Equity Method Investments

6 Months Ended

Jun. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

Equity Method Investments

As of June 30, 2024 and December 31, 2023, the Company had $7.5 million and $14.2 million, of equity method investments recorded within equity method investments on the Condensed Consolidated Statement of Financial Position and Consolidated Statement of Financial Position, respectively. In accordance with US GAAP, certain equity method investees do not account for both their financial assets and liabilities under fair value measures; therefore, the Company’s investment in such equity method investees may not represent fair value.

For the three months ended June 30, 2024 and June 30, 2023, the Company recognized $4.0 million and $— million, respectively, and for the six months ended June 30, 2024 and June 30, 2023, the Company recognized $4.0 million and $0.3 million, respectively, of impairment on its equity method investments within gain (loss) on investments in the Condensed Consolidated Statement of Operations. 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. The Company assesses for indicators of impairment every quarter utilizing a number of factors, including market conditions. For the three months ended June 30, 2024 and June 30, 2023, the Company recognized $28.2 thousand and $1.8 million, respectively, and for the six months ended June 30, 2024 and June 30, 2023, the Company recognized $68.3 thousand and $1.8 million, respectively, of impairment to these assets