AlTi Global, Inc.ALTI
AlTi Global, Inc. Earnings Per Share Disclosure
Earnings Per Share
The table below presents the Company’s treatment for basic and diluted earnings (loss) per share for instruments outstanding of the Company. Potentially dilutive instruments are only considered in the calculation to the extent they would be dilutive.
| For the Year Ended | ||||||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | |||||||||||||||||||||||||
| Basic | Diluted | Basic | Diluted | |||||||||||||||||||||||
Class A Common Stock | Included | Included | Included | Included | ||||||||||||||||||||||
Class B Common Stock (1) | Excluded | If-converted method | Excluded | If-converted method | ||||||||||||||||||||||
Series A Preferred Stock (2) | Two-class method | More dilutive of two-class method or if-converted method | Two-class method | More dilutive of two-class method or if-converted method | ||||||||||||||||||||||
Series C Preferred Stock (2) | Two-class method | More dilutive of two-class method or if-converted method | Two-class method | More dilutive of two-class method or if-converted method | ||||||||||||||||||||||
Allianz Tranche Right(3) | Excluded | If-converted method | Excluded | If-converted method | ||||||||||||||||||||||
Allianz Warrants(4) | Excluded | Treasury stock method | Excluded | Treasury stock method | ||||||||||||||||||||||
Constellation Warrants(4) | Excluded | Treasury stock method | Excluded | Treasury stock method | ||||||||||||||||||||||
Earn-Out Shares(5) | Excluded | Treasury stock method | Excluded | Excluded | ||||||||||||||||||||||
PW Deferred Consideration Shares(6) | Included | Included | Excluded | Included | ||||||||||||||||||||||
Acquisition-Related Awards(7) | Excluded | Included | Excluded | Included | ||||||||||||||||||||||
Unvested RSUs(8) | Excluded | Treasury stock method | Excluded | Treasury stock method | ||||||||||||||||||||||
Unvested PRSUs (8) | Excluded | Treasury stock method | Excluded | Treasury stock method | ||||||||||||||||||||||
(1) The if-converted method for instruments related to the Company’s Business Combination and Envoi earn-out liability includes adding back to the numerator any related income or loss allocations to noncontrolling interest, as well as any incremental tax expense had the instruments converted into shares of Class A Common Stock as of the beginning of the period. For the years ended December 31, 2025 and December 31, 2024, 1,950,315 and 7,080,837, respectively, of Class B shares were converted into Class A Common Stock.
(2) During the year ended December 31, 2024, the Company issued shares of Series A and C Preferred Stock in addition to warrants for shares of Class A Common Stock to Allianz and Constellation. Both Series A and C Preferred Stock are entitled to participate in dividends declared on common stock on an as-converted basis. This participation right requires application of the two-class method to calculate basic earnings per share. The two-class method requires income available to common stockholders for the period to be allocated between all participating instruments based upon their respective rights to receive dividends as if all income for the period had been distributed. Basic earnings per share is calculated using the proportion of net income available to be distributed to the common shareholders. Dilutive earnings per share is calculated using the more dilutive of the two-class method or the if-converted method. For the years ended December 31, 2025 and December 31, 2024, the shares of Series A and C Preferred Stock were excluded from the Company’s diluted earnings per share calculation as the effects were determined to be anti-dilutive.
(3) The Allianz Tranche Right was issued as part of the Allianz Transaction, which grants Allianz the right, but not the obligation, to purchase up to 50,000 additional shares of Series A Preferred Stock at an aggregate purchase price of up to $50 million. Any additional shares of Series A Preferred Stock issued to Allianz will abide under the same conditions and terms as under the Investment as described in Note 1 (Description of the Business). The Allianz Tranche Right is classified as a contingently convertible instrument and will be included in the calculation of diluted earnings per share if the right has been exercised within the reporting period. On May 13, 2025, an
additional 18,471 shares under the Allianz Tranche Right were issued; however, these shares were excluded from the Company’s diluted earnings per share calculation as the effects were determined to be anti-dilutive.
(4) As mentioned in footnotes 2 above, the Company issued shares of Series A and C Preferred Stock in addition to warrants for Class A Shares to Allianz and Constellation. The warrants do not participate in dividends declared on common stock and are excluded from the calculation of basic earnings per share. Since the warrants are classified as a component of equity and can be exercised in exchange for Class A Shares, application of the treasury stock method for calculation of diluted earnings per share is applied. For the years ended December 31, 2025 and December 31, 2024, the warrants were excluded from the Company’s diluted earnings per share calculation as the effects were determined to be anti-dilutive.
(5) Earn-Out Shares are the portion of estimated contingent consideration related to the Business Combination, EEA earn-out liability, and Envoi growth-consideration liability that could be paid out in Class A Common Stock. Earn-Out Shares are excluded from the calculation of basic earnings per share if it’s determined that the contingency has not been resolved as of the current reporting period. During the year ended December 31, 2025, 618,453 shares of Class A Common Stock were issued as part of the EEA earn-out liability and included in the Company’s basic earnings per share calculation.
The treasury stock method is applied for calculating diluted earnings per share since our Earn-Outs are classified as liabilities and remeasured at fair value each period and includes reversing the income statement effect of the fair value remeasurement for the period. See Note 4 (Business Combinations and Divestitures) for additional information related to our Earn-Outs. For the years ended December 31, 2025, December 31, 2024 and December 31, 2023, the Earn-Out Shares were excluded from the Company’s diluted earnings per share calculation as the effects were determined to be anti-dilutive.
(6) PW Deferred Consideration Shares relate to the portion of deferred consideration payable in Class A Common Stock upon meeting certain revenue thresholds related to our PW acquisition. During the quarter ended March 31, 2025, the PW Deferred Consideration Shares were issued to the sellers and are included in the Company’s basic earnings per share. There are no further contingent shares outstanding related to the PW Deferred Consideration Shares. Refer to Note 4 (Business Combinations and Divestitures) for further details.
(7) Acquisition-Related Awards include EEA Equity Awards, Envoi Equity Awards, Singapore Equity Awards and Kontora Earn-Ins. During the quarter ended June 30, 2025, 1,686,763 shares of Class A Common Stock were issued in settlement of the Holbein Earn-Ins and are included in the Company’s basic earnings per shares. Certain compensatory awards related to the PW acquisition (the “PW Equity Awards”) were reclassified to be paid out fully in cash rather than equity during the quarter ended March 31, 2025. As such, the PW Equity Awards are excluded from the Company’s earnings per share calculations.
Service periods related to the Acquisition-Related Awards had not been completed as of the year ended December 31, 2025 and therefore such shares were excluded from the calculation of basic earnings per share. For the year ended December 31, 2025, 436,816 shares of Class A Common Stock were issued as part of the EEA Earn-Ins and are included in the Company’s basic earnings per share for the reporting period.
For diluted earnings per share, a contingency that is based on solely on service vesting (i.e., the passage of time) is considered resolved in the current reporting, and the shares are included in the calculation of diluted earnings per share in the current reporting period. For the years ended December 31, 2025, 2024 and 2023, the Acquisition-Related Awards, which included the Holbein Earn-Ins [and PW Equity Awards] through the quarters June 30, 2025 and March 31, 2025, respectively, were excluded from the Company’s diluted earnings per share calculation as the effects were determined to be anti-dilutive. Refer to Note 6 (Equity-Based Compensation) for additional details for the Acquisition-Related Awards.
(8) RSUs vest over the required service period, and PRSUs vest based on both a market condition and a required service period. As such, unvested RSUs and PRSUs are excluded from the calculation of basic earnings per share.
The treasury stock method is applied for calculating the dilutive effects of share-based payment awards. For the years ended December 31, 2025 and December 31, 2024, unvested RSUs and PRSUs were excluded from the Company’s diluted earnings per share calculation as the effects were determined to be anti-dilutive. See Note 6 (Equity-Based Compensation) for additional details.
Basic earnings per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of shares of Class A Common Stock outstanding during the period. Diluted earnings per common share excludes potentially dilutive instruments which were outstanding during the period but were anti-dilutive. The following table shows the computation of basic and diluted earnings per share based on income attributable to common shareholders:
| For the Year Ended | |||||||||||||||||
| (Dollars in Thousands, except share data) | December 31, 2025 | December 31, 2024 | December 31, 2023 | ||||||||||||||
| Numerator: | |||||||||||||||||
Net income (loss) from continuing operations | $ | (123,717) | $ | (102,248) | $ | (41,669) | |||||||||||
Net income (loss) attributable to noncontrolling interests in subsidiaries from continuing operations | (35,371) | (71,271) | (145,631) | ||||||||||||||
Net income (loss) attributable to AlTi Global Inc | $ | (88,346) | $ | (30,977) | $ | 103,962 | |||||||||||
Less: Preferred stock dividends | (34,020) | (23,515) | — | ||||||||||||||
| Income (loss) from continuing operations available to Class A shareholders - basic | $ | (122,366) | $ | (54,492) | $ | 103,962 | |||||||||||
| Dilutive effect of Class B Common Stock | — | — | (145,631) | ||||||||||||||
| Income (loss) from continuing operations available to Class A shareholders - diluted | $ | (122,366) | $ | (54,492) | $ | (41,669) | |||||||||||
| Denominator: | |||||||||||||||||
| Weighted-average shares of Class A Common Stock outstanding - basic | 99,868,230 | 79,692,659 | 61,396,692 | ||||||||||||||
| Dilutive effect of Class B Common Stock | — | — | 54,418,555 | ||||||||||||||
| Weighted-average shares of Class A Common Stock outstanding - diluted | 99,868,230 | 79,692,659 | 115,815,247 | ||||||||||||||
| Income (loss) from continuing operations per Class A Common Stock - basic | $ | (1.23) | $ | (0.68) | $ | 1.69 | |||||||||||
| Income (loss) from continuing operations per Class A Common Stock - diluted | $ | (1.23) | $ | (0.68) | $ | (0.36) | |||||||||||
The following table summarizes the securities that were anti-dilutive for the periods presented. As a result, these securities were excluded from the computation of diluted earnings per share for the periods presented:
| For the Year Ended | |||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2023 | |||||||||||||||
| Class B Common Stock and Class B Units | 47,257,352 | 48,352,620 | — | ||||||||||||||
| Allianz and Constellation Warrants | 7,000,000 | 7,000,000 | — | ||||||||||||||
| Preferred Stock | 35,771,958 | 19,905,453 | — | ||||||||||||||
| Earn-Out Shares | 13,884,667 | 12,583,106 | 10,396,318 | ||||||||||||||
| PW Deferred Consideration Shares | — | 829,657 | — | ||||||||||||||
| Acquisition-Related Awards | 1,142,754 | 1,680,085 | — | ||||||||||||||
| Stock Awards | 1,916,916 | 3,245,446 | 3,432,030 | ||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 31, 2026 | Showing above |
| 2024 | Mar 17, 2025 | |
| 2023 | Mar 22, 2024 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.