Monitor the sustainability of the Arbitrage Fund's performance and whether Adjusted EBITDA margins can be maintained without the incentive fee tailwind. The stock may react positively to the revenue beat and AUM growth, but the history of negative EPS could limit upside.
Price Chart
Executive Summary
AlTi Global reported a strong revenue beat and significant AUM growth in Q4 2025, driven by a $29M incentive fee from its Arbitrage Fund. However, the company posted a GAAP net loss of $15M due to prior non-cash impairments and restructuring costs. Despite solid organic growth and margin expansion, the persistent negative EPS trend and large non-recurring charges raise concerns about underlying profitability.
Key Financial Metrics
Key Facts
- Q4 revenue of $88.3M (+71% YoY), beating consensus of $63.8M by 38.4%
- Adjusted EBITDA of $11.3M, nearly doubling sequentially
- AUM reached $50B, up 10% YoY
- GAAP net loss of $15.2M, driven by prior non-cash items
- Adjusted Net Income (Loss) of $4.9M, a significant improvement from $1.0M in Q3
Financial Impact
Revenue beat of $24.5M and AUM growth of $4.6B
Risk Factors
- Reliance on non-recurring incentive fees for profitability
- Persistent GAAP losses despite revenue growth
- Execution risk in zero-based budgeting initiatives
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-022205 |
| Document: alti-20260331.htm | 0001628280-26-022205 |
| Document: 0001628280-26-022205-index-headers.html | 0001628280-26-022205 |
| Document: 0001628280-26-022205-index.html | 0001628280-26-022205 |
| Document: 0001628280-26-022205.txt | 0001628280-26-022205 |
| 8-K Data (Synthetic) | 0001628280-26-022205 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 7d ago | 8-K | $2.67 | awaiting T+20 | — | $2.53 (−5.24%) |
Aug 10, 2026 11w ago | 8-K | $4.07 $3.24 | ▲ +20.39% | ▲ +19.33% | $2.53 (+37.84%) |
Jul 13, 2026 15w ago | EFFECT | $3.44 $4.30 | ▲ +25.00% | ▲ +21.82% | $2.53 (−26.45%) |
Jun 30, 2026 17w ago | S-3 | $3.61 $3.63 | ▲ +0.55% | ▲ +1.58% | $2.53 (−29.92%) |
May 29, 2026 21w ago | DEFA14A | $3.23 $3.61 | ▲ +11.76% | ▲ +13.06% | $2.53 (−21.67%) |
May 11, 2026 24w ago | 8-K | $3.45 $2.81 | ▼ −18.55% | ▼ −16.82% | $2.53 (−26.67%) |
Apr 30, 2026 25w ago | DEFA14A | $3.60 $3.23 | ▼ −10.28% | ▼ −15.54% | $2.53 (−29.72%) |
Apr 9, 2026 28w ago | 3 | $3.85 $3.82 | ▼ −0.78% | ▼ −9.31% | $2.53 (−34.29%) |
Mar 31, 2026 30w ago | 8-K | $3.62 $3.54 | ▼ −2.21% | ▼ −11.63% | $2.53 (−30.11%) |
US Market Status
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