ALTI

AlTi is a global wealth/OCIO manager overseeing ~$93.1B in combined assets, and the recurring core is genuinely improving: total revenue grew 28.5% to $255M, led by management/advisory fees rising to $198.4M and a large incentive-fee swing ($3.3M→$34.7M). Management frames the real trajectory through non-GAAP: Adjusted EBITDA turned to +$34.8M (from $24.0M) and Adjusted Net Income to +$11.1M (from -$13.3M). Those recurring, retention-underpinned management fees are the stable spine of the story, and leverage is negligible (long-term debt just $883K; liabilities/equity 0.50x on $600M equity). At $370M market cap and 1.4x sales for a scaled wealth platform, the price is not demanding if the adjusted profitability is real and durable.

But the GAAP picture is ugly and the bridge to 'adjusted' is doing heavy lifting. Net loss widened to -$120M (from -$103M) and operating income was -$73.9M (-29% margin), because reported EBITDA of -$86.3M is rescued only by $35M of non-cash impairment (on top of $29M goodwill impairment the prior year), $34M of 'organization streamlining' cost, $32M stock-based comp and $26M transaction expenses. Some of those (SBC, recurring impairments across two years, perennial 'transaction' and 'streamlining' charges) are the kind of add-backs that recur, so I discount the clean adjusted framing.