AlTi Global, the New York-headquartered wealth and investment manager that began life as Cartesian Growth Corporation and became Tiedemann/Alvarium through a January 2023 business combination, reported on August 10, 2026 a second quarter in which the cleaner continuing-operations story finally took shape, even as one non-recurring mark-to-market loss obscured the underlying progress. Consolidated revenue of $58.0 million rose 11% year-over-year on $54.4 million in management and advisory fees, while total operating expenses fell 12% to $68.9 million, the cleanest expense print since the company was formed. The headline GAAP result, however, was a $30.8 million net loss from continuing operations because a single line item, a $19.8 million other-expense charge, was driven by the Asian Credit and Special Situations external manager's unexpected decision to unwind its fund inside a 12-month window, forcing an unrealized investment loss on AlTi's economic interest.
We see this as a clean quarter on the operating side and a noisy one on the accounting side. Management fees grew 11% on an 8% larger asset base under management, AUM reached $51.4 billion, and Adjusted EBITDA, a non-GAAP measure that excludes unrealized investment marks, transaction expenses, and restructuring costs, of $5.4 million was positive and 9% above the year-ago period. The single load-bearing risk remains the same one AlTi has been carrying for a full year: the credibility gap between the UHNW wealth franchise, which is a high-recurring-fee, low-headline-growth business by design, and the GAAP optics produced by a balance sheet that still carries more than $440 million of intangibles, a $30.3 million Tax Receivable Agreement liability, and $39.8 million of earn-out obligations tied to share-price milestones that the stock has not yet reached. The falsifiable clock is the third quarter of 2026 print, which tests whether the 12% YoY expense decline is sustained and whether the unrealized loss on the Asian Credit position is repeated, reversed, or monetized, alongside the November 2026 settlement payment on the now-administrated International Real Estate intercompany balance, the last balance-sheet reminder of the segment that was deconsolidated in July 2025.