Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2025

Related party transactions include the below:


(Dollars in Thousands)
Related Party Receivables	Consolidated Balance Sheet Line Item	As of December 31, 2025		As of December 31, 2024
Due from Certain TWMH Members, TIG GP Members and TIG MGMT Members	Other assets	$	223	$	435
Due from Equity Method Investees	Other assets	$	22	$	30

Due from Alvarium related fee arrangements	Fees receivable, net	$	—	$	84
Due from TIG related fee arrangements	Fees receivable, net	$	9,535	$	804

Related Party Investments
Equity method investment with Allianz	Equity method investments	$	—	$	20,300

Related Party Payables
Due to Certain TWMH Members, TIG GP Members and TIG MGMT Members	Accrued member distribution payable	$	(3,260)	$	(3,355)
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements	TRA liability	$	(25,724)	$	(28,765)


PW deferred consideration	Other liabilities	$	—	$	(3,339)
Due to certain employees	Other liabilities	$	(747)	$	—
Due to Certain TWMH Members, TIG GP Members, TIG MGMT Members and Alvarium Shareholders in connection with the Business Combination Earn-out	Earn-out liabilities, at fair value	$	(15,268)	$	(23,848)



EEA earn-out liability	Earn-out liabilities, at fair value	$	(25,259)	$	(29,871)
Envoi earn-out consideration liability	Earn-out liabilities, at fair value	$	(8,220)	$	(9,600)
Envoi earn-out growth consideration liability	Earn-out liabilities, at fair value	$	(1,620)	$	(1,320)
Kontora earn-out liability	Earn-out liabilities, at fair value	$	(7,044)	$	—
Preferred stock tranche liability	Preferred stock tranche liability	$	(2,410)	$	(3,940)
Office lease liability	Operating lease liabilities	$	(1,215)	$	(305)

Mezzanine Equity
Series A Preferred Stock	Series A Redeemable Cumulative Convertible Preferred Stock	$	168,934	$	142,858
Series C Preferred Stock	Series C Redeemable Cumulative Convertible Preferred Stock	$	176,904	$	160,808

Shareholders’ Equity
Delayed share purchase agreement	Additional paid-in capital	$	—	$	40
Allianz Warrants, net of issuance costs	Additional paid-in capital	$	6,591	$	6,591
Constellation Warrants, net of issuance costs	Additional paid-in capital	$	3,003	$	3,003

The Company recognized Management/advisory fees, Other income/fees, Compensation and employee benefits, and Interest income from its equity method investees on the Consolidated Statement of Operations, as summarized in the following table:


(Dollars in Thousands)	For the Year Ended
		December 31, 2025		December 31, 2024		December 31, 2023
Management/advisory fees		$	—	$	(254)	$	(677)

Compensation and employee benefits		$	—	$	—	$	1,826
Other income/fees		$	—	$	2,226	$	2,389
Interest income		$	—	$	(31)	$	—