AlTi Global, Inc.

At this time, I would like to welcome everyone to ALTI's second quarter 2026 earnings conference call. I would like to advise all parties that this conference 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 Jeff Shainborn with ALTI Investor Relations. Please go ahead.

Good afternoon and welcome to ALTI Global's second quarter 2026 earnings conference call. On today's call, we will hear prepared remarks from Nancy Curtin, Interim Chief Executive Officer and Global Chief Investment Officer, as well as Pat Keenan's Chief Financial Officer. They will be joined by Kevin Moran, our President and Chief Operating Officer, for the Q&A session. Before we begin, I would like to remind everyone that certain statements made during the 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 can be identified by the use of words such as anticipate, believe, continue, estimate, expect, future, intend, may, planned, and will, or similar terms. Because these forward-looking statements involve both known and unknown risks and uncertainties, There are important factors that could cause actual results to differ materially from those expressed or implied by these statements. For discussion of the risks and uncertainties that could cause actual results to differ, please refer to ALTI's filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q. ALTI assumes no obligation or responsibility to update any forward-looking statements. During this call, some comments may include references to non-GAAP financial measures. Full reconciliations can be found in our earnings presentation and our related SEC filings. With that, I'd like to turn the call over to Nancy Kirksey.

Thank you, Jeff, and good afternoon, everyone. I want to begin with what we believe is one of the most important aspects of the ALTI story, the strength, rarity, and long-term relevance of our franchise. Globally, the creation of private wealth continues to be supported by powerful secular tailwinds. Wealth creation is expanding not only in the United States, but increasingly across Europe, Asia, the Middle East and other markets. At the same time, the needs of ultra-high net worth families are becoming more complex, more global and more interconnected. Our focus remains squarely on serving ultra-high net worth families, family offices, and institutions. The number of independent firms capable of advising families with hundreds of millions or indeed billions of dollars of assets across geographies, generations, and asset classes is remarkably small. We believe this scarcity value creates substantial long-term Thank you. Thank you. Recent research we conducted among family offices globally reinforces what we hear from our clients daily. Nearly half of respondents said they have begun to formally define the purpose of wealth and the role it should play across generations. Yet many have not fully engaged the next generation in those discussions. We view this as a powerful validation of the work we do to help families navigate governance, Succession planning, stewardship, education, and long-term legacy objectives alongside our sophisticated investment management, planning, and wealth advice expertise. Increasingly, our role is helping to prepare future generations for the responsibilities that come with wealth. We believe that distinction is becoming more important to families around the world and represents a significant opportunity for Alty to create meaningful long-term value for clients and shareholders. As we look ahead, our strategic priorities remain clear. First is organic growth. We believe strong net organic growth is the clearest indication of the health of a wealth management business. Our focus is on attracting new clients Deepening existing relationships, expanding advisor capacity, and continuing to earn referrals through exceptional service and client outcomes. Second, we continue to invest in our core wealth management franchise. We remain focused on expanding advisor capacity in key markets, densifying offices where we already have scale, and selectively adding talent and teams A recent example is our continued investment in Miami, which has emerged as one of the fastest-growing wealth hubs in the United States, benefiting from both domestic migration and increasing international wealth flows. In the second quarter, we announced that César Pachon joined Alti to lead our Miami office, bringing decades of ultra-high net worth client experience, Enhancing our strength in serving globally connected families and family offices. Internationally, we remain disciplined in allocating resources to markets that demonstrate strong growth potential and attractive long-term economics. Our global footprint is intentional, reflecting where internationally mobile families increasingly live, invest, and conduct businesses. In addition, Investments in our already substantial private endowments business continued, with the recent addition of Mike Cagnina, who brings decades of experience to Alti, including many years at SCI's global institutional group, where he co-founded its endowment and foundations practice. A third strategic priority remains our laser focus on improving profitability and operating efficiency. We've undertaken a comprehensive effort to streamline the organization, simplify operations, reduce complexity, and improve scalability. We are in the early stages of seeing the benefits and we believe the organization is becoming leaner and better positioned for long-term growth. While reported numbers do not yet fully reflect that progress, our underlying expense trajectory is improving. These efforts are aimed at better aligning the business with its core strengths and ensuring our financial results more accurately reflect Alty's long-term earnings power. Turning to our second quarter financial results, assets under management grew to $51 billion. For the wealth management business, AUM growth reflected gross client inflows of nearly $800 million in the second quarter of 2026, while net flows totaled about $700 million. Market appreciation also had a positive impact on AUM, supported by staying the course in more difficult markets and our positioning in technology, energy, and power infrastructure, all benefiting from longer-term secular demand tailwinds. AUM growth was achieved even as we maintain a significant portion of the portfolio in alternatives which do not price a quarter end. Our external strategic managers run with low net market exposure, so they tend to have a more muted performance when markets move higher in short bursts, but continue to provide both diversification and downside protection. During the second quarter, one of these three external managers, the Asian Credit and Special Situations Strategy, experienced an extraordinary circumstance. Its founder and chief investment officer experienced a sudden and serious health event. Our thoughts are with him, as well as his family and colleagues, and he has our very best wishes for a full recovery. Following this event, this external manager and his board made the unexpected decision to unwind the fund within a 12-month time horizon. As a result, for the second quarter, we recorded an unrealized investment loss on our stake in the strategy. This was an extraordinary event, unrelated to investment performance, and importantly, our stakes in the two other external strategic managers are performing solidly as expected. Turning to the top line, ALTI generated $58 million in total revenue, representing 11% growth compared to the same period of last year. Recurring management and advisory fees totaled $54 million, up 11% year over year, and continue to represent the majority of our revenue base, reflecting the stability and recurring nature of our business model. We're also pleased to report that adjusted EBITDA for the second quarter of 2026 was over $5 million, up 9% compared to the prior year quarter, largely driven by the revenue increase along with early improvements in our operating expenses, which we expect to accelerate in 2027 as cost controls and vendor rationalization take hold. Finally, with respect to the ongoing strategic review process, the committee continues its work. As of today, there's nothing further to report. We will provide updates as appropriate. Now with that, I'll turn the call over to our CFO, Pat Keenan, to walk through the financials in more detail. Pat.