Related Party Transactions (Tables)

Related party transactions include the below:


(Dollars in Thousands)
Related Party Receivables	Condensed Consolidated Balance Sheet Line Item	As of March 31, 2026		As of December 31, 2025
Due from Certain TWMH Members, TIG GP Members and TIG MGMT Members (1)	Other assets	$	170	$	223
Due from Equity Method Investees (2)	Other assets	$	30	$	22


Due from TIG related fee arrangements	Fees receivable, net	$	652	$	9,535




Related Party Payables
Due to Certain TWMH Members, TIG GP Members and TIG MGMT Members (3)	Accrued member distribution payable	$	(3,358)	$	(3,260)
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements (4) (5)	TRA liability	$	(30,553)	$	(25,724)



Due to certain employees (6)	Other liabilities	$	(816)	$	(747)
Due to Certain TWMH Members, TIG GP Members, TIG MGMT Members and Alvarium Shareholders in connection with the Business Combination Earn-out (4) (5)	Earn-out liabilities, at fair value	$	(5,075)	$	(15,268)



EEA earn-out liability (4) (5)	Earn-out liabilities, at fair value	$	(26,326)	$	(25,259)
Envoi earn-out consideration liability (4) (5)	Earn-out liabilities, at fair value	$	(7,800)	$	(8,220)
Envoi earn-out growth consideration liability (4) (5)	Earn-out liabilities, at fair value	$	(1,450)	$	(1,620)
Kontora earn-out liability (4) (5)	Earn-out liabilities, at fair value	$	(7,024)	$	(7,044)
Preferred stock tranche liability (5)	Preferred stock tranche liability	$	(1,410)	$	(2,410)
Office lease liability (7)	Operating lease liabilities	$	(1,111)	$	(1,215)

Mezzanine Equity
Series A Preferred Stock (8)	Series A Redeemable Cumulative Convertible Preferred Stock	$	170,993	$	168,934
Series C Preferred Stock (8)	Series C Redeemable Cumulative Convertible Preferred Stock	$	181,216	$	176,904

Shareholders’ Equity

Allianz Warrants, net of issuance costs (8)	Additional paid-in capital	$	6,591	$	6,591
Constellation Warrants, net of issuance costs (8)	Additional paid-in capital	$	3,003	$	3,003

(1) Certain TWMH Members hold promissory notes bearing interest at 3.25% per annum, subject to annual forgiveness provisions contingent on continued employment. For the three months ended March 31, 2026 and March 31, 2025, the Company recognized $53 thousand and $56 thousand, respectively, of forgiveness of principal debt and accrued interest within Compensation and employee benefits expense on the Condensed Consolidated Statements of Operations.

(2) Represents receivables related to loans, fees, and expenses due from equity method investees. See Note 9 (Equity Method Investments) for further detail on the nature of these relationships.

(3) Represents accrued member distributions payable to certain TWMH Members, TIG GP Members, and TIG MGMT Members issued in connection with the Business Combination.

(4) See Note 20 Commitments and Contingencies for a description of the nature and terms of the TRA and each earn-out arrangement.

(5) See Note 8 Fair Value Disclosures for current period activity, ending balances, and valuation methodologies.

(6) Represents a Vendor Loan Note issued in connection with a share buyback transaction by a senior executive of the Company. The Company expects the loan to be settled in mid-2026.

(7) See Note 13 Leases for further detail on the Company’s related party lease arrangement. The Company leases office space in Singapore from a related party. For the three months ended March 31, 2026 and March 31, 2025, the Company recorded lease expense related to this lease of $0.1 million and $0.1 million, respectively.

(8) The Company has issued Series A Preferred Stock to Allianz and Series C Preferred Stock to Constellation, each classified as mezzanine equity. As of March 31, 2026, the Series A and Series C Preferred Stock outstanding were 168,934 and 150,000 shares, respectively. See Note 21 Equity for further detail on warrant classification.