0001628280-23-038993 | 10-Q | XBRL Viewer

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Revenue - Contract with Customer (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jan. 03, 2023	Dec. 31, 2022	Dec. 31, 2021
Contract with Customer, Receivable, after Allowance for Credit Loss [Roll Forward]
Deferred revenue	$ (323)		$ 0
Operating Segments \| Management/Advisory fees
Contract with Customer, Receivable, after Allowance for Credit Loss [Roll Forward]
Contract with customer, receivable	30,258	$ 30,544	19,540	$ 20,019
Deferred revenue	(73)	(945)	0	0
Operating Segments \| Incentive fees
Contract with Customer, Receivable, after Allowance for Credit Loss [Roll Forward]
Contract with customer, receivable	1,098	3,540	0	0
Operating Segments \| Other fees/income
Contract with Customer, Receivable, after Allowance for Credit Loss [Roll Forward]
Contract with customer, receivable	742	4,106	0	0
Deferred revenue	$ (250)	$ (422)	$ 0	$ 0

Related Party Transactions

9 Months Ended

Sep. 30, 2023

Related Party Transactions

Related party transactions include the below:


(Dollars in Thousands)
Related Party Receivables	Consolidated Balance Sheet Line Item	As of September 30, 2023 (Successor)		As of December 31, 2022 (Predecessor)
Due from Certain TWMH Members, TIG GP Members and TIG MGMT Members	Other assets	$	2,603	$	1,161
Due from Equity Method Investees	Other assets	$	6,470	$	—


Related Party Payables
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements	TRA liability	$	(18,042)	$	—
Delayed share purchase agreement	Delayed share purchase agreement	$	(1,818)	$	(1,818)
	Accrued compensation and profit sharing	$	(300)	$	(400)
Due to Certain TWMH Members, TIG GP Members, TIG MGMT Members and Alvarium shareholders in connection with the Business Combination Earn-out	Earn-out liability, at fair value	$	(45,549)	$	—
AIMS earn-out liability	Other liabilities	$	(2,721)	$	—
Due to Equity Method Investees	Other liabilities	$	(1,171)	$	—

Shareholders' Equity
Delayed share purchase agreement	Additional paid-in capital	$	(1,200)	$	—

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 September 30, 2023.

For the periods from July 1, 2023 to September 30, 2023 and from July 1, 2022 to September 30, 2022, the Company recognized $65 thousand and $67 thousand, respectively, and for the periods from January 3, 2023 to September 30, 2023 and from January 1, 2022 to September 30, 2022, the Company recognized $196 thousand and $213 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 September 30, 2023 and December 31, 2022, the balance of loans to members were $0.8 million and $1.2 million, respectively.

Delayed Share Purchase Agreement

On July 28, 2023, the Company amended the delayed shared purchase agreement for the shares of Tiedemann International Holdings, AG, which are owned by an executive and shareholder of the Company. The amendment adjusted the purchase price from $2.2 million in cash to $2.1 million in cash and $1.2 million in the Company’s Class A Common Stock. The cash purchase price has been recognized in the Condensed Consolidated Statement of Financial Condition as Delayed share purchase agreement and Accrued compensation and profit sharing. As of September 30, 2023 and December 31, 2022, the delayed share purchase agreement liability is reported as $1.8 million and $1.8 million, respectively. As of September 30, 2023 and December 31, 2022, the portion of the Delayed share purchase agreement reported in Accrued compensation and profit sharing is $0.3 million and $0.4 million, respectively. The stock purchase price has been recognized in the Condensed Consolidated Statement of Financial Condition as additional paid-in capital. As of September 30, 2023 and December 31, 2022, the portion of the delayed share purchase agreement reported in Additional paid-in capital is reported as $1.2 million and $0.0 million, respectively.

For both the periods from July 1, 2023 to September 30, 2023 and from January 3, 2023 to September 30, 2023, the Company recognized $1.1 million, and for both the periods from July 1, 2022 to September 30, 2022 and January 1, 2022 to September 30, 2022, the Company recognized $0.0 million, respectively, of stock and cash compensation associated with the delayed share purchase agreement within Compensation and employee benefits expense on the Condensed Consolidated Statement of Operations.

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 September 30, 2023, 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 period from January 3, 2023 to September 30, 2023, the Company recognized $0.5 million in Management/advisory fees, $2.7 million in Compensation and employee benefits, $(0.4) million in Other income/fees and $(32.6) 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. 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 value of the TRA Liability was $18.0 million as of September 30, 2023. The Company carries $14.3 million of its TRA Liability at fair value, as it is contingent consideration from the Business Combination. The remaining portion related to the TRA exchange of $3.7 million is recorded at its carrying value. The Company recognized a gain of $0.8 million and a loss of $(1.3) million for the period from July 1, 2023 to September 30, 2023 and the period from January 3, 2023 to September 30, 2023, respectively, which is recorded in Gain (loss) on TRA in the Condensed Consolidated Statement of Operations.

On August 31, 2023, holders of Class B Common Stock exchanged a portion of such Class B Units to the Company, in exchange for shares of Class A Common Stock on a 1:1 basis totaling an amount equal to $7.31 multiplied by the total number of shares of Class B Common Stock exchanged at the time of the transaction. For the period from January 3, 2023 to September 30, 2023, the Company made tax payments on behalf of and cash distributions to Class B Units holders related to the TRA of $1.0 million.

Business Combination Earn-out Liability

Under the terms of the Business Combination, upon closing, the selling shareholders of TWMH, TIG, and Alvarium became entitled to receive earn-out shares contingent on various share price milestones and in the event of a change in control. The earn-out shares are precluded from being considered indexed to the Company's own stock and are recognized as a liability at fair value with changes in fair value recognized in earnings. As of September 30, 2023, the fair value of the Business Combination Earn-out Liability was $45.5 million. The change in fair value of $46.2 million is recorded in Gain on earnout liability in the Condensed Consolidated Statement of Operations and in Fair value of earn-out liability in the Condensed Consolidated Statement of Cash Flows in the period of change.

AIMS Earn-out Liability

On August 2, 2023, the Company acquired the remaining 70% of the issued and outstanding ownership and membership interests of AIMS, increasing its interest from 30% to 100%. The AIMS Acquisition was accounted for using the acquisition method of accounting and the fair value of the total purchase consideration transferred was $16.8 million. The total purchase consideration transferred consists of cash consideration, equity consideration, deferred cash consideration, earn-out consideration, (or AIMS earn-out liability), and the payment of assumed liabilities. As of September 30, 2023, the AIMS earn-out liability of $2.7 million is reported in Other liabilities in the Condensed Consolidated Statement of Financial Position. Since the AIMS earn-out liability meets the definition of a derivative, it is recorded at fair value as a derivative liability on the Condensed Consolidated Statement of Financial Position and measured at fair value at each reporting date in accordance with ASC 820, Fair Value Measurement, with changes in fair value to be recognized in Gain (loss)

on earn-out liability in the Condensed Consolidated Statement of Operations and in Fair value of earn-out liability in the Condensed Consolidated Statement of Cash Flows in the period of change.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

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

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

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

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

+ Details

Related Party Transactions - Narrative (Details)				3 Months Ended		9 Months Ended		12 Months Ended
Related Party Transactions - Narrative (Details)	Aug. 02, 2023 USD ($)	Jul. 28, 2023 USD ($)	Jul. 27, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) anniversary	Aug. 31, 2023 $ / shares	Jun. 30, 2023	Jan. 03, 2023
Related Party Transaction [Line Items]
Other receivables				$ 8,436,000		$ 8,436,000		$ 579,000
Delayed share purchase agreement				1,818,000		1,818,000		1,818,000
Share and cash compensation associated with delayed share purchase agreement				1,100,000	$ 0	1,100,000	$ 0
Total income				49,244,000	18,583,000	159,172,000	57,445,000
Compensation and employee benefits				38,585,000	12,048,000	134,393,000	37,468,000
TRA liability				18,042,000		18,042,000		0
Gain (loss) on TRA				$ 761,000	0	(1,331,000)	0
TRA, tax payments and cash distributions						$ 1,000,000
Conversion ratio				1		1
Earn-out liability, at fair value				$ 45,549,000		$ 45,549,000		0
Gain on earnout liability				(9,335,000)	0	(46,212,000)	0
Fair Value, Recurring
Related Party Transaction [Line Items]
TRA liability, fair value				18,042,000		18,042,000
Level 3
Related Party Transaction [Line Items]
TRA liability, fair value				14,331,000		14,331,000
Level 3 \| Fair Value, Recurring
Related Party Transaction [Line Items]
TRA liability, fair value				14,331,000		14,331,000
Level 1 \| Fair Value, Recurring
Related Party Transaction [Line Items]
TRA liability, fair value				3,711,000		3,711,000
Alvarium Investment Managers (Suisse) SA (“AIMS”)
Related Party Transaction [Line Items]
Equity method investment, ownership percentage										30.00%
Management/Advisory fees
Related Party Transaction [Line Items]
Total income				45,062,000	18,583,000	138,972,000	57,445,000
Other fees/income
Related Party Transaction [Line Items]
Total income				701,000	0	3,440,000	0
Accrued compensation and profit sharing
Related Party Transaction [Line Items]
Delayed share purchase agreement				300,000		300,000		400,000
Additional paid-in-capital
Related Party Transaction [Line Items]
Delayed share purchase agreement				1,200,000		1,200,000		$ 0
Class A Common Stock
Related Party Transaction [Line Items]
Conversion ratio									1		1
Share price (in dollars per share) \| $ / shares									$ 7.31
Tiedemann International Holdings, AG ("TIH") \| Tiedemann Wealth Management Holdings, LLC
Related Party Transaction [Line Items]
Cash consideration		$ 2,100,000	$ 2,200,000
Voting interest acquired (in percent)								51.10%
Tiedemann International Holdings, AG ("TIH") \| Tiedemann Wealth Management Holdings, LLC \| Class A Common Stock
Related Party Transaction [Line Items]
Equity consideration		$ 1,200,000
Alvarium Investment Managers (Suisse) SA (“AIMS”)
Related Party Transaction [Line Items]
Cash consideration	$ 5,711,000
Equity consideration	1,459,000
Earn-out liability, at fair value				2,700,000		2,700,000
Total purchase consideration transferred	$ 16,754,000
Voting interest acquired (in percent)	70.00%
Alvarium Investment Managers (Suisse) SA (“AIMS”) \| Fair Value, Recurring
Related Party Transaction [Line Items]
Earn-out liability, at fair value				2,721,000		2,721,000
Alvarium Investment Managers (Suisse) SA (“AIMS”) \| Level 3
Related Party Transaction [Line Items]
Earn-out liability, at fair value				2,721,000		2,721,000
Alvarium Investment Managers (Suisse) SA (“AIMS”) \| Level 3 \| Fair Value, Recurring
Related Party Transaction [Line Items]
Earn-out liability, at fair value				2,721,000		2,721,000
Alvarium Investment Managers (Suisse) SA (“AIMS”) \| Level 1 \| Fair Value, Recurring
Related Party Transaction [Line Items]
Earn-out liability, at fair value				0		0
Equity Method Investee
Related Party Transaction [Line Items]
Compensation and employee benefits						2,700,000
Investment income (expense), net						(32,600)
Equity Method Investee \| Management/Advisory fees
Related Party Transaction [Line Items]
Total income						500,000
Equity Method Investee \| Other fees/income
Related Party Transaction [Line Items]
Total income						(400,000)
Promissory Notes
Related Party Transaction [Line Items]
Interest rate (in percent)								3.25%
TWMH Members \| Promissory Notes \| Related Party
Related Party Transaction [Line Items]
Debt instrument, face amount								$ 1,500,000
Interest rate (in percent)								3.25%
Debt, including debt forgiveness portion								$ 1,100,000
Initial number of periods to determine if principal and accrued interest will be forgiven \| anniversary								5
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				65,000	$ 67,000	196,000	$ 213,000
Other receivables				800,000		800,000		$ 1,200,000
TIG GP and TIG MGMT Members \| Related Party
Related Party Transaction [Line Items]
Other receivables				$ 1,800,000		$ 1,800,000
TMWH, TIG GP, and TIG MGMT Members
Related Party Transaction [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%

Business Combinations and Divestitures - Intangible Assets (Details) - USD ($) $ in Thousands	Aug. 02, 2023	Apr. 06, 2023	Jan. 03, 2023
Alvarium, TWMH And TIG
Acquisition Date Fair Value
Total Intangible Assets			$ 520,161
Estimated Life (Years)			23 years 1 month 6 days
Alvarium, TWMH And TIG \| Investment management agreements
Acquisition Date Fair Value
Indefinite-Lived Intangible Assets			$ 245,900
Alvarium, TWMH And TIG \| Trade names
Acquisition Date Fair Value
Definite-Lived Intangible Assets			$ 14,695
Estimated Life (Years)			11 years 6 months
Alvarium, TWMH And TIG \| Customer relationships
Acquisition Date Fair Value
Definite-Lived Intangible Assets			$ 163,392
Estimated Life (Years)			27 years 1 month 6 days
Alvarium, TWMH And TIG \| Investment management agreements
Acquisition Date Fair Value
Definite-Lived Intangible Assets			$ 94,575
Estimated Life (Years)			18 years 4 months 24 days
Alvarium, TWMH And TIG \| Developed Technology
Acquisition Date Fair Value
Definite-Lived Intangible Assets			$ 1,000
Estimated Life (Years)			5 years
Alvarium, TWMH And TIG \| Backlog
Acquisition Date Fair Value
Definite-Lived Intangible Assets			$ 599
Estimated Life (Years)			6 months
AL Wealth Partners Pte. Ltd. (“AL Wealth Partners”)
Acquisition Date Fair Value
Total Intangible Assets		$ 12,300
AL Wealth Partners Pte. Ltd. (“AL Wealth Partners”) \| Customer relationships
Acquisition Date Fair Value
Definite-Lived Intangible Assets		$ 12,300
Estimated Life (Years)		10 years
Alvarium Investment Managers (Suisse) SA (“AIMS”)
Acquisition Date Fair Value
Total Intangible Assets	$ 9,679
Alvarium Investment Managers (Suisse) SA (“AIMS”) \| Customer relationships
Acquisition Date Fair Value
Definite-Lived Intangible Assets	$ 9,679
Estimated Life (Years)	14 years	14 years

Debt, net of unamortized deferred financing cost - Term Loan Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Aggregate Maturities
Total		$ 21,187
Line of Credit
Aggregate Maturities
Total	$ 174,500
Term Loans \| Credit Facility \| Line of Credit
Aggregate Maturities
Rest of 2023	1,250
2024	5,000
2025	7,500
2026	10,000
2027	10,000
Thereafter	62,500
Total	$ 96,250	$ 5,760

Fair Value Disclosures - Changes In Fair Value of Level 3 Measurements (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 104,761	$ 0
Settlements	0
Transfers out of Level 3		0
Purchases		0
Issuances	2,721	5,181
Net gains/(losses)	(44,881)
Ending balance	62,601	5,181
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	146,130
Realized and Unrealized Gains (Losses)	1,628
Purchases	15,367
Ending balance	163,125
TRA Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	13,000
Settlements	0
Issuances	0
Net gains/(losses)	1,331
Ending balance	14,331
Earn-out Liability \| Alvarium, TWMH And TIG
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	91,761
Settlements	0
Issuances	0
Net gains/(losses)	(46,212)
Ending balance	45,549
Earn-out Liability \| Alvarium Investment Managers (Suisse) SA (“AIMS”)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0
Settlements	0
Issuances	2,721
Net gains/(losses)	0
Ending balance	2,721
Earn-in consideration payable
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		0
Transfers out of Level 3		0
Purchases		0
Issuances		1,519
Ending balance		1,519
Payout right
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		0
Transfers out of Level 3		0
Purchases		0
Issuances		3,662
Ending balance		$ 3,662
Investments – External Strategic Managers
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	146,130
Realized and Unrealized Gains (Losses)	1,628
Purchases	15,367
Ending balance	$ 163,125

Equity Method Investments	9 Months Ended
Equity Method Investments	Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity Method Investments As of September 30, 2023 and December 31, 2022, the Company had $27.9 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. For the periods from July 1, 2023 to September 30, 2023 and from January 3, 2023 to September 30, 2023, the Company recognized $0.0 million and $0.3 million, respectively, of impairment on its equity method investments. Additionally, as part of the Business Combination, AlTi acquired the right to carried interest on several projects. These are held as assets at cost less impairment. We therefore assess for indicators of impairment every quarter, and as a result of a number of factors, namely market conditions, we recognized an impairment to these assets of $1.8 million and $3.6 million for the periods from July 1, 2023 to September 30, 2023 and from January 3, 2023 to September 30, 2023, respectively, in Gain (loss) on investments in the Condensed Consolidated Statement of Operations.

Other assets, net (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2023 (Successor)		As of December 31, 2022 (Predecessor)
Fixed assets, net:
Leasehold improvements	$	4,537	$	2,571
Office equipment and furniture	3,457		2,895
Foreign currency translation difference	(142)		—
Accumulated depreciation and amortization	(3,941)		(4,491)
Fixed assets, net	3,911		975
Accrued income	14,607		—
Prepaid expenses	9,618		1,898
Sundry receivables	7,864		—
Other receivables	8,436		579
Interest rate swap	—		241
Other assets	2,756		124
Other assets, net (1)	$	47,192	$	3,817

(1) As of September 30, 2023, this amount includes $9.1 million in receivables due from related parties. See Note 16 (Related Party Transactions) for further details.

Income Taxes (Details)	3 Months Ended		9 Months Ended
Income Taxes (Details)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate, percentage	1.00%	13.30%	5.10%	25.90%

Investments at Fair Value - Unrealized Gains (Losses) And Realized Gains (Losses) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Realized losses	$ 0	$ (41)	$ 0	$ (65)
Unrealized gains (losses)	(189)	353	1,675	256
Total gains (losses) on Investments at fair value	$ (189)	$ 312	$ 1,675	$ 191

Fair Value Disclosures

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Disclosures

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

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

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

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

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

Level 2 Valuation Techniques

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

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

Level 3 Valuation Techniques

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

•The Company utilized a Monte Carlo simulation to measure the Business Combination 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 fair value are recognized in Gain (loss) on earn-out liability in the Condensed Consolidated Statement of Operations and in Fair value of earn-out liability in the Condensed Consolidated Statement of Cash Flows in the period of change. Refer to the valuation methodologies table below for further analysis of level 3 valuations.

•The Company utilized a Monte Carlo simulation to measure the earn-out liability associated with the acquisition of AIMS. The valuation of the AIMS earn-out liability captures the risk of the obligation through financial metrics adjusted for market risk. 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 September 30, 2023 and December 31, 2022, 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 September 30, 2023 and December 31, 2022 are presented below:


	As of September 30, 2023 (Successor)
	Level 1		Level 2		Level 3
(Dollars in Thousands)	Quoted Prices		Observable Inputs		Unobservable Inputs		Total
Assets:
Mutual funds	$	51	$	—	$	—	$	51
Exchange-traded funds	111		—		—		111
Investments – External Strategic Managers	—		—		163,125		163,125
Investments – Affiliated Funds (1)	—		—		—		1,373

Total	$	162	$	—	$	163,125	$	164,660

Liabilities:

Earn-out liability	$	—	$	—	$	45,549	$	45,549
AIMS earn-out liability (2)	—		—		2,721		2,721
TRA liability (3)	3,711		—		14,331		18,042
Earn-in consideration payable	1,708		—		—		1,708
Total	$	5,419	$	—	$	62,601	$	68,020

(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.

(2) Included in Other liabilities in the Condensed Consolidated Statement of Financial Position.

(3) The Company carries a portion of its TRA liability at fair value, as it is contingent consideration from the Business Combination.


	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. During the period from July 1, 2023 to September 30, 2023, there was one transfer from Level 3 to Level 1 of the earn-in consideration payable. The following table sets forth a summary of changes in the fair value of Level 3 measurements as of September 30, 2023 and December 31, 2022:


	Level 3 Liabilities as of September 30, 2023 (Successor)
(Dollars in Thousands)	TRA Liability		Earn-out Liability		AIMS earn-out liability	Total
Beginning balance	$	13,000	$	91,761	—	$	104,761
Issuances	—		—		2,721	2,721
Settlements	—		—		—	—
Net gains/(losses)	1,331		(46,212)		—	(44,881)
Ending balance	$	14,331	$	45,549	2,721	$	62,601


	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


	Level 3 Assets as of September 30, 2023 (Successor)
(Dollars in Thousands)	Investments – External Strategic Managers		Total
Beginning balance	$	146,130	$	146,130
Realized and Unrealized Gains (Losses)	$	1,628	$	1,628
Purchases	$	15,367	$	15,367

Ending balance	$	163,125	$	163,125

Valuation Methodologies for Fair Value Measurements Categorized within Level 3 as of September 30, 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	$	163,125	Discounted Cash Flow	Discount rate	20.0% -31%		Lower
				Long-term growth rate	4.0	%	Higher
Level 3 Liabilities:
TRA liability	$	14,331	Monte Carlo	Volatility	42.5	%	Lower
				Correlation	22.5	%	Higher
				Cost of debt range	5.9% - 7.4%		Lower
				Equity risk premium	7.3% - 12.9%		Lower
Earn-out liability	$	45,549	Monte Carlo	Volatility	45.0	%	Higher
				Risk-free rate	4.7	%	Higher
AIMS earn-out liability	$	2,721	Monte Carlo	Revenue Volatility	12.0	%	Higher
				Risk-free rate	1.1	%	Higher
				Revenue Discount Rate	4.0	%	Lower
				Liability Discount Rate	5.4	%	Lower

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

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

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

- Definition

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

+ References + Details

Fair Value Disclosures - Valuation Methodologies (Details) $ in Thousands	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 164,660	$ 145
Earn-out liability, fair value	45,549	$ 0
Alvarium Investment Managers (Suisse) SA (“AIMS”)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-out liability, fair value	2,700
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
TRA liability, fair value	14,331
Level 3 \| Alvarium, TWMH And TIG
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-out liability, fair value	45,549
Level 3 \| Alvarium Investment Managers (Suisse) SA (“AIMS”)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-out liability, fair value	$ 2,721
Level 3 \| Volatility \| Monte Carlo
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
TRA liability, measurement input	0.425
Level 3 \| Volatility \| Monte Carlo \| Alvarium, TWMH And TIG
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-out liability, measurement input	0.450
Level 3 \| Correlation \| Monte Carlo
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
TRA liability, measurement input	0.225
Level 3 \| Cost of debt range \| Monte Carlo \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
TRA liability, measurement input	0.059
Level 3 \| Cost of debt range \| Monte Carlo \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
TRA liability, measurement input	0.074
Level 3 \| Equity risk premium \| Monte Carlo \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
TRA liability, measurement input	0.073
Level 3 \| Equity risk premium \| Monte Carlo \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
TRA liability, measurement input	0.129
Level 3 \| Risk-free rate \| Monte Carlo \| Alvarium, TWMH And TIG
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-out liability, measurement input	0.047
Level 3 \| Risk-free rate \| Monte Carlo \| Alvarium Investment Managers (Suisse) SA (“AIMS”)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-out liability, measurement input	0.011
Level 3 \| Revenue Volatility \| Monte Carlo \| Alvarium Investment Managers (Suisse) SA (“AIMS”)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-out liability, measurement input	0.120
Level 3 \| Revenue Discount Rate \| Monte Carlo \| Alvarium Investment Managers (Suisse) SA (“AIMS”)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-out liability, measurement input	0.040
Level 3 \| Liability Discount Rate \| Monte Carlo \| Alvarium Investment Managers (Suisse) SA (“AIMS”)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-out liability, measurement input	0.054
Level 3 \| Investments – External Strategic Managers
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 163,125
Level 3 \| Investments – External Strategic Managers \| Discount rate \| Discounted Cash Flow \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.200
Level 3 \| Investments – External Strategic Managers \| Discount rate \| Discounted Cash Flow \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.31
Level 3 \| Investments – External Strategic Managers \| Long-term growth rate \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.040

Description of the Business

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of the Business

AlTi Global, Inc. 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 $68.2 billion in combined assets as of September 30, 2023. 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.

Amounts disclosed throughout this document for the three and nine month period ended September 30, 2023, relate to AlTi Global, Inc, the Successor company in the business combination. Amounts disclosed throughout this document for the three and nine month period ended September 30, 2022 relate to TWMH, the predecessor company. Due to the Business Combination and the conforming of significant accounting policies, the results of operations, cash flows, and other financial information for the Successor Period are not comparable to the Predecessor periods.

Business Combination

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

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

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

•Cartesian SPAC formed Umbrella Merger Sub.

Pursuant to the Business Combination on January 3, 2023:

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

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

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

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

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

Note 1 - Updated Structure Chart (8-3).jpg

Capital Structure

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

•Class A Common Stock – Shares of Class A Common Stock that are publicly traded. Class A shareholders are entitled to declared dividends from shares of Class A Common Stock. As of September 30, 2023, the shares of Class A Common Stock represent 55% of the total voting power of all shares.

•Class B Common Stock – Shares of Class B Common Stock that are not publicly traded. Class B shareholders are entitled to distributions declared by the Company’s board of directors. The distributions are paid by Umbrella. As of September 30, 2023, the shares of Class B Common Stock represent 45% of the total voting power of all shares.

•Prior to the Business Combination, the Company issued warrants to purchase shares of Class A Common Stock at a price of $11.50 per share. Throughout the period from January 3, 2023 to March 31, 2023, 428,626 Warrants were exercised. On April 3, 2023, 78,864 Warrants were exercised. On June 7, 2023, the Company closed an offer and consent solicitation and entered into a warrant amendment, pursuant to which the remaining 19,892,387 Warrants were exchanged for 4,864,275

shares of Class A Common Stock. The exercises and exchanges throughout the period from January 3, 2023 to June 30, 2023 resulted in an increase in Additional Paid-in-Capital amount of $29.5 million. Following the exchanges, none of the Warrants were outstanding as of September 30, 2023.

The following table presents the number of shares of the Registrant that were outstanding as of September 30, 2023:


			As of September 30, 2023 (Successor)
Class A Common Stock			64,770,908
Class B Common Stock			53,219,713

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

Within our Wealth Management segment, services provided principally consist of investment management and advisory services, trusts and administrative services, and family office services. The 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 AUM or AUA (as applicable). As of September 30, 2023, this segment had $48.5 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 third-party managers.

Trusts and Administration Services

The trust 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 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)

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

Asset Management services include the alternatives platform and public and private real estate (including co-investment) businesses.

Alternatives Platform

The alternatives platform embodies our legacy TIG business, which is an alternative asset manager and includes our TIG Arbitrage strategy and funds managed by our External Strategic Managers, predominantly for institutional investors. The TIG Arbitrage strategy is an event-driven strategy fund that earns management fees and incentive fees based on the performance of its underlying funds and accounts. The investment strategies of the External Strategic Managers include Real Estate Bridge Lending, European Equities and Asian Credit and Special Situations. Distributions are received from the External Strategic Managers through profit or revenue sharing arrangements that are generated through management and incentive fees based on the performance of the underlying investments. As of September 30, 2023, this platform had $7.7 billion in AUM/AUA.

Co-Investment

Real estate co-investment oversees deal origination, documentation, and structuring from inception to exit for a variety of strategies, including development, income, value-add, and planning. Investors are typically HNWIs, single family offices, and institutional investors. Fees earned include private market, incentive fees, management and advisory fees, and placement and brokerage fees. As of September 30, 2023, our real estate co-investment platform had deployed more than $7.5 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.

Real Estate - Public and Private

The real estate business includes fund management services as well as co-investment solutions. As of September 30, 2023, this business had approximately $12.0 billion of AUM/AUA.

Fund Management

Our real estate fund management business manages two funds based in the United Kingdom, LXi REIT plc (“LXi”), a publicly traded real estate investment trust, and Home Long Income Fund (“HLIF”) a private fund. Fees from our real estate fund management business are earned from management and advisory services.

Exit from management of Home REIT PLC

Prior to the Business Combination, AlTi RE Limited, formerly known as 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 (“NewCo”) 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 was granted a call option pursuant to which ARE had the right to repurchase AHRA prior to the repayment of the note for a purchase price equal to the note balance then outstanding thereunder.

Subsidiaries are companies over which a company 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 (including rights which may arise on the exercise of an option) are taken into account. With respect to the AHRA, the above arrangements resulted in AHRA continuing to be consolidated by AlTi after its legal disposal to NewCo. Due to this consolidation, after the

Business Combination, an intangible asset was recognized related to the investment advisory agreement between AHRA and Home REIT.

On June 30, 2023, the Company entered into a series of agreements that resulted in the deconsolidation of AHRA from the Asset Management segment with immediate effect. The agreements removed ARE’s potential controlling voting rights in AHRA (previously ascertainable on the exercise of the option), and terminated other residual contractual relationships between AHRA and ARE. As a result, these agreements removed AlTi’s control of AHRA from an accounting perspective. AHRA’s results are included in the Company’s Condensed Consolidated Statement of Operations for the period from January 3, 2023 to June 30, 2023, and its accounts were removed from the Consolidated Statement of Financial Position as of June 30, 2023. The deconsolidation resulted in an intangible asset impairment charge of $29.4 million, which is recorded in Impairment loss on goodwill and intangible assets in the Condensed Consolidated Statement of Operations. Assets managed by AHRA, however, have been excluded from the Company’s AUM/AUA metrics since January 3, 2023.

Other assets, net

9 Months Ended

Sep. 30, 2023

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

Other assets, net

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


(Dollars in Thousands)	As of September 30, 2023 (Successor)		As of December 31, 2022 (Predecessor)
Fixed assets, net:
Leasehold improvements	$	4,537	$	2,571
Office equipment and furniture	3,457		2,895
Foreign currency translation difference	(142)		—
Accumulated depreciation and amortization	(3,941)		(4,491)
Fixed assets, net	3,911		975
Accrued income	14,607		—
Prepaid expenses	9,618		1,898
Sundry receivables	7,864		—
Other receivables	8,436		579
Interest rate swap	—		241
Other assets	2,756		124
Other assets, net (1)	$	47,192	$	3,817

(1) As of September 30, 2023, this amount includes $9.1 million in receivables due from related parties. See Note 16 (Related Party Transactions) for further details.

Business Combinations and Divestitures (Tables)

9 Months Ended

Sep. 30, 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

The total purchase consideration consists of the following amounts:


(Dollars in Thousands)	AIMS Amount
Initial Cash consideration	$	5,711
Equity consideration	1,459
Deferred cash consideration	6,695
Earn-out consideration	2,721
Payment of assumed liabilities	168
Total purchase consideration transferred	$	16,754

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	$	24,023
Management/advisory fees receivable	42,494
Investments at fair value	148,674
Equity method investments	42,307
Property, plant and equipment	3,996
Intangible assets	520,161
Goodwill	543,956
Operating lease right-of-use assets	28,487
Other assets	47,251
Total Assets Acquired	$	1,401,349
Accounts payable and accrued expenses	75,647
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	43,906
Other liabilities	15,149
Total Liabilities Assumed	$	329,473
Total Assets Acquired and Liabilities Assumed	1,071,876
Non-controlling interest in subsidiaries	(760)
	$	1,071,116

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


(Dollars in Thousands)	ALWP Acquisition Date Fair Value
Cash and cash equivalents	$	1,092
Management/advisory fees receivable	1,952
Property, plant and equipment	654
Intangible assets	12,300
Goodwill	987
Operating lease right-of-use assets	1,048
Other assets	484
Total Assets Acquired	18,517
Accounts payable and accrued expenses	358
Operating lease liabilities	1,048
Other liabilities	1,581
Total Liabilities Assumed	$	2,987
Total Assets Acquired and Liabilities Assumed	$	15,530

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


(Dollars in Thousands)	AIMS Acquisition Date Fair Value
Cash and cash equivalents	$	1,401
Management/advisory fees receivable	1,057
Equity Method investments	57
Intangible assets	9,679
Goodwill	14,299
Operating lease right-of-use assets	298
Other assets	323
Total Assets Acquired	27,114
Accounts payable and accrued expenses	784
Operating lease liabilities	298
Other liabilities	2,097
Total Liabilities Assumed	$	3,179
Total Assets Acquired and Liabilities Assumed	$	23,935

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

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


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

Trade Names	$	14,695	11.5
Customer Relationships	163,392		27.1
Investment Management Agreements (definite life)	94,575		18.4
Investment Management Agreements (indefinite life)	245,900		Indefinite
Developed Technology	1,000		5
Backlog	599		0.5
Total Intangible Assets	$	520,161

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


(Dollars in Thousands)	ALWP Acquisition Date Fair Value		Estimated Life (Years)
Customer Relationships	$	12,300	10
Total Intangible Assets	$	12,300

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


(Dollars in Thousands)	AIMS Acquisition Date Fair Value		Estimated Life (Years)
Customer Relationships	$	9,679	14
Total Intangible Assets	$	9,679

Disposal Groups, Including Discontinued Operations

The carrying amounts of the major classes of assets and liabilities of FOS presented as held for sale at September 30, 2023 is as follows:


	As of
(in thousands)	September 30, 2023 (Successor)
Assets
Cash and cash equivalents	$	2,167
Fees receivable, net	4,482
Intangible assets, net of accumulated amortization	3,219
Operating lease right-of-use assets	416
Deferred tax asset, net	256
Other assets	363
Total assets held for sale	$	10,901
Liabilities
Accounts payable and accrued expenses	$	(135)
Operating lease liabilities	(383)
Deferred tax liability, net	(295)
Deferred income	(988)
Other liabilities	(376)
Total liabilities held for sale	$	(2,178)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Equity (Details) - $ / shares	Sep. 30, 2023	Jan. 03, 2023
Class A Common Stock
Class of Stock [Line Items]
Common stock, outstanding (in shares)	64,770,908
Common stock, shares, outstanding, subject to forfeiture (in shares)	3,276,391
Common stock, par value (in dollars per share)	$ 0.0001
Class B Common Stock
Class of Stock [Line Items]
Common stock, outstanding (in shares)	53,219,713	53,219,713
Common stock, par value (in dollars per share)	$ 0.0001

- Definition

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

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+ Details

Equity-Based Compensation and Earn-in Expenses	9 Months Ended
Equity-Based Compensation and Earn-in Expenses	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation and Earn-in Expenses	Equity-Based Compensation and Earn-in Expenses 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 from January 3, 2023 to September 30, 2023. The $24.6 million consisted of $21.0 million related to the acceleration of 2.1 million of earn-out shares at closing and $3.6 million for 360,485 shares related to another transaction completed in contemplation of and for the benefit of the acquirer under Topic 805. None of these stock awards were outstanding after the Business Combination. Upon completion of the Business Combination, the Company issued 60,800 shares of Class A Common Stock to employees of the Company. These awards vested in full immediately and had a fair value of $10.00 per share, resulting in compensation expense of $0.6 million during the period from January 3, 2023 to September 30, 2023. In connection with the Business Combination, the Company granted 65,554 shares of Class A Common Stock to its board of directors on March 23, 2023. These awards vest over an approximate nine month period and had a fair value of $12.56 per share, resulting in compensation expense of $0.5 million during the period from January 3, 2023 to September 30, 2023. On May 31, 2023, the Company granted 4,693,621 shares of Class A Common Stock with a fair value of $4.35 per share to employees as restricted units, vesting over a three year period. Since the initial grant date, 99,135 shares have been forfeited for a remaining total of 4,594,486 resulting in compensation expense of $1.6 million and $3.1 million for the period from July 1, 2023 to September 30, 2023 and the period from January 3, 2023 to September 30, 2023, respectively, which is included in Compensation and employee benefits in the Condensed Consolidated Statement of Operations. In addition, during the period from January 3, 2023 to September 30, 2023, the Company granted 107,263 shares of Class A Common Stock with fair values representative of buy-out equity awards to employees as restricted units, vesting generally over a one to three year period, resulting in compensation expense of $0.5 million for both the periods from July 1, 2023 to September 30, 2023 and from January 3, 2023 to September 30, 2023. In connection with TWMH’s historical acquisition of Holbein Partners, LLP (“Holbein”), certain employees of Holbein are entitled to receive a combination of cash and shares of the Company based on Holbein revenues in 2023 and 2024 (the “Holbein Earn-Ins”). The Holbein Earn-Ins were measured at fair value using estimates of future revenues as of the closing date. The earn-ins are expected to be paid in a combination of 50% cash and 50% in shares of the Company’s Class A Common Stock on the second and third anniversaries of the closing date of January 7, 2022. On July 14, 2023, the Company amended the Holbein purchase agreement related to the Holbein acquisition. The amendment crystallized the contingent earn-in consideration amount by replacing the valuation of the Holbein Earn-Ins consideration of an estimate of future revenue. Additionally, the first payment date and second payment date are agreed as April 1, 2024 and April 1, 2025, respectively, replacing the original share purchase agreement payment dates of 10 business days after the second and third anniversary of the acquisition of Holbein. The agreed upon first and second date payments are $7.1 million and $8.9 million, respectively. The selling shareholders remain required to maintain certain service agreements to receive the compensatory Holbein Earn-ins. The Company recognized an expense for the earn-ins of $2.4 million and $0.7 million for the period from July 1, 2023 to September 30, 2023 and the period from July 1, 2022 to September 30, 2022, respectively, and $4.5 million and $2.2 million for the period from January 3, 2023 to September 30, 2023 and the period from January 1, 2022 to September 30, 2022, 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. The acquisition consideration was also amended to crystallize the non-compensatory earn-in amount and follows the same fact pattern as the above-described amendment for the compensatory earn-ins. This contingent consideration is recorded as a liability of $1.7 million as of September 30, 2023 and $1.5 million as of December 31, 2022 in the “Earn-in consideration payable” line of the Condensed Consolidated Statement of Financial Condition. In connection with TWMH’s historical acquisition of TIH, the Delayed Share Purchase Agreement (“TIH SPA”) was amended on July 28, 2023. The TIH SPA was amended to include the Company’s Class A Common Stock as part of the purchase price. On August 1, 2023, the Company granted 152,930 shares of Class A Common Stock with a fair value of $7.70 per share under the terms of the TIH SPA amendment. The amendment to the purchase price is compensatory in nature. The Company recognized an expense for the TIH SPA of $1.2 million for both the periods from July 1, 2023 to September 30, 2023 and from January 3, 2023 to September 30, 2023, which is included in Compensation and employee benefits in the Condensed Consolidated Statement of Operations.

Equity Method Investments - Equity Method Investments At Cost and Carrying Value (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Equity method investments	$ 27,927	$ 27,927	$ 52
Impairment on its equity method investments	0	300
Asset impairment charge	$ 1,800	$ 3,600

Condensed Consolidated Statement of Financial Position (Unaudited)	Sep. 30, 2023 $ / shares shares
Class A Common Stock
Common stock, par value (in dollars per share) \| $ / shares	$ 0.0001
Common stock, authorized (in shares)	875,000,000
Common stock, outstanding (in shares)	64,770,908
Class B Common Stock
Common stock, par value (in dollars per share) \| $ / shares	$ 0.0001
Common stock, authorized (in shares)	150,000,000
Common stock, outstanding (in shares)	53,219,713

Segment Reporting - Narrative (Details)	9 Months Ended
Segment Reporting - Narrative (Details)	Sep. 30, 2023 segment
Segment Reporting [Abstract]
Number of operating segments	2

Earnings Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

The table below presents the Company’s treatment for basic and diluted earnings (loss) per share for instruments outstanding of the Registrant. Potentially dilutive instruments are only considered in the calculation to the extent they would be dilutive.

For the Period

July 1, 2023 – September 30,
2023 (Successor)

January 3, 2023 – September 30,
2023 (Successor)

Basic

Diluted

Basic

Diluted

Class A Shares

Included

Class B Shares (1)

Excluded

If-converted method

Excluded

If-converted method

Warrants (2)

None outstanding

Excluded

Treasury stock method

Earn-Out Shares

Excluded

Vested RSUs

None outstanding

Unvested RSUs

Excluded

Treasury stock method

Excluded

Treasury stock method

Holbein Earn-In Shares (3)

Excluded

Treasury stock method

Excluded

Treasury stock method

(1) The if-converted method for these instruments includes adding back to the numerator any related income or loss allocations to noncontrolling interest, as well as any incremental tax expense had the instruments converted into Class A Shares as of the beginning of the period.

(2) Prior to the Business Combination, the Company issued warrants to purchase Class A Shares. As of June 30, 2023, all warrants were exchanged for Class A Shares and no warrants are outstanding as of September 30, 2023.

(3) During the period July 1, 2023 to September 30, 2023, the Company modified the Holbein Earn-In shares arrangement such that the settlement of the Earn-In shares would be in shares at each service period. At September 30, 2023, the service periods related to the Holbein Earn-In shares had not been completed, and therefore such shares have not been included in the calculation of basic earnings (loss) per share for the periods July 1, 2023 to September 30, 2023 and January 3, 2023 to September 30, 2023. However, in calculating the Company’s diluted earnings (loss) per share, the Company utilized the treasury stock method to determine the potential number of dilutive shares for the periods ended July 1, 2023 to September 30, 2023 and January 3, 2023 to September 30, 2023. For the periods ending March 31, 2023, and June 30, 2023, the Holbein Earn-In shares were excluded from the Company’s diluted earnings per share calculation as the Earn-In shares were classified as contingently issuable common shares. The key terms of the Holbein Earn-Ins are discussed in Note 5 (Equity-Based Compensation).

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)	July 1, 2023 – September 30, 2023 (Successor)		January 3, 2023 – September 30, 2023 (Successor)
Net loss attributable to controlling interest - basic	$	(88,721)	$	(114,019)
Net loss available to the Company - diluted	$	(88,721)	$	(114,019)
Weighted-average shares of Class A Common Stock outstanding - basic	63,568,646		60,174,678
Weighted-average shares of Class A Common Stock outstanding - diluted	63,568,646		60,174,678
Loss per Class A Common Stock - basic	$	(1.40)	$	(1.89)
Loss per Class A Common Stock - diluted	$	(1.40)	$	(1.89)

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
	July 1, 2023 – September 30, 2023 (Successor)	January 3, 2023 – September 30, 2023 (Successor)
Class B Common Stock and Class B Units	54,421,975	36,484,979
Warrants	—	6,657,084
Earn-outs	10,396,318	10,396,318
Stock Awards	4,594,486	3,067,192

Description of the Business - Shares Outstanding (Details) - shares	Sep. 30, 2023	Jan. 03, 2023
Class A Common Stock
Class of Stock [Line Items]
Common stock, outstanding (in shares)	64,770,908
Class B Common Stock
Class of Stock [Line Items]
Common stock, outstanding (in shares)	53,219,713	53,219,713

- Definition

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

+ References

+ Details

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies (a)Basis of Presentation The accompanying unaudited condensed consolidated financial statements comprise the financial statements of the Company and its subsidiaries for the period from January 3, 2023 to September 30, 2023 and the Condensed Consolidated Statement of Financial Position of TWMH and its subsidiaries as of December 31, 2022 and the Condensed Consolidated Statement of Operations of TWMH for the period from January 1, 2022 to September 30, 2022. The condensed consolidated financial statements have been prepared under the accrual basis of accounting in accordance with U.S. 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 included in the Billable Assets within AUM/AUA, as this impacts the amount of revenues the Company recognizes each period; (ii) the fair values of the Company’s investments and liabilities with respect to the TRA, 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 equity method investments, carried interest vehicles, acquired intangible assets, and goodwill exist; and (v) the determination of whether to consolidate a variable interest entity (“VIE”); and (vi) fair value of assets acquired and liabilities assumed in business combinations, including assumptions with respect to future cash inflows and outflows, discount rates, assets useful lives, market multiples, the allocation of purchase price consideration in the business combination valuation of acquired assets and liabilities, the estimated useful lives of intangible assets, goodwill impairment testing, assumptions used to calculate equity-based compensation, and the realization of deferred tax assets. Inherent in such estimates are 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 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. A five-step framework is utilized that requires an entity to: (i) identify the contract(s) with a customer, which includes assessing the collectability of the consideration to which it will be entitled in exchange for the goods or services transferred to the customer, (ii) identify the performance obligation in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligation in the contract, and (v) recognize revenue when the entity satisfies a performance obligation. Management/Advisory Fees Revenues from contracts with customers consist of investment management, trustee, and custody fees. The Company recognizes revenue at the time of transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. Revenue recognized is calculated based on contractual terms, including the transaction price, whether a distinct performance obligation has been satisfied and control is transferred to the customer, and when collection of the revenue is assessed as probable. Investment management, trustee and custody fees are recognized over the period in which the investment management services are performed, using a time-based output method to measure progress. The amount of revenue varies from one reporting period to another as levels of AUA change (from inflows, outflows, and market movements) and the number of days in the reporting period change. For services provided to each client account, the Company charges an investment management fee, inclusive of custody and/or trustee fees, based on the fair value of the 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 September 30, 2023, and December 31, 2022. 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, the Foreign Account Tax Compliance Act (“FATCA”), and other non-investment advisory services. Incentive Fees The Company is entitled to incentive fees if targeted returns have been achieved in accordance with customer contracts. Incentive fees are calculated using a percentage of net profit from the amount the customers earn. Incentive fees are variable consideration that is generally calculated as applicable to the contract with the customer. We recognize our incentive fees when it is no longer probable that a significant reversal of revenue will occur. Our incentive fees are not subject to clawback provisions. 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. 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)Restricted Cash and Cash Equivalents Restricted cash and cash equivalents consist of balances that are restricted as to withdrawal or usage. As of September 30, 2023 restricted cash and cash equivalents amounted to $3.4 million and are included in the line item Cash and cash equivalents on the Condensed Consolidated Statement of Financial Position. These amounts represent the level of liquidity to be maintained by Company’s certain subsidiaries to meet regulatory requirements. Failing to meet the requirement could lead to censure, fines and ultimately a loss of license. (g)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. (h)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. Gains and losses on certain financing transactions which the Company intends to repay in the foreseeable future are recorded in net income. (i)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. (j)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. (k)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. Due to the nature and size of its investees, the Company has adopted a lag in reporting for certain equity method investees for which the Company cannot reliably obtain financial information on a regular basis. Distributions received reduce the Company’s carrying value of the investee and the cost basis if deemed to be a return of capital. For certain investments, the Company may apply the alternative fair value option to the investment at initial measurement. The fair value measurement of investments in which the 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. (l)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: (i) the lease has a purchase option that is reasonably certain of being exercised, (ii) the present value of the future cash flows is substantially all of the fair market value of the underlying asset, (iii) the lease term is for a significant portion of the remaining economic life of the underlying asset, (iv) the title to the underlying asset transfers at the end of the lease term, or (v) if the underlying asset is of such a specialized nature that it is expected to have no alternative uses to the lessor at the end of the term. Leases that do not meet the finance lease criteria are accounted for as an operating lease. At the inception of a finance lease, an asset and finance lease obligation are recorded at an amount equal to the lesser of the present value of the minimum lease payments and the property’s fair market value. Finance lease obligations are classified as either current or long-term based on the due dates of future lease payments, net of interest. The Company’s lease portfolio primarily consists of operating leases for office space in various countries around the world. The Company also has operating leases for office equipment and vehicles, which are not significant. The Company does not separate non-lease components from lease components for its office space and equipment operating leases and instead accounts for each separate lease component and its associated non-lease component as a single lease component. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the leases. The Company’s right-of-use assets and lease liabilities are recognized at lease commencement based on the present value of lease payments over the lease term. Lease right-of-use assets include initial direct costs incurred by the Company and are presented net of deferred rent and lease incentives. Absent an implicit interest rate in the lease, the Company uses its incremental borrowing rate, adjusted for the effects of collateralization, based on the information available at commencement in determining the present value of lease payments. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise those options. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Lease right-of-use assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The Company does not recognize a lease liability or right-of-use asset on the balance for short-term leases. Instead, the Company recognizes short-term lease payments as an expense on a straight-line basis over the lease term. A short-term lease is defined as a lease that, at the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. When determining whether a lease qualifies as a short-term lease, the Company evaluates the lease term and the purchase option in the same manner as all other leases. (m)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. (n)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. As of September 30, 2023, the Company recognized goodwill impairment charges of $153.6 million for the Asset Management segment in Impairment loss on goodwill and intangible assets in the Condensed Consolidated Statement of Operations. The Company concluded that the estimated fair value of the Wealth Management reporting unit was greater than its carrying value, and as such, no impairment charge was required. See Note 13 (Goodwill, net). (o)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. (p)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. (q)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 shares of Class A Common Stock may increase the TRA liability. Those increases will be carried at a value equal to the expected future payments due under the TRA. On August 31, 2023, holders of shares of Class B Common Stock exchanged a portion of such Class B Units to the Company, in exchange for shares of Class A Common Stock on a 1:1 basis totaling an amount equal to $7.31 multiplied by the total number of shares of Class B Common Stock exchanged at the time of the transaction. 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. (r)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. On June 7, 2023, the Company closed an offer and consent solicitation and entered into a warrant amendment, pursuant to which the remaining Warrants were exchanged. In total, the Warrants were exchanged for approximately 4,962,221 shares of Class A Common Stock. See Note 1 (Description of the Business). Following the exchange, none of the Warrants remain outstanding as of September 30, 2023. (s)Business Combination Earn-out Liability The Business Combination Earn-out Securities, comprised of 3.3 million Class A Shares, 7.1 million shares of Class B Common Stock, and 7.1 million Class B Units (one Class B share and one Class B Unit comprising a Paired Interest, as described in Note 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 Business Combination Earn-out Securities will vest and be issued in settlement of the Business Combination Earn-out Liability (or, in the case of the Sponsor, which shares have already been issued, will no longer be subject to forfeiture). Upon the Company’s Class A Share price meeting a volume-weighted average price threshold of $15.00 for 20 out of 30 trading days within five years of the Closing, the remaining fifty percent of the Business Combination Earn-out Securities will vest and be issued. If, within five years of the Closing, a change of control event occurs (as defined in the Business Combination Agreement), any Business Combination Earn-out Securities not previously issued will be deemed to have vested and will be issued (or, in the case of the Sponsor, which shares have already been issued, will no longer be subject to forfeiture). The Company evaluated the terms of the Business Combination earn-out agreement in accordance with ASC 815-40 and concluded that the Business Combination Earn-out Securities are precluded from being accounted for as a component of equity. Since the Business Combination earn-out agreement meets the definition of a derivative, the Business Combination Earn-out Securities are recorded in Earn-out liability, at fair value as a derivative liability on the Condensed Consolidated Statement of Financial Position and measured at fair value at each reporting date in accordance with ASC 820, Fair Value Measurement, with changes in fair value recognized in Gain (loss) on earn-out liability in the Condensed Consolidated Statement of Operations and in Fair value of earn-out liability in the Condensed Consolidated Statement of Cash Flows in the period of change. (t)AIMS Earn-out Liability On August 2, 2023, (the “AIMS Acquisition Date”), the Company acquired the remaining 70% of the issued and outstanding ownership and membership interests of Alvarium Investment Managers (Suisse) SA (“AIMS”), increasing its interest from 30% to 100% (the “AIMS Acquisition”). The AIMS Acquisition was accounted for using the acquisition method of accounting and the fair value of the total purchase consideration transferred was $16.8 million. The total purchase consideration transferred consists of cash consideration, equity consideration, deferred cash consideration, earn-out consideration (“AIMS earn-out liability”), and the payment of assumed liabilities. As of September 30, 2023, the AIMS earn-out liability of $2.7 million is reported in Other liabilities in the Condensed Consolidated Statement of Financial Position. Since the AIMS earn-out liability meets the definition of a derivative, it is recorded at fair value as a derivative liability on the Condensed Consolidated Statement of Financial Position and measured at fair value at each reporting date in accordance with ASC 820, Fair Value Measurement, with changes in fair value to be recognized in Gain (loss) on earn-out liability in the Condensed Consolidated Statement of Operations and in Fair value of earn-out liability in the Condensed Consolidated Statement of Cash Flows in the period of change. See Note 3 (Business Combinations and Divestiture) for further information. (u)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 TIH. This arrangement was agreed upon for consideration of $2.1 million in cash and $1.2 million in Class A Common Stock. As of September 30, 2023 and December 31, 2022, the delayed share purchase agreement liability is reported as $1.8 million and $1.8 million, respectively. As of September 30, 2023 and December 31, 2022, the portion of the Delayed share purchase agreement reported in Accrued compensation and profit sharing is $0.3 million and $0.4 million, respectively. The stock purchase price has been recognized in the Condensed Consolidated Statement of Financial Condition as additional paid-in capital. As of September 30, 2023 and December 31, 2022, the portion of the delayed share purchase agreement reported in Additional paid-in capital is reported as $1.2 million and $0.0 million, respectively. (v)Non-controlling Interests Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Company’s equity. Non-controlling interests consist of the amount of those interests at the date of the original Business Combination and the minority’s share of changes in equity since the date of the Business Combination. The proportions of profit and loss and changes in equity allocated to the owners of the parent and to the non-controlling interests are determined on the basis of existing ownership interests. (w)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. (x)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 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 September 30, 2023, this segment had $48.5 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 intellectual property 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 and public and private real estate (including co-investment) 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 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 September 30, 2023, this platform had $7.7 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 September 30, 2023, this business had approximately $12.0 billion of AUM/AUA. Fund Management Our real estate fund management business manages two funds based in the United Kingdom, LXi, a publicly traded REIT, and HLIF, a private fund. 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, oversees deal origination, documentation, and structuring from inception to exit for a variety of strategies including 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 September 30, 2023, our real estate co-investment platform has deployed more than $7.5 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. (y)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. (z)Held for Sale Accounting In circumstances when the Company is evaluating its components, we may establish plans that require us to evaluate whether a component qualifies for held-for-sale accounting under ASC 360, Property, Plant, and Equipment. If a sale is deemed probable within a twelve-month period, the component is classified to either the assets held for sale or liabilities held for sale line items on the Consolidated Statement of Financial Position. The disposal group will be measured at the lower of its carrying amount or fair value less cost to sell. Any long-lived assets shall not be depreciated or amortized while classified as held for sale. Subsequently on November 6, 2023, the Company entered into an agreement to sell FOS for a cash consideration of approximately $20.1 million. See Note 21 (Subsequent Events) for more detail. (aa)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. 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.

Intangible Assets, net (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2023 (Successor)
(Dollars in Thousands)	Weighted Average Amortization Period (in years)	Gross Carrying Amount		Impairment		Held for Sale		Accumulated Amortization		Net Carrying Amount
Intangible assets
Amortizing intangible assets
Customer relationships	25.4	$	184,805	$	—	$	(2,039)	$	(5,220)	$	177,546
Investment management agreements (1)	18.5	97,481		(29,393)		—		(3,615)		64,473
Trade names	10.0	14,778		—		(1,180)		(1,177)		12,421
Acquired internally developed software	5.0	1,000		—		—		(150)		850
Other intangible asset	0.0	622		—		—		(622)		—
Total amortized intangible assets		298,686		(29,393)		(3,219)		(10,784)		255,290
Non-amortized intangible assets (2)
Investment management agreements		245,900		—		—		—		245,900
Total intangible assets		$	544,586	$	(29,393)	$	(3,219)	$	(10,784)	$	501,190

(1) During the period from January 3, 2023 to September 30, 2023, the Company deconsolidated AHRA (See Note 3 (Business Combinations and Divestitures)) and as a result, recorded an impairment charge of $29.4 million to the carrying value of AHRA’s investment advisory agreement with Home REIT, which is recorded in the line item Impairment loss on goodwill and intangible assets in the Condensed Consolidated Statement of Operations.

(2) The Company’s non-amortized intangible assets consist of management contracts for open-ended fund products, in which there is no contractual termination date.

During the period from January 3, 2023 to September 30, 2023, the Company made certain measurement period adjustments to the preliminary purchase price allocation, which resulted in a decrease to Intangible assets, net of $21.6 million. See Note 3 (Business Combinations and Divestitures).


	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 September 30, 2023 (Successor)

2023	$	3,281
2024	13,124
2025	13,124
2026	13,124
2027 and beyond	212,637
Total	$	255,290

Debt, net of unamortized deferred financing cost (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

The following table summarizes outstanding debt obligations of the Company as of September 30, 2023:


	As of September 30, 2023 (Successor)
(Dollars in Thousands)	Debt Outstanding		Net Carrying Value (1)		Fair Value (2)
Credit Agreement
Term Loans	$	96,250	$	94,554	$	96,250
Revolving Credit Facility	78,250		78,250		78,250

Total Debt	$	174,500	$	172,804	$	174,500

(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 September 30, 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 :


	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.

Schedule of Maturities of Long-Term Debt

Contractual maturities of the Term Loans as of September 30, 2023, are set out in the table below:


(Dollars in Thousands)	Aggregate Maturities

Rest of 2023	$	1,250
2024	$	5,000
2025	$	7,500
2026	$	10,000
2027	$	10,000
Thereafter	$	62,500
Total	$	96,250

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Intangible Assets, net

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, net

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


	As of September 30, 2023 (Successor)
(Dollars in Thousands)	Weighted Average Amortization Period (in years)	Gross Carrying Amount		Impairment		Held for Sale		Accumulated Amortization		Net Carrying Amount
Intangible assets
Amortizing intangible assets
Customer relationships	25.4	$	184,805	$	—	$	(2,039)	$	(5,220)	$	177,546
Investment management agreements (1)	18.5	97,481		(29,393)		—		(3,615)		64,473
Trade names	10.0	14,778		—		(1,180)		(1,177)		12,421
Acquired internally developed software	5.0	1,000		—		—		(150)		850
Other intangible asset	0.0	622		—		—		(622)		—
Total amortized intangible assets		298,686		(29,393)		(3,219)		(10,784)		255,290
Non-amortized intangible assets (2)
Investment management agreements		245,900		—		—		—		245,900
Total intangible assets		$	544,586	$	(29,393)	$	(3,219)	$	(10,784)	$	501,190

(2) 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 $3.2 million and $0.5 million for the periods from July 1, 2023 to September 30, 2023 and from July 1, 2022 to September 30, 2022, respectively, and $10.8 million and $1.4 million for the periods from January 3, 2023 to September 30, 2023 and from January 1, 2022 to September 30, 2022, respectively, were recognized.

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


(Dollars in Thousands)	As of September 30, 2023 (Successor)

2023	$	3,281
2024	13,124
2025	13,124
2026	13,124
2027 and beyond	212,637
Total	$	255,290

Goodwill, net (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
Goodwill, net (Details) - USD ($) $ in Thousands	Sep. 30, 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
Impairment charges		0
Measurement period adjustments		0
Currency translation and other adjustments		0
Gross goodwill, ending balance		25,464
Goodwill, ending balance	409,432	25,464
Asset management
Goodwill [Roll Forward]
Gross goodwill, beginning balance	263,429
Goodwill, beginning balance	263,429
Goodwill, period increase (decrease)	(163,249)
Goodwill acquired during the period	0
Impairment charges	(153,589)
Measurement period adjustments	(1,178)
Currency translation and other adjustments	(8,482)
Gross goodwill, ending balance	100,180	263,429
Goodwill, ending balance	100,180	263,429
Wealth management
Goodwill [Roll Forward]
Gross goodwill, beginning balance	297,759
Goodwill, beginning balance	297,759
Goodwill, period increase (decrease)	11,493
Goodwill acquired during the period	11,356
Impairment charges	0
Measurement period adjustments	(376)
Currency translation and other adjustments	513
Gross goodwill, ending balance	309,252	297,759
Goodwill, ending balance	$ 309,252	$ 297,759

Business Combinations and Divestitures - Assets and Liabilities Held-For-Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Assets
Cash and cash equivalents	$ 2,167		$ 0
Total assets held for sale	10,901	$ 0
Liabilities
Total liabilities held for sale	(2,178)	$ 0
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Family Office Service ("FOS")
Assets
Cash and cash equivalents	2,167
Fees receivable, net	4,482
Intangible assets, net of accumulated amortization	3,219
Operating lease right-of-use assets	416
Deferred tax asset, net	256
Other assets	363
Total assets held for sale	10,901
Liabilities
Accounts payable and accrued expenses	(135)
Operating lease liabilities	(383)
Deferred tax liability, net	(295)
Deferred income	(988)
Other liabilities	(376)
Total liabilities held for sale	$ (2,178)

Segment Reporting - Net Income By Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total income	$ 49,244	$ 18,583	$ 159,172	$ 57,445
Operating Expenses [Abstract]
Compensation and employee benefits	38,585	12,048	134,393	37,468
Systems, technology and telephone	3,812	1,719	11,751	4,577
Sales, distribution and marketing	658	241	1,752	678
Occupancy costs	3,223	1,295	9,755	3,399
Professional fees	14,398	2,397	52,741	5,480
Travel and entertainment	1,082	297	4,334	1,134
Depreciation and amortization	3,676	583	11,848	1,790
General, administrative and other	7,455	381	11,426	1,044
Total operating expenses	72,889	18,961	238,000	55,570
Operating Income (Loss)	(23,645)	(378)	(78,828)	1,875
Impairment loss on goodwill and intangible assets	(153,589)	0	(182,982)	0
Loss on investments	(1,959)	(45)	(3,663)	(20)
Gain (loss) on TRA	761	0	(1,331)	0
Loss on warrant liability	0	0	(12,866)	0
Gain on earnout liability	9,335	0	46,212	0
Interest expense	(3,668)	(131)	(10,300)	(310)
Other expenses	(91)	(60)	(738)	(58)
Income (loss) before taxes	(172,856)	(614)	(244,496)	1,487
Income tax (expense) benefit	1,782	(82)	12,578	(385)
Net income (loss)	(171,074)	(696)	(231,918)	1,102
Asset management
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total income	14,744		59,176
Operating Expenses [Abstract]
Compensation and employee benefits	12,206		51,774
Systems, technology and telephone	1,246		3,828
Sales, distribution and marketing	296		759
Occupancy costs	1,008		3,188
Professional fees	7,321		26,931
Travel and entertainment	383		1,883
Depreciation and amortization	1,471		5,728
General, administrative and other	3,397		5,862
Total operating expenses	27,328		99,953
Operating Income (Loss)	(12,584)		(40,777)
Impairment loss on goodwill and intangible assets	(153,589)		(182,982)
Loss on investments	(3,706)		(5,018)
Gain (loss) on TRA	381		(665)
Loss on warrant liability			(6,433)
Gain on earnout liability	4,667		23,106
Interest expense	(2,819)		(6,206)
Other expenses	0		(366)
Income (loss) before taxes	(167,650)		(219,341)
Income tax (expense) benefit	1,136		6,534
Net income (loss)	(166,514)		(212,807)
Wealth management
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total income	34,500		99,996
Operating Expenses [Abstract]
Compensation and employee benefits	26,379		82,619
Systems, technology and telephone	2,566		7,923
Sales, distribution and marketing	362		993
Occupancy costs	2,215		6,567
Professional fees	7,077		25,810
Travel and entertainment	699		2,451
Depreciation and amortization	2,205		6,120
General, administrative and other	4,058		5,564
Total operating expenses	45,561		138,047
Operating Income (Loss)	(11,061)		(38,051)
Impairment loss on goodwill and intangible assets	0		0
Loss on investments	1,747		1,355
Gain (loss) on TRA	380		(666)
Loss on warrant liability			(6,433)
Gain on earnout liability	4,668		23,106
Interest expense	(849)		(4,094)
Other expenses	(91)		(372)
Income (loss) before taxes	(5,206)		(25,155)
Income tax (expense) benefit	646		6,044
Net income (loss)	(4,560)		(19,111)
Management/Advisory fees
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total income	45,062	18,583	138,972	57,445
Management/Advisory fees \| Asset management
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total income	10,607		39,131
Management/Advisory fees \| Wealth management
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total income	34,455		99,841
Incentive fees
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total income	885	0	1,931	0
Incentive fees \| Asset management
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total income	885		1,931
Incentive fees \| Wealth management
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total income	0		0
Distributions from investments
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total income	2,596	0	14,829	0
Distributions from investments \| Asset management
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total income	2,596		14,829
Distributions from investments \| Wealth management
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total income	0		0
Other fees/income
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total income	701	$ 0	3,440	$ 0
Other fees/income \| Asset management
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total income	656		3,285
Other fees/income \| Wealth management
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total income	$ 45		$ 155

Description of the Business - Narrative (Details) $ / shares in Units, $ in Thousands		3 Months Ended	6 Months Ended	9 Months Ended
	Apr. 03, 2023 shares	Mar. 31, 2023 shares	Jun. 30, 2023 USD ($)	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) segment category fund $ / shares shares	Jun. 07, 2023 shares	Jan. 03, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Assets under management				$ 68,200,000	$ 68,200,000
Warrant, exercise price (in dollars per share) \| $ / shares				$ 11.50	$ 11.50
Number of securities called by warrants or rights \| shares						19,892,387
Adjustments to additional paid in capital			$ 29,500
Warrants, outstanding (in shares) \| shares				0	0
Number of operating segments \| segment					2
Number of operating segments, number of revenue generating categories \| category					3
Impairment loss on goodwill and intangible assets				$ 29,393	$ 29,400
Wealth management
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Assets under management and advisement				48,500,000	48,500,000
Asset management \| Alternatives Platform
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Assets under management and advisement				7,700,000	7,700,000
Asset management \| Co-Investment
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Deployed capital					$ 7,500,000
Deployed capital, percentage invested					14.00%
Asset management \| Real Estate - Public and Private
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Assets under management and advisement				$ 12,000,000	$ 12,000,000
Number of funds managed \| fund					2
Asset management \| Fund Management
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of funds managed \| fund					2
Class A Common Stock
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Total voting power (in percent)				55.00%	55.00%
Issuance of shares - exercise of warrants (in shares) \| shares	78,864	428,626
Number of securities called by warrants or rights \| shares				4,962,221	4,962,221	4,864,275
Class B Common Stock
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Total voting power (in percent)				45.00%	45.00%
Umbrella
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Voting interest acquired (in percent)							51.00%
Umbrella \| TWMH and TIG Shareholders
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Voting interest acquired (in percent)							49.00%
TWMH, TIG, and Alvarium \| Umbrella
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Voting interest acquired (in percent)							100.00%
Alvarium Home REIT Advisors Ltd ("AHRA") \| Entity Owned By Management Of Alvarium Home REIT Advisors Ltd (“AHRA”) \| Asset management \| Fund Management \| Alvarium RE Limited ("ARE")
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Voting interest to be acquired (in percent)								100.00%
Price of acquisition, expected					$ 29,000

Retirement Plans - Schedule Of Contributions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Postemployment Benefits [Abstract]
Contributions	$ 752	$ 203	$ 2,424	$ 571

Earnings Per Share - Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net loss attributable to controlling interest - basic	$ (88,721)		$ (114,019)
Net loss available to the Company - diluted	$ (88,721)		$ (114,019)
Weighted-average shares of Class A Common Stock outstanding - basic (in shares)	63,568,646	7,007	60,174,678	7,007
Weighted-average shares of Class A Common Stock outstanding - basic (in shares)	63,568,646	7,007	60,174,678	7,007
Loss per Class A Common Stock - basic (in dollars per share)	$ (1.40)	$ (96.19)	$ (1.89)	$ 169.69
Loss per Class A Common Stock - diluted (in dollars per share)	$ (1.40)	$ (96.19)	$ (1.89)	$ 169.69

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
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Earnings Per Share - Antidilutive Securities (Details) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Class B Common Stock and Class B Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	54,421,975	36,484,979
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	6,657,084
Earn-outs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	10,396,318	10,396,318
Stock Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	4,594,486	3,067,192

Leases - Weighted-average Remaining Lease Term And Discount Rate (Details)	Sep. 30, 2023
Leases [Abstract]
Weighted-average remaining lease term (In years)	5 years 10 days
Weighted-average discount rate (in percent)	6.00%

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (88,721)	$ (674)	$ (114,019)	$ 1,189

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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Subsequent Events (Details) - Subsequent Event - USD ($) $ in Millions	Nov. 06, 2023	Oct. 09, 2023
Subsequent Event [Line Items]
Lease term (in years)		17 years
Free rent term (in months)		30 months
Fixed rent payment after free rent term		$ 63.5
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Family Office Service ("FOS")
Subsequent Event [Line Items]
Cash consideration	$ 20.1

Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash Flows from Operating Activities
Net income (loss)	$ (231,918)	$ 1,102
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	11,848	1,790
Amortization of debt discounts and deferred financing costs	(4,106)	0
Unrealized (gain) loss on investments	3,275	108
Impairment loss on goodwill and intangible assets	182,982	0
Gain (loss) on TRA	1,331	0
Gain (loss) on Earn-in	0	(121)
(Income) loss on equity method investments	2,439	(32)
Restricted unit compensation	0	1,774
Loss on warrant liability	12,866	0
Gain on earnout liability	(46,212)	0
Deferred income tax (benefit) expense	(16,146)	(82)
Equity-settled share-based payments	35,090	0
Unrealized foreign currency (gains)/losses	444	0
(Gain) loss from retirement of debt	(73)	0
Fair value of interest rate swap	33	(299)
Cash flows due to changes in operating assets and liabilities
Fees receivable	7,132	2,318
Other assets	(4,110)	(3,064)
Operating cash flow from operating leases	838	631
Accounts payable and accrued expenses	(17,654)	1,521
Accrued compensation and profit sharing	(4,288)	(3,628)
Other liabilities	(14,718)	364
Other operating activities	(250)	0
Net cash provided by (used in) operating activities	(81,001)	3,206
Cash Flows from Investing Activities
Cash acquired from consolidation of variable interest entity	0	471
Cash payment for acquisition of TWMH and TIG historical equity	(99,999)	0
Receipt of payments of notes receivable from members	226	345
Loans to members	0	(301)
Cash receipts from the repayment of advances and loans	305	0
Purchases of investments	(15,499)	(184)
Distributions from investments	0	4
Purchase of TIH shares	0	(382)
Purchase of Holbein	0	(8,097)
Payment of Payout Right	(760)	0
Acquisition of AIMS, net of cash acquired	(3,783)	0
Acquisition of AL Wealth Partners, net of cash acquired	(14,430)	0
Sales of investments	1,818	922
Sale of fixed assets	8	0
Purchases of fixed assets	(269)	(55)
Net cash provided by (used in) investing activities	(132,383)	(7,277)
Cash Flows from Financing Activities
Member contribution (distribution)	(8,494)	(9,644)
Payments on term notes and lines of credit	(155,489)	(2,170)
Borrowings on term notes and lines of credit	206,660	12,300
Increase (decrease) in distributions due to former TIG members	(13,419)	0
Cash payment for purchase of shares to be transferred as part of Alvarium share compensation	(4,215)	0
Cash receipts from exercise of Warrants	5,836	0
Net cash provided by (used in) financing activities	30,879	486
Effect of exchange rate changes on cash	2,782	22
Net increase (decrease) in cash	(179,723)	(3,563)
Cash and cash equivalents at beginning of the period	194,086	8,040
Cash and cash equivalents at end of the period	14,363	4,477
Reconciliation of balance sheet cash and cash equivalents to cash flows:
Cash and cash equivalents on balance sheet	12,196	4,477
Cash and cash equivalents included in Assets held for sale (Note 3)	2,167	0
Cash and cash equivalents, including cash in Assets held for sale	14,363	4,477
Supplemental Disclosure of Cash Flow Information
Income taxes	797	514
Interest payments on term notes and lines of credit	10,145	370
Shareholder Loan
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Forgiveness of debt	0	619
Member Notes Receivable
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Forgiveness of debt	$ 196	$ 205

Business Combinations and Divestitures - Narrative (Details) $ / shares in Units, $ in Thousands					3 Months Ended			9 Months Ended		12 Months Ended
	Nov. 06, 2023 USD ($)	Aug. 02, 2023 USD ($)	Apr. 06, 2023 USD ($)	Jan. 03, 2023 USD ($) $ / shares shares	Sep. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Aug. 31, 2023	Jun. 30, 2023	Jan. 02, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Conversion ratio					1			1	1
Acquisition-related costs							$ 1,000
Cash and cash equivalents					$ 14,363			$ 14,363	$ 14,363				$ 194,086	$ 4,477	$ 8,040
Goodwill, purchase accounting adjustments										$ 0
Number of operating segments \| segment									2
Goodwill					409,432			409,432	$ 409,432	25,464					$ 22,185
Impairment loss on goodwill and intangible assets								29,393	29,400
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Family Office Service ("FOS") \| Subsequent Event
Business Acquisition [Line Items]
Disposal term (in months)	12 months
Cash consideration	$ 20,100
Alvarium Investment Managers (Suisse) SA (“AIMS”)
Business Acquisition [Line Items]
Equity method investment, ownership percentage												30.00%
Customer relationships
Business Acquisition [Line Items]
Impairment loss on goodwill and intangible assets								0
Wealth management
Business Acquisition [Line Items]
Goodwill, purchase accounting adjustments								(376)
Goodwill					309,252			309,252	309,252	297,759
Asset management
Business Acquisition [Line Items]
Goodwill, purchase accounting adjustments								(1,178)
Goodwill					100,180			100,180	100,180	$ 263,429
Class A Common Stock
Business Acquisition [Line Items]
Conversion ratio				1							1
Umbrella
Business Acquisition [Line Items]
Voting interest acquired (in percent)				51.00%
TWMH, TIG, and Alvarium \| Umbrella
Business Acquisition [Line Items]
Voting interest acquired (in percent)				100.00%
Alvarium, TWMH And TIG
Business Acquisition [Line Items]
Acquisition-related costs						$ 17,800
Debt issuance costs				$ 4,600
Total purchase consideration transferred				1,071,116
Earn-out consideration				85,097
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Other Liabilities								300
Cash and cash equivalents				194,100
Goodwill, purchase accounting adjustments					$ 1,500			19,200
Decrease in fair value of acquired intangible assets									$ 21,600
Decrease in fair value of acquired equity method investments								5,400
Decrease to deferred tax liabilities								6,400
Management/advisory fees receivable, purchase accounting adjustment								800
Accounts payable and accrued expenses, purchase price adjustments								200
Other assets, purchase price adjustments								100
Decrease to opening additional paid-in capital								$ 1,300
Goodwill				$ 543,956
Weighted average useful life (in years)				23 years 1 month 6 days
Alvarium, TWMH And TIG \| Customer relationships
Business Acquisition [Line Items]
Weighted average useful life (in years)				27 years 1 month 6 days
Alvarium, TWMH And TIG \| Wealth management
Business Acquisition [Line Items]
Goodwill				$ 293,700
Alvarium, TWMH And TIG \| Asset management
Business Acquisition [Line Items]
Goodwill				250,200
Alvarium, TWMH And TIG \| Long-Term Debt
Business Acquisition [Line Items]
Debt issuance costs				1,800
Alvarium, TWMH And TIG \| Other assets
Business Acquisition [Line Items]
Debt issuance costs				$ 2,800
Alvarium, TWMH And TIG \| Class A Common Stock \| CGC Sponsor LLC \| The Founder Shares
Business Acquisition [Line Items]
Business combination, shares purchased (in shares) \| shares				8,625,000
Share price \| $ / shares				$ 10.33
Conversion of stock upon closing, expense				$ 89,100
Alvarium, TWMH And TIG \| Class B Common Stock \| CGC Sponsor LLC \| The Founder Shares
Business Acquisition [Line Items]
Consideration received				$ 25
Sale of stock, price per share (in dollars per share) \| $ / shares				$ 0.03
AL Wealth Partners Pte. Ltd. (“AL Wealth Partners”)
Business Acquisition [Line Items]
Acquisition-related costs			$ 300
Total purchase consideration transferred			15,500
Goodwill			$ 987
AL Wealth Partners Pte. Ltd. (“AL Wealth Partners”) \| Customer relationships
Business Acquisition [Line Items]
Weighted average useful life (in years)			10 years
Alvarium Investment Managers (Suisse) SA (“AIMS”)
Business Acquisition [Line Items]
Voting interest acquired (in percent)		70.00%
Acquisition-related costs		$ 10
Total purchase consideration transferred		16,754
Earn-out consideration		2,721
Goodwill		$ 14,299
Equity interest (in percent)												30.00%
Equity interest, including subsequent acquisition (in percent)		100.00%
Fair value of existing equity method investment		$ 7,200
Remeasurement gain		$ 1,700
Alvarium Investment Managers (Suisse) SA (“AIMS”) \| Customer relationships
Business Acquisition [Line Items]
Weighted average useful life (in years)		14 years	14 years

Condensed Consolidated Statement of Financial Position (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 12,196	$ 7,131
Investments at fair value	164,660	145
Equity method investments	27,927	52
Intangible assets, net of accumulated amortization	501,190	20,578
Goodwill	409,432	25,464
Operating lease right-of-use assets	28,184	10,095
Other assets	47,192	3,817
Total assets held for sale	10,901	0
Total assets	1,233,780	91,989
Liabilities
Accounts payable and accrued expenses	36,914	8,073
Accrued compensation and profit sharing	20,056	15,660
Accrued member distributions payable	8,049	11,422
Earn-out liability, at fair value	45,549	0
TRA liability	18,042	0
Delayed share purchase agreement	1,818	1,818
Earn-in consideration payable	1,708	1,519
Operating lease liabilities	29,560	10,713
Debt, net of unamortized deferred financing cost	172,804	21,187
Deferred tax liability, net	25,812	82
Deferred income	323	0
Other liabilities	25,207	3,662
Liabilities held for sale	2,178	0
Total liabilities	388,020	74,136
Commitments and contingencies (Note 19)
Shareholders' Equity
Additional paid-in capital	519,996	0
Retained earnings (accumulated deficit)	(141,965)	0
Accumulated other comprehensive income (loss)	3,988	(1,077)
Total AlTi Global, Inc. shareholders' equity	382,025	17,533
Non-controlling interest in subsidiaries	463,735	320
Total shareholders' equity	845,760	17,853
Total liabilities and shareholders' equity	1,233,780	91,989
Class A Common Stock
Shareholders' Equity
Common stock	6	3
Class B Common Stock
Shareholders' Equity
Common stock	0	18,607
Fees receivable, net
Assets
Contract with customer, receivable	32,098	19,540
Other receivable, net
Assets
Contract with customer, receivable	$ 0	$ 5,167

Fair Value Disclosures (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

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

Investments at fair value as of September 30, 2023 and December 31, 2022 are presented below:


	As of September 30, 2023 (Successor)
	Level 1		Level 2		Level 3
(Dollars in Thousands)	Quoted Prices		Observable Inputs		Unobservable Inputs		Total
Assets:
Mutual funds	$	51	$	—	$	—	$	51
Exchange-traded funds	111		—		—		111
Investments – External Strategic Managers	—		—		163,125		163,125
Investments – Affiliated Funds (1)	—		—		—		1,373

Total	$	162	$	—	$	163,125	$	164,660

Liabilities:

Earn-out liability	$	—	$	—	$	45,549	$	45,549
AIMS earn-out liability (2)	—		—		2,721		2,721
TRA liability (3)	3,711		—		14,331		18,042
Earn-in consideration payable	1,708		—		—		1,708
Total	$	5,419	$	—	$	62,601	$	68,020

(2) Included in Other liabilities in the Condensed Consolidated Statement of Financial Position.

(3) The Company carries a portion of its TRA liability at fair value, as it is contingent consideration from the Business Combination.


	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 September 30, 2023 and December 31, 2022:


	Level 3 Liabilities as of September 30, 2023 (Successor)
(Dollars in Thousands)	TRA Liability		Earn-out Liability		AIMS earn-out liability	Total
Beginning balance	$	13,000	$	91,761	—	$	104,761
Issuances	—		—		2,721	2,721
Settlements	—		—		—	—
Net gains/(losses)	1,331		(46,212)		—	(44,881)
Ending balance	$	14,331	$	45,549	2,721	$	62,601


	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


	Level 3 Assets as of September 30, 2023 (Successor)
(Dollars in Thousands)	Investments – External Strategic Managers		Total
Beginning balance	$	146,130	$	146,130
Realized and Unrealized Gains (Losses)	$	1,628	$	1,628
Purchases	$	15,367	$	15,367

Ending balance	$	163,125	$	163,125

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	$	163,125	Discounted Cash Flow	Discount rate	20.0% -31%		Lower
				Long-term growth rate	4.0	%	Higher
Level 3 Liabilities:
TRA liability	$	14,331	Monte Carlo	Volatility	42.5	%	Lower
				Correlation	22.5	%	Higher
				Cost of debt range	5.9% - 7.4%		Lower
				Equity risk premium	7.3% - 12.9%		Lower
Earn-out liability	$	45,549	Monte Carlo	Volatility	45.0	%	Higher
				Risk-free rate	4.7	%	Higher
AIMS earn-out liability	$	2,721	Monte Carlo	Revenue Volatility	12.0	%	Higher
				Risk-free rate	1.1	%	Higher
				Revenue Discount Rate	4.0	%	Lower
				Liability Discount Rate	5.4	%	Lower

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total income	$ 49,244	$ 18,583	$ 159,172	$ 57,445
Management/Advisory fees
Disaggregation of Revenue [Line Items]
Total income	45,062	18,583	138,972	57,445
Incentive fees
Disaggregation of Revenue [Line Items]
Total income	885	0	1,931	0
Distributions from investments
Disaggregation of Revenue [Line Items]
Total income	2,596	0	14,829	0
Other fees/income
Disaggregation of Revenue [Line Items]
Total income	701	0	3,440	0
Operating Segments
Disaggregation of Revenue [Line Items]
Total income	49,244	18,583	159,172	57,445
Operating Segments \| Management/Advisory fees
Disaggregation of Revenue [Line Items]
Total income	45,062	18,583	138,972	57,445
Operating Segments \| Incentive fees
Disaggregation of Revenue [Line Items]
Total income	885		1,931	0
Operating Segments \| Distributions from investments
Disaggregation of Revenue [Line Items]
Total income	2,596		14,829	0
Operating Segments \| Other fees/income
Disaggregation of Revenue [Line Items]
Total income	$ 701		$ 3,440	$ 0

- Definition

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

+ References + Details

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

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

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

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Fair Value Disclosures - Assets and Liabilities Measured At Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets:
Investments at fair value	$ 164,660	$ 145
Interest rate swap	0	241
Liabilities:
Earn-out liability, at fair value	45,549	0
Earn-in consideration payable	1,708	1,519
Alvarium Investment Managers (Suisse) SA (“AIMS”)
Liabilities:
Earn-out liability, at fair value	2,700
Fair Value, Recurring
Assets:
Interest rate swap		241
Total	164,660	386
Liabilities:
TRA liability	18,042
Earn-in consideration payable	1,708	1,519
Payout right		3,662
Total	68,020	5,181
Fair Value, Recurring \| Alvarium, TWMH And TIG
Liabilities:
Earn-out liability, at fair value	45,549
Fair Value, Recurring \| Alvarium Investment Managers (Suisse) SA (“AIMS”)
Liabilities:
Earn-out liability, at fair value	2,721
Mutual funds
Assets:
Investments at fair value	51	44
Mutual funds \| Fair Value, Recurring
Assets:
Investments at fair value	51	44
Exchange-traded funds
Assets:
Investments at fair value	111	101
Exchange-traded funds \| Fair Value, Recurring
Assets:
Investments at fair value	111	101
Investments – External Strategic Managers \| Fair Value, Recurring
Assets:
Investments at fair value	163,125
Investments - Affiliated Funds \| Fair Value, Recurring
Assets:
Investments at fair value	$ 1,373
Liabilities:
Redemption, required notice	30 days
Level 1 \| Fair Value, Recurring
Assets:
Interest rate swap		0
Total	$ 162	145
Liabilities:
TRA liability	3,711
Earn-in consideration payable	1,708	0
Payout right		0
Total	5,419	0
Level 1 \| Fair Value, Recurring \| Alvarium, TWMH And TIG
Liabilities:
Earn-out liability, at fair value	0
Level 1 \| Fair Value, Recurring \| Alvarium Investment Managers (Suisse) SA (“AIMS”)
Liabilities:
Earn-out liability, at fair value	0
Level 1 \| Mutual funds \| Fair Value, Recurring
Assets:
Investments at fair value	51	44
Level 1 \| Exchange-traded funds \| Fair Value, Recurring
Assets:
Investments at fair value	111	101
Level 1 \| Investments – External Strategic Managers \| Fair Value, Recurring
Assets:
Investments at fair value	0
Level 1 \| Investments - Affiliated Funds \| Fair Value, Recurring
Assets:
Investments at fair value	0
Level 2 \| Fair Value, Recurring
Assets:
Interest rate swap		241
Total	0	241
Liabilities:
TRA liability	0
Earn-in consideration payable	0	0
Payout right		0
Total	0	0
Level 2 \| Fair Value, Recurring \| Alvarium, TWMH And TIG
Liabilities:
Earn-out liability, at fair value	0
Level 2 \| Fair Value, Recurring \| Alvarium Investment Managers (Suisse) SA (“AIMS”)
Liabilities:
Earn-out liability, at fair value	0
Level 2 \| Mutual funds \| Fair Value, Recurring
Assets:
Investments at fair value	0	0
Level 2 \| Exchange-traded funds \| Fair Value, Recurring
Assets:
Investments at fair value	0	0
Level 2 \| Investments – External Strategic Managers \| Fair Value, Recurring
Assets:
Investments at fair value	0
Level 2 \| Investments - Affiliated Funds \| Fair Value, Recurring
Assets:
Investments at fair value	0
Level 3
Liabilities:
TRA liability	14,331
Level 3 \| Alvarium, TWMH And TIG
Liabilities:
Earn-out liability, at fair value	45,549
Level 3 \| Alvarium Investment Managers (Suisse) SA (“AIMS”)
Liabilities:
Earn-out liability, at fair value	2,721
Level 3 \| Fair Value, Recurring
Assets:
Interest rate swap		0
Total	163,125	0
Liabilities:
TRA liability	14,331
Earn-in consideration payable	0	1,519
Payout right		3,662
Total	62,601	5,181
Level 3 \| Fair Value, Recurring \| Alvarium, TWMH And TIG
Liabilities:
Earn-out liability, at fair value	45,549
Level 3 \| Fair Value, Recurring \| Alvarium Investment Managers (Suisse) SA (“AIMS”)
Liabilities:
Earn-out liability, at fair value	2,721
Level 3 \| Mutual funds \| Fair Value, Recurring
Assets:
Investments at fair value	0	0
Level 3 \| Exchange-traded funds \| Fair Value, Recurring
Assets:
Investments at fair value	0	$ 0
Level 3 \| Investments – External Strategic Managers
Assets:
Investments at fair value	163,125
Level 3 \| Investments – External Strategic Managers \| Fair Value, Recurring
Assets:
Investments at fair value	163,125
Level 3 \| Investments - Affiliated Funds \| Fair Value, Recurring
Assets:
Investments at fair value	$ 0

Intangible Assets, net - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 298,686	$ 298,686	$ 28,663
Impairment	(29,400)	(29,393)
Accumulated Amortization	(10,784)	(10,784)	(8,085)
Net Carrying Amount	255,290	255,290	20,578
Non-amortized intangible assets
Impairment		0
Intangible Assets, Gross Carrying Amount	544,586	544,586
Intangible Assets, Impairment		29,393
Intangible Assets, Net Carrying Amount	501,190	501,190	$ 20,578
Impairment loss on goodwill and intangible assets	29,400	29,393
Investment management agreements
Non-amortized intangible assets
Investment management agreements	$ 245,900	$ 245,900
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period (in years)	25 years 4 months 24 days	25 years 4 months 24 days	17 years 3 months 18 days
Gross Carrying Amount	$ 184,805	$ 184,805	$ 27,900
Impairment		0
Accumulated Amortization	(5,220)	(5,220)	(7,743)
Net Carrying Amount	$ 177,546	177,546	$ 20,157
Non-amortized intangible assets
Impairment loss on goodwill and intangible assets		$ 0
Investment management agreements
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period (in years)	18 years 6 months	18 years 6 months
Gross Carrying Amount	$ 97,481	$ 97,481
Impairment		(29,393)
Accumulated Amortization	(3,615)	(3,615)
Net Carrying Amount	$ 64,473	64,473
Non-amortized intangible assets
Impairment loss on goodwill and intangible assets		$ 29,393
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period (in years)	10 years	10 years	9 months 18 days
Gross Carrying Amount	$ 14,778	$ 14,778	$ 71
Impairment		0
Accumulated Amortization	(1,177)	(1,177)	(71)
Net Carrying Amount	$ 12,421	12,421	$ 0
Non-amortized intangible assets
Impairment loss on goodwill and intangible assets		$ 0
Acquired internally developed software
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period (in years)	5 years	5 years	5 years
Gross Carrying Amount	$ 1,000	$ 1,000	$ 692
Impairment		0
Accumulated Amortization	(150)	(150)	(271)
Net Carrying Amount	$ 850	850	$ 421
Non-amortized intangible assets
Impairment loss on goodwill and intangible assets		$ 0
Other intangible asset
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period (in years)	0 years	0 years
Gross Carrying Amount	$ 622	$ 622
Impairment		0
Accumulated Amortization	(622)	(622)
Net Carrying Amount	0	0
Non-amortized intangible assets
Impairment loss on goodwill and intangible assets		0
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Family Office Service ("FOS")
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Intangible assets, net of accumulated amortization	(3,219)	(3,219)
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Customer relationships \| Family Office Service ("FOS")
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Intangible assets, net of accumulated amortization	(2,039)	(2,039)
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Investment management agreements \| Family Office Service ("FOS")
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Intangible assets, net of accumulated amortization	0	0
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Trade names \| Family Office Service ("FOS")
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Intangible assets, net of accumulated amortization	(1,180)	(1,180)
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Acquired internally developed software \| Family Office Service ("FOS")
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Intangible assets, net of accumulated amortization	0	0
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Other intangible asset \| Family Office Service ("FOS")
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Intangible assets, net of accumulated amortization	$ 0	$ 0

Debt, net of unamortized deferred financing cost - Schedule of Debt (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Debt Outstanding		$ 21,187,000
Net Carrying Value	$ 172,804,000	21,187,000
Unamortized debt issuance costs		0
Line of Credit
Debt Instrument [Line Items]
Debt Outstanding	174,500,000
Net Carrying Value	172,804,000
Fair Value	174,500,000
Promissory Notes
Debt Instrument [Line Items]
Debt Outstanding		1,377,000
Net Carrying Value		1,377,000
Term Loans \| Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Debt Outstanding	96,250,000	5,760,000
Net Carrying Value	94,554,000	5,760,000
Fair Value	96,250,000
Revolving Credit Facility \| Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Debt Outstanding	78,250,000	14,050,000
Net Carrying Value	78,250,000	$ 14,050,000
Fair Value	$ 78,250,000

Summary of Significant Accounting Policies (Details)						3 Months Ended		9 Months Ended
Summary of Significant Accounting Policies (Details)	Nov. 06, 2023 USD ($)	Aug. 02, 2023 USD ($)	Jul. 28, 2023 USD ($)	Jul. 27, 2023 USD ($)	Jan. 03, 2023 USD ($)	Sep. 30, 2023 USD ($) entity $ / shares shares	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) segment category fund entity $ / shares shares	Sep. 30, 2022 USD ($)	Aug. 31, 2023 $ / shares	Jun. 30, 2023	Jun. 07, 2023 shares	Dec. 31, 2022 USD ($)
Significant Accounting Policies [Line Items]
Number of entities in which company is entitled to distributions \| entity						3		3
Restricted cash and cash equivalents						$ 3,400,000		$ 3,400,000
Number of operating segments \| segment								2
Impairment loss on goodwill and intangible assets						$ 153,589,000	$ 0	$ 182,982,000	$ 0
Conversion ratio						1		1
Number of securities called by warrants or rights \| shares												19,892,387
Warrants, outstanding (in shares) \| shares						0		0
Earn-out liability, at fair value						$ 45,549,000		$ 45,549,000					$ 0
Delayed share purchase agreement						1,818,000		$ 1,818,000					1,818,000
Number of operating segments, number of revenue generating categories \| category								3
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Family Office Service ("FOS") \| Subsequent Event
Significant Accounting Policies [Line Items]
Cash consideration	$ 20,100,000
Wealth management
Significant Accounting Policies [Line Items]
Impairment loss on goodwill and intangible assets						0		$ 0
Assets under management and advisement						48,500,000,000		48,500,000,000
Asset management
Significant Accounting Policies [Line Items]
Impairment loss on goodwill and intangible assets						153,589,000		182,982,000
Asset management \| Alternatives Platform
Significant Accounting Policies [Line Items]
Assets under management and advisement						7,700,000,000		7,700,000,000
Asset management \| Real Estate - Public and Private
Significant Accounting Policies [Line Items]
Assets under management and advisement						12,000,000,000		$ 12,000,000,000
Number of funds managed \| fund								2
Asset management \| Co-Investment
Significant Accounting Policies [Line Items]
Deployed capital								$ 7,500,000,000
Deployed capital, percentage invested								14.00%
Accrued compensation and profit sharing
Significant Accounting Policies [Line Items]
Delayed share purchase agreement						300,000		$ 300,000					400,000
Additional paid-in-capital
Significant Accounting Policies [Line Items]
Delayed share purchase agreement						1,200,000		1,200,000					$ 0
Alvarium, TWMH And TIG
Significant Accounting Policies [Line Items]
Total purchase consideration transferred					$ 1,071,116,000
Cash consideration					$ 99,999,000
Alvarium Investment Managers (Suisse) SA (“AIMS”)
Significant Accounting Policies [Line Items]
Voting interest acquired (in percent)		70.00%
Equity interest (in percent)											30.00%
Equity interest, including subsequent acquisition (in percent)		100.00%
Total purchase consideration transferred		$ 16,754,000
Earn-out liability, at fair value						$ 2,700,000		$ 2,700,000
Cash consideration		5,711,000
Equity consideration		$ 1,459,000
Tiedemann International Holdings, AG ("TIH") \| Tiedemann Wealth Management Holdings, LLC
Significant Accounting Policies [Line Items]
Voting interest acquired (in percent)													51.10%
Cash consideration			$ 2,100,000	$ 2,200,000
Class A Common Stock
Significant Accounting Policies [Line Items]
Conversion ratio					1					1
Share price (in dollars per share) \| $ / shares										$ 7.31
Number of securities called by warrants or rights \| shares						4,962,221		4,962,221				4,864,275
Class A Common Stock \| Alvarium, TWMH And TIG
Significant Accounting Policies [Line Items]
Equity consideration					$ 294,159,000
Class A Common Stock \| Tiedemann International Holdings, AG ("TIH") \| Tiedemann Wealth Management Holdings, LLC
Significant Accounting Policies [Line Items]
Equity consideration			$ 1,200,000
Class A Common Stock \| Sponsor and Selling Shareholders of TWMH, TIG, and Alvarium \| Alvarium, TWMH And TIG \| Earnout Shares
Significant Accounting Policies [Line Items]
Number of earn-out securities (in shares) \| shares								3,300,000
Class A Common Stock \| Sponsor and Selling Shareholders of TWMH, TIG, and Alvarium \| Alvarium, TWMH And TIG \| Earnout Shares, Tranche One
Significant Accounting Policies [Line Items]
Volume weighted average price (in dollars per share) \| $ / shares						$ 12.50		$ 12.50
Volume weighted average price, number of trading days								20 days
Volume weighted average price, number of consecutive trading days								30 days
Volume weighted average price, term within closing of transaction (in years)								5 years
Earnout securities to be issued, issued (in percent)						50.00%		50.00%
Class A Common Stock \| Sponsor and Selling Shareholders of TWMH, TIG, and Alvarium \| Alvarium, TWMH And TIG \| Earnout Shares, Tranche Two
Significant Accounting Policies [Line Items]
Volume weighted average price (in dollars per share) \| $ / shares						$ 15.00		$ 15.00
Volume weighted average price, number of trading days								20 days
Volume weighted average price, number of consecutive trading days								30 days
Volume weighted average price, term within closing of transaction (in years)								5 years
Earnout securities to be issued, issued (in percent)						50.00%		50.00%
Class B Common Stock \| Alvarium, TWMH And TIG
Significant Accounting Policies [Line Items]
Equity consideration					$ 573,205,000
Class B Common Stock \| Sponsor and Selling Shareholders of TWMH, TIG, and Alvarium \| Alvarium, TWMH And TIG \| Earnout Shares
Significant Accounting Policies [Line Items]
Number of earn-out securities (in shares) \| shares								7,100,000
Class B Units \| Sponsor and Selling Shareholders of TWMH, TIG, and Alvarium \| Alvarium, TWMH And TIG \| Earnout Shares
Significant Accounting Policies [Line Items]
Number of earn-out securities (in shares) \| shares								7,100,000
Minimum
Significant Accounting Policies [Line Items]
Percentage of equity value contributed in transaction						0.50%		0.50%
Percentage of purchase price in acquisition						0.50%		0.50%
Equity structures, term (in years)								5 years
Equity structures, percentage of equity value committed or drawn						0.50%		0.50%
Debt structures, term (in months)								12 months
Minimum \| Property, Plant and Equipment, Other Types
Significant Accounting Policies [Line Items]
Useful life						2 years		2 years
Maximum
Significant Accounting Policies [Line Items]
Percentage of equity value contributed in transaction						1.00%		1.00%
Percentage of purchase price in acquisition						1.00%		1.00%
Equity structures, term (in years)								10 years
Equity structures, percentage of equity value committed or drawn						1.75%		1.75%
Debt structures, term (in months)								36 months
Maximum \| Property, Plant and Equipment, Other Types
Significant Accounting Policies [Line Items]
Useful life						7 years		7 years
Management/Advisory fees
Significant Accounting Policies [Line Items]
Contract with customer, allowance for credit loss						$ 0		$ 0					$ 0

Business Combinations and Divestitures

9 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Business Combinations and Divestitures

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 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 Umbrella LLC Agreement, a Paired Interest is exchangeable on certain dates designated by the Company 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 Umbrella 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 Company 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 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. 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 Business Combination 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 from January 3, 2023 to September 30, 2023, 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	$	24,023
Management/advisory fees receivable	42,494
Investments at fair value	148,674
Equity method investments	42,307
Property, plant and equipment	3,996
Intangible assets	520,161
Goodwill	543,956
Operating lease right-of-use assets	28,487
Other assets	47,251
Total Assets Acquired	$	1,401,349
Accounts payable and accrued expenses	75,647
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	43,906
Other liabilities	15,149
Total Liabilities Assumed	$	329,473
Total Assets Acquired and Liabilities Assumed	1,071,876
Non-controlling interest in subsidiaries	(760)
	$	1,071,116

For the period from January 3, 2023 to September 30, 2023, 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 placement 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 liability, as management continues to review the estimated fair values and evaluate the assumed tax position. The fair values of assets acquired and liabilities assumed is expected to be finalized during the measurement period, which ends no later than December 31, 2023.

During the nine months ended September 30, 2023, the Company made certain measurement period adjustments to the preliminary purchase price allocation, which resulted in an increase to goodwill of $19.2 million. The increase in goodwill was due to a $21.6 million decrease in the fair value of acquired intangible assets, a $5.4 million decrease in the fair value of acquired equity method investments, offset by a $6.4 million decrease to deferred tax liabilities, a $0.8 million increase in Management/advisory fees receivable, a $0.3 million decrease in Other liabilities, a $0.2 million increase in Accounts payable and accrued expenses, and a

$0.1 million increase in Other assets, that arose from the measurement period adjustments. Additionally, the Company made certain measurement period adjustments to the opening equity balance as a result of the Business Combination, which resulted in a decrease to opening additional paid-in capital of $1.3 million and an immaterial decrease to non-controlling interest in subsidiaries as of January 3, 2023. The measurement period adjustments were a result of the change in net assets described earlier.

The fair values of assets acquired and liabilities assumed are expected to be finalized during the measurement period, which ends no later than December 31, 2023.

There is no income statement impact of the measurement period adjustments during the period from July 1, 2023 to September 30, 2023, because the amortization expense relating to intangible assets was adjusted in the prior quarter, and equity method investments are reported on a lag basis.

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 initial goodwill allocation between Wealth Management and Asset Management at the acquisition date was $293.7 million and $250.2 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	163,392		27.1
Investment Management Agreements (definite life)	94,575		18.4
Investment Management Agreements (indefinite life)	245,900		Indefinite
Developed Technology	1,000		5
Backlog	599		0.5
Total Intangible Assets	$	520,161

The intangible assets acquired and subject to amortization have a weighted average useful life of 23.1 years.

AL Wealth Partners Pte. Ltd.

On April 6, 2023, (the “ALWP Acquisition Date”), the Company acquired all of the issued and outstanding ownership and membership interests of AL Wealth Partners Pte. Ltd. (“AL Wealth Partners”) pursuant to the

terms of the share purchase agreement between the Company and AL Wealth Partners (the “ALWP Acquisition”). The primary purpose of the ALWP Acquisition is to acquire AL Wealth Partners’ extensive business within Southeast Asia to further expand the Company’s global operations.

The ALWP Acquisition met the requirements to be considered a business combination under ASC 805. The assets and liabilities acquired from AL Wealth Partners, affected for preliminary adjustments to reflect the fair market values assigned to assets purchased and liabilities assumed, and results of operations, are included in the Company’s condensed consolidated financial statements from the ALWP Acquisition Date. The Company has allocated the purchase price to the tangible and identifiable intangible assets and liabilities assumed based on their estimated fair market values at the ALWP Acquisition Date as required under ASC 805.

The ALWP Acquisition was accounted for using the acquisition method of accounting and the fair value of the total purchase consideration transferred was $15.5 million, with the total amount paid in cash. The Company will make second and third payments to the sellers of AL Wealth Partners on the third and fifth anniversary of the ALWP Acquisition Date, respectively. Management has determined that these payments are compensatory in nature and will be treated as future compensation expense. There is no contingent consideration as part of the ALWP Acquisition.

The Company incurred $0.3 million of direct acquisition-related expenses, which are recognized in the Professional fees line item of the Condensed Consolidated Statement of Operations.

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


(Dollars in Thousands)	ALWP Acquisition Date Fair Value
Cash and cash equivalents	$	1,092
Management/advisory fees receivable	1,952
Property, plant and equipment	654
Intangible assets	12,300
Goodwill	987
Operating lease right-of-use assets	1,048
Other assets	484
Total Assets Acquired	18,517
Accounts payable and accrued expenses	358
Operating lease liabilities	1,048
Other liabilities	1,581
Total Liabilities Assumed	$	2,987
Total Assets Acquired and Liabilities Assumed	$	15,530

The purchase price allocation is preliminary and subject to change during the measurement period, which is not to exceed one year from the ALWP Acquisition Date. During the period ended September 30, 2023, there were no measurement period adjustments made to the assets acquired or liabilities assumed. When the valuation is final, changes to the valuation of acquired assets and liabilities could result in adjustments to identified intangibles and goodwill.

Fair Value of Net Assets Acquired and Intangibles

Goodwill is comprised of expected synergies for the combined operations, including employees and customer relationships acquired in a business combination. The total amount of goodwill arising in the transaction was allocated to the Company’s Wealth Management segment. The components of goodwill do not qualify as a separately recognized intangible asset. The Company will test for impairment annually to determine changes in goodwill at the Wealth Management reporting unit. The Company will also test 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.

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


(Dollars in Thousands)	ALWP Acquisition Date Fair Value		Estimated Life (Years)
Customer Relationships	$	12,300	10
Total Intangible Assets	$	12,300

The fair value for customer relationships was determined using the multi-period excess earnings method. The intangible assets are subject to amortization over a useful life of 10 years.

The results of operations for the ALWP Acquisition have been included in the Company’s Condensed Consolidated Financial Statements from the date of ALWP Acquisition. The ALWP Acquisition did not have a material impact on the Company’s Condensed Consolidated Financial Statements, and, therefore, historical and pro forma disclosures have not been presented.

Alvarium Investment Managers (Suisse) SA

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

The AIMS Acquisition met the requirements to be considered a business combination under ASC 805. The assets and liabilities acquired from AIMS, affected for preliminary adjustments to reflect the fair market values assigned to assets purchased and liabilities assumed, and results of operations, are included in the Company’s condensed consolidated financial statements from the AIMS Acquisition Date. The Company has allocated the purchase price to the tangible and identifiable intangible assets and liabilities assumed based on their estimated fair market values at the AIMS Acquisition Date as required under ASC 805.

The AIMS Acquisition was accounted for using the acquisition method of accounting and the fair value of the total purchase consideration transferred was $16.8 million. The total purchase consideration transferred consists of cash consideration, equity consideration, deferred cash consideration, earn-out consideration, and the payment of assumed liabilities. The total purchase consideration consists of the following amounts:


(Dollars in Thousands)	AIMS Amount
Initial Cash consideration	$	5,711
Equity consideration	1,459
Deferred cash consideration	6,695
Earn-out consideration	2,721
Payment of assumed liabilities	168
Total purchase consideration transferred	$	16,754

The deferred cash consideration is payable no later than September 30, 2024 and the earn-out consideration is payable no later than December 31, 2024.

At the AIMS Acquisition Date, as required by ASC 805, the Company’s existing 30% equity interest in AIMS, which was previously recognized as an equity method investment, was revalued to reflect the fair value at this date. The fair value of this existing equity method investment was $7.2 million. This change in fair value has resulted in a gain of $1.7 million being recognized, this amount has been recognized in the Gain (loss) on investments line of the Condensed Consolidated Statement of Operations.

The Company incurred $0.01 million of direct acquisition-related expenses, which are recognized in the Professional fees line item of the Condensed Consolidated Statement of Operations.

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


(Dollars in Thousands)	AIMS Acquisition Date Fair Value
Cash and cash equivalents	$	1,401
Management/advisory fees receivable	1,057
Equity Method investments	57
Intangible assets	9,679
Goodwill	14,299
Operating lease right-of-use assets	298
Other assets	323
Total Assets Acquired	27,114
Accounts payable and accrued expenses	784
Operating lease liabilities	298
Other liabilities	2,097
Total Liabilities Assumed	$	3,179
Total Assets Acquired and Liabilities Assumed	$	23,935

The purchase price allocation is preliminary and subject to change during the measurement period, which is not to exceed one year from the AIMS Acquisition Date. During the period ended September 30, 2023, there were no measurement period adjustments made to the assets acquired or liabilities assumed. When the valuation is final, changes to the valuation of acquired assets and liabilities could result in adjustments to identified intangibles and goodwill.

Fair Value of Net Assets Acquired and Intangibles

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


(Dollars in Thousands)	AIMS Acquisition Date Fair Value		Estimated Life (Years)
Customer Relationships	$	9,679	14
Total Intangible Assets	$	9,679

The fair value for customer relationships was determined using the multi-period excess earnings method. The intangible assets are subject to amortization over a useful life of 14 years.

The results of operations for the AIMS Acquisition have been included in the Company’s Condensed Consolidated Financial Statements from the AIMS Acquisition Date. The AIMS Acquisition did not have a material impact on the Company’s Condensed Consolidated Financial Statements, and, therefore, historical and pro forma disclosures have not been presented. Prior to the AIMS Acquisition Date, the results of AIMS were included as a 30% held equity method investment.

Alvarium Home REIT Advisors Ltd

Assets Held for Sale

FOS is a part of the Company’s international wealth management business. The Company met the criteria required to classify this expected disposal as an asset held for sale. The disposal of FOS is expected to occur within the next twelve months. This disposal represents a strategic shift that will not have a major impact on the Company’s operations, and as such, is not classified as a discontinued operation. The assets and liabilities of FOS are presented separately as held for sale in the Condensed Consolidated Statement of Financial Position as of September 30, 2023. Subsequently on November 6, 2023, the Company entered into an agreement to sell FOS for a cash consideration of approximately $20.1 million. See Note 21 (Subsequent Events) for further discussion of this disposal.

The carrying amounts of the major classes of assets and liabilities of FOS presented as held for sale at September 30, 2023 is as follows:


	As of
(in thousands)	September 30, 2023 (Successor)
Assets
Cash and cash equivalents	$	2,167
Fees receivable, net	4,482
Intangible assets, net of accumulated amortization	3,219
Operating lease right-of-use assets	416
Deferred tax asset, net	256
Other assets	363
Total assets held for sale	$	10,901
Liabilities
Accounts payable and accrued expenses	$	(135)
Operating lease liabilities	(383)
Deferred tax liability, net	(295)
Deferred income	(988)
Other liabilities	(376)
Total liabilities held for sale	$	(2,178)

Goodwill, net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended			12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Goodwill [Line Items]
Goodwill, purchase accounting adjustments						$ 0
Impairment loss on goodwill and intangible assets	$ 153,589	$ 0		$ 182,982	$ 0
Alvarium, TWMH And TIG
Goodwill [Line Items]
Goodwill, purchase accounting adjustments	$ 1,500		$ 19,200

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (c)
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Business Combinations and Divestitures - Purchase Consideration Transferred (Details) - USD ($) $ in Thousands	Aug. 02, 2023	Jan. 03, 2023
Alvarium, TWMH And TIG
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
Alvarium, TWMH And TIG \| Class A Common Stock
Business Combination, Consideration Transferred [Abstract]
Equity consideration		294,159
Alvarium, TWMH And TIG \| Class B Common Stock
Business Combination, Consideration Transferred [Abstract]
Equity consideration		573,205
Alvarium, TWMH And TIG \| Warrants
Business Combination, Consideration Transferred [Abstract]
Equity consideration		$ 4,896
Alvarium Investment Managers (Suisse) SA (“AIMS”)
Business Combination, Consideration Transferred [Abstract]
Cash consideration	$ 5,711
Equity consideration	1,459
Deferred cash consideration	6,695
Earn-out consideration	2,721
Payment of assumed liabilities	168
Total purchase consideration transferred	$ 16,754

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe computation of the effective tax rate and provision at each interim period requires the use of certain estimates and significant judgment including, but not limited to, the expected operating income for the year, projections of the proportion of income that is subject to tax, permanent differences between the Company’s GAAP earnings and taxable income, and the likelihood of recovering deferred tax assets existing as of the balance sheet date. The estimates used to compute the provision for income taxes may change throughout the year as new events occur, additional information is obtained or as tax laws and regulations change. Accordingly, the effective tax rate for future interim periods may vary materially. The Company is a domestic corporation for U.S. federal income tax purposes and is subject to U.S. federal and state and local corporate-level income taxes on its share of taxable income from the Umbrella Partnership. The Umbrella Partnership is a partnership for U.S. federal income tax purposes and a taxable entity for certain state and local taxes, such as New York City and Connecticut unincorporated business tax (“UBT”). Further, the Company’s income tax provision and related income tax assets and liabilities are based on, among other things, an estimate of the impact of exchanges of Warrants and Class B Units for shares of Class A Common Stock, inclusive of an analysis of tax basis and state tax implications of the Umbrella Partnership and its underlying assets and liabilities. The Company’s estimate is based on the most recent information available. The tax basis and state impact of the Umbrella Partnership and its underlying assets and liabilities are based on estimates subject to finalization of the Company’s tax returns. The Company had an effective tax rate of 1.0% and 5.1% for the periods from July 1, 2023 to September 30, 2023 and from January 3, 2023 to September 30, 2023, respectively, and 13.3% and 25.9% for the three and nine months ended September 30, 2022, respectively. The effective tax rates differed from the statutory rate primarily due to the portion of income allocated to noncontrolling interests, nondeductible compensation and state and local taxes. The Company regularly evaluates the realizability of its deferred tax asset and may recognize or adjust any valuation allowance when it is more-likely-than-not that all or a portion of the deferred tax asset may not be realized. As of September 30, 2023, the Company has recorded valuation allowances against a portion of its deferred tax assets generated by its subsidiaries in the United Kingdom. The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the tax years that remain open under the statute of limitations may be subject to examinations by the appropriate tax authorities. As of September 30, 2023 and September 30, 2022, the Company has evaluated its tax filing positions and has not recorded a reserve for 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationThe accompanying unaudited condensed consolidated financial statements comprise the financial statements of the Company and its subsidiaries for the period from January 3, 2023 to September 30, 2023 and the Condensed Consolidated Statement of Financial Position of TWMH and its subsidiaries as of December 31, 2022 and the Condensed Consolidated Statement of Operations of TWMH for the period from January 1, 2022 to September 30, 2022. The condensed consolidated financial statements have been prepared under the accrual basis of accounting in accordance with U.S. GAAP and conforms to prevailing practices within the financial services industry, as applicable to the Company. The notes are an integral part of the Company’s condensed consolidated financial statements. In the opinion of management, all adjustments necessary for a fair presentation of the Company’s condensed consolidated financial statements have been included and are of a normal and recurring nature.The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Certain prior period presentations and disclosures, while not required to be recast, may be reclassified to ensure comparability with current period classifications.
Use of Estimates	Use of EstimatesThe preparation of financial statements in conformity with GAAP requires management to make assumptions and estimates that affect the amounts reported in the condensed consolidated financial statements of the Company. The most critical of these estimates are related to (i) the fair value of the investments included in the Billable Assets within AUM/AUA, as this impacts the amount of revenues the Company recognizes each period; (ii) the fair values of the Company’s investments and liabilities with respect to the TRA, 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 equity method investments, carried interest vehicles, acquired intangible assets, and goodwill exist; and (v) the determination of whether to consolidate a variable interest entity (“VIE”); and (vi) fair value of assets acquired and liabilities assumed in business combinations, including assumptions with respect to future cash inflows and outflows, discount rates, assets useful lives, market multiples, the allocation of purchase price consideration in the business combination valuation of acquired assets and liabilities, the estimated useful lives of intangible assets, goodwill impairment testing, assumptions used to calculate equity-based compensation, and the realization of deferred tax assets. Inherent in such estimates are judgements relating to future cash flows, which include the Company’s interpretation of current economic indicators and market valuations, and assumptions about the Company’s strategic plans with regard to its operations. While management believes that the estimates utilized in preparing the condensed consolidated financial statements are reasonable and prudent, actual results could differ materially from those estimates.
Consolidation	Consolidation The Company consolidates those entities in which it has a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. The Company determines whether an entity should be consolidated by first evaluating whether it holds a variable interest in the entity. Entities that are not VIEs are further evaluated for consolidation under the voting interest model (“VOE” model). An entity is considered to be a VIE if any of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) the holders of equity investment at risk, as a group, lack either the direct or indirect ability through voting rights or similar rights to make decisions that have a significant effect on the success of the entity or the obligation to absorb the expected losses or right to receive the expected residual returns, or (c) the voting rights of some equity investors are disproportionate to their obligation to absorb losses of the entity, their rights to receive returns from an entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. Fees that are customary and commensurate with the level of services provided by the Company, and where the Company does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, are not considered a variable interest. The Company factors in all economic interests, including proportionate interests through related parties, to determine if fees are considered a variable interest. Where the Company’s interests in funds are primarily management fees and insignificant direct or indirect equity interests through related parties, the Company is not considered to have a variable interest in such entities. The Company consolidates all VIEs for which it is the primary beneficiary. An entity is determined to be the primary beneficiary if it holds a controlling financial interest, which is defined as having (a) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The Company does not consolidate any of the products it manages as it does not hold any direct or indirect interests in such entities that could expose the Company to an obligation to absorb losses of an entity or the right to receive benefits from an entity that could potentially be significant to such entities. The Company determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and continuously reconsiders that conclusion. In evaluating whether the Company is the primary beneficiary, the Company evaluates its direct and indirect economic interests in the entity. The consolidation analysis is generally performed qualitatively, however, if the primary beneficiary is not readily determinable, a quantitative analysis may also be performed. This analysis requires judgment, including: (1) determining whether the equity investment at risk is sufficient to permit the entity to finance its activities without additional subordinated financial support, (2) evaluating whether the equity holders, as a group, can make decisions that have a significant effect on the success of the entity, (3) determining whether two or more parties’ equity interests should be aggregated, (4) determining whether the equity investors have proportionate voting rights to their obligations to absorb losses or rights to receive returns from an entity and (5) evaluating the nature of relationships and activities of the parties involved in determining which party within a related-party group is most closely associated with a VIE and therefore would be deemed the primary beneficiary. Under the voting interest model, the Company consolidates those entities it controls through a majority voting interest. The Company will generally not consolidate those voting interest entities where a single investor or simple majority of third-party investors with equity have the ability to exercise substantive kick-out or participation rights.
Revenue Recognition	Revenue Recognition 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. A five-step framework is utilized that requires an entity to: (i) identify the contract(s) with a customer, which includes assessing the collectability of the consideration to which it will be entitled in exchange for the goods or services transferred to the customer, (ii) identify the performance obligation in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligation in the contract, and (v) recognize revenue when the entity satisfies a performance obligation. Management/Advisory Fees Revenues from contracts with customers consist of investment management, trustee, and custody fees. The Company recognizes revenue at the time of transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. Revenue recognized is calculated based on contractual terms, including the transaction price, whether a distinct performance obligation has been satisfied and control is transferred to the customer, and when collection of the revenue is assessed as probable. Investment management, trustee and custody fees are recognized over the period in which the investment management services are performed, using a time-based output method to measure progress. The amount of revenue varies from one reporting period to another as levels of AUA change (from inflows, outflows, and market movements) and the number of days in the reporting period change. For services provided to each client account, the Company charges an investment management fee, inclusive of custody and/or trustee fees, based on the fair value of the 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 September 30, 2023, and December 31, 2022. 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, the Foreign Account Tax Compliance Act (“FATCA”), and other non-investment advisory services. Incentive Fees The Company is entitled to incentive fees if targeted returns have been achieved in accordance with customer contracts. Incentive fees are calculated using a percentage of net profit from the amount the customers earn. Incentive fees are variable consideration that is generally calculated as applicable to the contract with the customer. We recognize our incentive fees when it is no longer probable that a significant reversal of revenue will occur. Our incentive fees are not subject to clawback provisions. 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. The Company generates arrangement fees in its co-investment division by arranging private debt or equity financing, generally in connection with an acquisition or an investment. Arrangement fees are typically 50 to 100 basis points of equity value contributed into a transaction. Acquisition fees are typically payable where there are no agency fees or where there is an off-market transaction sourced by the team. Such acquisition fees are usually in the range of 50 to 100 basis points of the purchase price of the relevant acquisition. The equity structures are long-term (five to ten years) closed-ended structures with fees normally ranging between 50 and 175 basis points of the equity value committed or drawn. The debt structure terms are generally between 12 and 36 months. The investment adviser, general partner or other entity entitled to fees in respect of each of our co-investments receives such fees either monthly, quarterly or annually.
Cash and Cash Equivalents	Cash and Cash EquivalentsCash and cash equivalents primarily consist of cash and money market funds. Cash balances maintained by consolidated VIEs are not considered legally restricted and are included in cash and cash equivalents on the Condensed Consolidated Statement of Financial Position. Cash was held across our US and international markets. A majority of cash in the U.S. was held in checking accounts within the credit facility bank group, including at a major global financial institution which management believes is creditworthy.
Restricted Cash and Cash Equivalents	(f)Restricted Cash and Cash Equivalents Restricted cash and cash equivalents consist of balances that are restricted as to withdrawal or usage. As of September 30, 2023 restricted cash and cash equivalents amounted to $3.4 million and are included in the line item Cash and cash equivalents on the Condensed Consolidated Statement of Financial Position. These amounts represent the level of liquidity to be maintained by Company’s certain subsidiaries to meet regulatory requirements. Failing to meet the requirement could lead to censure, fines and ultimately a loss of license.
Compensation and Employee Benefits	Compensation and Employee Benefits Cash-Based Compensation Compensation and benefits consist of salaries, bonuses, commissions, benefits and payroll taxes. Compensation is accrued over the related service period. Equity-Based Compensation Equity-based compensation awards are reviewed to determine whether such awards are equity-classified or liability-classified. Compensation expense related to equity-classified awards is equal to their grant-date fair value and generally recognized on a straight-line basis over the awards’ requisite service period. When certain settlement features require an award to be liability-classified, compensation expense is recognized over the service period, and such amount is adjusted at each statement of financial position date through the settlement date to the then current fair value of such award. The Company recognizes equity-based award forfeitures in the period they occur as a reversal of previously recognized compensation expense. The reduction in compensation expense is determined based on the specific awards forfeited during that period. Furthermore, the Company recognizes all excess tax benefits and deficiencies as income tax benefit or expense in the Condensed Consolidated Statement of Operations.
Foreign Currency Transactions and Foreign Currency	Foreign Currency and Transactions The Company has multiple functional currencies across various consolidated entities. All functional currencies that are not the U.S. dollar are converted upon consolidation at the reporting date. Monetary assets and liabilities denominated in foreign currency are remeasured into U.S. dollars at the closing rates of exchange on the date of the Condensed Consolidated Statement of Financial Position. Non-monetary assets and liabilities denominated in foreign currencies are remeasured into U.S. dollars using the historical exchange rate. The profit or loss arising from foreign currency transactions is remeasured using the rate in effect on the date of the relevant transaction. Gains and losses on transactions denominated in foreign currencies due to changes in exchange rates are recorded within Foreign currency translation adjustments. Gains and losses on certain financing transactions which the Company intends to repay in the foreseeable future are recorded in net income.
Income Taxes	Income Taxes The Company accounts for income taxes under the asset and liability method in accordance with ASC 740. Under this method, deferred tax assets and liabilities are determined based on differences between the condensed consolidated financial statement carrying amounts and tax bases of assets and liabilities and operating loss and tax credit carryforwards and are measured using the enacted tax rates that are expected to be in effect when the differences reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Condensed Consolidated Statement of Operations in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to an amount that, in the opinion of management, is more likely than not to be realized, meaning the likelihood of realization is greater than 50%. The Company accounts for uncertain tax positions by reporting a liability for unrecognizable tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense.
Other Assets	Other assetsOther assets include prepaid expenses, miscellaneous receivables, current income taxes receivable, fixed assets, and software licenses. The Company amortizes assets over their respective useful lives, as applicable.
Investments	Investments Investments in Debt Securities. The Company classifies debt investments as held-to-maturity or trading based on the Company’s intent and ability to hold the debt security to maturity or its intent to sell the security. The Company does not have any held-to-maturity debt investments. Trading securities are those investments that are purchased principally for the purpose of selling them in the near term. Trading securities are carried at fair value on the Condensed Consolidated Statement of Financial Position with changes in fair value recorded in nonoperating income (expense) on the Condensed Consolidated Statement of Operations. Investments in Equity Securities. Equity securities are generally carried at fair value on the Condensed Consolidated Statement of Financial Position in accordance with ASC 321, “Investments – Equity Securities.” Changes in fair value are recorded in net gains (losses) in the Condensed Consolidated Statement of Operations. Equity Method. The Company applies the equity method of accounting for equity investments where the Company does not consolidate the investee but can exert significant influence over the financial and operating policies of the investee. The evaluation of whether the Company exerts control or significant influence over the financial and operational policies of its investees is based on the facts and circumstances surrounding each individual investment. The Company’s share of the investee’s underlying net income or loss is recorded as net gain (loss) on investments within current period earnings. The Company’s share of net income of the investee is recorded based upon the most current information available at the time, which may precede the date of the Condensed Consolidated Statement of Financial Position. Due to the nature and size of its investees, the Company has adopted a lag in reporting for certain equity method investees for which the Company cannot reliably obtain financial information on a regular basis. Distributions received reduce the Company’s carrying value of the investee and the cost basis if deemed to be a return of capital. For certain investments, the Company may apply the alternative fair value option to the investment at initial measurement. The fair value measurement of investments in which the option is elected will be measured in accordance with ASC 825. For equity method investments and nonmarketable investments, impairment evaluation considers qualitative factors, including the financial conditions and specific events related to an investee, which may indicate the fair value of the investment is less than the carrying value. For held-to-maturity investments, impairment is evaluated using market values, when available, or the expected cash flows of the investment.
Leases	LeasesThe Company accounts for its leases in accordance with ASC 842, Leases and recognizes a lease liability and right-of-use asset in the Condensed Consolidated Statement of Financial Position for contracts that it determines are leases or contain a lease. The Company evaluates leases at their inception to determine if they are to be accounted for as an operating lease or a finance lease. A lease is accounted for as a finance lease if it meets one of the following five criteria: (i) the lease has a purchase option that is reasonably certain of being exercised, (ii) the present value of the future cash flows is substantially all of the fair market value of the underlying asset, (iii) the lease term is for a significant portion of the remaining economic life of the underlying asset, (iv) the title to the underlying asset transfers at the end of the lease term, or (v) if the underlying asset is of such a specialized nature that it is expected to have no alternative uses to the lessor at the end of the term. Leases that do not meet the finance lease criteria are accounted for as an operating lease. At the inception of a finance lease, an asset and finance lease obligation are recorded at an amount equal to the lesser of the present value of the minimum lease payments and the property’s fair market value. Finance lease obligations are classified as either current or long-term based on the due dates of future lease payments, net of interest. The Company’s lease portfolio primarily consists of operating leases for office space in various countries around the world. The Company also has operating leases for office equipment and vehicles, which are not significant. The Company does not separate non-lease components from lease components for its office space and equipment operating leases and instead accounts for each separate lease component and its associated non-lease component as a single lease component. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the leases. The Company’s right-of-use assets and lease liabilities are recognized at lease commencement based on the present value of lease payments over the lease term. Lease right-of-use assets include initial direct costs incurred by the Company and are presented net of deferred rent and lease incentives. Absent an implicit interest rate in the lease, the Company uses its incremental borrowing rate, adjusted for the effects of collateralization, based on the information available at commencement in determining the present value of lease payments. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise those options. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Lease right-of-use assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The Company does not recognize a lease liability or right-of-use asset on the balance for short-term leases. Instead, the Company recognizes short-term lease payments as an expense on a straight-line basis over the lease term. A short-term lease is defined as a lease that, at the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. When determining whether a lease qualifies as a short-term lease, the Company evaluates the lease term and the purchase option in the same manner as all other leases.
Intangible assets other than goodwill, net	Intangible assets other than goodwill, net The Company recognized certain finite-lived intangible assets as a result of the Business Combination. The Company’s finite-lived intangible assets consist of Trade Names, Customer Relationships, Investment Management Agreements, and Backlog. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives. The Company tests finite-lived intangible assets for impairment if certain events occur or circumstances change indicating that the carrying amount of the intangible asset may not be recoverable. The Company evaluates impairment by comparing the estimated fair value attributable to the intangible asset with its carrying amount. If an impairment exists, the Company adjusts the carrying value to equal the fair value by taking a charge through earnings. The Company also recognized certain indefinite-lived intangible assets as a result of the Business Combination consisting of certain investment management agreements. These indefinite-lived intangibles are not subject to amortization, but are evaluated for impairment at least annually. In assessing its indefinite-lived intangible assets for impairment, the Company has the option to first perform a qualitative assessment to determine whether events or circumstances exist that lead to a determination that it is unlikely that the fair value of the indefinite-lived intangible asset is less than its carrying amount. If the Company determines that it is unlikely that the fair value of an indefinite-lived intangible asset is less than its carrying amount, the Company is not required to perform any additional tests in assessing the asset for impairment. However, if the Company concludes otherwise or elects not to perform the qualitative assessment, then it is required to perform a quantitative analysis to determine if the fair value of an indefinite-lived intangible asset is less than its carrying value. If through this quantitative analysis the Company determines the fair value of an indefinite-lived intangible asset exceeds its carrying amount, the indefinite-lived intangible asset is considered not to be impaired. If the Company concludes that the fair value of an indefinite-lived intangible asset is less than its carrying value, an impairment loss will be recognized for the amount by which the carrying amount exceeds the indefinite-lived intangible asset’s fair value.
Goodwill	GoodwillGoodwill represents the excess of the purchase price in a business combination over the fair value of the tangible and intangible assets acquired and the liabilities assumed. Under ASC 350, Intangibles—Goodwill and Other, goodwill is not amortized, but rather is subject to an annual impairment test. Goodwill represents the excess of consideration over identifiable net assets of an acquired business. Goodwill is allocated at a reporting unit level. The Company has two reporting units, Asset Management and Wealth Management, and tests goodwill annually for impairment at each reporting unit. If, after assessing qualitative factors, the Company believes that it is more-likely-than-not that the fair value of the reporting unit inclusive of goodwill is less than its carrying amount, the Company will perform a quantitative assessment to determine whether an impairment exists. If an impairment exists, the Company adjusts the carrying value of goodwill so that the carrying value of the reporting unit is equal to its fair value by taking a charge through earnings. The Company also tests goodwill for impairment in other periods if an event occurs or circumstances change such that it is more-likely-than-not to reduce the fair value of the reporting unit below its carrying amount. As of September 30, 2023, the Company recognized goodwill impairment charges of $153.6 million for the Asset Management segment in Impairment loss on goodwill and intangible assets in the Condensed Consolidated Statement of Operations. The Company concluded that the estimated fair value of the Wealth Management reporting unit was greater than its carrying value, and as such, no impairment charge was required. See Note 13 (Goodwill, net).
Fixed Assets, Net	Fixed Assets, NetFixed assets are recorded at cost, less accumulated depreciation and amortization, and are included in the “Other assets” line item in the Company’s Condensed Consolidated Statement of Financial Position. Fixed assets are depreciated or amortized on a straight-line basis, with the corresponding depreciation and amortization expense included within general, administrative and other expenses in the Company’s Condensed Consolidated Statement of Operations. The estimated useful life for leasehold improvements is the lesser of the remaining lease term and the life of the asset, while other fixed assets are generally depreciated over a period of two to seven years. Fixed assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
Debt Obligations, Net	Debt Obligations, NetThe Company’s debt obligations are recorded at amortized cost, net of any debt issuance costs, discounts and premiums. Debt issuances costs are deferred and along with discounts and premiums are amortized to interest expense in the Condensed Consolidated Statement of Operations over the life of the related debt instrument using the effective interest method. Unamortized debt issuance costs, discounts and premiums are written off to net losses on retirement of debt in the Condensed Consolidated Statement of Operations when the Company prepays borrowings prior to maturity.
Tax Receivable Agreement	Tax Receivable AgreementThe TRA liability represents amounts payable to certain pre-Business Combination equity holders of the Company. The portion of the TRA liability related to the Business Combination is deemed contingent consideration payable to the previous owners and is carried at fair value, with changes in fair value reported within other gain (loss) in the Condensed Consolidated Statement of Operations. Future exchanges of Class B Units for shares of Class A Common Stock may increase the TRA liability. Those increases will be carried at a value equal to the expected future payments due under the TRA. On August 31, 2023, holders of shares of Class B Common Stock exchanged a portion of such Class B Units to the Company, in exchange for shares of Class A Common Stock on a 1:1 basis totaling an amount equal to $7.31 multiplied by the total number of shares of Class B Common Stock exchanged at the time of the transaction. For future increases due to exchanges the Company will record an initial estimate of future payments under the TRA portion as a decrease to additional paid-in capital in the Condensed Consolidated Statement of Financial Position. Subsequent adjustments to the liability for future payments under the TRA related to changes in estimated future tax rates or state income tax apportionment are recognized through current period earnings in the Condensed Consolidated Statement of Operations.
Warrant Liability, Business Combination Earn-out Liability, AIMS Earn-out Liability, and Derivative Financial Instruments	Warrant LiabilityThe Company evaluated the Warrants in accordance with ASC 815-40 and concluded that a provision in the warrant agreement related to certain tender or exchange offers precludes the Warrants from being accounted for as components of equity. As the Warrants meet the definition of a derivative, the Warrants are recorded as derivative liabilities on the balance sheet and measured at fair value at each reporting date in accordance with ASC 820, Fair Value Measurement, with changes in fair value recognized in Other Income/(Expenses) in the Condensed Consolidated Statement of Operations in the period of change. Prior to the Business Combination the Sponsor held private warrants that were contributed to the Company and legally cancelled. The contribution and cancellation of these warrants resulted in derecognition of the private warrants and accounted for in additional paid in capital as of January 3, 2023. The Company subsequently issued new warrants with terms identical to those of the public warrants to the Target Companies’ selling shareholders classified as derivative liabilities. On June 7, 2023, the Company closed an offer and consent solicitation and entered into a warrant amendment, pursuant to which the remaining Warrants were exchanged. In total, the Warrants were exchanged for approximately 4,962,221 shares of Class A Common Stock. See Note 1 (Description of the Business). Following the exchange, none of the Warrants remain outstanding as of September 30, 2023. Business Combination Earn-out LiabilityThe Business Combination Earn-out Securities, comprised of 3.3 million Class A Shares, 7.1 million shares of Class B Common Stock, and 7.1 million Class B Units (one Class B share and one Class B Unit comprising a Paired Interest, as described in Note 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 Business Combination Earn-out Securities will vest and be issued in settlement of the Business Combination Earn-out Liability (or, in the case of the Sponsor, which shares have already been issued, will no longer be subject to forfeiture). Upon the Company’s Class A Share price meeting a volume-weighted average price threshold of $15.00 for 20 out of 30 trading days within five years of the Closing, the remaining fifty percent of the Business Combination Earn-out Securities will vest and be issued. If, within five years of the Closing, a change of control event occurs (as defined in the Business Combination Agreement), any Business Combination Earn-out Securities not previously issued will be deemed to have vested and will be issued (or, in the case of the Sponsor, which shares have already been issued, will no longer be subject to forfeiture). The Company evaluated the terms of the Business Combination earn-out agreement in accordance with ASC 815-40 and concluded that the Business Combination Earn-out Securities are precluded from being accounted for as a component of equity. Since the Business Combination earn-out agreement meets the definition of a derivative, the Business Combination Earn-out Securities are recorded in Earn-out liability, at fair value as a derivative liability on the Condensed Consolidated Statement of Financial Position and measured at fair value at each reporting date in accordance with ASC 820, Fair Value Measurement, with changes in fair value recognized in Gain (loss) on earn-out liability in the Condensed Consolidated Statement of Operations and in Fair value of earn-out liability in the Condensed Consolidated Statement of Cash Flows in the period of change.AIMS Earn-out Liability On August 2, 2023, (the “AIMS Acquisition Date”), the Company acquired the remaining 70% of the issued and outstanding ownership and membership interests of Alvarium Investment Managers (Suisse) SA (“AIMS”), increasing its interest from 30% to 100% (the “AIMS Acquisition”). The AIMS Acquisition was accounted for using the acquisition method of accounting and the fair value of the total purchase consideration transferred was $16.8 million. The total purchase consideration transferred consists of cash consideration, equity consideration, deferred cash consideration, earn-out consideration (“AIMS earn-out liability”), and the payment of assumed liabilities. As of September 30, 2023, the AIMS earn-out liability of $2.7 million is reported in Other liabilities in the Condensed Consolidated Statement of Financial Position. Since the AIMS earn-out liability meets the definition of a derivative, it is recorded at fair value as a derivative liability on the Condensed Consolidated Statement of Financial Position and measured at fair value at each reporting date in accordance with ASC 820, Fair Value Measurement, with changes in fair value to be recognized in Gain (loss) on earn-out liability in the Condensed Consolidated Statement of Operations and in Fair value of earn-out liability in the Condensed Consolidated Statement of Cash Flows in the period of change. See Note 3 (Business Combinations and Divestiture) for further information.Derivative Financial InstrumentsThe Company accounts for derivative financial instruments in accordance with ASC 815, Derivatives and Hedging, which requires the Company to recognize all derivative instruments on the Condensed Consolidated Statement of Financial Position as either assets or liabilities and to measure them at fair value each reporting period unless they qualify for a normal purchases and normal sales exception. Normal purchases and normal sales contracts are those that provide for the purchase or sale of something other than a financial instrument or derivative instrument that will be delivered in quantities expected to be used or sold by a reporting entity over a reasonable period in the normal course of business.
Non-controlling Interests	Non-controlling InterestsNon-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Company’s equity. Non-controlling interests consist of the amount of those interests at the date of the original Business Combination and the minority’s share of changes in equity since the date of the Business Combination. The proportions of profit and loss and changes in equity allocated to the owners of the parent and to the non-controlling interests are determined on the basis of existing ownership interests.
Segment Reporting	Segment 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 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 September 30, 2023, this segment had $48.5 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 intellectual property 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 and public and private real estate (including co-investment) 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 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 September 30, 2023, this platform had $7.7 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 September 30, 2023, this business had approximately $12.0 billion of AUM/AUA. Fund Management Our real estate fund management business manages two funds based in the United Kingdom, LXi, a publicly traded REIT, and HLIF, a private fund. 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, oversees deal origination, documentation, and structuring from inception to exit for a variety of strategies including 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 September 30, 2023, our real estate co-investment platform has deployed more than $7.5 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.
Other Income / Expenses	Other Income / Expenses Other income and expenses is comprised of unrealized gains (losses) on investments, interest and dividend income (expense), income from equity method investees, and other items. The Company holds investments in common stock, mutual funds, exchange-traded funds, and exchange-traded notes, which represent investments in equity and debt securities. The Company earns realized and unrealized gains and losses which depend on investment performance. Interest income is earned through its investments in exchange-traded notes. These generally include debt securities held on a short- or medium-term basis when the Company has excess cash. The Company recognizes and records interest income using the effective interest method. Dividend income is earned through investments in common stock, mutual funds, and exchange-traded funds. Dividend income is recorded on the ex-dividend date. The Company holds interests in various affiliated limited partnerships and limited liability companies, whose purpose is to achieve capital appreciation through investments in financial instruments and investment vehicles. The Company accounts for investments in which it has significant influence but not a controlling financial interest using the equity method of accounting and may earn income related to its equity in income of equity method investees. The equity method investments are in various fund complexes, including funds focused on infrastructure and utilities, high income yields, and multi-strategy, among others.
Held for Sale Accounting	Held for Sale AccountingIn circumstances when the Company is evaluating its components, we may establish plans that require us to evaluate whether a component qualifies for held-for-sale accounting under ASC 360, Property, Plant, and Equipment. If a sale is deemed probable within a twelve-month period, the component is classified to either the assets held for sale or liabilities held for sale line items on the Consolidated Statement of Financial Position. The disposal group will be measured at the lower of its carrying amount or fair value less cost to sell. Any long-lived assets shall not be depreciated or amortized while classified as held for sale.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In 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. 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.

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Related Party Transactions

Related party transactions include the below:


(Dollars in Thousands)
Related Party Receivables	Consolidated Balance Sheet Line Item	As of September 30, 2023 (Successor)		As of December 31, 2022 (Predecessor)
Due from Certain TWMH Members, TIG GP Members and TIG MGMT Members	Other assets	$	2,603	$	1,161
Due from Equity Method Investees	Other assets	$	6,470	$	—


Related Party Payables
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements	TRA liability	$	(18,042)	$	—
Delayed share purchase agreement	Delayed share purchase agreement	$	(1,818)	$	(1,818)
	Accrued compensation and profit sharing	$	(300)	$	(400)
Due to Certain TWMH Members, TIG GP Members, TIG MGMT Members and Alvarium shareholders in connection with the Business Combination Earn-out	Earn-out liability, at fair value	$	(45,549)	$	—
AIMS earn-out liability	Other liabilities	$	(2,721)	$	—
Due to Equity Method Investees	Other liabilities	$	(1,171)	$	—

Shareholders' Equity
Delayed share purchase agreement	Additional paid-in capital	$	(1,200)	$	—

Leases

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

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				For the Period
(Dollars in Thousands)	July 1, 2023 – September 30, (Successor)		July 1, 2022 – September 30, (Predecessor)		January 3, 2023 – September 30, (Successor)		January 1, 2022 – September 30, (Predecessor)
Operating lease expense	$	2,090	$	750	$	6,151	$	2,250
Variable lease expense	829		492		2,432		1,185
Short-term lease expense	194		38		606		106
Total lease expense	$	3,113	$	1,280	$	9,189	$	3,541

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


	For the Period
(Dollars in Thousands)	January 3, 2023 – September 30, 2023 (Successor)		January 1, 2022 – September 30, 2022 (Predecessor)
Operating cash flow information:
Operating cash flow from operating leases	$	5,279	$	2,192
Non-cash activity:
Right-of-use assets obtained in exchange for lease obligations	2,416		—

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


	As of September 30, 2023 (Successor)
Weighted-average remaining lease term	5.03
Weighted-average discount rate	6.00	%

Future minimum lease payments for the Company’s operating leases as of September 30, 2023, are as follows:


	Future Minimum Rental Operating Leases
(Dollars in Thousands)
Rest of 2023	$	1,827
2024	8,243
2025	7,486
2026	5,197
2027	3,582
2028 and beyond	6,687
Total lease payments	33,022
Less: Imputed interest	3,462
Present value of lease liabilities	$	29,560

Description of the Business (Tables)

9 Months Ended

Sep. 30, 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 that were outstanding as of September 30, 2023:


			As of September 30, 2023 (Successor)
Class A Common Stock			64,770,908
Class B Common Stock			53,219,713

Structure of Related Business Entities

Through a series of intercompany transactions, AlTi was restructured to reflect the final structure depicted below: Note 1 - Updated Structure Chart (8-3).jpg

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27))
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+ Details

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Management evaluated events and transactions through and including November 14, 2023, the date these financial statements were available to be issued. Based on management’s evaluation there are no events subsequent to September 30, 2023 that require adjustment to or disclosure in the consolidated financial statements, except as noted below. Effective October 9, 2023, the Company entered into a lease to replace its existing office space in New York, New York. The term of the lease is approximately 17 years, which includes 30 months of total free rent during that period. The total fixed rent payments will be $63.5 million. On November 10, 2023, the Company entered into the Second Amendment to our Credit Agreement. See Note 14 (Debt, net of unamortized deferred financing cost) for more information regarding this amendment. On November 6, 2023, the Company entered into an agreement to sell FOS, which is a part of the Company’s Wealth Management segment, for a cash consideration of approximately $20.1 million. The agreement to sell is subject to regulatory approval but is unconditional in all other regards. The proceeds from the disposal will principally be used for further investment into the Company’s strategic priorities. The assets and liabilities of FOS are presented separately as held for sale in the Condensed Consolidated Statement of Financial Position as of September 30, 2023. See Note 3 (Business Combinations and Divestitures).

Retirement Plans - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Postemployment Benefits [Abstract]
Defined Contribution Plan, Tax Status [Extensible Enumeration]			Qualified Plan [Member]
Contributions	$ 752	$ 203	$ 2,424	$ 571
Contributions payable	$ 1,000		$ 1,000

Revenue (Tables)

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

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


	For the Period				For the Period
(Dollars in Thousands)	July 1, 2023 – September 30, 2023 (Successor)		July 1, 2022 – September 30, 2022 (Predecessor)		January 3, 2023 – September 30, 2023 (Successor)		January 1, 2022 – September 30, 2022 (Predecessor)

Management/Advisory fees	$	45,062	$	18,583	$	138,972	$	57,445
Incentive fees	885				1,931		—
Distributions from investments	2,596				14,829		—
Other fees/income	701				3,440		—
Total Income	$	49,244	$	18,583	$	159,172	$	57,445


(Dollars in Thousands)	As of September 30, 2023 (Successor)		As of December 31, 2022 (Predecessor)

Management/Advisory fees receivable
Beginning balance	$	30,544	$	20,019
Ending balance	30,258		19,540

Incentive fees receivable
Beginning balance	$	3,540	$	—
Ending balance	1,098		—

Other fees/income receivable
Beginning balance	$	4,106	$	—
Ending balance	742		—

Deferred management/advisory fees
Beginning balance	$	(945)	$	—
Ending balance	(73)		—





Deferred other fees/income
Beginning balance	$	(422)	$	—
Ending balance	(250)		—

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


(Dollars in Thousands)	As of September 30, 2023 (Successor)		As of December 31, 2022 (Predecessor)

Management/Advisory fees receivable
Beginning balance	$	30,544	$	20,019
Ending balance	30,258		19,540

Incentive fees receivable
Beginning balance	$	3,540	$	—
Ending balance	1,098		—

Other fees/income receivable
Beginning balance	$	4,106	$	—
Ending balance	742		—

Deferred management/advisory fees
Beginning balance	$	(945)	$	—
Ending balance	(73)		—





Deferred other fees/income
Beginning balance	$	(422)	$	—
Ending balance	(250)		—

Condensed Consolidated Statement of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues [Abstract]
Total income	$ 49,244	$ 18,583	$ 159,172	$ 57,445
Operating Expenses
Compensation and employee benefits	38,585	12,048	134,393	37,468
Systems, technology and telephone	3,812	1,719	11,751	4,577
Sales, distribution and marketing	658	241	1,752	678
Occupancy costs	3,223	1,295	9,755	3,399
Professional fees	14,398	2,397	52,741	5,480
Travel and entertainment	1,082	297	4,334	1,134
Depreciation and amortization	3,676	583	11,848	1,790
General, administrative and other	7,455	381	11,426	1,044
Total operating expenses	72,889	18,961	238,000	55,570
Total operating income (loss)	(23,645)	(378)	(78,828)	1,875
Other Income (Expenses)
Impairment loss on goodwill and intangible assets	(153,589)	0	(182,982)	0
Loss on investments	(1,959)	(45)	(3,663)	(20)
Gain (loss) on TRA	761	0	(1,331)	0
Loss on warrant liability	0	0	(12,866)	0
Gain on earnout liability	9,335	0	46,212	0
Interest expense	(3,668)	(131)	(10,300)	(310)
Other expenses	(91)	(60)	(738)	(58)
Income (loss) before taxes	(172,856)	(614)	(244,496)	1,487
Income tax (expense) benefit	1,782	(82)	12,578	(385)
Net income (loss)	(171,074)	(696)	(231,918)	1,102
Net loss attributed to non-controlling interests in subsidiaries	(82,353)	(22)	(117,899)	(87)
Net income (loss) attributable to AlTi Global, Inc.	(88,721)	(674)	(114,019)	1,189
Other Comprehensive Income (Loss)
Foreign currency translation adjustments	(10,035)	(519)	7,873	(1,481)
Other comprehensive income (loss) for the period	72	0	(610)	0
Total comprehensive loss	(181,037)	(1,215)	(224,655)	(379)
Other loss attributed to non-controlling interests in subsidiaries	(87,124)	(22)	(114,625)	(87)
Comprehensive loss attributable to AlTi Global, Inc.	$ (93,913)	$ (1,193)	$ (110,030)	$ (292)
Net Income (Loss) Per Share
Basic (in dollars per share)	$ (1.40)	$ (96.19)	$ (1.89)	$ 169.69
Diluted (in dollars per share)	$ (1.40)	$ (96.19)	$ (1.89)	$ 169.69
Weighted Average Shares of Class A Common Stock Outstanding
Basic (in shares)	63,568,646	7,007	60,174,678	7,007
Diluted (in shares)	63,568,646	7,007	60,174,678	7,007
Management/Advisory fees
Revenues [Abstract]
Total income	$ 45,062	$ 18,583	$ 138,972	$ 57,445
Incentive fees
Revenues [Abstract]
Total income	885	0	1,931	0
Distributions from investments
Revenues [Abstract]
Total income	2,596	0	14,829	0
Other fees/income
Revenues [Abstract]
Total income	$ 701	$ 0	$ 3,440	$ 0

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Tax Receivable Agreement Pursuant to the TRA, the Company will pay certain parties to the Business Combination 85% of certain tax benefits, if any, that it realizes (or in certain cases is deemed to realize) as a result of any increase in tax basis of the assets of Alvarium Tiedemann related to the Business Combination. Amounts payable under the TRA are contingent upon (i) the generation of taxable income over the life of the TRA, (ii) the tax rates in effect as of time periods in which tax benefits are used, and (iii) certain terms governing the rate of interest to be applied to payments under the TRA. As of September 30, 2023, the liability associated with the TRA was approximately $18.0 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 shares of Class A Common Stock in the Company on a 1:1 exchange basis. These future exchanges are anticipated to be treated as taxable exchanges which may provide an increase in the tax basis of the assets of the Company and therefore provide for additional payments under the TRA. TRA liabilities that are generated on account of future exchanges will be recorded under ASC 450, Contingencies. On August 31, 2023, holders of Class B Common Stock exchanged a portion of such Class B Units to the Company, in exchange for shares of Class A Common Stock on a 1:1 basis totaling an amount equal to $7.31 multiplied by the total number of shares of Class B Common Stock exchanged at the time of the transaction. 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 September 30, 2023, assuming no material changes in the relevant tax laws and that the Company generates sufficient taxable income to realize the full tax benefit of the increased amortization resulting from the increase in tax basis of certain of AlTi’s assets, we expect to pay approximately $18.0 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 shares of Class A Common Stock would be accounted for separately from the amount related to the Business Combination. 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 Business Combination Earn-out Securities will be payable to the earn-out holders. The earn-out shares are precluded from being considered indexed to the Company’s own stock and are recognized as a liability at fair value with changes in fair value recognized in earnings. As of September 30, 2023, the fair value of the earn-out shares was $45.5 million. See Note 2 (Summary of Significant Accounting Policies) for additional detail. AIMS Earn-out Liability On August 2, 2023, the Company acquired the remaining 70% of the issued and outstanding ownership and membership interests of AIMS, increasing its interest from 30% to 100%. The AIMS Acquisition was accounted for using the acquisition method of accounting and the fair value of the total purchase consideration transferred was $16.8 million. The total purchase consideration transferred consists of cash consideration, equity consideration, deferred cash consideration, earn-out consideration, (or AIMS earn-out liability), and the payment of assumed liabilities. As of September 30, 2023, the AIMS earn-out liability of $2.7 million is reported in Other liabilities in the Condensed Consolidated Statement of Financial Position. Since the AIMS earn-out liability meets the definition of a derivative, it is recorded at fair value as a derivative liability on the Condensed Consolidated Statement of Financial Position and measured at fair value at each reporting date in accordance with ASC 820, Fair Value Measurement, with changes in fair value to be recognized in Gain (loss) on earn-out liability in the Condensed Consolidated Statement of Operations and in Fair value of earn-out liability in the Condensed Consolidated Statement of Cash Flows in the period of change. Litigation From time to time, the Company may be 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 materially 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 and AHRA was its investment adviser until June 30, 2023. AFM UK is a wholly owned subsidiary of the Company. AHRA was owned by ARE (another wholly owned subsidiary of the Company) up until December 30, 2022, when AHRA was sold. As such, AHRA was not acquired by the Company pursuant to the Business Combination. Accordingly, AHRA has never been a part of AlTi. For UK regulatory purposes, up until June 30, 2023, AHRA was permitted to perform certain limited regulated activities as an “appointed representative” of its regulated principal firm, ARE (which is authorized and regulated by the UK Financial Conduct Authority). 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 announced that it was seeking current and former shareholders of Home REIT to potentially bring claims in connection with the allegations. The announcement states that claims will likely be brought against Home REIT itself, its directors, and AFM UK. On October 6, 2023, a pre-action letter of claim was received by, among others, AFM UK and ARE asserting potential claims against those entities relating to the above matters (a pre-action letter of claim is required to be sent by a claimant to a potential defendant under the Practice Direction on Pre-Action Protocols and Conduct contained in the United Kingdom’s Ministry of Justice Civil Procedure Rules prior to a claimant commencing litigation in the UK). The pre-action letter was sent by law firm acting on behalf of a group of current and former shareholders in Home REIT. The pre-action letter does not provide details of the quantum being claimed from any of the potential defendants (whether jointly or severally), and it is not possible at this point in time for us to reliably assess what the quantum of such claims might be, or AFM UK’s and ARE’s potential exposure, though it may potentially be material to the Company. If any litigation or other action is commenced against AFM UK and/or ARE, 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.

Intangible Assets, net - Estimated Future Amortization (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2023	$ 3,281
2024	13,124
2025	13,124
2026	13,124
2027 and beyond	212,637
Net Carrying Amount	$ 255,290	$ 20,578

Investments at Fair Value (Tables)

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Investment

The Cost and Fair Value of Investments at fair value as of September 30, 2023 and December 31, 2022 are presented below:


	As of September 30, 2023 (Successor)				As of December 31, 2022 (Predecessor)
(Dollars in Thousands)	Cost		Fair Value		Cost		Fair Value
Investments at Fair Value:
Mutual funds	$	75	$	51	$	73	$	44
Exchange-traded funds	119		111		115		101
TIG Arbitrage Associates Master Fund	214		223		—		—
TIG Arbitrage Enhanced Master Fund	297		311		—		—
TIG Arbitrage Enhanced	682		725		—		—

Arkkan Opportunities Feeder Fund	111		114		—		—

Arkkan Capital Management Limited	20,062		24,081		—		—
Zebedee Asset Management	68,913		68,309		—		—
Romspen Investment Corporation	72,523		70,735		—		—



Total	$	162,996	$	164,660	$	188	$	145

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


	For the Period				For the Period
(Dollars in Thousands)	July 1, 2023 – September 30, 2023 (Successor)		July 1, 2022 – September 30, 2022 (Predecessor)		January 3, 2023 – September 30, 2023 (Successor)		January 1, 2022 – September 30, 2022 (Predecessor)
Gains (Losses) on Investments at FV:
Realized losses	$	—	$	(41)	$	—	$	(65)
Unrealized gains (losses)	(189)		353		1,675		256
Total gains (losses) on Investments at fair value	$	(189)	$	312	$	1,675	$	191

Retirement Plans

9 Months Ended

Sep. 30, 2023

Postemployment Benefits [Abstract]

Retirement Plans

Retirement PlansThe Company sponsors a defined–contribution 401(k) plan for the benefit of its employees. The plan allows employees to contribute a percentage of their salary subject to certain limitations, set forth by the Internal Revenue Service, on a pretax basis. At its discretion, the Company can make profit sharing plan contributions to the participants accounts. The Company’s contributions for the periods from July 1, 2023 to September 30, 2023 and from July 1, 2022 to September 30, 2022, were $0.8 million and $0.2 million, respectively, and for the periods from January 3, 2023 to September 30, 2023 and from January 1, 2022 to September 30, 2022, were

$2.4 million and $0.6 million, respectively, of which $1.0 million was payable as of September 30, 2023 and is included in accounts payable and accrued expenses on the condensed consolidated financial statements.


(Dollars in Thousands)
	For the Period				For the Period
	July 1, 2023 – September 30, 2023 (Successor)		July 1, 2022 – September 30, 2022 (Predecessor)		January 3, 2023 – September 30, 2023 (Successor)		January 1, 2022 – September 30, 2022 (Predecessor)
Plan Contributions	$	752	$	203	$	2,424	$	571

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Debt, net of unamortized deferred financing cost - Narrative (Details) - USD ($) $ in Thousands		9 Months Ended		12 Months Ended
	Jan. 03, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Nov. 10, 2023	Dec. 31, 2020
Debt Instrument [Line Items]
Borrowings on term notes and lines of credit		$ 155,489	$ 2,170
Debt, net of unamortized deferred financing cost		172,804		$ 21,187
Alvarium, TWMH And TIG
Debt Instrument [Line Items]
Borrowings on term notes and lines of credit	$ 124,400
Line of Credit
Debt Instrument [Line Items]
Debt, net of unamortized deferred financing cost		172,804
Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	250,000
Credit Facility \| Line of Credit \| Term Loans
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 100,000
Debt, net of unamortized deferred financing cost		94,554		$ 5,760
Interest rate (in percent)						2.60%
Credit Facility \| Line of Credit \| Term Loans \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate				1.50%
Credit Facility \| Line of Credit \| Term Loans \| Minimum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Credit Facility \| Line of Credit \| Term Loans \| Minimum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
Credit Facility \| Line of Credit \| Term Loans \| Maximum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
Credit Facility \| Line of Credit \| Term Loans \| Maximum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%
Credit Facility \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 150,000
Accordion option, additional borrowing capacity	75,000
Accordion feature, maximum borrowing capacity	$ 225,000
Unfunded commitment		$ 71,800
Weighted average interest rate (in percent)		8.50%
Debt, net of unamortized deferred financing cost		$ 78,250		$ 14,050
Unused commitment fee (in percent)				0.15%
Credit Facility \| Line of Credit \| Revolving Credit Facility \| Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 110,000
Reduced credit facility amount					$ 50,000
Credit Facility \| Line of Credit \| Revolving Credit Facility \| Bloomberg Short-Term Bank Yield Index Rate (BSBY)
Debt Instrument [Line Items]
Basis spread on variable rate				1.50%
Promissory Notes
Debt Instrument [Line Items]
Debt, net of unamortized deferred financing cost				$ 1,377
Interest rate (in percent)				3.25%

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 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)	July 1, 2023 – September 30, 2023 (Successor)						July 1, 2022 – September 30, 2022 (Predecessor)
Net Income by Segment	Asset Management Segment		Wealth Management Segment		Total		Tiedemann Wealth Management Holdings, LLC
Revenue:
Management/advisory fees	$	10,607	$	34,455	$	45,062	$	18,583
Incentive fees	885		—		885		—
Distributions from investments	2,596		—		2,596		—
Other income/fees	656		45		701		—
Total income	$	14,744	$	34,500	$	49,244	$	18,583
Operating Expenses:
Compensation and employee benefits	12,206		26,379		38,585		12,048
Systems, technology, and telephone	1,246		2,566		3,812		1,719
Sales, distribution, and marketing	296		362		658		241
Occupancy costs	1,008		2,215		3,223		1,295
Professional fees	7,321		7,077		14,398		2,397
Travel and entertainment	383		699		1,082		297
Depreciation and amortization	1,471		2,205		3,676		583
General, administrative, and other	3,397		4,058		7,455		381
Total operating expenses	$	27,328	$	45,561	$	72,889	$	18,961
Operating loss	(12,584)		(11,061)		(23,645)		(378)
Other income (expenses):
Impairment loss on goodwill and intangible assets	(153,589)		—		(153,589)		—
Loss on investments	(3,706)		1,747		(1,959)		(45)
Gain on TRA	381		380		761		—

Gain on earn-out liability	4,667		4,668		9,335		—
Interest expense	(2,819)		(849)		(3,668)		(131)
Other expenses	—		(91)		(91)		(60)
Loss before taxes	(167,650)		(5,206)		(172,856)		(614)
Income tax (expenses) benefit	1,136		646		1,782		(82)
Net loss	$	(166,514)	$	(4,560)	$	(171,074)	$	(696)


	For the 9 Month Period Ended
(Dollars in Thousands)	January 3, 2023 – September 30, 2023 (Successor)						January 1, 2022 – September 30, 2022 (Predecessor)
Net Income by Segment	Asset Management Segment		Wealth Management Segment		Total		Tiedemann Wealth Management Holdings, LLC
Revenue:
Management/advisory fees	$	39,131	$	99,841	$	138,972	$	57,445
Incentive fees	1,931		—		1,931		—
Distributions from investments	14,829		—		14,829		—
Other income/fees	3,285		155		3,440		—
Total income	$	59,176	$	99,996	$	159,172	$	57,445
Operating Expenses:
Compensation and employee benefits	51,774		82,619		134,393		37,468
Systems, technology, and telephone	3,828		7,923		11,751		4,577
Sales, distribution, and marketing	759		993		1,752		678
Occupancy costs	3,188		6,567		9,755		3,399
Professional fees	26,931		25,810		52,741		5,480
Travel and entertainment	1,883		2,451		4,334		1,134
Depreciation and amortization	5,728		6,120		11,848		1,790
General, administrative, and other	5,862		5,564		11,426		1,044
Total operating expenses	$	99,953	$	138,047	$	238,000	$	55,570
Operating income (loss)	(40,777)		(38,051)		(78,828)		1,875
Other income (expenses):
Impairment loss on goodwill and intangible assets	(182,982)		—		(182,982)		—
Gain (loss) on investments	(5,018)		1,355		(3,663)		(20)
Loss on TRA	(665)		(666)		(1,331)		—
Loss on warrant liability	(6,433)		(6,433)		(12,866)		—
Gain on earn-out liability	23,106		23,106		46,212		—
Interest expense	(6,206)		(4,094)		(10,300)		(310)
Other expenses	(366)		(372)		(738)		(58)
Income (loss) before taxes	(219,341)		(25,155)		(244,496)		1,487
Income tax (expenses) benefit	6,534		6,044		12,578		(385)
Net income (loss)	$	(212,807)	$	(19,111)	$	(231,918)	$	1,102


(Dollars in Thousands)	As of
Assets by segment	September 30, 2023 (Successor)		December 31, 2022 (Predecessor)
Asset management	$	655,516	$	—
Wealth management	$	578,264	$	91,989
Total assets	$	1,233,780	$	91,989

Equity	9 Months Ended
Equity	Sep. 30, 2023
Equity [Abstract]
Equity	Equity Class A Common Stock As of September 30, 2023, there were 64,770,908 shares of Class A Common Stock outstanding. Of those shares, 3,276,391 are subject to performance targets under the terms of the Business Combination Earn-out. The holders of the Class A Common Stock represent the controlling interest of the Company. Class B Common StockUpon the Closing of the Business Combination, the Company issued 53,219,713 shares of Class B Common Stock to the holders of Class B Units. The Class B Common Stock has no economic rights but entitles each holder of at least one such share (regardless of the number of shares so held) to a number of votes that is equal to the aggregate number of Class B Units held by such holders on all matters on which shareholders of the Company are entitled to vote generally.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Leases - Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Leases - Lease Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease expense	$ 2,090	$ 750	$ 6,151	$ 2,250
Variable lease expense	829	492	2,432	1,185
Short-term lease expense	194	38	606	106
Total lease expense	$ 3,113	$ 1,280	$ 9,189	$ 3,541

Investments at Fair Value

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Investments at Fair Value

Investments at fair value consist of investments for which the fair value option has been elected. The primary reasons for electing the fair value option are to:

•Reflect economic events in earnings on a timely basis;

•Mitigate volatility in earnings from using different measurement attributes; and

•Address simplification and cost-benefit considerations

Such election is irrevocable and is applied on an investment-by-investment basis at initial recognition or at other eligible election dates. Changes in the fair value of such instruments are recognized in Investment income (loss) in the Condensed Consolidated Statement of Operations.

The Cost and Fair Value of Investments at fair value as of September 30, 2023 and December 31, 2022 are presented below:


	As of September 30, 2023 (Successor)				As of December 31, 2022 (Predecessor)
(Dollars in Thousands)	Cost		Fair Value		Cost		Fair Value
Investments at Fair Value:
Mutual funds	$	75	$	51	$	73	$	44
Exchange-traded funds	119		111		115		101
TIG Arbitrage Associates Master Fund	214		223		—		—
TIG Arbitrage Enhanced Master Fund	297		311		—		—
TIG Arbitrage Enhanced	682		725		—		—

Arkkan Opportunities Feeder Fund	111		114		—		—

Arkkan Capital Management Limited	20,062		24,081		—		—
Zebedee Asset Management	68,913		68,309		—		—
Romspen Investment Corporation	72,523		70,735		—		—



Total	$	162,996	$	164,660	$	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				For the Period
(Dollars in Thousands)	July 1, 2023 – September 30, 2023 (Successor)		July 1, 2022 – September 30, 2022 (Predecessor)		January 3, 2023 – September 30, 2023 (Successor)		January 1, 2022 – September 30, 2022 (Predecessor)
Gains (Losses) on Investments at FV:
Realized losses	$	—	$	(41)	$	—	$	(65)
Unrealized gains (losses)	(189)		353		1,675		256
Total gains (losses) on Investments at fair value	$	(189)	$	312	$	1,675	$	191

Debt, net of unamortized deferred financing cost

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Debt, net of unamortized deferred financing cost

The following table summarizes outstanding debt obligations of the Company as of September 30, 2023:


	As of September 30, 2023 (Successor)
(Dollars in Thousands)	Debt Outstanding		Net Carrying Value (1)		Fair Value (2)
Credit Agreement
Term Loans	$	96,250	$	94,554	$	96,250
Revolving Credit Facility	78,250		78,250		78,250

Total Debt	$	174,500	$	172,804	$	174,500

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

Credit Agreement

On January 3, 2023, the Company entered into a credit agreement (the “Credit Agreement”) with BMO Harris Bank N.A., as administrative agent, for a senior secured credit facility (the “BMO Credit Facility”) in an aggregate principal amount of $250.0 million, consisting of term loan commitments for an aggregate principal amount of $100.0 million (the “Term Loans”) and a revolving credit facility with commitments for an aggregate commitment amount of $150.0 million (the “Revolving Credit Facility”), with an accordion option to increase the revolving commitments an additional $75.0 million to $225.0 million total. Upon the Closing, the Company had initially acquired legacy debt obligations from its subsidiaries in the amount of $124.4 million. Subsequently, after the Closing, 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 September 30, 2023, unfunded commitments on the Revolving Credit Facility amounted to $71.8 million, and the weighted-average interest rate the outstanding borrowings of this facility was 8.5%. As security for the Term Loans and Revolving Credit Facility, the borrower and the guarantors thereunder have pledged substantially all of their assets, subject to agreed-upon exclusions. The guarantor group consists of the Company’s U.S. and non-U.S. subsidiaries, subject to an agreed-upon materiality threshold. As of September 30, 2023, total outstanding debt, net of unamortized deferred financing costs amounted to $172.8 million.

First Amendment to Credit Agreement

On March 31, 2023 the Company executed the First Amendment to the Credit Agreement (the “First Amendment”). The First Amendment permits the Company to extend the time period for certain payments to be made that would have otherwise been restricted by the Credit Agreement.

A copy of the First Amendment is included as Exhibit 10.1 to this Quarterly Report on Form 10-Q and incorporated herein by reference.

Second Amendment to Credit Agreement

On November 10, 2023, the Company entered into the Second Amendment to the Credit Agreement (“the Second Amendment”). The Second Amendment, among other things, temporarily amends, from the date of the amendment until effectively April 1, 2024, the following provisions of the Credit Agreement:

•The aggregate commitment amount under the Revolving Credit Facility is reduced from $150.0 million to $110.0 million;

•The financial covenants in the Credit Agreement are adjusted to allow for a higher Total Leverage Ratio and Modified Leverage Ratio as well as a lower Interest Coverage Ratio;

•During the amendment period, cash proceeds from the issuance of any debt, (other than certain debt permitted under the Credit Agreement) and any equity securities issued by the Company are required to be used to repay amounts outstanding under the facility, first under the Term Loans until such Term Loans are repaid in full and then under the Revolving Credit Facility, until the Revolving Credit Facility is reduced to $50.0 million in the aggregate; and

•Beginning after the end of the amendment period, certain clauses in the Credit Agreement that pertain to restricted payments are amended.

A copy of the Second Amendment is included as Exhibit 10.2 to this Quarterly Report on Form 10-Q and incorporated herein by reference.

The Company has initiated discussions with the administrative agent regarding potentially making further amendments to the Credit Agreement. The Company is evaluating various options in relation to the Credit Agreement, including to partially or fully repay the debt outstanding or to make further amendments to its terms. This evaluation is being made in connection with a broader review of the Company’s capital planning for the short to medium term, including its needs for sources of capital to complete acquisitions to facilitate growth, its business strategy as it pertains to how certain of its business activities are funded, as well more generally as to how it should optimize its capital structure.

As required by accounting standards, the Company has performed an assessment based on its current operations and capital structure of its ability to generate sufficient cash flows to meet its financial obligations for one year subsequent to the financial statement issuance date, based on conditions known and reasonably knowable as of the financial statement issuance date. Management has performed this required assessment as of November 14, 2023, and believes there are sufficient funds available to support its ongoing business operations and continue as a going concern for at least the next 12 months.

Management’s assessment is subject to known and unknown risks, uncertainties, assumptions, and changes in circumstances, many of which are beyond our control including the impact of the macroeconomic environment, and that are difficult to predict as to timing, extent, likelihood, and degree of occurrence, and that could cause actual results to differ from estimates and forecasts, potentially materially. Based upon the results of Management’s assessment, these interim unaudited consolidated financial statements have been prepared on a

going concern basis. The interim unaudited consolidated financial statements do not include any adjustments that could result from the outcome of the aforementioned risks and uncertainties.

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


	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.

As of December 31, 2022, the 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 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, total outstanding debt, net of unamortized deferred financing costs amounted to $21.2 million.

Contractual maturities of the Term Loans as of September 30, 2023, are set out in the table below:


(Dollars in Thousands)	Aggregate Maturities

Rest of 2023	$	1,250
2024	$	5,000
2025	$	7,500
2026	$	10,000
2027	$	10,000
Thereafter	$	62,500
Total	$	96,250

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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

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

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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+ Details

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

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

For the Period

July 1, 2023 – September 30,
2023 (Successor)

January 3, 2023 – September 30,
2023 (Successor)

Basic

Diluted

Basic

Diluted

Class A Shares

Included

Class B Shares (1)

Excluded

If-converted method

Excluded

If-converted method

Warrants (2)

None outstanding

Excluded

Treasury stock method

Earn-Out Shares

Excluded

Vested RSUs

None outstanding

Unvested RSUs

Excluded

Treasury stock method

Excluded

Treasury stock method

Holbein Earn-In Shares (3)

Excluded

Treasury stock method

Excluded

Treasury stock method


	For the Period
(Dollars in Thousands, except share data)	July 1, 2023 – September 30, 2023 (Successor)		January 3, 2023 – September 30, 2023 (Successor)
Net loss attributable to controlling interest - basic	$	(88,721)	$	(114,019)
Net loss available to the Company - diluted	$	(88,721)	$	(114,019)
Weighted-average shares of Class A Common Stock outstanding - basic	63,568,646		60,174,678
Weighted-average shares of Class A Common Stock outstanding - diluted	63,568,646		60,174,678
Loss per Class A Common Stock - basic	$	(1.40)	$	(1.89)
Loss per Class A Common Stock - diluted	$	(1.40)	$	(1.89)

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
	July 1, 2023 – September 30, 2023 (Successor)	January 3, 2023 – September 30, 2023 (Successor)
Class B Common Stock and Class B Units	54,421,975	36,484,979
Warrants	—	6,657,084
Earn-outs	10,396,318	10,396,318
Stock Awards	4,594,486	3,067,192

Revenue

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue

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


	For the Period				For the Period
(Dollars in Thousands)	July 1, 2023 – September 30, 2023 (Successor)		July 1, 2022 – September 30, 2022 (Predecessor)		January 3, 2023 – September 30, 2023 (Successor)		January 1, 2022 – September 30, 2022 (Predecessor)

Management/Advisory fees	$	45,062	$	18,583	$	138,972	$	57,445
Incentive fees	885				1,931		—
Distributions from investments	2,596				14,829		—
Other fees/income	701				3,440		—
Total Income	$	49,244	$	18,583	$	159,172	$	57,445


(Dollars in Thousands)	As of September 30, 2023 (Successor)		As of December 31, 2022 (Predecessor)

Management/Advisory fees receivable
Beginning balance	$	30,544	$	20,019
Ending balance	30,258		19,540

Incentive fees receivable
Beginning balance	$	3,540	$	—
Ending balance	1,098		—

Other fees/income receivable
Beginning balance	$	4,106	$	—
Ending balance	742		—

Deferred management/advisory fees
Beginning balance	$	(945)	$	—
Ending balance	(73)		—





Deferred other fees/income
Beginning balance	$	(422)	$	—
Ending balance	(250)		—

- 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

Segment Reporting - Assets By Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Assets	$ 1,233,780	$ 91,989
Asset management
Segment Reporting Information [Line Items]
Assets	655,516	0
Wealth management
Segment Reporting Information [Line Items]
Assets	$ 578,264	$ 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.

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+ Details

Leases (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Lease Expense And Supplemental Cash Flow Information

The components of lease costs are as follows:


	For the Period				For the Period
(Dollars in Thousands)	July 1, 2023 – September 30, (Successor)		July 1, 2022 – September 30, (Predecessor)		January 3, 2023 – September 30, (Successor)		January 1, 2022 – September 30, (Predecessor)
Operating lease expense	$	2,090	$	750	$	6,151	$	2,250
Variable lease expense	829		492		2,432		1,185
Short-term lease expense	194		38		606		106
Total lease expense	$	3,113	$	1,280	$	9,189	$	3,541

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


	For the Period
(Dollars in Thousands)	January 3, 2023 – September 30, 2023 (Successor)		January 1, 2022 – September 30, 2022 (Predecessor)
Operating cash flow information:
Operating cash flow from operating leases	$	5,279	$	2,192
Non-cash activity:
Right-of-use assets obtained in exchange for lease obligations	2,416		—

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


	As of September 30, 2023 (Successor)
Weighted-average remaining lease term	5.03
Weighted-average discount rate	6.00	%

Lessee, Operating Lease, Liability, Maturity

Future minimum lease payments for the Company’s operating leases as of September 30, 2023, are as follows:


	Future Minimum Rental Operating Leases
(Dollars in Thousands)
Rest of 2023	$	1,827
2024	8,243
2025	7,486
2026	5,197
2027	3,582
2028 and beyond	6,687
Total lease payments	33,022
Less: Imputed interest	3,462
Present value of lease liabilities	$	29,560

Equity-Based Compensation and Earn-in Expenses - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended		4 Months Ended	9 Months Ended
	Aug. 01, 2023	Jul. 14, 2023	May 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Earn-in expense, cash (in percent)							50.00%
Earn-in expense, equity (in percent)							50.00%
Earn-in payment, first date		$ 7,100
Earn-in payment, second date		$ 8,900
Earn-in expense				$ 2,400	$ 700		$ 4,500	$ 2,200
Earn-in consideration payable				1,708		$ 1,708	1,708		$ 1,519
Delayed Share Purchase Agreement (“TIH SPA”)
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense				1,200			1,200
Class A Common Stock \| Delayed Share Purchase Agreement (“TIH SPA”)
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Shares issued in period (in shares)	152,930
Fair value of shares issued (in dollars per share)	$ 7.70
Restricted Stock Units (RSUs)
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense							4,200
Restricted Stock Units (RSUs) \| Class A Common Stock
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense				$ 1,600			$ 3,100
Shares issued in period (in shares)			4,693,621
Fair value of shares issued (in dollars per share)			$ 4.35
Vesting period (in years)			3 years
Shares forfeited in period (in shares)						99,135
Shares outstanding (in shares)				4,594,486		4,594,486	4,594,486
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
Nasdaq Awards \| Class A Common Stock
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense							$ 600
Shares issued in period (in shares)							60,800
Fair value of shares issued (in dollars per share)				$ 10.00		$ 10.00	$ 10.00
Nasdaq Awards \| Class A Common Stock \| Board of Directors
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense							$ 500
Shares issued in period (in shares)							65,554
Fair value of shares issued (in dollars per share)				$ 12.56		$ 12.56	$ 12.56
Vesting period (in years)							9 months
Buy-out Equity Awards As Restricted Stock Units (RSUs) \| Class A Common Stock
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense				$ 500
Shares issued in period (in shares)							107,263
Buy-out Equity Awards As Restricted Stock Units (RSUs) \| Class A Common Stock \| Minimum
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting period (in years)							1 year
Buy-out Equity Awards As Restricted Stock Units (RSUs) \| Class A Common Stock \| Maximum
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting period (in years)							3 years

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2023	Nov. 14, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-40103
Entity Registrant Name	AlTi Global, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	92-1552220
Entity Address, Address Line One	520 Madison Avenue, 26th 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
Title of 12(b) Security	Class A common stock, par value $0.0001 per share
Trading Symbol	ALTI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001838615
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		64,770,908
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		53,219,713

Other assets, net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Foreign currency translation difference	$ (142)	$ 0
Accumulated depreciation and amortization	(3,941)	(4,491)
Fixed assets, net	3,911	975
Accrued income	14,607	0
Prepaid expenses	9,618	1,898
Sundry receivables	7,864	0
Other receivables	8,436	579
Interest rate swap	0	241
Other assets	2,756	124
Other assets	47,192	3,817
Related Party \| Other assets
Property, Plant and Equipment [Line Items]
Related Party Receivables	9,100
Leasehold improvements
Property, Plant and Equipment [Line Items]
Fixed assets, gross	4,537	2,571
Office equipment and furniture
Property, Plant and Equipment [Line Items]
Fixed assets, gross	$ 3,457	$ 2,895

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Jan. 02, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Shareholders' Equity	$ 845,760	$ 1,021,801	$ 1,013,653	$ 17,853
Other assets \| Related Party
Related Party Transaction [Line Items]
Related Party Receivables	9,100
Other assets \| Equity Method Investee
Related Party Transaction [Line Items]
Related Party Receivables	6,470			0
Other assets \| TMWH, TIG GP, and TIG MGMT Members \| Related Party
Related Party Transaction [Line Items]
Related Party Receivables	2,603			1,161
TRA Liability \| Non-Controlling Interest Holders, Tax Receivable Agreements \| Related Party
Related Party Transaction [Line Items]
Related Party Payables	(18,042)			0
Earn-out liability, at fair value \| TWMH, TIG GP, and TIG MGMT Members and Alvarium Shareholders, Earn-Out \| Related Party
Related Party Transaction [Line Items]
Related Party Payables	(45,549)			0
Earn-in consideration payable \| Equity Method Investee
Related Party Transaction [Line Items]
Related Party Payables	(1,171)			0
Earn-in consideration payable \| Alvarium Investment Managers (Suisse) SA (“AIMS”) \| Equity Method Investee
Related Party Transaction [Line Items]
Related Party Payables	(2,721)			0
Delayed share purchase agreement \| Related Party
Related Party Transaction [Line Items]
Related Party Payables	(1,818)			(1,818)
Accrued compensation and profit sharing \| Related Party
Related Party Transaction [Line Items]
Related Party Payables	(300)			(400)
Additional paid-in-capital \| Equity Method Investee
Related Party Transaction [Line Items]
Shareholders' Equity	$ (1,200)			$ 0

Goodwill, net (Tables)

9 Months Ended

Sep. 30, 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 for the period from January 3, 2023 to September 30, 2023 and for the nine-month period ended September 30, 2022.


(Dollars in Thousands)	Asset Management As of September 30, 2023 (Successor)		Wealth Management As of September 30, 2023 (Successor)		As of December 31, 2022 (Predecessor)

Beginning Balance
Gross goodwill	$	263,429	$	297,759	$	22,185

Net goodwill:	$	263,429	$	297,759	$	22,185

Goodwill acquired during the period	$	—	$	11,356	$	3,279
Impairment charges	(153,589)		—		—
Measurement period adjustments	(1,178)		(376)		—
Currency translation and other adjustments	(8,482)		513		—
	$	(163,249)	$	11,493	$	3,279
Ending Balance
Gross goodwill	$	100,180	$	309,252	$	25,464

Net goodwill	$	100,180	$	309,252	$	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/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

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

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

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

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

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

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

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

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

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

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

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

+ Details

Commitments and Contingencies - Narrative (Details) $ / shares in Units, $ in Thousands	Aug. 02, 2023 USD ($)	Sep. 30, 2023 USD ($)	Aug. 31, 2023 $ / shares	Jun. 30, 2023	Jan. 03, 2023	Dec. 31, 2022 USD ($)
Other Commitments [Line Items]
TRA liability		$ 18,042				$ 0
Conversion ratio		1
Earn-out liability, at fair value		$ 45,549				$ 0
Alvarium Investment Managers (Suisse) SA (“AIMS”)
Other Commitments [Line Items]
Earn-out liability, at fair value		$ 2,700
Voting interest acquired (in percent)	70.00%
Equity interest (in percent)				30.00%
Equity interest, including subsequent acquisition (in percent)	100.00%
Total purchase consideration transferred	$ 16,754
Class A Common Stock
Other Commitments [Line Items]
Conversion ratio			1		1
Share price (in dollars per share) \| $ / shares			$ 7.31

Goodwill, net

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill, net


(Dollars in Thousands)	Asset Management As of September 30, 2023 (Successor)		Wealth Management As of September 30, 2023 (Successor)		As of December 31, 2022 (Predecessor)

Beginning Balance
Gross goodwill	$	263,429	$	297,759	$	22,185

Net goodwill:	$	263,429	$	297,759	$	22,185

Goodwill acquired during the period	$	—	$	11,356	$	3,279
Impairment charges	(153,589)		—		—
Measurement period adjustments	(1,178)		(376)		—
Currency translation and other adjustments	(8,482)		513		—
	$	(163,249)	$	11,493	$	3,279
Ending Balance
Gross goodwill	$	100,180	$	309,252	$	25,464

Net goodwill	$	100,180	$	309,252	$	25,464

During the period from July 1, 2023 to September 30, 2023, the Company made certain measurement period adjustments to the preliminary purchase price allocation, which resulted in a decrease to goodwill of $1.5 million. See Note 3 (Business Combinations and Divestiture).

Further, the Company evaluated as of September 30, 2023 whether circumstances existed, indicating that the fair value of its reporting units may have declined to an amount lower than the carrying value of goodwill recorded on its consolidated balance sheet as of that date. The Company considered a variety of factors, including the impact of prevailing market conditions, persistently high interest rates and uncertainties caused by inflation and certain world events as well as the recent actions taken by the Company to restructure and reposition certain of the businesses within its reporting units. Based on the evaluation of these factors, the Company concluded that triggering events had occurred during the period that required the Company to assess whether the goodwill allocated to its Asset Management segment was impaired. Accordingly, the Company performed a goodwill impairment test, which compared the estimated fair value of the Asset Management reporting unit to its carrying value. The Company utilized the discounted cash flow method under the income approach and the Guideline Public Company Method (“GPCM”) under the market approach, in equal weightings, in determining a fair value for the reporting unit. The results of the impairment test performed at September 30, 2023 indicated that the carrying value of the Asset Management reporting unit exceeded its estimated fair value by $153.6 million. Consequently, the Company recognized a goodwill impairment charge for this amount in the Condensed Consolidated Statement of Operations for the period ended September 30, 2023.

The assumptions used in the discounted cash flow analyses require significant judgment, including judgment about appropriate growth rates and the amount and timing of expected future cash flows. The Company’s forecasted cash flows were based on its current assessment of the markets and on assumed growth rates expected as of the measurement date. The key assumptions used in the cash flows were revenue growth rates, operating expenses, gross margins, and discount rates that appropriately reflect the risks inherent in the cash flow streams. Under the GPCM approach, the significant assumptions include the consideration of stock price and financial metrics from guideline companies.

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

Lease - Future Minimum Lease Payments (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Future Minimum Rental Operating Leases
Rest of 2023	$ 1,827
2024	8,243
2025	7,486
2026	5,197
2027	3,582
2028 and beyond	6,687
Total lease payments	33,022
Less: Imputed interest	3,462
Present value of lease liabilities	$ 29,560

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating cash flow information:
Operating cash flow from operating leases	$ 5,279	$ 2,192
Non-cash activity:
Right-of-use assets obtained in exchange for lease obligations	$ 2,416	$ 0

Segment Reporting

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Segment Reporting

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

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

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

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

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


	For the Period
(Dollars in Thousands)	July 1, 2023 – September 30, 2023 (Successor)						July 1, 2022 – September 30, 2022 (Predecessor)
Net Income by Segment	Asset Management Segment		Wealth Management Segment		Total		Tiedemann Wealth Management Holdings, LLC
Revenue:
Management/advisory fees	$	10,607	$	34,455	$	45,062	$	18,583
Incentive fees	885		—		885		—
Distributions from investments	2,596		—		2,596		—
Other income/fees	656		45		701		—
Total income	$	14,744	$	34,500	$	49,244	$	18,583
Operating Expenses:
Compensation and employee benefits	12,206		26,379		38,585		12,048
Systems, technology, and telephone	1,246		2,566		3,812		1,719
Sales, distribution, and marketing	296		362		658		241
Occupancy costs	1,008		2,215		3,223		1,295
Professional fees	7,321		7,077		14,398		2,397
Travel and entertainment	383		699		1,082		297
Depreciation and amortization	1,471		2,205		3,676		583
General, administrative, and other	3,397		4,058		7,455		381
Total operating expenses	$	27,328	$	45,561	$	72,889	$	18,961
Operating loss	(12,584)		(11,061)		(23,645)		(378)
Other income (expenses):
Impairment loss on goodwill and intangible assets	(153,589)		—		(153,589)		—
Loss on investments	(3,706)		1,747		(1,959)		(45)
Gain on TRA	381		380		761		—

Gain on earn-out liability	4,667		4,668		9,335		—
Interest expense	(2,819)		(849)		(3,668)		(131)
Other expenses	—		(91)		(91)		(60)
Loss before taxes	(167,650)		(5,206)		(172,856)		(614)
Income tax (expenses) benefit	1,136		646		1,782		(82)
Net loss	$	(166,514)	$	(4,560)	$	(171,074)	$	(696)


	For the 9 Month Period Ended
(Dollars in Thousands)	January 3, 2023 – September 30, 2023 (Successor)						January 1, 2022 – September 30, 2022 (Predecessor)
Net Income by Segment	Asset Management Segment		Wealth Management Segment		Total		Tiedemann Wealth Management Holdings, LLC
Revenue:
Management/advisory fees	$	39,131	$	99,841	$	138,972	$	57,445
Incentive fees	1,931		—		1,931		—
Distributions from investments	14,829		—		14,829		—
Other income/fees	3,285		155		3,440		—
Total income	$	59,176	$	99,996	$	159,172	$	57,445
Operating Expenses:
Compensation and employee benefits	51,774		82,619		134,393		37,468
Systems, technology, and telephone	3,828		7,923		11,751		4,577
Sales, distribution, and marketing	759		993		1,752		678
Occupancy costs	3,188		6,567		9,755		3,399
Professional fees	26,931		25,810		52,741		5,480
Travel and entertainment	1,883		2,451		4,334		1,134
Depreciation and amortization	5,728		6,120		11,848		1,790
General, administrative, and other	5,862		5,564		11,426		1,044
Total operating expenses	$	99,953	$	138,047	$	238,000	$	55,570
Operating income (loss)	(40,777)		(38,051)		(78,828)		1,875
Other income (expenses):
Impairment loss on goodwill and intangible assets	(182,982)		—		(182,982)		—
Gain (loss) on investments	(5,018)		1,355		(3,663)		(20)
Loss on TRA	(665)		(666)		(1,331)		—
Loss on warrant liability	(6,433)		(6,433)		(12,866)		—
Gain on earn-out liability	23,106		23,106		46,212		—
Interest expense	(6,206)		(4,094)		(10,300)		(310)
Other expenses	(366)		(372)		(738)		(58)
Income (loss) before taxes	(219,341)		(25,155)		(244,496)		1,487
Income tax (expenses) benefit	6,534		6,044		12,578		(385)
Net income (loss)	$	(212,807)	$	(19,111)	$	(231,918)	$	1,102


(Dollars in Thousands)	As of
Assets by segment	September 30, 2023 (Successor)		December 31, 2022 (Predecessor)
Asset management	$	655,516	$	—
Wealth management	$	578,264	$	91,989
Total assets	$	1,233,780	$	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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Retirement Plans (Tables)

9 Months Ended

Sep. 30, 2023

Postemployment Benefits [Abstract]

Schedule of Costs of Retirement Plans


(Dollars in Thousands)
	For the Period				For the Period
	July 1, 2023 – September 30, 2023 (Successor)		July 1, 2022 – September 30, 2022 (Predecessor)		January 3, 2023 – September 30, 2023 (Successor)		January 1, 2022 – September 30, 2022 (Predecessor)
Plan Contributions	$	752	$	203	$	2,424	$	571

Business Combinations and Divestitures - Assets Acquired And Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Aug. 02, 2023	Apr. 06, 2023	Jan. 03, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Goodwill	$ 409,432				$ 25,464	$ 22,185
Wealth management
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Goodwill	309,252				297,759
Asset management
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Goodwill	$ 100,180				$ 263,429
Alvarium, TWMH And TIG
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Cash and cash equivalents				$ 24,023
Investments at fair value				148,674
Equity method investments				42,307
Property, plant and equipment				3,996
Intangible assets				520,161
Goodwill				543,956
Operating lease right-of-use assets				28,487
Other assets				47,251
Total Assets Acquired				1,401,349
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Accounts payable and accrued expenses				75,647
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				43,906
Other liabilities				15,149
Total Liabilities Assumed				329,473
Total Assets Acquired and Liabilities Assumed				1,071,876
Non-controlling interest in subsidiaries				(760)
Total Assets Acquired and Liabilities Assumed, Less Noncontrolling Interest				1,071,116
Alvarium, TWMH And TIG \| Wealth management
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Goodwill				293,700
Alvarium, TWMH And TIG \| Asset management
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Goodwill				250,200
Alvarium, TWMH And TIG \| Management/Advisory fees
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Contract with customer, receivable				$ 42,494
AL Wealth Partners Pte. Ltd. (“AL Wealth Partners”)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Cash and cash equivalents			$ 1,092
Property, plant and equipment			654
Intangible assets			12,300
Goodwill			987
Operating lease right-of-use assets			1,048
Other assets			484
Total Assets Acquired			18,517
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Accounts payable and accrued expenses			358
Operating lease liabilities			1,048
Other liabilities			1,581
Total Liabilities Assumed			2,987
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net			15,530
AL Wealth Partners Pte. Ltd. (“AL Wealth Partners”) \| Management/Advisory fees
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Contract with customer, receivable			$ 1,952
Alvarium Investment Managers (Suisse) SA (“AIMS”)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Cash and cash equivalents		$ 1,401
Contract with customer, receivable		1,057
Equity method investments		57
Intangible assets		9,679
Goodwill		14,299
Operating lease right-of-use assets		298
Other assets		323
Total Assets Acquired		27,114
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Accounts payable and accrued expenses		784
Operating lease liabilities		298
Other liabilities		2,097
Total Liabilities Assumed		3,179
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net		$ 23,935

Investments at Fair Value - Cost and Fair Value of Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Schedule of Held-to-Maturity Securities [Line Items]
Cost	$ 162,996	$ 188
Fair Value	164,660	145
Mutual funds
Schedule of Held-to-Maturity Securities [Line Items]
Cost	75	73
Fair Value	51	44
Exchange-traded funds
Schedule of Held-to-Maturity Securities [Line Items]
Cost	119	115
Fair Value	111	101
TIG Arbitrage Associates Master Fund
Schedule of Held-to-Maturity Securities [Line Items]
Cost	214	0
Fair Value	223	0
TIG Arbitrage Enhanced Master Fund
Schedule of Held-to-Maturity Securities [Line Items]
Cost	297	0
Fair Value	311	0
TIG Arbitrage Enhanced
Schedule of Held-to-Maturity Securities [Line Items]
Cost	682	0
Fair Value	725	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	20,062	0
Fair Value	24,081	0
Zebedee Asset Management
Schedule of Held-to-Maturity Securities [Line Items]
Cost	68,913	0
Fair Value	68,309	0
Romspen Investment Corporation
Schedule of Held-to-Maturity Securities [Line Items]
Cost	72,523	0
Fair Value	$ 70,735	$ 0

Condensed Consolidated Statement of Changes in Shareholders’ Equity (Unaudited) - USD ($)	Total	Alvarium Home REIT Advisors Ltd ("AHRA")	Additional paid-in-capital	Additional paid-in-capital Alvarium Home REIT Advisors Ltd ("AHRA")	Retained earnings (accumulated deficit)	Accumulated other comprehensive income	Non-controlling interest in subsidiaries	Non-controlling interest in subsidiaries Alvarium Home REIT Advisors Ltd ("AHRA")	Total Members' Capital	Class A Common Stock	Class A Common Stock Common Stock	Class B Common Stock	Class B Common Stock Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 1,102,000						$ (87,000)		$ 1,189,000				$ 1,189,000
Other comprehensive income (loss) for the period	0
Beginning balance at Dec. 31, 2021	40,021,000					$ 0	433,000		39,588,000		$ 6,000		39,582,000
Increase (Decrease) in Partners' Capital [Roll Forward]
Member capital distributions	(6,300,000)								(6,300,000)		(1,000)		(6,299,000)
Member tax distributions	(6,344,000)								(6,344,000)		(1,000)		(6,343,000)
Reallocation of book capital as a result of member transactions	1,774,000								1,774,000				1,774,000
Net income (loss) for the period	1,102,000						(87,000)		1,189,000				1,189,000
Other comprehensive income (loss) for the period	(1,481,000)					(1,481,000)
Ending balance at Sep. 30, 2022	28,772,000					(1,481,000)	346,000		29,907,000		4,000		29,903,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(696,000)						(22,000)		(674,000)				(674,000)
Other comprehensive income (loss) for the period	0
Beginning balance at Jun. 30, 2022	32,611,000					(962,000)	368,000		33,205,000		4,000		33,201,000
Increase (Decrease) in Partners' Capital [Roll Forward]
Member capital distributions	(2,000,000)								(2,000,000)		0		(2,000,000)
Member tax distributions	(1,215,000)								(1,215,000)				(1,215,000)
Reallocation of book capital as a result of member transactions	591,000								591,000				591,000
Net income (loss) for the period	(696,000)						(22,000)		(674,000)				(674,000)
Other comprehensive income (loss) for the period	(519,000)					(519,000)
Ending balance at Sep. 30, 2022	28,772,000					(1,481,000)	346,000		$ 29,907,000		$ 4,000		$ 29,903,000
Beginning balance (in shares) at Jan. 02, 2023											55,388,023		55,032,961
Beginning balance at Jan. 02, 2023	1,013,653,000		$ 434,620,000		$ (27,946,000)	0	606,973,000				$ 6,000		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares to Alvarium Employee Benefit Trust (in shares)											2,100,000
Issuance of shares to Alvarium Employee Benefit Trust	21,000,000		21,000,000
Net income (loss)	(231,918,000)				(114,019,000)		(117,899,000)
Currency translation adjustment	7,873,000					4,323,000	3,550,000
Cancellation of AHRA call option		$ 154,000						$ 154,000
Other comprehensive income (loss) for the period	(610,000)					(335,000)	(275,000)
Payment for partner’s tax	(998,000)		(998,000)
Share based compensation	5,095,000		5,095,000
Issuance of shares for business combination	1,377,000		1,377,000
TRA Exchange	655,000		655,000
Conversion of Class B shares (in shares)											1,813,248		(1,813,248)
AHRA deconsolidation		$ 0		$ 28,768,000				$ (28,768,000)
Issuance of shares - exercise of warrants (in shares)											5,469,637
Issuance of shares - exercise of warrants	29,479,000		29,479,000
Ending balance (in shares) at Sep. 30, 2023										64,770,908	64,770,908	53,219,713	53,219,713
Ending balance at Sep. 30, 2023	845,760,000		519,996,000		(141,965,000)	3,988,000	463,735,000				$ 6,000		$ 0
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss) for the period	(231,918,000)				(114,019,000)		(117,899,000)
Beginning balance (in shares) at Jun. 30, 2023											62,957,671		55,032,961
Beginning balance at Jun. 30, 2023	1,021,801,000		515,000,000		(53,244,000)	9,182,000	550,857,000				$ 6,000		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(171,074,000)				(88,721,000)		(82,353,000)
Currency translation adjustment	(10,035,000)					(5,223,000)	(4,812,000)
Other comprehensive income (loss) for the period	72,000					29,000	43,000
Share based compensation	2,964,000		2,964,000
Issuance of shares for business combination	1,377,000		1,377,000
TRA Exchange	655,000		655,000
Conversion of Class B shares (in shares)											1,813,248		(1,813,248)
Issuance of shares - exercise of warrants (in shares)											(11)
Ending balance (in shares) at Sep. 30, 2023										64,770,908	64,770,908	53,219,713	53,219,713
Ending balance at Sep. 30, 2023	845,760,000		$ 519,996,000		(141,965,000)	$ 3,988,000	463,735,000				$ 6,000		$ 0
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss) for the period	$ (171,074,000)				$ (88,721,000)		$ (82,353,000)

Intangible Assets, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 3.2	$ 0.5	$ 10.8	$ 1.4