AlTi Global, Inc.

Good afternoon. My name is Irene and I will be your conference operator for today. At this time, I would like to welcome everyone to ALTI's third quarter 2025 earnings conference call. During the call, your lines will remain in the listen-only mode. After the speaker's remarks, there will be a question and answer session. I would like to advise all parties that this conference call is being recorded and a replay of the webcast is available on ALTI's investor relations website. Now, At this time, I will turn things over to Lily Ortega, Head of Investor Relations for Alty. Please go ahead.

Good afternoon to everyone on the call today. Joining me are Michael Tiedemann, our CEO, and Mike Harrington, our CFO. We invite you to visit the Investor Relations section of our website to view our earnings materials, including today's presentation. I would like to remind everyone that certain statements made during this call may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, comments made during the prepared remarks and in response to questions. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied. For a discussion of these risks and uncertainties, please refer to ALTI's file links with the SEC, including our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q. ALTI assumes no obligation to update any forward-looking statements. During this call, we may refer to non-GAAP financial measures. Reconciliations to the most comparable GAAP measures can be found in our earnings materials and related file links. Lastly, please note that the recast financial results referenced in the presentation for the second quarter of 2025 reflect preliminary unaudited statements with respect to such results based solely on currently available information, which is subject to change. With that, I'll turn the call over to Michael.

Thank you, Lily, and good afternoon, everyone. The third quarter reflects continued execution of the strategy that we have laid out, focusing the firm on our core wealth management business simplifying the organization, and reducing structural costs so that earnings scale directly with revenue. As previously disclosed, we placed our international real estate business in administration this quarter. The business has been a drag on margins, as discussed in prior calls. The charges associated with placing it in administration will be our final restructuring charges related to it, and the business will no longer take management attention going forward. This results in cleaner financials and bottom line improvements as we move ahead. We also moved to a single reporting segment, which provides cleaner transparency into performance and supports a more direct evaluation of operating leverage. We continue to operate from a position of strength. Our platform is global, integrated, purpose-built to serve the complex needs of also high net worth families, foundations, and endowments. By combining institutional investment capabilities, deep access to alternatives and impacts, and the infrastructure of a multifamily office, we deliver seamless solutions to teams across nine countries and 19 cities. Our business remains anchored in long-duration advisory and OCIO relationships with ultra-high net worth families. Since 2021, having approximately 96% with client retention, with an average tenor of 10 years and an average AUM per client above $50 million. These longstanding relationships are built on a foundation of trust, and their wealth compounds over time through market cycles with diversified exposures to both public and private markets. A core differentiator is our ability to deliver independent advice at scale, particularly in private markets. We leverage our platform to negotiate preferred access and pricing with leading managers, A perfect example of this is our partnership allocating capital alongside our larger shareholder Allianz within the private credit space. This joint venture continues to grow, outperform, and accrue to the benefit of our client base. Consolidated revenue for the quarter was $57 million, with approximately 95% generated by recurring management fees, and adjusted EBITDA was $6 million. Our results this quarter also include a non-cash valuation adjustment related to our interest in the arbitrage strategy. This adjustment is accounting-driven, reflecting valuation at a single point in time during a period of lower AUM. Despite this valuation adjustment, the strategy is performing well, up 7.5% through September, driven by an improved regulatory environment and strong market backdrop. At ALTI, our cost base is structurally lower and continues to decline as the efforts of our zero-based budget program come into effect. Once completed near the end of 2026, these initiatives are expected to generate approximately $20 million in recurring annual gross savings across non-compensation categories. This disciplined approach to cost complements the robust organic growth we're seeing across our wealth business. Internationally, we added more than $600 million in assets in the quarter alone, including a $240 million mandate secured through collaboration between our Miami and Singapore offices and a $130 million mandate driven by our impact investing team in Zurich working with specialists from Contour in Germany. Year-to-date, the international growth has been substantial, with over $1.2 billion added from both new clients and expanded relationships with existing ones. In the U.S., growth continues to accelerate as we strengthen relationships with large, sophisticated families and broaden our presence in priority markets. Through September, we secured nearly $1.1 billion in new and expanded mandates, reflecting strong demand for our capabilities. Our pipeline remains exceptionally robust, featuring significant OCIO opportunities, And while onboarding timelines vary, our consistent execution and proven expertise give us confidence in converting these prospects into enduring client partnerships. Building on this progress, we are sharpening our growth focus through four distinct segments. Women who manage wealth, family offices, endowments and foundations, and established wealth. By tailoring our investment and service strategies to these segments, we aim to foster stronger internal alignment and create clear differentiation in the marketplace. Early indicators are positive, collaboration is accelerating, and after a brief slowdown last year, our prospect win rate is returning to normal levels. In parallel, we have built and continue to invest in operational centers of excellence. Lisbon for international operations, and Delaware for U.S. operations. These hubs were selected for strategic positioning and cost effectiveness, enabling us to create meaningful operating leverage as we scale. We are also refining our pricing models with a particular focus on international wealth management. These enhancements will drive greater consistency across our global platform, align pricing with the complexity and value of services we deliver, and strengthen operating margins, all while ensuring fair and transparent experience for clients. Alongside these efforts, we're positioned to fully realize the benefits of substantial investments made over the past few years. These projects have strengthened our platform through a unified global tech infrastructure, consolidated investment capabilities, service, and more robust finance function, leveraging best-in-class systems. Taken together, these strengths, combined with our singular focus on serving global ultra-high net worth segment, positions Altie as a truly differentiated firm with a scalable control environment that is uncommon in our industry. While these investments have weighed on our short-term profitability, they were made with a clear long-term vision, creating a solid foundation for growth. To summarize, the restructuring of the international real estate business is complete. The cost base is structurally lower and continuing to decline, and the platform is simplified and scalable. As new mandates and assets move into billing, revenue growth will convert into margin expansion. With the firm now squarely focused on organic and strategic growth within our core segment, we expect results to reflect this clearly as we move forward. With that, I'll turn it over to Mike Harrington to walk through the results for the quarter.