AlTi Global, Inc. reported revenues of $53.3 million for the third quarter ended September 30, 2024, marking an 11% increase compared to the third quarter of 2023. The company's consolidated assets under management and advisement grew 13% over the trailing 12-month period to $77 billion, with 97% of revenues derived from recurring fees.
Consolidated Adjusted EBITDA reached $9.6 million, a significant increase of $12.6 million compared to the prior year's third quarter. The core Wealth and Capital Solutions segment was a primary driver, with its Adjusted EBITDA growing 62% to $13.4 million, and revenues increasing 17% to $51.7 million, boosted by recent acquisitions and market performance.
However, the company reported a GAAP net loss of $111.4 million for the quarter, which included $116.1 million in non-cash goodwill and intangible asset impairment charges related to a strategic review of its International Real Estate businesses. AlTi also announced a change in segment reporting to better reflect its core Wealth and Capital Solutions business and the International Real Estate segment, with a decision on the latter expected by year-end.
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