Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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

	For the Three and Nine Months Ended
	September 30, 2025		September 30, 2024
	Basic	Diluted	Basic	Diluted
Class A Common Stock	Included	Included	Included	Included
Class B Common Stock (1)	Excluded	If-converted method	Excluded	If-converted method
Series A Preferred Stock (2)	Two-class method	More dilutive of two-class method or if-converted method	Two-class method	More dilutive of two-class method or if-converted method
Series C Preferred Stock (3)	Two-class method	More dilutive of two-class method or if-converted method	Two-class method	More dilutive of two-class method or if-converted method
Allianz Tranche Right (4)	Excluded	More dilutive of two-class method or if-converted method	Excluded	If-converted method
Allianz Warrants(5)	Excluded	Treasury stock method	Excluded	Treasury stock method
Constellation Warrants(5)	Excluded	Treasury stock method	Excluded	Treasury stock method
Earn-Out Shares(6)	Excluded	Treasury stock method	Excluded	Excluded
PW Deferred Consideration Shares(7)	Included	Included	Included	Included
Acquisition-Related Awards(8)	Excluded	Treasury stock method	Excluded	Treasury stock method
Unvested RSUs	Excluded	Treasury stock method	Excluded	Treasury stock method
Unvested PRSUs (9)	Excluded	Treasury stock method	Excluded	Treasury stock method

(1) The if-converted method for instruments related to the Company’s Business Combination and Envoi earn-out liability includes adding back to the numerator any related income or loss allocations to noncontrolling interest, as well as any incremental tax expense had the instruments converted into shares of Class A Common Stock as of the beginning of the period. For the nine months ended September 30, 2025 and September 30, 2024, 1,950,315 and 7,080,837, respectively, of Class B shares were converted into Class A Common Stock.

(2) On July 31, 2024, the Company issued shares of Series A Preferred Stock and warrants for shares of Class A Common Stock. The Series A Preferred Stock is entitled to participate in dividends declared on common stock on an as-converted basis. This participation right requires application of the two-class method to calculate basic earnings per share. The two-class method requires income available to common stockholders for the period to be allocated between all participating instruments based upon their respective rights to receive dividends as if all income for the period had been distributed. Basic earnings per share is calculated using the proportion of net income available to be distributed to the common shareholders. Dilutive earnings per share is calculated using the more dilutive of the two-class method or the if-converted method. For the three and nine months ended September 30, 2025, the shares of Series A Preferred Stock were excluded from the Company’s diluted earnings per share calculation as the effects were determined to be anti-dilutive due to the Company’s net loss from continuing operations.

(3) During the first quarter ended March 31, 2024, the Company issued shares of Series C Preferred Stock and warrants for shares of Class A Common Stock. The Series C Preferred Stock is entitled to participate in dividends declared on common stock on an as-converted basis. This participation right requires application of the two-class method to calculate basic earnings per share. The two-class method requires income available to common stockholders for the period to be allocated between all participating instruments based upon their respective rights to receive dividends as if all income for the period had been distributed. Basic earnings per share is calculated using the proportion of net income available to be distributed to the common shareholders. Dilutive earnings per share is calculated using the more dilutive of the two-class method or the if-converted method. For the three and nine months ended

September 30, 2025 and September 30, 2024, the shares of Series C Preferred Stock were excluded from the Company’s diluted earnings per share calculation as the effects were determined to be anti-dilutive.

(4) The Allianz Tranche Right was issued as part of the Allianz Transaction, which grants Allianz the right, but not the obligation, to purchase up to 50,000 additional shares of Series A Preferred Stock at an aggregate purchase price of up to $50 million. Any additional shares of Series A Preferred Stock issued to Allianz will abide under the same conditions and terms as under the Investment as described in Note 1 (Description of the Business). The Allianz Tranche Right is classified as a contingently convertible instrument and will be included in our diluted earnings per share if the right has been exercised within the reporting period. For the three and nine months ended September 30, 2025, an additional 18,471 shares under the Allianz Tranche Right had been issued; however, these shares were excluded from the Company’s diluted earnings per share calculation as the effects were determined to be anti-dilutive.

(5) As mentioned in footnotes 2 and 3 above, the Company issued shares of Series A and C Preferred Stock in addition to warrants for Class A Shares to Allianz and Constellation. The warrants do not participate in dividends declared on common stock and are excluded from the calculation of basic earnings per share. Since the warrants are classified as a component of equity and can be exercised in exchange for Class A Shares, application of the treasury stock method for calculation of diluted earnings per share is applied. For the three and nine months ended September 30, 2025, the warrants were excluded from the Company’s diluted earnings per share calculation as the effects were determined to be anti-dilutive.

(6) Earn-Out Shares are the portion of estimated contingent consideration related to our Business Combination, EEA earn-out liability, and Envoi growth-consideration liability that could be paid out in Class A Common Stock. Earn-Out Shares are excluded from the calculation of basic earnings per share if it’s determined that the contingency period has not been completed as of the current reporting period. As of September 30, 2025, 618,453 shares of Class A Common Stock were issued as part of the EEA earn-out liability and included in the Company’s basic earnings per share calculation.

The treasury stock method is applied for calculating diluted earnings per share since our Earn-Outs are classified as liabilities and remeasured at fair value each period and includes reversing the income statement effect of the fair value remeasurement for the period. See Note 4 (Business Combinations and Divestitures) for additional information related to our Earn-Outs. For the three and nine months ended September 30, 2025 and September 30, 2024, the Earn-Out Shares were excluded from the Company’s diluted earnings per share calculation as the effects were determined to be anti-dilutive.

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

(8) Acquisition-Related Awards include the Holbein Earn-Ins, EEA Equity Awards, Envoi Equity Awards, and Kontora Earn-Ins. Certain compensatory awards related to the PW acquisition (the “PW Equity Awards”) were reclassified to be paid out fully in cash rather than equity as of September 30, 2025. As such, the PW Equity Awards are excluded from the Company’s earnings (loss) per share calculations.

For the nine months ended September 30, 2025, 1,686,763 and 436,816 shares of Class A Common Stock were issued as part of the Holbein and EEA Earn-Ins, respectively, and included in the Company’s basic earnings per share for the reporting period. Service periods related to the Holbein Earn-Ins and EEA Equity Awards had not been completed as of the three and nine months ended September 30, 2024 and therefore such shares were excluded from the calculation of basic earnings (loss) per share.

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 three and nine months ended September 30, 2025 and September 30, 2024 for the Acquisition-Related Awards. For the three and nine months ended September 30, 2025, the EEA Equity Awards and Envoi Equity Awards were excluded from the Company’s diluted earnings per share calculation as the effects were determined to be anti-dilutive. Refer to Note 6 (Equity-Based Compensation) for additional details for the Acquisition-Related Awards.

(9) During the second quarters ended June 30, 2024 and June 30, 2025, the Company granted PRSUs to selected members of AlTi’s executive team. Vesting of the PRSUs is based on meeting certain market conditions and the requisite service period. Unvested PRSUs would be excluded from Basic EPS calculation, but once vested, they would be included in the Basic EPS calculation. The PRSUs would be included in the computation of diluted EPS using the treasury stock method. Assumed proceeds under the treasury stock method consist of unamortized compensation cost. If dilutive, the unvested restricted stock would be considered outstanding as of the later of the beginning of the period or the grant date for diluted EPS computation purposes. If anti-dilutive, it should be excluded from the diluted EPS computation. For the three and nine months ended September 30, 2025, the PRSUs were excluded from the Company’s diluted earnings per share calculation as the effects were determined to be anti-dilutive. See discussion of PRSUs in Note 6 (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 based on income attributable to common shareholders:

	For the Three Months Ended				For the Nine Months Ended
(Dollars in Thousands, except share data)	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Net income (loss) from continuing operations attributable to controlling interest - basic and diluted	$	(70,541)	$	(10,913)	$	(96,401)	$	(2,651)
Net income (loss) from continuing operations available to the Company - diluted	$	(70,541)	$	(10,913)	$	(96,401)	$	(2,651)
Weighted-average shares of Class A Common Stock outstanding - basic	102,091,550		86,399,551		98,990,021		74,993,835
Weighted-average shares of Class A Common Stock outstanding - diluted	102,091,550		86,399,551		98,990,021		74,993,835
Income (loss) from continuing operations per Class A Common Stock - basic:	$	(0.69)	$	(0.13)	$	(0.97)	$	(0.04)
Income (loss) from continuing operations per Class A Common Stock - diluted	$	(0.69)	$	(0.13)	$	(0.97)	$	(0.04)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table presents securities that would have been considered in the calculation of diluted earnings per share if the company had reported net income attributable to common shareholders. As income attributable to common shareholders is in a net loss position, these securities were not evaluated for potential dilution:

	For the Three Months Ended		For the Nine Months Ended
	September 30, 2025	September 30, 2024	September 30, 2025	September 30, 2024
Class B Common Stock and Class B Units	46,562,658	—	47,697,612	—
Allianz and Constellation Warrants	7,000,000	7,000,000	7,000,000	7,000,000
Preferred Stock	34,280,400	—	36,060,543	—
Earn-Outs	14,740,497	12,847,052	13,827,276	12,909,938
Acquisition-Related Awards	931,920	—	1,553,849	—
Stock Awards	2,848,400	3,098,308	2,014,136	2,887,249