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Condensed Consolidated Statement of Changes in Mezzanine Equity and Shareholders’ Equity - USD ($)
$ in Thousands
Total
Family Office Service ("FOS")
LXi Reit Advisors Limited (“LRA”)
Alvarium Home REIT Advisors Ltd ("AHRA")
Treasury Stock
Additional paid-in-capital
Additional paid-in-capital
Alvarium Home REIT Advisors Ltd ("AHRA")
Retained earnings (accumulated deficit)
Accumulated other comprehensive income
Accumulated other comprehensive income
Family Office Service ("FOS")
Accumulated other comprehensive income
LXi Reit Advisors Limited (“LRA”)
Non-controlling interest in subsidiaries
Non-controlling interest in subsidiaries
Family Office Service ("FOS")
Non-controlling interest in subsidiaries
LXi Reit Advisors Limited (“LRA”)
Non-controlling interest in subsidiaries
Alvarium Home REIT Advisors Ltd ("AHRA")
Series A Preferred Stock
Series C Preferred Stock
Class A Common Stock
Class A Common Stock
Common Stock
Class B Common Stock
Class B Common Stock
Common Stock
Ending balance (in shares) at Dec. 31, 2023                               0 0        
Ending balance at Dec. 31, 2023                               $ 0 $ 0        
Beginning balance (in shares) at Dec. 31, 2022                                     55,388,023   55,032,961
Beginning balance at Dec. 31, 2022 $ 1,013,653         $ 434,620   $ (27,946) $ 0     $ 606,973             $ 6   $ 0
Shareholders’ Equity                                          
Issuance of shares to Alvarium Employee Benefit Trust (in shares)                                     2,100,000    
Issuance of shares to Alvarium Employee Benefit Trust 21,000         21,000                              
Net income (loss) (311,215)             (165,584)       (145,631)                  
Currency translation adjustment 20,916             3 9,575     11,338                  
Cancellation of AHRA call option 154                     154                  
Other comprehensive income (764)               (420)     (344)                  
Payment for partner’s tax (998)         (998)                              
Issuance of shares for EEA business combination (in shares)                                     339,967    
Issuance of shares for EEA business combination 2,058         2,058                              
Share based compensation 7,937         7,937                              
TRA Exchange (in shares)                                   1,813,248     (1,813,248)
TRA Exchange 1,025         14,280           (13,255)                  
Issuance of shares - exercise of warrants (in shares)                                     5,469,637    
Issuance of shares - exercise of warrants 29,480         29,479                         $ 1    
Deconsolidation       $ 0     $ 28,768               $ (28,768)            
Measurement period adjustment (753)         (635)           (118)                  
Ending balance (in shares) at Dec. 31, 2023                                     65,110,875   53,219,713
Ending balance at Dec. 31, 2023 782,493         536,509   (193,527) 9,155     430,349             $ 7   $ 0
Mezzanine Equity                                          
Issuance of preferred shares (in shares)                               140,000 150,000        
Issuance of preferred stock, net of issuance costs 280,150                             $ 137,460 $ 142,690        
Preferred share accrued dividend                               $ 5,398 $ 18,118        
Ending balance (in shares) at Dec. 31, 2024                               140,000 150,000        
Ending balance at Dec. 31, 2024                               $ 142,858 $ 160,808        
Shareholders’ Equity                                          
Net income (loss) (174,305)             (103,034)       (71,271)                  
Currency translation adjustment (14,760)               (9,676)     (5,084)                  
Other comprehensive income 119               80     39                  
Payment for partner’s tax (3,271)         (3,271)                              
Preferred share accrued dividend, including adjustments 2         (23,514)                              
Issuance of shares for EEA business combination 1,025         1,025                              
Share based compensation 17,454         17,454                              
Shares issued to employees on vesting of equity awards (in shares)                                     2,176,687    
Shares issued to employees on vesting of equity awards (4,037)         (4,037)                              
Class A Common Stock issued to Allianz, net of issuance costs (in shares)                                     19,318,581    
Class A Common Stock issued to Allianz, net of issuance costs 90,424         90,422                         $ 2    
TRA Exchange (in shares)                                     7,080,837   (7,080,837)
TRA Exchange (12,814)         28,675           (41,489)                  
Deconsolidation   $ (510) $ (1,369)             $ (306) $ (822)   $ (204) $ (547)              
Issuance of Allianz and Constellation warrants 9,594         9,594                              
Ending balance (in shares) at Dec. 31, 2024                                   93,686,980 93,686,980 46,138,876 46,138,876
Ending balance at Dec. 31, 2024 970,195       $ 0 652,857   (296,561) (1,569)     311,793             $ 9   $ 0
Mezzanine Equity                                          
Preferred share accrued dividend (in shares)                               10,463          
Preferred share accrued dividend                               $ 7,605 $ 16,096        
Preferred stock tranche issuance (in shares)                               18,471          
Preferred stock tranche issuance 18,471                             $ 18,471          
Ending balance (in shares) at Dec. 31, 2025                               168,934 150,000        
Ending balance at Dec. 31, 2025                               $ 168,934 $ 176,904        
Shareholders’ Equity                                          
Net income (loss) (155,070)             (119,699)       (35,371)                  
Currency translation adjustment 9,224               6,628     2,596                  
Other comprehensive income (25)               (18)     (7)                  
Tax allocation to equity holders 407             (1,755) (66)     2,228                  
Sale of investment 234                     234                  
Preferred share accrued dividend (in shares)                                     2,388,633    
Preferred share accrued dividend, including adjustments 0         (23,702)                         $ 1    
Issuance of shares for EEA business combination (in shares)                                     594,057    
Issuance of shares for EEA business combination 1,903         1,880           23                  
Issuance of shares for PW deferred consideration (in shares)                                     385,279    
Issuance of shares for PW deferred consideration 1,299         1,299                              
Share based compensation (in shares)                                     4,324,891    
Share based compensation 30,327         30,327                              
TRA Exchange (in shares)                                     1,950,315   (1,950,315)
TRA Exchange (2,163)         4,650           (6,813)                  
Restructurings (13)         (13)                              
Ending balance (in shares) at Dec. 31, 2025                                   103,330,156 103,330,155 44,188,561 44,188,561
Ending balance at Dec. 31, 2025 $ 874,789       $ 0 $ 667,298   $ (418,015) $ 4,975     $ 274,683             $ 10   $ 0