponsor would be able to satisfy those obligations. As a result, if any such claims were successfully made against the Trust Account, the funds available for the initial Business Combination and redemptions could be reduced to less than $10.00 per public share. In such event, the Company may not be able to complete the initial Business Combination, and the public shareholders would receive such lesser amount per share in connection with any redemption of the Class A ordinary shares. None of the Company’s officers or directors will indemnify the Company for claims by third parties including, without limitation, claims by vendors and prospective target businesses

The Business Combination

On September 19, 2021, the Company, Tiedemann Wealth Management Holdings, LLC, a Delaware limited liability company (“TWMH”), 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”), Alvarium Investments Limited, an English private limited company (“Alvarium” and, together with TWMH and the TIG Entities, the “Target Companies”), Rook MS LLC, a Delaware limited liability company and Alvarium Tiedemann Capital, LLC, a Delaware limited liability company (“Umbrella”) entered into a business combination agreement (as may be amended, supplemented, or otherwise modified from time to time, the “Business Combination Agreement”), pursuant to which the Company will hold Umbrella, a newly formed Delaware limited liability company for purposes of effecting the transactions contemplated by the Business Combination Agreement, which will hold the businesses of the Target Companies.

On February 11, 2022, the Company, TWMH, the TIG Entities, Alvarium, Umbrella Merger Sub and Umbrella entered into Amendment No. 1 to the Business Combination Agreement, solely to (a) amend Section 12.01(b) of the Business Combination Agreement for the purpose of extending the Outside Date, as such term is used in the Business Combination Agreement, to July 29, 2022 and (b) amend the form of Registration Rights and Lock-up Agreement attached as Exhibit F of the Business Combination Agreement for the purpose of providing that the General Lock-up Period, as such term is used in the Business Combination Agreement, will be (i) for an amount equal to forty percent (40%) of the Lock-up Shares, as such term is used in the Business Combination Agreement, one year from the closing of the Business Combination (the “Closing”), (ii) for an amount equal to thirty percent (30%)of the Lock-up Shares, two years from the Closing and (iii) for an amount equal to thirty percent (30%)of the Lock-up Shares, three years from the Closing.

On May 13, 2022, CGC, TWMH, the TIG Entities, Alvarium, Umbrella Merger Sub and Umbrella entered into Amendment No. 2 to the Business Combination Agreement, solely to amend the definitions of “Alvarium Closing Cash Adjustment,” “Available Cash,” “Companies Equity Value,” “CFO Expenses,” “Excess Transaction Expenses,” “SHP Discretionary Banking Fee,” “TIG Entities Closing Cash Adjustment,” “Transaction Expenses” and “TWMH Closing Cash Adjustment,” and to amend a certain schedule of each of the Alvarium Disclosure Schedule, the TIG Disclosure Schedule and the TWMH Disclosure Schedule.

On August 8, 2022, CGC, TWMH, the TIG Entities, Alvarium, Umbrella Merger Sub and Umbrella entered into Amendment No. 3 to the Business Combination Agreement, solely to (a) amend Section 3.07(a) of the Business Combination Agreement for the purpose of providing that 2,100,000 shares of the Alvarium Shareholders Earn-Out Consideration (as defined in the Business Combination Agreement) shall be issued at Closing and (b) amend Section 1.01 of the Business Combination Agreement to exclude from the definition of “Indebtedness” contained therein liabilities incurred or assumed by Alvarium (or the applicable subsidiary of Alvarium) in connection with the acquisition by Amalfi Bidco Limited of Prestbury Investment Partners Limited dated July 11, 2022.

On October 25, 2022, CGC, TWMH, the TIG Entities, Alvarium, Umbrella Merger Sub and Umbrella entered into an Amended & Restated Business Combination Agreement (the “A&R Business Combination Agreement”), pursuant to which, among other things, the Business Combination Agreement was amended and restated to provide that (i) at Closing, CGC shall, or shall cause Continental Stock Transfer & Trust Company to, simultaneously (a) cancel a number of Class A ordinary shares held by the Sponsor equal to the number of the Sponsor Redemption Shares (as defined in the A&R Business Combination Agreement) and (b) issue the Non-Redeeming Bonus Shares (as defined in the A&R Business Combination Agreement) on a pro rata basis by number of Non-Redeemed SPAC Class A Common Shares (as defined in the A&R Business Combination Agreement) to the holders of such Non-Redeemed SPAC Class A Common Shares (as defined in the A&R Business Combination Agreement); (ii) the term “Outside Date” shall mean January 4, 2023; (iii) 1,050,000 shares of the TWMH Members Earn-Out Consideration (as defined in the A&R Business Combination Agreement) and 1,050,000 shares of the TIG Entities Members Earn-Out Consideration (as defined in the A&R Business Combination Agreement) shall be issued at Closing (as defined in the (as defined in the

A&R Business Combination Agreement); (iv) a termination fee in an amount of $

5,500,000

shall be payable by Alvarium (severally and not jointly) to CGC, and a termination fee in an aggregate amount of $

11,000,000

shall be payable by the TIG Entities and TWMH (jointly and severally) to CGC, if CGC shall have terminated the A&R Business Combination Agreement pursuant to Section 12.01(b) thereof, as described more fully below under “Termination Fee”; (v) on the Closing Date (as defined in the A&R Business Combination Agreement), immediately following the Alvarium Exchange Effective Time (as defined in the A&R Business Combination Agreement) but prior to the Umbrella Merger, CGC shall contribute SPAC Class B Common Stock (as defined in the A&R Business Combination Agreement) and cash to a newly formed wholly owned Delaware corporation (“SPAC Holdings”), which SPAC Holdings shall then contribute to Umbrella Merger Sub; (vi)

11,788,132

shares of SPAC Class A Common Stock (as defined in the A&R Business Combination Agreement) shall be initially reserved for the post-combination company’s equity incentive plan and

1,813,559

shares of SPAC Class A Common Stock shall be initially reserved for the post-combination company’s

employee stock purchase plan; and (vii) in addition, the form

of Registration Rights and Lock-Up Agreement attached as Exhibit F to the A&R Business Combination Agreement was amended to reduce from

100

% to

% the percentage of Lock-Up Shares held by the Inactive Target Holders (as defined therein) that are restricted from transfer thereunder.

On January 3, 2023 (the “Closing Date”), Cartesian Growth Corporation, a Cayman Islands exempted company (“Cartesian” or the “Company”), consummated the previously announced business combination (the “Business Combination”) pursuant to the terms of the Amended and Restated Business Combination Agreement, dated as of October 25, 2022 (as amended, supplemented, or otherwise modified from time to time, the “Business Combination Agreement”), by and among Cartesian, Rook MS LLC, a Delaware limited liability company (“Umbrella Merger Sub”), Tiedemann Wealth Management Holdings, LLC, a Delaware limited liability company (“TWMH”), 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”), Alvarium Investments Limited, an English private limited company (“Alvarium” and, together with TWMH and the TIG Entities, the “Target Companies” and each a “Target Company”), and Alvarium Tiedemann Capital, LLC, a Delaware limited liability company (“Umbrella”). In connection with the Business Combination, Cartesian was renamed “Alvarium Tiedemann Holdings, Inc.” (the “Company”). As used herein, the “Company” refers to Cartesian Growth Corporation as a Delaware corporation by way of continuation following the Domestication and the Business Combination, which in connection with the Domestication and simultaneously with the Business Combination, changed its corporate name to “Alvarium Tiedemann Holdings, Inc”

(see Note 10).

Prior to the Closing Date, the following transactions occurred pursuant to the terms of the Business Combination Agreement:

•

On December 30, 2022 (the business day before the Closing Date), Cartesian effected a deregistration under the Cayman Islands Companies Act (As Revised) and a domestication under Section 388 of the Delaware General Corporation Law, pursuant to which Cartesian’s jurisdiction of registration was changed from the Cayman Islands to the State of Delaware (the “Domestication”). As a result of and upon the effective time of the Domestication, among other things, each Class A ordinary share, par value $0.0001 per share, of Cartesian outstanding was converted into the right to receive one share of Class A common stock, par value $0.0001 per share, of Cartesian (the “Class A Common Stock”), and Cartesian was renamed “Alvarium Tiedemann Holdings, Inc.”

•

On January 3, 2023, TWMH and the TIG Entities effected a reorganization (the “TWMH/TIG Entities Reorganization”) such that TWMH and the TIG Entities became wholly owned direct or indirect subsidiaries of Umbrella and Umbrella became owned solely by the members of TWMH (the “TWMH Members”), the members of TIG GP (the “TIG GP Members”) and the members of TIG MGMT (the “TIG MGMT Members”);

•

On January 3, 2023, Alvarium effected a reorganization such that Alvarium became the wholly owned indirect subsidiary of an Isle of Man entity (“Alvarium Topco”), and Alvarium Topco became owned solely by the shareholders of Alvarium (the “Alvarium Reorganization”); and

On the Closing Date, the following transactions occurred pursuant to the terms of the Business Combination Agreement:

•

TIG MGMT, TIG GP and Umbrella entered into a distribution agreement, pursuant to which (a) TIG MGMT distributed to Umbrella all of the issued and outstanding shares or partnership interests, as applicable, that it held through its strategic investments in External Strategic Managers, and (b) TIG GP distributed to Umbrella all of the issued and outstanding shares or interests that it held through its strategic investment in an External Strategic Manager;

•

Each shareholder of Alvarium Topco exchanged his, her or its (a) ordinary shares of Alvarium Topco and (b) class A shares of Alvarium Topco for Class A Common Stock (the “Alvarium Exchange”). Upon the consummation of the Alvarium Exchange, Alvarium Topco became a direct wholly-owned subsidiary of Cartesian;

•

Cartesian contributed shares of Class B Common Stock and cash to a newly formed wholly owned Delaware corporation (“Cartesian Holdco”) and Cartesian HoldCo subsequently contributed all shares of Class B Common Stock and cash to Umbrella Merger Sub;

•

Immediately following the effective time of the Alvarium Exchange, Umbrella Merger Sub merged with and into Umbrella, with Umbrella surviving such merger as an indirect subsidiary of Cartesian (the “Umbrella Merger”);

•

Immediately following the Alvarium Exchange and the Umbrella Merger, Cartesian and Umbrella entered into the Alvarium Contribution Agreement, pursuant to which (a) Cartesian contributed all of the issued and outstanding shares of Alvarium Topco that it held to Umbrella, (b) upon the consummation of the Alvarium Contribution, Alvarium Topco became a wholly-owned subsidiary of Umbrella; and

•

In accordance with the Sponsor Support Agreement, Cartesian simultaneously (i) canceled a number of SPAC Class A Ordinary Shares held by Sponsor equal to the number of Sponsor Redemption Shares and (ii) issued the Non-Redeeming Bonus Shares to holders of Non-Redeemed Cartesian Class A Common Shares on a pro-rata basis based on the number of Non-Redeemed SPAC Class A Common Shares held by such holders. The effective issuance rate of Non-Redeeming Bonus Shares was 0.121617 Non-Redeeming Bonus Share per Non-Redeemed SPAC Class A Common Share. Any fractional shares were rounded down to the nearest whole share.

On January 3, 2023, following the Closing, Alvarium Holdings LLC (which was renamed Alvarium Tiedemann Holdings, LLC) became the wholly owned direct subsidiary of Umbrella.

Amended and Restated Business Combination Agreement

Pursuant to the A&R Business Combination Agreement, among other things, (i) prior to the closing of the A&R Business Combination Agreement, TWMH and the TIG Entities will take, or cause to be taken, all actions necessary to implement a reorganization such that TWMH and the TIG Entities shall be wholly owned direct or indirect subsidiaries of Umbrella and Umbrella shall be owned solely by the members of TWMH, the members of TIG GP and the members of TIG MGMT; (ii) prior to the Closing, Alvarium will take, or cause to be taken, all actions necessary to implement a reorganization such that Alvarium will be the wholly owned indirect subsidiary of a newly formed Isle of Man entity (“Alvarium Topco”), and Alvarium Topco will be owned solely by the shareholders of Alvarium; (iii) on the business day prior to the Closing Date, we will domesticate as a corporation formed under the laws of the State of Delaware and deregister as an exempted company incorporated under the laws of the Cayman Islands, pursuant to which each Class A ordinary share outstanding shall be converted into the right to receive one share of Class A Common Stock and we will be renamed “Alvarium Tiedemann Holdings, Inc.”; (iv) at the Closing, TIG MGMT, TIG GP and Umbrella will enter into a Distribution Agreement, pursuant to which (a) TIG MGMT will distribute to Umbrella all of the issued and outstanding

shares or partnership interests, as applicable, that it holds through its strategic investments in External Strategic Managers (as defined in the A&R Business Combination Agreement), and (b) TIG GP will distribute to Umbrella all of the issued and outstanding shares or interests that it holds through its strategic investment in an External Strategic Manager; (v) at the Closing, (a) each Alvarium Shareholder (other than the Alvarium Class C Shareholder (as defined in the A&R Business Combination Agreement) will exchange his, her or its (1) ordinary shares of Alvarium Topco and (2) Class A Shares of Alvarium Topco and (b) the Alvarium Class C Shareholder will exchange his, her or its Alvarium Class C Share, and upon the consummation of the Alvarium Exchange (as defined in the A&R Business Combination Agreement) and the Alvarium Class C Shareholder Exchange (as defined in the A&R Business Combination Agreement), Alvarium Topco will become our direct wholly-owned subsidiary; (vi) at the Closing, we will contribute shares of Class B Common Stock and cash to a newly formed wholly owned Delaware corporation; (vii) at the Closing, immediately following the effective time of the Alvarium Exchange, Umbrella Merger Sub will merge with and into Umbrella, with Umbrella surviving such merger as our direct subsidiary; (viii) at the Closing, following the Alvarium Exchange and the Umbrella Merger, we and Umbrella will enter into the Alvarium Contribution Agreement, pursuant to which (a) we will contribute all of the issued and outstanding shares of Alvarium Topco that we hold to Umbrella, (b) upon the consummation of the Alvarium Contribution (as defined in the A&R Business Combination Agreement), Alvarium Topco will become a wholly-owned subsidiary of Umbrella, and (c) following the Closing, Alvarium Topco will be liquidated, whereupon Alvarium Holdings LLC (to be renamed Alvarium Tiedemann Holdings, LLC) will become the wholly owned direct subsidiary of Umbrella (collectively, the “Proposed Business Combination”).

The consummation of the transactions contemplated by the Business Combination Agreement is subject to customary conditions, representations and warranties, covenants and closing conditions in the Business Combination Agreement, including, but not limited to, approval by our shareholders of the Business Combination Agreement, the effectiveness of a registration statement on Form S-4 (File No. 333-262644), which was initially filed with the SEC on February 11, 2022, in connection with the Proposed Business Combination, and other customary closing conditions, including the receipt of certain regulatory approvals. The transaction is expected to close materially before our mandatory liquidation date. The Company filed amendments to the Form S-4 with the SEC on May 13, 2022, June 27, 2022, July 25, 2022 and August 8, 2022. On October 17, 2022, the SEC declared effective the Form S-4 and the Company commenced mailing the definitive proxy statement/prospectus relating to the Company’s extraordinary general meeting to be held on November 17, 2022 in connection with the Business Combination.

Subscription Agreements

Concurrently with the execution of the Business Combination Agreement, we entered into subscription agreements (the “PIPE Subscription Agreements”) with certain investors (each a “PIPE Investor”) to purchase, following the Domestication, Class A Common Stock (such shares, collectively, “PIPE Shares”) in an aggregate value of $164,999,807, representing 16,936,715 PIPE Shares at a price of $9.80 per share.

The closing of the sale of PIPE Shares (the “PIPE Closing”) will occur immediately prior to the Closing. The PIPE Closing will be subject to customary conditions, including, but not limited to:

all representations and warranties of us and the PIPE Investor contained in the relevant PIPE Subscription Agreement will be true and correct in all material respects (other than representations and warranties that are qualified as to materiality or Material Adverse Effect (as defined in the PIPE Subscription Agreements), which representations and warranties will be true in all respects) at, and as of, the PIPE Closing;

ii.

all conditions precedent to the Closing will have been satisfied or waived; and

iii.

without the consent of the PIPE Investor, the Business Combination Agreement cannot be amended, modified or waived in a manner that reasonably would be expected to materially and adversely affect the economic benefits the PIPE Investor reasonably would expect to receive under the PIPE Subscription Agreement.

Pursuant to the PIPE Subscription Agreements, we agreed that, within 45 calendar days after the consummation of the Proposed Business Combination, we will file with the SEC a registration statement registering the resale of the PIPE Shares, and we will use our commercially reasonable efforts to have such registration statement declared effective as soon as practicable after the filing thereof; provided, however, that our obligations to include the shares held by a PIPE Investor in such registration statement will be contingent upon the respective PIPE Investor furnishing in writing to us such information regarding the PIPE Investor, the securities held by such PIPE Investor and the intended method of disposition of the shares, as will be reasonably requested by us to effect the registration of such shares, and will execute such documents in connection with such registration, as us may reasonably request that are customary of a selling shareholder in similar situations.

Each PIPE Subscription Agreement will terminate upon the earlier to occur of (i) such date and time as the Business Combination Agreement is terminated in accordance with its terms, (ii) upon the mutual written agreement of each of the parties to the PIPE Subscription Agreement; or (iii) if any of the conditions to PIPE Closing set forth in Sections 3.2 and 3.3 of such PIPE Subscription Agreement are not satisfied on or prior to the Closing Date and, as a result thereof, the transactions contemplated by such PIPE Subscription Agreement are not consummated at the PIPE Closing.

On October 25, 2022, we amended each of the PIPE Subscription Agreements, solely to redefine “Subscribed Shares” in the PIPE Subscription Agreements to refer to the sum of the Base Share Number (as defined therein) plus a number of Shares (as defined in the Sponsor Support Agreement dated September 19, 2021 (the “Original Sponsor Support Agreement”)) forfeited pursuant to Section 3 of the Original Sponsor Support Agreement, multiplied by (b) a fraction (i) the numerator of which is the Base Share Number and (ii) the denominator of which is the sum of the number of the Non-Redeemed SPAC Class A Common Shares and the number of Private Placement Shares (each as defined therein).

Registration Statement on Form S-4

The Company filed a registration statement on Form S-4 (File No. 333-262644) (the “Form S-4”) with the SEC on February 11, 2022, in connection with the Business Combination Agreement. The consummation of the transactions contemplated by the Business Combination Agreement is subject to customary conditions, representations and warranties, covenants and closing conditions in the Business Combination Agreement, including, but not limited to, approval by the Company’s shareholders of the Business Combination Agreement, the effectiveness of the Form S-4, and other customary closing conditions, including the receipt of certain regulatory approvals. The transaction is expected to close materially before the Company’s mandatory liquidation date. The Company filed amendments to the Form S-4with the SEC on May 13, 2022, June 27, 2022, July 25, 2022 and August 8, 2022. On October 17, 2022, the SEC declared effective the Form S-4 and the Company commenced mailing the definitive proxy statement/prospectus relating to the Company’s extraordinary general meeting to be held on November 17, 2022 in connection with the Business Combination.

On November 17, 2022, Cartesian Growth Corporation (the “Company”) held an extraordinary general meeting of shareholders (the “Special Meeting”) in connection with the Business Combination Agreement, relating to a proposed business combination between inter alios, the Company, Tiedemann Wealth Management Holdings, LLC, a Delaware limited liability company (“TWMH”), 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”), Alvarium Investments Limited, an English private limited company (“Alvarium” and, together with TWMH and the TIG Entities, the “Companies”), Rook MS LLC, a Delaware limited liability company (“Umbrella Merger Sub”), and Alvarium Tiedemann Capital, LLC, a Delaware limited liability company (“Umbrella”), as described in the proxy statement filed by the Company with the SEC on October 17, 2022 (the “Proxy Statement”). Present at the Special Meeting were holders of 33,707,929 of the Company’s Ordinary Shares (the “Ordinary Shares”) in person or by proxy, representing 78.163% of the voting power of the Ordinary Shares as of August 31, 2022, the record date for the Special Meeting (the “Record Date”), and constituting a quorum for the transaction of business. As of the Record Date, there were 43,125,000 Ordinary Shares issued and outstanding.

At the Special Meeting, the Company’s shareholders approved the Business Combination Proposal, the Domestication Proposal, the Organizational Documents Proposal, the Stock Issuance Proposal, the Equity Incentive Plan Proposal, the Employee Stock Purchase Plan Proposal and the Election of Directors Proposal, in each case as defined and described in greater detail in the Proxy Statement. The Advisory Charter Proposals, as defined and described in greater detail in the Proxy Statement, contained seven non-binding advisory proposals. The Adjournment Proposal, as defined and described in greater detail in the Proxy Statement, was not presented to the Company’s shareholders as the Business Combination Proposal, the Domestication Proposal, the Organizational Documents Proposal, the Stock Issuance Proposal, the Equity Incentive Plan Proposal, the Employee Stock Purchase Plan Proposal and the Election of Directors Proposal each received a sufficient number of votes for approval.

PIPE Investment

As previously announced, on September 19, 2021, concurrently with the execution of the Business Combination Agreement, Cartesian entered into subscription agreements, as amended on October 25, 2022 (each, as amended, supplemented, or otherwise modified from time to time, a “Subscription Agreement”) with certain investors (collectively, the “PIPE Investors”) pursuant to which, on the terms and subject to the conditions therein, the PIPE Investors collectively subscribed for 16,936,715 shares of Class A Common Stock (the “PIPE Shares”) at a purchase price of $9.80 per share, for an aggregate purchase price equal to $164,999,807 (the “PIPE Investment”). The PIPE Investment was consummated substantially concurrently with the

closing of the Business Combination. Upon the closing

of the PIPE Investment, Cartesian simultaneously (i) canceled a number of SPAC Class A Ordinary Shares held by Sponsor equal to the number of Sponsor Redemption Shares and (ii) issued to the PIPE Investors an amount of shares equal to the number of PIPE Shares, divided by the sum of the number of the Non-Redeemed SPAC Class A Common Shares and the number of PIPE Shares, on a pro-rata basis based on the number of PIPE Shares held by such PIPE Investors (the “PIPE Bonus Shares”) (see Note 10).

Risks and Uncertainties

Management continues to evaluate the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the COVID-19 pandemic could have a negative effect on the Company’s financial position, results of operations and/or its ability to consummate an initial Business Combination, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

The military conflict commenced in February 2022 by the Russian Federation in Ukraine has created and is expected to create further global economic consequences, including but not limited to the possibility of extreme volatility and disruptions in the financial markets, diminished liquidity and credit availability, declines in consumer confidence, declines in economic growth, increases in inflation rates and uncertainty about economic and political stability. Such global consequences may materially and adversely affect the Company’s ability to consummate an initial Business Combination, or the operations of a target business with which the Company ultimately consummates an initial Business Combination. In addition, the Company’s ability to consummate an initial Business Combination may be dependent on the ability to raise equity and debt financing which may be impacted by these events, including as a result of increased market volatility, or decreased market liquidity in third-party financing being unavailable on terms acceptable to the Company or at all. The impact of this action and related sanctions on the global economy and the specific impact on the Company’s financial position, results of operations and/or ability to consummate an initial Business Combination are not yet determinable. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (the “Inflation Reduction Act”), which, among other things, imposes a 1% excise tax on any domestic corporation that repurchases its stock after December 31, 2022 (the “Excise Tax”). The Excise Tax is imposed on the fair market value of the repurchased stock, with certain exceptions. Because the Company is a Delaware corporation and the

Company’s securities trade on Nasdaq, the Company will be a “c

overe

d corporation” within the meaning of the Inflation Reduction Act. While not free from doubt, absent any further guidance from Congress, the Excise Tax may apply to any redemptions of its Class A ordinary shares after December 31, 2022, including redemptions in connection with the Business Combination, unless an exemption is available.

Issuances of securities in connection with the Business Combination are expected to reduce the amount of the Excise Tax in connection with redemptions occurring in the same calendar year, but the number of securities redeemed may exceed the number of securities issued. Consequently, the Excise Tax may make a transaction with the Company less appealing to potential business combination targets. Further, the application of the Excise Tax in the event of a liquidation is uncertain.

Liquidity

As of December 31, 2022, the Company had $85,540 in its operating bank account and working capital deficit of $7,919,107.

On January 3, 2023, the Company consummated its Business Combination therefore substantial doubt about the Company’s ability to continue as a going concern was alleviated.

Subsequent Events (Details) - USD ($)	Apr. 06, 2023	Jun. 02, 2023	May 05, 2023	Mar. 31, 2023	Jan. 03, 2023	Dec. 31, 2022	Dec. 30, 2022	Nov. 14, 2022	Oct. 25, 2022	Dec. 31, 2021	Feb. 23, 2021
Subsequent Event [Line Items]
Assets under management				$ 66,700,000,000
AL Wealth Partners Pte Limited AWLP [Member]
Subsequent Event [Line Items]
Assets under management				$ 971,000,000
Forecast [Member]
Subsequent Event [Line Items]
Required vote, percentage of number of outstanding warrants		65.00%
Common Class A [Member]
Subsequent Event [Line Items]
Common Stock, Par or Stated Value Per Share				$ 0.01		$ 0.01
Subsequent Event [Member] \| AL Wealth Partners Pte Limited AWLP [Member]
Subsequent Event [Line Items]
Voting interest acquired (in percent)	100.00%
Cash consideration	$ 15,500,000
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%
Subsequent Event [Member] \| Common Class A [Member]
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%
ALVARIUM TIEDEMANN HOLDINGS INC [Member]
Subsequent Event [Line Items]
Common Stock, Par or Stated Value Per Share							$ 0.0001
Deferred Underwriting Fee Payable						$ 7,800,000		$ 12,075,000		$ 12,075,000
ALVARIUM TIEDEMANN HOLDINGS INC [Member] \| Common Class A [Member]
Subsequent Event [Line Items]
Common Stock, Par or Stated Value Per Share						$ 0.0001	$ 0.0001			$ 0.0001
Shares Issued, Price Per Share											$ 11.5
ALVARIUM TIEDEMANN HOLDINGS INC [Member] \| Common Class A [Member] \| PIPE Subscription Agreements [Member] \| PIPE Investor [Member]
Subsequent Event [Line Items]
Common Stock, Value, Subscriptions									$ 164,999,807
Common Stock, Shares Subscribed but Unissued									16,936,715
Shares Issued, Price Per Share									$ 9.8
ALVARIUM TIEDEMANN HOLDINGS INC [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Deferred Underwriting Fee Payable					$ 7,800,000

Description of the Business (Tables)

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Stock by Class

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:

- 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

Revenue

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

(4)

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

Condensed Consolidated Statement of Operations (Unaudited) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Revenues [Abstract]
Total income	$ 58,047,000	$ 19,970,000
Operating Expenses
Compensation and employee benefits	63,172,000	13,560,000
Systems, technology and telephone	3,828,000	1,440,000
Sales, distribution and marketing	526,000	218,000
Occupancy costs	3,180,000	968,000
Professional fees	22,884,000	1,415,000
Travel and entertainment	1,946,000	267,000
Depreciation and amortization	4,517,000	610,000
General, administrative and other	1,432,000	318,000
Total operating expenses	101,485,000	18,796,000
Total operating income (loss)	(43,438,000)	1,174,000
Other Income (Expenses)
Gain (loss) on investments	3,149,000	(19,000)
Gain (loss) on warrant liability	(12,942,000)	0
Gain (loss) on earn-out liability	(29,206,000)	0
Interest and dividend income (expense)	(3,261,000)	(74,000)
Unrealized loss – treasury bills	3,553,000	(46,000)
Other income	58,000	(2,000)
Income (loss) before taxes	(85,640,000)	1,079,000
Income tax (expense) benefit	(4,650,000)	(193,000)
Net income (loss)	(90,290,000)	886,000
Net income (loss) attributed to non-controlling interests in subsidiaries	(21,550,000)	(13,000)
Net income (loss) attributable to AlTi Global, Inc.	(68,740,000)	899,000
Other Comprehensive (Loss) Income
Foreign currency translation adjustments	9,671,000	(275,000)
Total comprehensive income (loss)	(80,619,000)	624,000
Other income (loss) attributed to non-controlling interests in subsidiaries	(16,820,000)	0
Comprehensive income (loss) attributable to AlTi Global, Inc.	$ (63,799,000)	$ 624,000
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	$ 46,470,000	$ 19,970,000
Incentive fees
Revenues [Abstract]
Total income	577,000	0
Distributions from investments
Revenues [Abstract]
Total income	10,030,000	0
Other fees/income
Revenues [Abstract]
Total income	$ 970,000	0
Common Class B [Member]
Other Income (Expenses)
Net income (loss)		$ 899,000
ALVARIUM TIEDEMANN HOLDINGS, INC [Member]
Operating Expenses
Operating costs			$ 8,858,651	$ 1,012,448
Total operating income (loss)			(8,858,651)	(1,012,448)
Other Income (Expenses)
Gain (loss) on warrant liability			12,562,468	3,911,091
Interest earned on cash and marketable securities held in Trust Account			4,974,899	31,308
Interest expense – debt discount			(32,145)
Offering costs allocated to Warrants			0	(868,131)
Excess of Private Warrants fair value over purchase price			0	(3,097,200)
Unrealized loss – treasury bills			(22,368)	0
Change in fair value of conversion option liability			(40,776)	0
Other income			195,587	0
Other income			17,637,665	(22,932)
Net income (loss)			8,779,014	(1,035,380)
Net income (loss) attributable to AlTi Global, Inc.			$ 8,779,014	$ (1,035,380)
ALVARIUM TIEDEMANN HOLDINGS, INC [Member] \| Common Class A [Member]
Net Income (Loss) Per Share
Basic (in dollars per share)			$ 0.2	$ (0.03)
Diluted (in dollars per share)			$ 0.2	$ (0.03)
Weighted Average Shares of Class A Common Stock Outstanding
Basic (in shares)			34,500,000	29,112,329
Diluted (in shares)			34,500,000	29,112,329
ALVARIUM TIEDEMANN HOLDINGS, INC [Member] \| Common Class B [Member]
Net Income (Loss) Per Share
Basic (in dollars per share)			$ 0.2	$ (0.03)
Diluted (in dollars per share)			$ 0.2	$ (0.03)
Weighted Average Shares of Class A Common Stock Outstanding
Basic (in shares)			8,625,000	8,449,315
Diluted (in shares)			8,625,000	8,449,315

Class A Ordinary Shares Subject to Possible Redemption (Details) - $ / shares	Mar. 31, 2023	Dec. 31, 2022	Dec. 30, 2022	Nov. 17, 2022	Dec. 31, 2021
Common Class A [Member]
Temporary Equity [Line Items]
Common stock, shares authorized	797,111,977	797,111,977
Common stock par value (in Dollars per share)	$ 0.01	$ 0.01
Common stock, shares outstanding	57,916,649	57,916,649
ALVARIUM TIEDEMANN HOLDINGS INC [Member]
Temporary Equity [Line Items]
Common stock par value (in Dollars per share)			$ 0.0001
Common stock, shares issued				43,125,000
Common stock, shares outstanding				43,125,000
ALVARIUM TIEDEMANN HOLDINGS INC [Member] \| Common Class A [Member]
Temporary Equity [Line Items]
Common stock, shares authorized		200,000,000			200,000,000
Common stock par value (in Dollars per share)		$ 0.0001	$ 0.0001		$ 0.0001
Common stock, shares issued		0			0
Common stock, shares outstanding		0			0
Shares issued		34,500,000			34,500,000
ALVARIUM TIEDEMANN HOLDINGS INC [Member] \| Common Class A [Member] \| Subject To Possible Redemption [Member]
Temporary Equity [Line Items]
Common stock, shares issued		34,500,000			34,500,000
Common stock, shares outstanding		34,500,000			34,500,000

Business Combination - Narrative (Details)		3 Months Ended		12 Months Ended
Business Combination - Narrative (Details)	Jan. 03, 2023 USD ($) segment $ / shares shares	Mar. 31, 2023 USD ($) segment category Fund	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Acquisition-related costs			$ 1,000,000
Cash and cash equivalents	$ 194,100,000
Number of operating segments \| segment	2	2
Goodwill	$ 524,790,000	$ 530,760,000		$ 25,464,000	$ 22,185,000
Number of operating segments, number of revenue generating categories \| category		3
Wealth Management Segment [Member]
Business Acquisition [Line Items]
Goodwill		$ 294,077,000		293,386,000
Assets under management and advisement		45,600,000,000
Asset Management Segment [Member]
Business Acquisition [Line Items]
Goodwill		236,683,000		231,404,000
Asset Management Segment [Member] \| Alternatives Platform [Member]
Business Acquisition [Line Items]
Assets under management and advisement		8,300,000,000
Revenue from related parties		7,300,000
Asset Management Segment [Member] \| Real Estate Public And Private [Member]
Business Acquisition [Line Items]
Assets under management and advisement		$ 12,800,000,000
Number of funds managed \| Fund		2
Asset Management Segment [Member] \| Fund Management [Member]
Business Acquisition [Line Items]
Number of funds managed \| Fund		2
Asset Management Segment [Member] \| Co Investment [Member]
Business Acquisition [Line Items]
Deployed capital		$ 7,600,000,000
Dummy		14.00%
Class A shares
Business Acquisition [Line Items]
Conversion ratio	1
Alvarium, TWMH And TIG [Member]
Business Acquisition [Line Items]
Acquisition-related costs	$ 17,800,000
Debt issuance costs	4,600,000
Total purchase consideration transferred	1,071,116,000
Earn-out consideration	$ 85,097,000
Weighted average useful life (in years)	21 years 6 months
Alvarium, TWMH And TIG [Member] \| Wealth Management Segment [Member]
Business Acquisition [Line Items]
Goodwill	$ 293,400
Alvarium, TWMH And TIG [Member] \| Asset Management Segment [Member]
Business Acquisition [Line Items]
Goodwill	231,400
Alvarium, TWMH And TIG [Member] \| Long-Term Debt [Member]
Business Acquisition [Line Items]
Debt issuance costs	1,800,000
Alvarium, TWMH And TIG [Member] \| Other Assets [Member]
Business Acquisition [Line Items]
Debt issuance costs	$ 2,800,000
Alvarium, TWMH And TIG [Member] \| CGC Sponsor LLC [Member] \| Class A shares \| The Founder Shares [Member]
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	$ 89,100,000
Alvarium, TWMH And TIG [Member] \| CGC Sponsor LLC [Member] \| Class B shares \| The Founder Shares [Member]
Business Acquisition [Line Items]
Consideration received	$ 25,000,000
Sale of stock, price per share (in dollars per share) \| $ / shares	$ 0.03
Umbrella [Member]
Business Acquisition [Line Items]
Voting interest acquired (in percent)	51.00%
TWMH, TIG, and Alvarium \| Umbrella [Member]
Business Acquisition [Line Items]
Voting interest acquired (in percent)	100.00%
Alvarium Home REIT Advisors Ltd AHRA [Member] \| Alvarium RE Limited ARE [Member] \| Asset Management Segment [Member] \| Entity Owned By Management Of Alvarium Home REIT Advisors Ltd AHRA [Member] \| Fund Management [Member]
Business Acquisition [Line Items]
Price of acquisition, expected				$ 29,000,000
Voting interest to be acquired (in percent)				100.00%

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 [Member]
Aggregate Maturities
Total	$ 135,000
Term Loans \| Credit Facility \| Line of Credit [Member]
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

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):


(Dollars in Thousands)	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

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 [Member]
Segment Reporting Information [Line Items]
Assets	888,050	0
Wealth Management Segment [Member]
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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-URI https://asc.fasb.org/extlink&oid=126897435&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-URI https://asc.fasb.org/extlink&oid=126734703&loc=d3e572229-122910

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124433192&loc=SL2890621-112765

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 13: 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(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

+ Details

Initial Public Offering (Details) - ALVARIUM TIEDEMANN HOLDINGS INC [Member] - $ / shares		1 Months Ended	12 Months Ended
	Feb. 26, 2021	Feb. 23, 2021	Dec. 31, 2022	Dec. 31, 2021
Initial Public Offering (Details) [Line Items]
Price per share			$ 10.91	$ 9.88
Business combination description			In addition, if (i) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and in the case of any such issuance to the Sponsor or its affiliates, without taking into account any founder shares held by the Sponsor or its affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (ii) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (iii) the volume weighted average trading price of the Company’s Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described adjacent to “Redemption of warrants when the price per ordinary share equals or exceeds $18.00” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, respectively.
Redemption warrants, description			Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00 Once the Warrants become exercisable, the Company may redeem the outstanding Warrants (except as described herein with respect to the Private Warrants): • in whole and not in part; • at a price of $0.01 per Warrant; • upon not less than 30 days’ prior written notice of redemption (the “30-day redemption period”) to each Warrant holder; • if, and only if, the last sale price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share splits, share dividends, reorganizations. and recapitalizations), for any 20 trading days within a 30-trading day period ending on the third business day prior to the notice of redemption to the Warrant holders; and • if, and only if, there is a current registration statement in effect with respect to the Class A ordinary shares underlying the Warrants.
IPO [Member]
Initial Public Offering (Details) [Line Items]
Purchase price units	34,500,000
Price per unit	$ 10
Number of shares purchased		34,500,000	8,900,000
Over-Allotment Option [Member]
Initial Public Offering (Details) [Line Items]
Number of shares purchased	4,500,000
Class A shares
Initial Public Offering (Details) [Line Items]
Price per share			$ 11.5

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

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 Segment [Member]
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 Segment [Member]
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

Fair Value Measurements (Details) - Schedule of Compound Option Terms - ALVARIUM TIEDEMANN HOLDINGS, INC [Member] - Conversion Option [Member]	Dec. 31, 2022 shares	May 25, 2022 shares
Strike Price Debt Conversion [Member]
Fair Value Disclosures [Line Items]
Embedded Derivative Liability, Measurement Input	1	1
Strike price warrants [Member]
Fair Value Disclosures [Line Items]
Embedded Derivative Liability, Measurement Input	11.5	11.5
Term Debt Conversion [Member]
Fair Value Disclosures [Line Items]
Embedded Derivative Liability, Measurement Input	0.01	0.32
Term Warrant Conversion [Member]
Fair Value Disclosures [Line Items]
Embedded Derivative Liability, Measurement Input	5.01	5.32
Probability of Consummation of a Business Combination [Member]
Fair Value Disclosures [Line Items]
Embedded Derivative Liability, Measurement Input	99	90
Probability of consummation of a Business Combination – Target Date 11/30/2022 [Member]
Fair Value Disclosures [Line Items]
Embedded Derivative Liability, Measurement Input	99	90
Probability of consummation of a Business Combination – Target Date 2/28/2023 [Member]
Fair Value Disclosures [Line Items]
Embedded Derivative Liability, Measurement Input	1	10

Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

(12)

Leases

The 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):


(Dollars in Thousands)	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

Summary Of Significant Accounting Policies (Policies)

3 Months Ended

12 Months Ended

Mar. 31, 2023

Dec. 31, 2022

Significant Accounting Policies [Line Items]

Basis of Presentation

(a)

Basis of Presentation

Use of Estimates

(b)

Use of Estimates

Earn-out

Consolidation

(c)

Consolidation

kick-out

or participation rights.

Revenue Recognition

(d)

Revenue Recognition

The Company recognizes revenue in accordance with ASC 606,

Revenue from Contracts with Customers.

Management/Advisory Fees

performance obligation is satisfied at the end of each month or quarter, as applicable to the contract with the customer.

non-investment

advisory services.

Incentive Fees

Distributions from Investments

Other Fees and Income

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

off-market

co-

investments receives such fees either monthly, quarterly or annually.

Cash and Cash Equivalents

(e)

Cash and Cash Equivalents

Debt Obligations, Net

(o)

Debt Obligations, Net

Income Taxes

(h)

Income Taxes

Compensation and Employee Benefits

(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

Foreign Currency Transactions and Foreign Currency

(g)

Foreign Currency and Transactions

Non-monetary

Other assets

(i)

Other assets

Investments

(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.

Investments in Equity Securities

Equity Method

held-to-maturity

investments, impairment is evaluated using market values, when available, or the expected cash flows of the investment.

Leases

(k)

Leases

The Company accounts for its leases in accordance with ASC 842,

Leases

and recognizes a lease liability and

right-of-use

non-lease

component as a single lease component.

Right-of-use

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 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

Intangible assets other than goodwill, net

(l)

Intangible assets other than goodwill, net

carrying amount. If an impairment exists, the Company adjusts the carrying value to equal the fair value by taking a charge through earnings.

Goodwill

(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

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

(n)

Fixed Assets, Net

Tax Receivable Agreement

(p)

Tax Receivable Agreement

The TRA liability represents amounts payable to certain

pre-Business

paid-in

Warrant Liabilities

(q)

Warrant Liability

The Company evaluated the Warrants in accordance with ASC

815-40

Earn-out Liability

(r)

Earn-out

Liability

The

Earn-out

Earn-Out

Securities will vest and be issued in settlement of the

Earn-out

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

Delayed share purchase agreement

(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.

Non-controlling Interests

(t)

Non-controlling

Interests

Non-controlling

interests in the net assets of consolidated subsidiaries are identified separately from the Company’s equity.

Non-controlling

non-controlling

interests are determined on the basis of existing ownership interests.

Derivative financial instruments

(u)

Derivative Financial Instruments

Segment Reporting

(v)

Segment Reporting

Wealth Management

Investment Management and Advisory Services

Trusts and Administration Services

Family Office Services

Asset Management

Our asset management services include alternatives platform, public and private real estate,

co-

investment, and merchant banking businesses.

Alternatives Platform

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

Co-Investment

Our real estate

co-investment

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

Merchant Banking

Other Income / Expenses

(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.

Dividend income is earned through investments in common stock, mutual funds, and exchange-traded funds. Dividend income is recorded on the

ex-dividend

date.

Recent Accounting Pronouncements

(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

In June 2022, the FASB issued ASU

2022-03,

ALVARIUM TIEDEMANN HOLDINGS, INC [Member]

Significant Accounting Policies [Line Items]

Basis of Presentation

Emerging Growth Company Status

Emerging Growth Company

Use of Estimates

Cash and Cash Equivalents

Concentration of Credit Risk

Cash and Marketable Securities Held in Trust Account

Debt Obligations, Net

Convertible Debt

Offering Costs Associated with the Initial Public Offering

Class A Ordinary Shares Subject to Possible Redemption

As of December 31, 2022 and 2021, the Class A ordinary shares subject to redemption reflected on the balance sheets are reconciled in the following table:


Gross Proceeds	$	345,000,000
Less:
Proceeds allocated to Public Warrants		(15,007,500	)
Class A ordinary shares issuance costs		(18,671,929	)
Plus:
Remeasurement of carrying value to redemption value		33,679,429
Interest earned on Trust Account		31,308

Class A ordinary shares subject to possible redemption at December 31, 2021	$	345,031,308
Interest earned on Trust Account		4,952,531

Class A ordinary shares subject to possible redemption at December 31, 2022	$	349,983,839

Income Taxes

Fair Value of Financial Instruments

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

See Note 9 for additional information on assets and liabilities measured at fair value.

Net (Loss) Income Per Share

Net Income (Loss) per Share

Reconciliation of Net (Loss) Income per Share

Accordingly, basic and diluted (loss) income per ordinary share is calculated as follows:


	For the Year Ended December 31, 2022			For the Year Ended December 31, 2021
Class A Ordinary Shares
Numerator: Net income (loss) allocable to Class A ordinary shares
Net income (loss)	$	8,779,014		$	(1,035,380	)
Less: Allocation of net income (loss) to Class B ordinary shares		(1,755,803	)		(232,904	)

Proportionate share of net income (loss)	$	7,023,211		$	(802,476	)


Denominator: Weighted Average Class A ordinary shares
Basic and diluted weighted average shares outstanding		34,500,000			29,112,329

Basic and diluted net income (loss) per share	$	0.20		$	(0.03	)

Class B Ordinary Shares
Numerator: Net income (loss) allocable to Class B ordinary shares
Net income (loss)	$	8,779,014		$	(1,035,380	)
Less: Allocation of net income (loss) to Class A ordinary shares		(7,023,211	)		(802,476	)

Proportionate share of net income (loss)	$	1, 755,803		$	(232,904	)
Denominator: Weighted Average Class B ordinary shares
Basic and diluted weighted average shares outstanding		8,625,000			8,449,315

Basic and diluted net income (loss) per share	$	0.20		$	(0.03	)

Warrant Liabilities

Recent Accounting Pronouncements

Commitments and Contingencies

3 Months Ended

12 Months Ended

Mar. 31, 2023

Dec. 31, 2022

Commitments and Contingencies [Line Items]

Commitments and Contingencies

(19)	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.

ALVARIUM TIEDEMANN HOLDINGS, INC [Member]

Commitments and Contingencies [Line Items]

Commitments and Contingencies

NOTE 6. COMMITMENTS AND CONTINGENCIES

Underwriting Agreement

The underwriter had a 45-day option from the date of the IPO to purchase up to an aggregate of 4,500,000 additional Units at the public offering price less the underwriting commissions. On February 26, 2021, the underwriter fully exercised its over-allotment option.

Upon consummation of the IPO on February 26, 2021, the underwriters were paid a cash underwriting fee of 2.0% of the gross proceeds of the IPO, or $6,900,000 in the aggregate.

The underwriters of the IPO are entitled to a deferred underwriting commission of 3.5% of the gross proceeds of the IPO, or $12,075,000 in the aggregate. Subject to the terms of the underwriting agreement, the deferred underwriting commission will be payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes an initial Business Combination, and the deferred underwriting commission will be waived by the underwriters in the event that the Company does a Business Combination.

On November 14, 2022, the Company and underwriter executed a deferred underwriting commission modification letter confirming the underwriter’s forfeiture collectively of $4,275,000 of the $12,075,000 of

deferred underwriting commission that would otherwise be payable to it at the closing of Business Combination. As a result, the Company recognized $195,857 of other income and $4,079,413 was recorded to additional paid-in capital in relation to the forfeiture of a portion of underwriting fee commission in the accompanying financial statements. As of December 31, 2022 and 2021, the outstanding deferred underwriting fee payable were $7,800,000 and $12,075,000, respectively.

On January 3, 2023, the outstanding deferred underwriting fee totaling to $7,800,000 was paid in full

(see Note 10).

Registration Rights

On February 23, 2021, the Company entered into a registration rights agreement with respect to the Founder Shares, the Private Warrants and warrants that may be issued upon conversion of the Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Warrants and warrants that may be issued upon conversion of Working Capital Loans), which requires the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to Class A ordinary shares).

Pursuant to such registration rights agreement, the holders of the majority of these securities will be entitled to make up to three demands, excluding short form demands, that we register such securities. In addition, the holders will have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of the Company’s initial Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Financial Advisor Engagements and Resignations

On September 19, 2021, the Company engaged BofA Securities, Inc. (“BofA”) as its financial (M&A) advisor in connection with the Business Combination. Pursuant to this engagement, the Company agreed to pay to BofA an advisory fee of $3,000,000, contingent and payable upon the closing of a Business Combination. On May 13, 2022, BofA resigned from its role as financial (M&A) advisor to the Company and waived any fees to which it was entitled pursuant to its engagement, and BofA and the Company mutually terminated the engagement letter entered into in connection therewith.

On September 19, 2021, the Company engaged BofA as its capital markets advisor in connection with the Business Combination. Pursuant to this engagement, the Company will pay no additional compensation to BofA. On May 13, 2022, BofA resigned from its role as capital markets advisor to the Company for which it was not entitled to any fee, and BofA and the Company mutually terminated the engagement letter entered into in connection therewith.

Fair Value Disclosures - Narrative (Details) - Fair Value, Inputs, Level 3 [Member] - 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

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted


	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

Equity (Details) - $ / shares	1 Months Ended	12 Months Ended
Equity (Details) - $ / shares	Feb. 23, 2021	Dec. 31, 2022	Mar. 31, 2023	Jan. 03, 2023	Dec. 30, 2022	Nov. 17, 2022	Dec. 31, 2021
Class A shares
Class of Stock [Line Items]
Common stock, shares authorized		797,111,977	797,111,977
Common stock par value (in Dollars per share)		$ 0.01	$ 0.01
Common stock, shares outstanding		57,916,649	57,916,649
Common stock, shares, outstanding, subject to forfeiture (in shares)			3,276,391
Class B Ordinary Shares [Member]
Class of Stock [Line Items]
Common stock, shares authorized		94,967,039	94,967,039
Common stock par value (in Dollars per share)		$ 0.01	$ 0.01	$ 0.0001
Common stock, shares outstanding		55,032,961	55,032,961	55,032,961
ALVARIUM TIEDEMANN HOLDINGS, INC [Member]
Class of Stock [Line Items]
Preference shares, shares authorized		1,000,000					1,000,000
Preference shares, par value (in Dollars per share)		$ 0.0001					$ 0.0001
Common stock par value (in Dollars per share)					$ 0.0001
Common stock, shares issued						43,125,000
Common stock, shares outstanding						43,125,000
Issued and outstanding shares of public offering, percentage		20.00%
ALVARIUM TIEDEMANN HOLDINGS, INC [Member] \| Class A shares
Class of Stock [Line Items]
Common stock, shares authorized		200,000,000					200,000,000
Common stock par value (in Dollars per share)		$ 0.0001			$ 0.0001		$ 0.0001
Common stock, shares issued		0					0
Common stock, shares outstanding		0					0
Shares issued		34,500,000					34,500,000
ALVARIUM TIEDEMANN HOLDINGS, INC [Member] \| Class B Ordinary Shares [Member]
Class of Stock [Line Items]
Common stock, shares authorized		20,000,000					20,000,000
Common stock par value (in Dollars per share)		$ 0.0001					$ 0.0001
Common stock, shares issued		8,625,000					8,625,000
Common stock, shares outstanding		8,625,000					8,625,000
Shares issued	8,625,000	8,625,000
ALVARIUM TIEDEMANN HOLDINGS, INC [Member] \| Class B Ordinary Shares [Member] \| Founder Shares [Member]
Class of Stock [Line Items]
Founder Shares (in Shares)	1,125,000

Fair Value Measurements (Details) - Schedule of changes Level 3 liabilities - ALVARIUM TIEDEMANN HOLDINGS, INC [Member] - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Changes Level 3 Fair Value Liabilities [Line Items]
Fair Value at January 1, 2021	$ 10,328,609	$ 0
Initial fair value of public and private warrants		27,004,700
Transfer of public warrants to Level 1		(15,007,500)
Change in fair value	(5,679,719)	(1,668,591)
Fair Value at December 31, 2021	$ 4,648,890	$ 10,328,609

Summary Of Significant Accounting Policies (Details)		3 Months Ended			12 Months Ended
Summary Of Significant Accounting Policies (Details)	Jan. 03, 2023 USD ($) segment	Mar. 31, 2023 USD ($) entity $ / shares	Mar. 31, 2023 USD ($) segment category Fund entity $ / shares shares	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($)
Significant Accounting Policies (Details) [Line Items]
Cash					$ 85,540	$ 551,258
Number of entities in which company is entitled to distributions \| entity		3	3
Number of operating segments \| segment	2		2
Goodwill, impairment loss		$ 0	$ 0	$ 0
Number of operating segments, number of revenue generating categories \| category			3
IPO and Private Placement [Member]
Significant Accounting Policies (Details) [Line Items]
Exercisable to purchase shares \| shares					20,400,000
IPO [Member]
Significant Accounting Policies (Details) [Line Items]
Exercisable to purchase shares \| shares					11,500,000
Private Placement [Member]
Significant Accounting Policies (Details) [Line Items]
Exercisable to purchase shares \| shares					8,900,000
Tiedemann International Holdings, AG ("TIH") \| Tiedemann Wealth Management Holdings, LLC
Significant Accounting Policies (Details) [Line Items]
Voting interest acquired (in percent)					51.10%
Total purchase consideration transferred					$ 1,818,440,000
Alvarium, TWMH And TIG
Significant Accounting Policies (Details) [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 (Details) [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 (Details) [Line Items]
Volume weighted average price (in dollars per share) \| $ / shares		$ 12.5	$ 12.5
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%
Volume weighted average price, number of trading days			20 days
Volume weighted average price, number of consecutive trading days			30 days
Sponsor and Selling Shareholders of TWMH, TIG, and Alvarium \| Class A shares \| Alvarium, TWMH And TIG \| Earnout Shares, Tranche Two
Significant Accounting Policies (Details) [Line Items]
Volume weighted average price (in dollars per share) \| $ / shares		$ 15	$ 15
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%
Volume weighted average price, number of trading days			20 days
Volume weighted average price, number of consecutive trading days			30 days
Sponsor and Selling Shareholders of TWMH, TIG, and Alvarium \| Class B shares \| Alvarium, TWMH And TIG \| Earnout Shares
Significant Accounting Policies (Details) [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 (Details) [Line Items]
Number of earn-out securities (in shares) \| shares			7.1
Asset management \| Co-Investment
Significant Accounting Policies (Details) [Line Items]
Deployed capital			$ 7,600,000,000
Deployed capital, percentage invested \| $ / shares			$ 14
Asset management \| Alternatives Platform
Significant Accounting Policies (Details) [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 (Details) [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 (Details) [Line Items]
Assets under management and advisement		$ 45,600,000,000	$ 45,600,000,000
Minimum
Significant Accounting Policies (Details) [Line Items]
Percentage of equity value contributed in transaction		50.00%	50.00%
Percentage of purchase price in acquisition		50.00%	50.00%
Equity structures, term (in years)			5 years
Equity structures, percentage of equity value committed or drawn		50.00%	50.00%
Revenue From Contract With Customer, Debt Structures, Term			12 months
Minimum \| Property, Plant and Equipment, Other Types
Significant Accounting Policies (Details) [Line Items]
Useful life			2 years
Maximum
Significant Accounting Policies (Details) [Line Items]
Percentage of equity value contributed in transaction		100.00%	100.00%
Percentage of purchase price in acquisition		100.00%	100.00%
Equity structures, term (in years)			10 years
Equity structures, percentage of equity value committed or drawn		175.00%	175.00%
Revenue From Contract With Customer, Debt Structures, Term			36 months
Maximum \| Property, Plant and Equipment, Other Types
Significant Accounting Policies (Details) [Line Items]
Useful life			7 years
Management/Advisory fees
Significant Accounting Policies (Details) [Line Items]
Contract with customer, allowance for credit loss		$ 0	$ 0

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

Fair Value Measurements (Details) - Schedule of Warrant Valuation Terms - ALVARIUM TIEDEMANN HOLDINGS, INC [Member] - $ / shares		12 Months Ended
	May 25, 2022	Dec. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Line Items]
Risk-free interest rate		4.70%	1.30%
Expected term remaining (years)		5 months 15 days	5 years 5 months 26 days
Expected volatility		22.50%	17.50%
Trading stock price		$ 10.91	$ 9.88
Working Capital Note [Member]
Fair Value Disclosures [Line Items]
Risk-free interest rate	2.72%	4.70%
Expected term remaining (years)	5 years 3 months 25 days	5 months 15 days
Expected volatility	10.90%	22.50%
Trading stock price	$ 9.77	$ 10.91

Condensed Consolidated Statement of Financial Position (Unaudited) (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
ALVARIUM TIEDEMANN HOLDINGS, INC [Member]
Preference shares, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Preference shares, shares authorized	1,000,000	1,000,000
Preference shares, shares issued	0	0
Preference shares, shares outstanding	0	0
Class A shares
Common stock, par value (in dollars per share)	$ 0.01
Common stock, authorized (in shares)	797,111,977
Common stock, outstanding (in shares)	57,916,649
Class A shares \| ALVARIUM TIEDEMANN HOLDINGS, INC [Member]
Ordinary shares subject to possible redemption	34,500,000	34,500,000
Subject to possible redemption shares Outstanding	34,500,000	34,500,000
Ordinary shares subject to possible redemption price per share	$ 10.14	$ 10
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	200,000,000	200,000,000
Ordinary shares, issued	0	0
Common stock, outstanding (in shares)	0	0
Class B shares
Common stock, par value (in dollars per share)	$ 0.01
Common stock, authorized (in shares)	94,967,039
Common stock, outstanding (in shares)	55,032,961
Class B shares \| ALVARIUM TIEDEMANN HOLDINGS, INC [Member]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	20,000,000	20,000,000
Ordinary shares, issued	8,625,000	8,625,000
Common stock, outstanding (in shares)	8,625,000	8,625,000

Initial Public Offering

12 Months Ended

Dec. 31, 2022

ALVARIUM TIEDEMANN HOLDINGS, INC [Member]

Initial Public Offering [Line Items]

Initial Public Offering

NOTE 3. INITIAL PUBLIC OFFERING

Public Units

On February 26, 2021, upon the consummation of the IPO, the Company sold 34,500,000 Units, which includes the full exercise by the underwriters of the over-allotment option to purchase an additional 4,500,000 Units, at a purchase price of $10.00 per Unit. Each Unit consists of one Class A ordinary share,

and one-third of

one redeemable Warrant to purchase one Class A ordinary share.

Public Warrants

Each whole Public Warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as discussed herein. The Public Warrants will become exercisable on the later of 12 months from the closing of the IPO or 30 days after the completion of its initial Business Combination and will expire five years after the completion of the Company’s initial Business Combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

In addition, if (i) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and in the case of any such issuance to the Sponsor or its affiliates, without taking into account any founder shares held by the Sponsor or its affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (ii) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (iii) the volume weighted average trading price of the Company’s Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described adjacent to “Redemption of warrants when the price per ordinary share equals or exceeds $18.00” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, respectively.

The Company has agreed that as soon as practicable, but in no event later than fifteen (15) business days after the closing of the initial Business Combination, it will use its commercially reasonable efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the Warrants. The Company will use its commercially reasonable efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration or redemption of the Warrants in accordance with the provisions of the warrant agreement. Notwithstanding the above, if the Class A ordinary shares are at the time of any exercise of a Warrant not listed on a national securities exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their Warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, it will not be required to file or maintain in effect a registration statement or register or qualify the shares under applicable blue sky laws to the extent an exemption is available.

Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00

Once the Warrants become exercisable, the Company may redeem the outstanding Warrants (except as described herein with respect to the Private Warrants):

•

in whole and not in part;

•

at a price of $0.01 per Warrant;

•

upon not less than 30 days’ prior written notice of redemption (the “30-day redemption period”) to each Warrant holder;

•

if, and only if, the last sale price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share splits, share dividends, reorganizations. and recapitalizations), for any 20 trading days within a 30-trading day period ending on the third business day prior to the notice of redemption to the Warrant holders; and

•

if, and only if, there is a current registration statement in effect with respect to the Class A ordinary shares underlying the Warrants.

Private Placement	12 Months Ended
Private Placement	Dec. 31, 2022
ALVARIUM TIEDEMANN HOLDINGS, INC [Member]
Private Placement [Line Items]
Private Placement	NOTE 4. PRIVATE PLACEMENT Simultaneously with the closing of the IPO, the Sponsor purchased an aggregate of 8,900,000 Private Warrants at a price of $1.00 per Private Warrant, for an aggregate purchase price of $8,900,000, in a private placement. A portion of the proceeds from the sale of the Private Warrants was added to the proceeds from the IPO held in the Trust Account. The Private Warrants are identical to the Public Warrants, except that the Private Warrants, so long as they are held by the Sponsor or its permitted transferees, (i) will not be redeemable by the Company, (ii) may not (including the Class A ordinary shares issuable upon exercise of these Private Warrants), subject to certain limited exceptions, be transferred, assigned or sold by the holders until 30 days after the completion of the Company’s initial Business Combination, (iii) may be exercised by the holders on a cashless basis and (iv) will be entitled to certain registration rights. If the Private Warrants are held by holders other than the Sponsor or its permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by the holders on the same basis as the Public Warrants. The initial shareholders, officers, directors and independent directors have agreed to waive their redemption rights with respect to any Class A ordinary shares they may acquire during or after the IPO, in connection with the completion of the initial Business Combination. If the Company does not complete the initial Business Combination within the applicable time period, the proceeds of the sale of the Private Warrants will be used to fund the redemption of the Class A ordinary shares.

Income Taxes

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

(6)	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
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

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 [Member]
Debt Instrument [Line Items]
Debt, net of unamortized deferred financing cost		133,251
Credit Facility [Member] \| Line of Credit [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	250,000
Credit Facility [Member] \| Line of Credit [Member] \| 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 [Member] \| Line of Credit [Member] \| Term Loans \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate				1.50%
Credit Facility [Member] \| Line of Credit [Member] \| Term Loans \| Minimum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Credit Facility [Member] \| Line of Credit [Member] \| 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 [Member] \| Line of Credit [Member] \| Term Loans \| Maximum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
Credit Facility [Member] \| Line of Credit [Member] \| 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 [Member] \| Line of Credit [Member] \| 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 [Member] \| Line of Credit [Member] \| Revolving Credit Facility \| Bloomberg Short-Term Bank Yield Index Rate (BSBY)
Debt Instrument [Line Items]
Basis spread on variable rate				1.50%
Promissory Notes [Member]
Debt Instrument [Line Items]
Debt, net of unamortized deferred financing cost		$ 0		$ 1,377
Interest rate (in percent)				3.25%

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 [Member]
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 [Member]
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 [Member]
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

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 [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	55,032,961
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	20,399,877
Earn Outs [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	10,396,318

Fair Value Measurements (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2023

Dec. 31, 2022

Fair Value Disclosures [Line Items]

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

(1)

buy-ins,


	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

Summary of 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

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

Schedule of changes in the fair value of the Level 3 conversion option

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

ALVARIUM TIEDEMANN HOLDINGS, INC [Member]

Fair Value Disclosures [Line Items]

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


	December 31, 2022		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
Cash held in Trust Account	$	349,983,839	$	349,983,839	$	—	$	—

Liabilities:
Public Warrants Liability	$	5,882,250	$	5,882,250	$	—	$	—
Private Warrants Liability		4,648,890		—		—		4,648,890

	$	10,531,140	$	5,882,250	$	—	$	4,648,890


	December 31, 2021		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
U.S. Money Market held in Trust Account	$	345,031,308	$	345,031,308	$	—	$	—

Liabilities:
Public Warrants Liability	$	12,765,000	$	12,765,000	$	—	$	—
Private Warrants Liability		10,328,609		—		—		10,328,609

	$	23,093,609	$	12,765,000	$	—	$	10,328,609

Schedule of changes Level 3 liabilities

The following table presents the changes Level 3 liabilities for the year ended December 31, 2022:



Fair Value at January 1, 2022	$	10,328,609
Change in fair value		(5,679,719	)

Fair Value at December 31, 2022	$	4,648,890

The following table presents the changes Level 3 liabilities for the year ended December 31, 2021:


Fair Value at January 1, 2021	$	—
Initial fair value of Public Warrants and Private Warrants		27,004,700
Transfer of Public Warrants to Level 1		(15,007,500	)
Change in fair value		(1,668,591	)

Fair Value at December 31, 2021	$	10,328,609

Schedule of key inputs into the Monte Carlo simulation

The key inputs into the Monte Carlo simulation model as of December 31, 2022 and 2021 were as follows:


	December 31, 2022			December 31, 2021
Risk-free interest rate		4.70	%		1.30	%
Expected term remaining (years)		0.46			5.49
Expected volatility		22.5	%		17.5	%
Trading stock price	$	10.91		$	9.88

Summary of fair value measurement inputs and valuation techniques

The following are the primary assumptions used for the valuation of the conversion feature of the Working Capital Note:


	May 25, 2022			December 31, 2022
Warrant Valuation Terms
Risk-free interest rate		2.72	%		4.70	%
Expected term remaining (years)		5.32			0.46
Expected volatility		10.9	%		22.5	%
Trading share price	$	9.77		$	10.91


	May 25, 2022			December 31, 2022
Compound Option Terms
Strike price – debt conversion	$	1.00		$	1.00
Strike price – warrants	$	11.50		$	11.50
Term – debt conversion		0.32			0.01
Term – warrant conversion		5.32			5.01
Probability of consummation of a Business Combination		90	%		99	%
Probability of consummation of a Business Combination – Target Date 11/30/2022 and 1/4/2023		90	%		99	%
Probability of consummation of a Business Combination – Target Date 2/28/2023 and 1/31/2023		10	%		1	%

Schedule of changes in the fair value of the Level 3 conversion option

The following table presents the changes in the fair value of the Level 3 conversion option:



Fair value at May 25, 2022 (date of issuance)	$	41,331
Change in fair value		40,776

Fair value at December 31, 2022	$	82,107

- Definition

Tabular disclosure of all significant concentrations of risk, including credit risk and market risk, arising from all financial instruments (as defined), whether from an individual counterparty or groups of counterparties. The disclosure concerning concentrations of risk may consist of the following information: (1) for concentrations of credit risk disclosure may include: (a) information about the (shared) activity, region, or economic characteristic that identifies the concentration, (b) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the entity would incur if parties to the financial instruments that make up the concentration failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the entity, (c) the policy of requiring collateral or other security to support financial instruments subject to credit risk, information about the entity's access to that collateral or other security, and the nature and a brief description of the collateral or other security supporting those financial instruments, and (d) the policy of entering into master netting arrangements to mitigate the credit risk of financial instruments, information about the arrangements for which the entity is a party, and a brief description of the terms of those arrangements, including the extent to which they would reduce the entity's maximum amount of loss due to credit risk and (2) for disclosure of quantitative information about the market risks of financial instruments that is consistent with the way the company manages or adjusts those risks, disclosure may include: (a) more details about current positions and perhaps activity during the period, (b) the hypothetical effects on comprehensive income (or net assets), or annual income, of several possible changes in market prices, (c) a gap analysis of interest rate re-pricing or maturity dates, (d) the duration of the financial instruments, (e) the entity's value at risk from derivatives and from other positions at the end of the reporting period and the average value at risk during the year, or (f) other ways of reporting quantitative information as internally developed.

+ References + Details

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

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

Segment Reporting

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Reporting

(17)	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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/topic&trid=2134510

+ Details

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

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
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-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Equity

3 Months Ended

12 Months Ended

Mar. 31, 2023

Dec. 31, 2022

Class of Stock [Line Items]

Equity

(20)

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.

ALVARIUM TIEDEMANN HOLDINGS, INC [Member]

Class of Stock [Line Items]

Equity

NOTE 8. SHAREHOLDERS’ DEFICIT

Preference Shares

— The Company is authorized to issue 1,000,000 preference shares with a par value of $0.0001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. At December 31, 2022 and 2021, there were no preference shares issued or outstanding.

Class B Ordinary Shares

— The Company is authorized to issue 20,000,000 Class B ordinary shares with a par value of $0.0001 per share. At December 31, 2022 and 2021, there were 8,625,000 Class B ordinary shares issued and outstanding. On February 23, 2021, the Company effectuated a recapitalization resulting in the initial shareholders holding 8,625,000 Class B ordinary shares, including up to 1,125,000 founder shares which were subject to forfeiture by the Sponsor, if the over-allotment option was not exercised by the underwriters in full. As a result of the underwriters’ full exercise of their over-allotment option on February 26, 2021, none of the Class B ordinary shares are subject to forfeiture any longer.

Prior to an initial Business Combination, only holders of Class B ordinary shares will be entitled to vote on the appointment of directors and may remove a member of the Company’s board of directors for any reason prior to the consummation of an initial Business Combination. Holders of Class A ordinary shares and Class B ordinary shares will vote together as a single class on all other matters submitted to a vote of the Company’s shareholders except as required by law. Unless specified in the Company’s amended and restated memorandum and articles of association, or as required by applicable provisions of the Companies Act (As Revised) of the Cayman Islands, as amended from time to time, or applicable share exchange rules, the affirmative vote of a majority of the Company’s ordinary shares that are voted is required to approve any such matter voted on by its shareholders.

The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the Company’s initial Business Combination or earlier at the option of the holders thereof at a ratio such that the number of Class A ordinary shares issuable upon conversion of all founder shares will equal, in the aggregate, on an as-converted basis, 20%ofthe sum of (i) the total number of the Company’s ordinary shares issued and outstanding upon completion of the IPO, plus (ii) the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities (as defined herein) or rights issued or deemed issued by the Company in connection with or in relation to the completion of the initial Business Combination, excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, deemed issued, or to be issued, to any seller of a target business in the initial Business Combination and any warrants issued upon conversion of Working Capital Loans. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one-to-one.

- 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
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+ Details

Commitments and Contingencies (Details) - USD ($)				12 Months Ended
Commitments and Contingencies (Details) - USD ($)	Nov. 14, 2022	Sep. 19, 2021	Feb. 26, 2021	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2023	Jan. 03, 2023
Commitments and Contingencies (Details) [Line Items]
TRA liability				$ 0		$ 13,300,000
Earn-out liability, at fair value				0		$ 120,967,000
ALVARIUM TIEDEMANN HOLDINGS, INC [Member]
Commitments and Contingencies (Details) [Line Items]
Underwriting discount percent			2.00%
Gross proceeds			$ 6,900,000	$ 12,075,000
Deferred underwriting discount percent				3.50%
Deferred underwriting commission	$ 4,275,000
Deferred Underwriting Fee Payable	12,075,000			$ 7,800,000	$ 12,075,000
Other income	195,857			195,587	0
Waived deferred underwriting fee	$ 4,079,413			$ (4,079,413)	$ 0
Subsequent Event [Member] \| ALVARIUM TIEDEMANN HOLDINGS, INC [Member]
Commitments and Contingencies (Details) [Line Items]
Deferred Underwriting Fee Payable							$ 7,800,000
Underwriting Agreement [Member] \| ALVARIUM TIEDEMANN HOLDINGS, INC [Member]
Commitments and Contingencies (Details) [Line Items]
Underwriting agreement, description				The underwriter had a 45-day option from the date of the IPO to purchase up to an aggregate of 4,500,000 additional Units at the public offering price less the underwriting commissions.
Bofa Securities Inc [Member] \| ALVARIUM TIEDEMANN HOLDINGS, INC [Member]
Commitments and Contingencies (Details) [Line Items]
Advisory fee		$ 3,000,000

Intangible Assets, net

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, net

(10)	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

Summary Of Significant Accounting Policies (Details) - Schedule of basic and diluted loss per ordinary share - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Numerator: Net loss allocable to Class A ordinary shares
Net income (loss)	$ (172,000)	$ 37,000
Proportionate share of net income (loss)	$ (68,740,000)
Earnings Per Share [Abstract]
Weighted Average Number of Shares Outstanding, Basic	57,546,811	6,956
Weighted Average Number of Shares Outstanding, Diluted	57,546,811	6,956
Earnings Per Share, Basic	$ (1.19)	$ 129.24
Earnings Per Share, Diluted	$ (1.19)	$ 129.24
ALVARIUM TIEDEMANN HOLDINGS, INC [Member]
Numerator: Net loss allocable to Class A ordinary shares
Net income (loss)			$ 8,779,014	$ (1,035,380)
Less: Allocation of net income (loss) to Class B ordinary shares			(1,755,803)	(232,904)
Proportionate share of net income (loss)			7,023,211	(802,476)
Numerator: Net loss allocable to Class B ordinary shares
Net income (loss)			8,779,014	(1,035,380)
Less: Allocation of net income (loss) to Class A ordinary shares			(7,023,211)	(802,476)
Proportionate share of net income (loss)			$ 1,755,803	$ (232,904)
ALVARIUM TIEDEMANN HOLDINGS, INC [Member] \| Common Class A [Member]
Earnings Per Share [Abstract]
Weighted Average Number of Shares Outstanding, Basic			34,500,000	29,112,329
Weighted Average Number of Shares Outstanding, Diluted			34,500,000	29,112,329
Earnings Per Share, Basic			$ 0.2	$ (0.03)
Earnings Per Share, Diluted			$ 0.2	$ (0.03)
ALVARIUM TIEDEMANN HOLDINGS, INC [Member] \| Common Class B [Member]
Earnings Per Share [Abstract]
Weighted Average Number of Shares Outstanding, Basic			8,625,000	8,449,315
Weighted Average Number of Shares Outstanding, Diluted			8,625,000	8,449,315
Earnings Per Share, Basic			$ 0.2	$ (0.03)
Earnings Per Share, Diluted			$ 0.2	$ (0.03)

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

Related Party Transactions (Tables)

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	Earn-out liability, at fair value
Members, TIG MGMT Members and Alvarium shareholders in connection with the Earn-out		$	(120,967	)	$	—
Due to Equity Method Investees	Accounts payable and accrued expenses	$	(177	)	$	—
Due to Equity Method Investees	Other liabilities	$	(726	)	$	—

Fair Value Disclosures - Assets and Liabilities Measured At Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Assets:
Investments at fair value	$ 166,669	$ 145
Interest rate swap	187	241
Liabilities:
Earn-out liability	120,967	0
Earn-in consideration payable	1,593	1,519	$ 1,500
Fair Value, Recurring [Member]
Assets:
Interest rate swap		241
Total	166,669	386
Liabilities:
Warrant liability	23,235
Earn-out liability	120,967
TRA liability	13,300
Earn-in consideration payable	1,593	1,519
Payout right		3,662
Total	159,095	5,181
Mutual Fund [Member]
Assets:
Investments at fair value	48	44
Mutual Fund [Member] \| Fair Value, Recurring [Member]
Assets:
Investments at fair value	48	44
Exchange Traded Funds [Member]
Assets:
Investments at fair value	111	101
Exchange Traded Funds [Member] \| Fair Value, Recurring [Member]
Assets:
Investments at fair value	111	101
Investments – External Strategic Managers \| Fair Value, Recurring [Member]
Assets:
Investments at fair value	165,322
Investments - Affiliated Funds \| Fair Value, Recurring [Member]
Assets:
Investments at fair value	$ 1,188
Liabilities:
Redemption, required notice	30 days
Level 1 \| Fair Value, Recurring [Member]
Assets:
Interest rate swap		0
Total	$ 159	145
Liabilities:
Warrant liability	23,235
Earn-out liability	0
TRA liability	0
Earn-in consideration payable	0	0
Payout right		0
Total	23,235	0
Level 1 \| Mutual Fund [Member] \| Fair Value, Recurring [Member]
Assets:
Investments at fair value	48	44
Level 1 \| Exchange Traded Funds [Member] \| Fair Value, Recurring [Member]
Assets:
Investments at fair value	111	101
Level 1 \| Investments – External Strategic Managers \| Fair Value, Recurring [Member]
Assets:
Investments at fair value	0
Level 1 \| Investments - Affiliated Funds \| Fair Value, Recurring [Member]
Assets:
Investments at fair value	0
Level 2 \| Fair Value, Recurring [Member]
Assets:
Interest rate swap		241
Total	0	241
Liabilities:
Warrant liability	0
Earn-out liability	0
TRA liability	0
Earn-in consideration payable	0	0
Payout right		0
Total	0	0
Level 2 \| Mutual Fund [Member] \| Fair Value, Recurring [Member]
Assets:
Investments at fair value	0	0
Level 2 \| Exchange Traded Funds [Member] \| Fair Value, Recurring [Member]
Assets:
Investments at fair value	0	0
Level 2 \| Investments – External Strategic Managers \| Fair Value, Recurring [Member]
Assets:
Investments at fair value	0
Level 2 \| Investments - Affiliated Funds \| Fair Value, Recurring [Member]
Assets:
Investments at fair value	0
Level 3
Liabilities:
Earn-out liability	120,967
TRA liability	13,300
Earn-in consideration payable	1,593
Level 3 \| Fair Value, Recurring [Member]
Assets:
Interest rate swap		0
Total	165,322	0
Liabilities:
Warrant liability	0
Earn-out liability	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 \| Mutual Fund [Member] \| Fair Value, Recurring [Member]
Assets:
Investments at fair value	0	0
Level 3 \| Exchange Traded Funds [Member] \| Fair Value, Recurring [Member]
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 [Member]
Assets:
Investments at fair value	165,322
Level 3 \| Investments - Affiliated Funds \| Fair Value, Recurring [Member]
Assets:
Investments at fair value	$ 0

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

Retirement Plans

3 Months Ended

Mar. 31, 2023

Postemployment Benefits [Abstract]

Retirement Plans

(15)	Retirement Plans

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

- 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
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (o)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 70
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI https://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
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-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
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-Paragraph 1
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-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-Subparagraph (r)(2)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Subsequent Events

3 Months Ended

12 Months Ended

Mar. 31, 2023

Dec. 31, 2022

Subsequent Event [Line Items]

Subsequent Events

(21)	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.

ALVARIUM TIEDEMANN HOLDINGS INC [Member]

Subsequent Event [Line Items]

Subsequent Events

NOTE 10. SUBSEQUENT EVENTS

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Based upon this review, other than the below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.

The Business Combination

mann

Holdings, Inc”.

Prior to the Closing Date, the following transactions occurred pursuant to the terms of the Business Combination Agreement:

•

On the Closing Date, the following transactions occurred pursuant to the terms of the Business Combination Agreement:

•

On January 3, 2023, following the Closing, Alvarium Holdings LLC (which was renamed Alvarium Tiedemann Holdings, LLC) became the wholly owned direct subsidiary of Umbrella.

PIPE Investment

Investors collectively subscribed for

16,936,715

shares of Class A Common Stock (the “PIPE Shares”) at a purchase price of $

9.80

per share, for an aggregate purchase price equal to $

164,999,807

(the “PIPE Investment”). The PIPE Investment was consummated substantially concurrently with the closing of the Business Combination. Upon the Closing of the PIPE Investment, Cartesian simultaneously (i) canceled a number of SPAC Class A Ordinary Shares held by Sponsor equal to the number of Sponsor Redemption Shares and (ii) issued to the PIPE Investors an amount of shares equal to the number of PIPE Shares, divided by the sum of the number of the Non-Redeemed SPAC Class A Common Shares and the number of PIPE Shares, on a pro-rata basis based on the number of PIPE Shares held by such PIPE Investors (the “PIPE Bonus Shares”).

Working Capital Loans

On January 3, 2023, the outstanding working capital Note was paid in full.

Underwriting Agreement

On January 3, 2023, the outstanding deferred underwriting fee totaling to $7,800,000 was paid in full.

Fair Value Disclosures - Valuation Methodologies (Details) $ in Thousands	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 166,669	$ 145
Earn-out liability, at fair value	120,967	0
Earn-in consideration payable	1,593	$ 1,519	$ 1,500
Fair Value, Inputs, Level 3 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
TRA liability, fair value	13,300
Earn-out liability, at fair value	120,967
Earn-in consideration payable	$ 1,593
Fair Value, Inputs, Level 3 [Member] \| 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
Fair Value, Inputs, Level 3 [Member] \| Correlation \| Monte Carlo
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
TRA liability, measurement input	0.20
Fair Value, Inputs, Level 3 [Member] \| Cost of debt range \| Monte Carlo \| Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
TRA liability, measurement input	0.071
Fair Value, Inputs, Level 3 [Member] \| Cost of debt range \| Monte Carlo \| Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
TRA liability, measurement input	0.056
Fair Value, Inputs, Level 3 [Member] \| Equity risk premium \| Monte Carlo \| Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
TRA liability, measurement input	0.129
Fair Value, Inputs, Level 3 [Member] \| Equity risk premium \| Monte Carlo \| Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
TRA liability, measurement input	0.075
Fair Value, Inputs, Level 3 [Member] \| Risk-free rate \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-in consideration payable, measurement input		0.068
Fair Value, Inputs, Level 3 [Member] \| Risk-free rate \| Monte Carlo
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-out liability, measurement input	0.036
Fair Value, Inputs, Level 3 [Member] \| Revenue discount rate \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-in consideration payable, measurement input	0.072
Fair Value, Inputs, Level 3 [Member] \| Investments – External Strategic Managers
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 165,322
Fair Value, Inputs, Level 3 [Member] \| Investments – External Strategic Managers \| Discount rate \| Discounted Cash Flow \| Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.48
Fair Value, Inputs, Level 3 [Member] \| Investments – External Strategic Managers \| Discount rate \| Discounted Cash Flow \| Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.16
Fair Value, Inputs, Level 3 [Member] \| 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

Business Combination - Purchase Consideration Transferred (Details) - Alvarium, TWMH And TIG [Member] $ 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

Description of the Business - Shares And Warrants Outstanding (Details) - shares	Mar. 31, 2023	Jan. 03, 2023	Dec. 31, 2022
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		57,916,649
Class B shares
Class of Stock [Line Items]
Common stock, outstanding (in shares)	55,032,961	55,032,961	55,032,961

Description of the Business - Narrative (Details) - USD ($)			1 Months Ended		3 Months Ended	12 Months Ended
	Nov. 17, 2022	Nov. 14, 2022	Feb. 26, 2021	Feb. 23, 2021	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 03, 2023	Dec. 30, 2022	Oct. 25, 2022	Aug. 16, 2022	Aug. 08, 2022
Organization and Business Operations (Details) [Line Items]
Warrant, exercise price (in dollars per share)					$ 11.5
Assets under management					$ 66,700,000,000
Warrant, expiration period (in years)					5 years
Warrant redemption price (in dollars per share)					$ 0.01
Issuance of shares - exercise of warrants					$ 5,416,000
Additional Paid-in Capital
Organization and Business Operations (Details) [Line Items]
Issuance of shares - exercise of warrants					$ 5,416,000
Umbrella [Member]
Organization and Business Operations (Details) [Line Items]
Voting interest acquired (in percent)								51.00%
Umbrella [Member] \| T W M H And T I G Shareholders [Member]
Organization and Business Operations (Details) [Line Items]
Voting interest acquired (in percent)								49.00%
Umbrella [Member] \| T W M H T I G And Alvarium [Member]
Organization and Business Operations (Details) [Line Items]
Voting interest acquired (in percent)								100.00%
Class A shares
Organization and Business Operations (Details) [Line Items]
Common stock par value (in Dollars per share)					$ 0.01	$ 0.01
Common Stock, Shares, Outstanding					57,916,649	57,916,649
Total voting power (in percent)					51.00%
Warrant redemption, minimum share price (in dollars per share)					$ 18
Issuance of shares - exercise of warrants (in shares)					428,626
Common Class B [Member]
Organization and Business Operations (Details) [Line Items]
Common stock par value (in Dollars per share)					$ 0.01	$ 0.01		$ 0.0001
Common Stock, Shares, Outstanding					55,032,961	55,032,961		55,032,961
Total voting power (in percent)					49.00%
ALVARIUM TIEDEMANN HOLDINGS, INC [Member]
Organization and Business Operations (Details) [Line Items]
Gross proceeds							$ 345,000,000
Deferred underwriting commission		$ 4,275,000
Public shares redeem percentage			100.00%			100.00%
Public share price per share (in Dollars per share)						$ 10
Interest expenses						$ 100,000
Public per share (in Dollars per share)						$ 10
Working capital deficit						$ 7,919,107
Operating bank account						$ 85,540
Common stock par value (in Dollars per share)									$ 0.0001
Common Stock, Shares, Issued	43,125,000
Common Stock, Shares, Outstanding	43,125,000
ALVARIUM TIEDEMANN HOLDINGS, INC [Member] \| Issuance of shares - exercise of warrants
Organization and Business Operations (Details) [Line Items]
Percentage Of Excise Tax On Repurchases Of Stock											1.00%
ALVARIUM TIEDEMANN HOLDINGS, INC [Member] \| Earnout Shares Payable To Twmh [Member]
Organization and Business Operations (Details) [Line Items]
Business combination contingent consideration payable in shares										1,050,000
ALVARIUM TIEDEMANN HOLDINGS, INC [Member] \| Business Combination Agreement [Member]
Organization and Business Operations (Details) [Line Items]
Business combination earnout shares consideration												2,100,000
ALVARIUM TIEDEMANN HOLDINGS, INC [Member] \| A And R Business Combination Agreement [Member]
Organization and Business Operations (Details) [Line Items]
Percentage of shares subject to restriction in transfer										100.00%
Percentage of shares subject to restriction in transfer one										50.00%
ALVARIUM TIEDEMANN HOLDINGS, INC [Member] \| A And R Business Combination Agreement [Member] \| Earnout Shares Payable To Tig Entities [Member]
Organization and Business Operations (Details) [Line Items]
Business combination contingent consideration payable in shares										1,050,000
ALVARIUM TIEDEMANN HOLDINGS, INC [Member] \| A And R Business Combination Agreement [Member] \| Alvarium [Member]
Organization and Business Operations (Details) [Line Items]
Fees payable in case of termination of agreement										$ 5,500,000
ALVARIUM TIEDEMANN HOLDINGS, INC [Member] \| A And R Business Combination Agreement [Member] \| TWMH And TIG [Member]
Organization and Business Operations (Details) [Line Items]
Fees payable in case of termination of agreement										$ 11,000,000
ALVARIUM TIEDEMANN HOLDINGS, INC [Member] \| IPO [Member]
Organization and Business Operations (Details) [Line Items]
Initial public offering units (in Shares)				34,500,000		8,900,000
Price per share (in Dollars per share)				$ 10		$ 1
Gross proceeds				$ 345,000,000
Gross proceeds						$ 8,900,000
Transaction costs						19,540,060
Underwriting commission						6,900,000
Deferred underwriting commission						12,075,000
Other offering cost						$ 565,060
Net offering proceeds			$ 345,000,000
Price per warrant (in Dollars per share)			$ 10
ALVARIUM TIEDEMANN HOLDINGS, INC [Member] \| Class A shares
Organization and Business Operations (Details) [Line Items]
Price per share (in Dollars per share)				$ 11.5
Common stock par value (in Dollars per share)						$ 0.0001	$ 0.0001		$ 0.0001
Common Stock, Shares, Issued						0	0
Common Stock, Shares, Outstanding						0	0
ALVARIUM TIEDEMANN HOLDINGS, INC [Member] \| Class A shares \| A And R Business Combination Agreement [Member] \| Spac Class A Common Stock [Member] \| Post Business Combination Equity Incentive Plan [Member]
Organization and Business Operations (Details) [Line Items]
Common stock shares reserved for future issuance										11,788,132
ALVARIUM TIEDEMANN HOLDINGS, INC [Member] \| Class A shares \| A And R Business Combination Agreement [Member] \| Spac Class A Common Stock [Member] \| Post Business Combination Employee Stock Purchase Plan [Member]
Organization and Business Operations (Details) [Line Items]
Common stock shares reserved for future issuance										1,813,559
ALVARIUM TIEDEMANN HOLDINGS, INC [Member] \| Class A shares \| PIPE Subscription Agreements [Member] \| PIPE Investor [Member]
Organization and Business Operations (Details) [Line Items]
Price per share (in Dollars per share)										$ 9.8
Common Stock, Value, Subscriptions										$ 164,999,807
Common Stock, Shares Subscribed but Unissued										16,936,715
ALVARIUM TIEDEMANN HOLDINGS, INC [Member] \| Common Class B [Member]
Organization and Business Operations (Details) [Line Items]
Common stock par value (in Dollars per share)						$ 0.0001	$ 0.0001
Common Stock, Shares, Issued						8,625,000	8,625,000
Common Stock, Shares, Outstanding						8,625,000	8,625,000
ALVARIUM TIEDEMANN HOLDINGS, INC [Member] \| Ordinary Shares [Member]
Organization and Business Operations (Details) [Line Items]
Stock Issued During Period, Shares, New Issues	33,707,929
Percentage Of Voting Power Of Ordinary Shares	78.163%

Earnings Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

(18) 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).

Fair Value Measurements (Details) - Schedule of the Company's assets and liabilities that are measured at fair value on a recurring basis - ALVARIUM TIEDEMANN HOLDINGS, INC [Member] - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Assets:
Cash held in Trust Account	$ 349,983,839	$ 345,031,308
Liabilities
Warrants Liability	10,531,140	23,093,609
Public Warrants Liability [Member]
Liabilities
Warrants Liability	5,882,250	12,765,000
Private Warrants Liability [Member]
Liabilities
Warrants Liability	4,648,890	10,328,609
Quoted Prices In Active Markets (Level 1) [Member]
Assets:
Cash held in Trust Account	349,983,839	345,031,308
Liabilities
Warrants Liability	5,882,250	12,765,000
Quoted Prices In Active Markets (Level 1) [Member] \| Public Warrants Liability [Member]
Liabilities
Warrants Liability	5,882,250	12,765,000
Quoted Prices In Active Markets (Level 1) [Member] \| Private Warrants Liability [Member]
Liabilities
Warrants Liability
Significant Other Observable Inputs (Level 2) [Member]
Assets:
Cash held in Trust Account	0
Liabilities
Warrants Liability
Significant Other Observable Inputs (Level 2) [Member] \| Public Warrants Liability [Member]
Liabilities
Warrants Liability
Significant Other Observable Inputs (Level 2) [Member] \| Private Warrants Liability [Member]
Liabilities
Warrants Liability
Significant Other Unobservable Inputs (Level 3) [Member]
Assets:
Cash held in Trust Account	0
Liabilities
Warrants Liability	4,648,890	10,328,609
Significant Other Unobservable Inputs (Level 3) [Member] \| Public Warrants Liability [Member]
Liabilities
Warrants Liability
Significant Other Unobservable Inputs (Level 3) [Member] \| Private Warrants Liability [Member]
Liabilities
Warrants Liability	$ 4,648,890	$ 10,328,609

Summary Of Significant Accounting Policies (Details) - Schedule of ordinary shares subject to redemption - ALVARIUM TIEDEMANN HOLDINGS, INC [Member] - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Significant Accounting Policies [Line Items]
Gross proceeds		$ 345,000,000
Less:Proceeds allocated to public warrants		(15,007,500)
Class A ordinary shares issuance cost		(18,671,929)
Plus: Remeasurement of carrying value to redemption value		33,679,429
Interest earned on Trust Account	$ 4,952,531	31,308
Class A ordinary shares subject to redemption	$ 349,983,839	$ 345,031,308

- Definition

Carrying amount, attributable to parent, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

+ References + Details

Segment Reporting - Net Income By Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2023	Mar. 31, 2022
Revenue:
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
Operating Income (Loss)		(43,438)	1,174
Gain (loss) on investments		3,149	(19)
Gain (loss) on warrant liability		(12,942)	0
Gain (loss) on earn-out liability	$ (29,200)	(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 (expenses) benefit		(4,650)	(193)
Net income (loss)		(90,290)	886
Asset Management Segment [Member]
Revenue:
Total income		26,515
Operating Expenses:
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 investments		4,122
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 (expenses) benefit		(2,325)
Net income (loss)		(40,865)
Wealth Management Segment [Member]
Revenue:
Total income		31,532
Operating Expenses:
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 investments		(973)
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 (expenses) benefit		(2,325)
Net income (loss)		(49,425)
Management/Advisory fees
Revenue:
Total income		46,470	19,970
Management/Advisory fees \| Asset Management Segment [Member]
Revenue:
Total income		14,976
Management/Advisory fees \| Wealth Management Segment [Member]
Revenue:
Total income		31,494
Incentive fees
Revenue:
Total income		577	0
Incentive fees \| Asset Management Segment [Member]
Revenue:
Total income		577
Incentive fees \| Wealth Management Segment [Member]
Revenue:
Total income		0
Distributions from investments
Revenue:
Total income		10,030	0
Distributions from investments \| Asset Management Segment [Member]
Revenue:
Total income		10,030
Distributions from investments \| Wealth Management Segment [Member]
Revenue:
Total income		0
Other income/fees
Revenue:
Total income		970	$ 0
Other income/fees \| Asset Management Segment [Member]
Revenue:
Total income		932
Other income/fees \| Wealth Management Segment [Member]
Revenue:
Total income		$ 38

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


(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

Retirement Plans (Tables)

3 Months Ended

Mar. 31, 2023

Postemployment Benefits [Abstract]

Schedule of Costs of Retirement Plans

Related Party Transactions (Details) - USD ($)			1 Months Ended	3 Months Ended			12 Months Ended
Related Party Transactions (Details) - USD ($)	Feb. 28, 2021	Dec. 31, 2020	Feb. 23, 2021	Mar. 31, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	May 25, 2022	Feb. 26, 2021
Related Party Transactions (Details) [Line Items]
Total revenues					$ 58,047,000	$ 19,970,000
Compensation and employee benefits					63,172,000	13,560,000
Interest and dividend income (expense)					(3,261,000)	(74,000)
TRA liability				$ 13,300,000	13,300,000		$ 0
Earn-out liability, at fair value				120,967,000	120,967,000		$ 0
Gain (loss) on earn-out liability				29,200,000	29,206,000	0
ALVARIUM TIEDEMANN HOLDINGS INC [Member]
Related Party Transactions (Details) [Line Items]
Sponsor paid		$ 25,000
Price per share (in Dollars per share)		$ 0.003
Business combination, description							The initial shareholders have agreed not to transfer, assign or sell any of the founder shares (except to certain permitted transferees) until the earlier of (i) one year after the date of the completion of the initial Business Combination or earlier if, subsequent to the initial Business Combination, the last reported sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share dividends, reorganizations and recapitalizations) for any 20 trading days within any30-tradingday period commencing at least 150 days after the initial Business Combination, or (ii) the Company consummates a subsequent liquidation, merger, capital stock exchange or other similar transaction which results in all of the shareholders having the right to exchange their ordinary shares for cash, securities or other property.
Working capital loan							$ 1,500,000
Warrant price per share (in Dollars per share)							$ 1
Office space monthly rent							$ 10,000
Service fee expense							120,000	$ 100,000
Debt discount							$ 32,145	0
Other Fees Income [Member]
Related Party Transactions (Details) [Line Items]
Total revenues					970,000	0
Management Advisory Fees [Member]
Related Party Transactions (Details) [Line Items]
Total revenues					46,470,000	19,970,000
Promissory Notes
Related Party Transactions (Details) [Line Items]
Interest rate (in percent)							3.25%
TWMH \| Promissory Notes
Related Party Transactions (Details) [Line Items]
Debt Instrument, Face Amount							$ 1,500,000
Interest rate (in percent)							3.25%
Debt, including debt forgiveness portion							$ 1,100,000
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							$ 400,000
Forgiveness of debt					66,000	83,000
Related Party Receivables				900,000	900,000	$ 1,200,000
TIG GP And TIG MGMT
Related Party Transactions (Details) [Line Items]
Related Party Receivables				$ 1,800,000	$ 1,800,000
TMWH, TIG GP, and TIG MGMT
Related Party Transactions (Details) [Line Items]
TRA, payment, percentage of tax benefit received				85.00%	85.00%
TRA, administering costs and expenses, percentage of obligation by company				15.00%	15.00%
TRA, administering costs and expenses, percentage of obligation by affiliated entity				85.00%	85.00%
Unsecured Promissory Note [Member] \| ALVARIUM TIEDEMANN HOLDINGS INC [Member]
Related Party Transactions (Details) [Line Items]
Debt Instrument, Face Amount									$ 500,000
Working Capital Note [Member] \| ALVARIUM TIEDEMANN HOLDINGS INC [Member]
Related Party Transactions (Details) [Line Items]
Notes Payable, Related Parties							$ 490,814	$ 0
Sponsor [Member] \| ALVARIUM TIEDEMANN HOLDINGS INC [Member]
Related Party Transactions (Details) [Line Items]
Founder Shares (in Shares)	75,000	7,187,500
Equity Method Investee [Member]
Related Party Transactions (Details) [Line Items]
Compensation and employee benefits					$ 800,000
Interest and dividend income (expense)					22,000
Equity Method Investee [Member] \| Other Fees Income [Member]
Related Party Transactions (Details) [Line Items]
Total revenues					100,000
Equity Method Investee [Member] \| Management Advisory Fees [Member]
Related Party Transactions (Details) [Line Items]
Total revenues					$ 800,000
IPO [Member] \| ALVARIUM TIEDEMANN HOLDINGS INC [Member]
Related Party Transactions (Details) [Line Items]
Sponsor loan expenses		$ 250,000
Borrowings amount										$ 144,890
Value of repaid										$ 144,890
Class B Ordinary Share [Member] \| ALVARIUM TIEDEMANN HOLDINGS INC [Member]
Related Party Transactions (Details) [Line Items]
Shares issued (in Shares)			8,625,000				8,625,000
Class B Ordinary Share [Member] \| Founder Shares [Member] \| ALVARIUM TIEDEMANN HOLDINGS INC [Member]
Related Party Transactions (Details) [Line Items]
Founder Shares (in Shares)			1,125,000

Condensed Consolidated Statement of Changes in Shareholders' Equity (Unaudited) - USD ($)	Total	Additional Paid-in Capital	Retained earnings (accumulated deficit)	Accumulated other comprehensive income	Non-controlling interest in subsidiaries	Total Members' Capital	Class A	Class A Common Stock	Class B	Class B Common Stock	ALVARIUM TIEDEMANN HOLDINGS, INC [Member]	ALVARIUM TIEDEMANN HOLDINGS, INC [Member] Additional Paid-in Capital	ALVARIUM TIEDEMANN HOLDINGS, INC [Member] Retained earnings (accumulated deficit)	ALVARIUM TIEDEMANN HOLDINGS, INC [Member] Class A	ALVARIUM TIEDEMANN HOLDINGS, INC [Member] Class B	ALVARIUM TIEDEMANN HOLDINGS, INC [Member] Class B Common Stock
Balance at Dec. 31, 2020											$ 16,908	$ 24,137	$ (7,948)			$ 719
Balance (in Shares) at Dec. 31, 2020																7,187,500
Class B ordinary shares issued to Sponsor											144	0				$ 144
Class B ordinary shares issued to Sponsor (Shares)																1,437,500
Remeasurement of Class A ordinary shares subject to possible redemption											(33,710,736)	(24,137)	(33,686,599)
Net income (loss)											(1,035,380)		(1,035,380)
Balance at Dec. 31, 2021											(34,729,064)	0	(34,729,927)			$ 863
Balance (in Shares) at Dec. 31, 2021																8,625,000
Ending balance (in shares) at Dec. 31, 2021														0	8,625,000
Ending balance at Dec. 31, 2021	$ 40,021,000				$ 433,000	$ 39,588,000	$ 6,000		$ 39,582,000
Net income (loss)	886,000				(13,000)	899,000			899,000
Predecessor:
Member capital distributions	(2,150,000)					(2,150,000)			(2,150,000)
Member tax distributions	(3,771,000)					(3,771,000)	(1,000)		(3,770,000)
Restricted unit compensation	591,000					591,000			591,000
Other comprehensive income (loss) for the period	(275,000)			$ (275,000)
Ending balance at Mar. 31, 2022	35,302,000			(275,000)	420,000	35,157,000	$ 5,000		$ 35,152,000
Balance at Dec. 31, 2021											(34,729,064)	0	(34,729,927)			$ 863
Balance (in Shares) at Dec. 31, 2021																8,625,000
Waived deferred underwriting fee											4,079,413	4,079,413
Remeasurement of Class A ordinary shares subject to possible redemption											(4,952,531)	(2,878,625)	(2,073,906)
Net income (loss)											8,779,014		8,779,014
Balance at Dec. 31, 2022	17,533,000										$ (26,823,168)	$ 1,200,788	$ (28,024,819)			$ 863
Balance (in Shares) at Dec. 31, 2022																8,625,000
Beginning balance (in shares) at Dec. 31, 2021														0	8,625,000
Ending balance (in shares) at Dec. 31, 2022							57,916,649		55,032,961					0	8,625,000
Ending balance at Dec. 31, 2022	17,853,000
Beginning balance at Dec. 31, 2021	40,021,000				433,000	$ 39,588,000	$ 6,000		$ 39,582,000
Net income (loss)	(90,290,000)		$ (68,740,000)		(21,550,000)
Balance at Mar. 31, 2023	370,536,000
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)		606,989,000			$ 6,000
Successor:
Issuance of Shares to Alvarium Trust								2,100,000
Issuance of shares to Alvarium Employee Benefit Trust	21,000,000	21,000,000
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

Fair Value Disclosures - Changes In Fair Value of Level 3 Measurements (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 106,280
Settlements	0
Issuances		$ 5,181
Net losses	29,580
Ending balance	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
Ending balance	165,322
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
Ending balance	165,322
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
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
Earn-in consideration payable
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,519
Settlements	0
Issuances		1,519
Net losses	74
Ending balance	$ 1,593	1,519
Payout right
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Issuances		3,662
Ending balance		$ 3,662

Investments at Fair Value

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Investments at Fair Value

(9)	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	)

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.