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AlTi Global Inc. (ALTI+1.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total revenue of $53,343,000, compared to $48,186,000 in the same quarter the previous year. The increase is attributed to higher management/advisory fees and distributions from investments.
Operating expenses for the quarter were $69,356,000, down from $73,255,000 in the same quarter of the previous year. This decrease in operating expenses is due to reduced compensation and employee benefits.
The company reported an operating loss of $16,013,000 for the quarter, compared to a loss of $25,069,000 in the previous year.
An impairment loss on goodwill and intangible assets of $116,082,000 was recorded during the quarter, primarily due to strategic realignment and market conditions.
Net loss for the quarter was $111,405,000, compared to a net loss of $172,768,000 in the previous year. After adjustments, net loss attributable to AlTi Global, Inc. was $68,638,000, compared to $89,671,000 in the previous year.
Cash and cash equivalents increased to $222,138,000 from $15,348,000 at the end of the previous year, primarily due to proceeds from the issuance of preferred stock and common stock.
AlTi had total assets of $1,406,092,000 as of September 30, 2024, compared to $1,266,297,000 at the end of the previous year.
The filing also details various financial agreements, including amendments to the credit agreement with BMO Harris Bank N.A. (BMO-0.12%) and transactions with Allianz Strategic Investments S.Ă .r.l. (ALV+0.28%)
AlTi Global does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on its Wealth & Capital Solutions and International Real Estate segments, with ongoing strategic reviews to optimize its business operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the AlTi Global Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.