The $21.4M unrealized loss from the forced unwind of the Asian Credit fund is an extraordinary, non-recurring item that will reverse in future quarters if the fund liquidates at par, but the EBITDA margin compression (9.3% vs guidance trajectory) and the large GAAP miss signal deteriorating core profitability. Watch for the Q3 filing to see if the credit fund loss crystallizes or recovers, and monitor whether management can restore the 20%+ EBITDA margins it showed in Q1. The debt increase to $12.3M and cash burn warrant close attention to liquidity.
Price Chart
Executive Summary
AlTi Global reported Q2 2026 revenue of $58M (+11% YoY) and a GAAP net loss of -$30.8M from continuing operations, primarily due to a -$21.4M unrealized loss on the Asian Credit and Special Situations fund being unwound. Management fees grew 11% YoY and 5% sequentially to $54.4M, and operating expenses fell 12% YoY to $69M. Adjusted EBITDA was $5.4M (+9% YoY) but the margin dropped to 9.3% from 20.4% last quarter. The GAAP net loss attributable to common was -$23.5M, or -$0.31 per diluted share, and the Street-convention EPS of approximately -$0.31 is a significant miss versus the $0.05 consensus, making this a strong_miss overall.
Key Financial Metrics
Key Facts
- Q2 2026 revenue $58.0M, +11% YoY from $52.4M, but -21% QoQ from $73.1M
- Management/advisory fees $54.4M, +11% YoY and +5% QoQ
- GAAP operating loss improved 58% YoY to -$10.9M from -$25.6M
- GAAP net loss from continuing ops -$30.8M vs -$26.1M YoY, a worsening loss
- Net loss attributable to AlTi Global -$23.5M vs -$24.4M YoY
- GAAP diluted EPS -$0.31 vs -$0.33 YoY, but consensus was $0.05 — a massive miss
- Other expense of -$19.8M driven by a -$21.4M unrealized loss on an Asian Credit fund being unwound
- Adjusted EBITDA $5.4M, +9% YoY from $5.0M, but -64% from $14.9M QoQ
- Adjusted EBITDA margin fell to 9.3% from 20.4% in Q1 2026 and 9.5% in Q2 2025
- AUM $51.4B, +8% YoY and +6% QoQ; AUA $96.0B, -1% YoY but +7% QoQ
- Cash & cash equivalents $31.2M, down from $41.2M at Dec 31, 2025
- Total debt $12.3M, up from $0.9M at Dec 31, 2025
Financial Impact
GAAP net loss of -$30.8M versus -$26.1M loss YoY, driven by a -$21.4M unrealized investment loss. Adjusted EBITDA fell 64% QoQ to $5.4M. Street EPS of -$0.31 was a strong miss vs $0.05 consensus.
Risk Factors
- Additional realized losses from the Asian Credit and Special Situations fund unwind
- Sustained low adjusted EBITDA margins (9.3%) after sequential 20.4% in Q1, suggesting cost structure may not be improving as hoped
- Cash burn: cash fell from $41.2M to $31.2M over 6 months with debt rising to $12.3M
- The 1-analyst consensus Street EPS of $0.05 was dramatically missed at -$0.31, creating negative sentiment risk
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-055192 |
| Document: alti-20260810.htm | 0001628280-26-055192 |
| Document: 0001628280-26-055192-index-headers.html | 0001628280-26-055192 |
| Document: 0001628280-26-055192-index.html | 0001628280-26-055192 |
| Document: 0001628280-26-055192.txt | 0001628280-26-055192 |
| 8-K Data (Synthetic) | 0001628280-26-055192 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 6d ago | 8-K | $2.67 | awaiting T+20 | — | $2.52 (−5.62%) |
Aug 10, 2026 11w ago | 8-K | $4.07 $3.24 | ▲ +20.39% | ▲ +19.33% | $2.52 (+38.08%) |
Jul 13, 2026 15w ago | EFFECT | $3.44 $4.30 | ▲ +25.00% | ▲ +21.82% | $2.52 (−26.74%) |
Jun 30, 2026 16w ago | S-3 | $3.61 $3.63 | ▲ +0.55% | ▲ +1.58% | $2.52 (−30.19%) |
May 29, 2026 21w ago | DEFA14A | $3.23 $3.61 | ▲ +11.76% | ▲ +13.06% | $2.52 (−21.98%) |
May 11, 2026 24w ago | 8-K | $3.45 $2.81 | ▼ −18.55% | ▼ −16.82% | $2.52 (−26.96%) |
Apr 30, 2026 25w ago | DEFA14A | $3.60 $3.23 | ▼ −10.28% | ▼ −15.54% | $2.52 (−30.00%) |
Apr 9, 2026 28w ago | 3 | $3.85 $3.82 | ▼ −0.78% | ▼ −9.31% | $2.52 (−34.55%) |
Mar 31, 2026 29w ago | 8-K | $3.62 $3.54 | ▼ −2.21% | ▼ −11.63% | $2.52 (−30.39%) |
US Market Status
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