Q3 2025 AlTi Global Earnings Call

November 12, 2025

During the call your lines will remain in a listen only mode.

Cool.

Corrine and I will be your conference operator for today.

During the call your lines will remain in a listen only mode.

At this time I would like to welcome everyone to Otis third quarter 2025 earnings Conference call.

After the Speakers' remarks, there will be a question and answer session.

I'd like to advice all parties that this conference call is being recorded and a replay of the webcast is available on <unk> Investor Relations website.

I would like to advise all parties that this conference call is being recorded and a replay of the webcast is available on <unk> Investor Relations website.

During the call your lines will remain in a listen only mode.

After the Speakers' remarks, there will be a question and answer session.

Now at this time I will turn things over to Lily Arteaga head of Investor Relations faulty. Please go ahead.

I would like to advice all parties that this conference call is being recorded and a replay of the webcast is available on our Investor Relations website.

Now at this time.

Turn things over to Lily Arteaga head of Investor Relations faulty. Please go ahead.

Good afternoon to everyone on the call today, joining me are Michael Tiedemann, our CEO and Mike Harrington, our CFO, we invite you to visit the Investor Relations section of our website to view our earnings materials, including today's presentation I would like to remind everyone that certain.

Now at this time I will turn things over to Lily Arteaga head of Investor Relations for loyalty. Please go ahead.

Good afternoon to everyone on the call today, joining me are Michael Freedman, our CEO and Mike Harrington, our CFO, we invite you to visit the Investor Relations section of our website to view our earnings materials, including today's presentation I would like to remind everyone that certain.

I would like to remind everyone that certain statements made during this call maybe deemed forward looking statements within the meaning of the private Securities Litigation Reform Act of 1995. These forward looking statements include but are not limited to comments made during the prepared remarks and in response to questions forward looking statements are.

Statements made during this call maybe deemed forward looking statements within the meaning of the private Securities Litigation Reform Act of 1995. These forward looking statements include but are not limited to comments made during the prepared remarks and in response to questions forward looking statements are subject to risks and uncertainties.

Payments made during this call maybe deemed forward looking statements.

Within the meaning of the private Securities Litigation Reform Act of 1995. These forward looking statements include but are not limited to comments made during the prepared remarks and in response to questions forward looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied.

Subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied.

That may cause actual results to differ materially from those expressed or implied.

For a discussion of these risks and uncertainties. Please refer to <unk> filings with the SEC, including our most recent annual report on Form 10-K, and subsequent quarterly reports on Form 10-Q.

<unk> assumes no obligation to update any forward looking statements. During this call. We may refer to non-GAAP financial measures reconciliations to the most comparable GAAP measures can be found in our earnings materials and related filings. Lastly, please note that the recast financial results referenced in the presentation for the second quarter.

Lastly, please note that the recast financial results referenced in the presentation for the second quarter of 2025 reflect preliminary unaudited statements with respect to such results based solely on currently available information, which is subject to change with that I'll turn the call over to Michael.

Of 2025 reflect preliminary unaudited statements with respect to such results based solely on currently available information, which is subject to change with that I'll turn the call over to Michael.

Thank you Lindsay and good afternoon, everyone.

Thank you Louis and good afternoon, everyone.

The third quarter reflects continued execution of the strategy that we've laid out.

Focusing affirm or poor wealth management business, simplifying the organization and reducing structural costs. So that the earnings scale directly with revenue.

Focusing affirm or poor wealth management business, simplifying the organization and reducing structural costs slipped earnings scale directly with revenue.

Thank you Louis and good afternoon, everyone.

The third quarter reflects continued execution of the strategy that we've laid out.

Focusing the firm are purely wealth management business, simplifying the organization and reducing structural costs slipped earnings scale directly with revenue.

As previously disclosed we placed our international real estate business and administration this quarter.

The business had been a drag on margins as discussed in prior calls.

As previously disclosed we placed our international real estate business and administration this quarter.

Charges associated replacing an administration will be our final restructuring charges related trip and the business will no longer take management in terms of them going forward.

Charge was associated replacing an administration will be our final restructuring charges related to it and the business will no longer take management in terms of going forward.

The business had been a drag on margins as discussed in prior calls.

This resulted in cleaner financials and Bottomline improvements as we move ahead.

Charges associated with placing it and administration will be our final restructuring charges related trip and the business will no longer take management in terms of them going forward.

This resulted in cleaner financials and bottom line improvements as we move ahead.

We also moved to a single reporting segment, which provides cleaner transparency underperformance and supports a more direct or evaluation of operating leverage.

We will also move to a single reporting segment.

This resulted in cleaner financials and Bottomline improvements as we move ahead.

It's cleaner transparency underperformance and supports a more direct evaluation of operating leverage.

We also moved to a single reporting segment, which provides cleaner transparency underperformance and supports a more direct of evaluation of operating leverage.

We continue to operate from a position of strength.

Our platform is global.

Great.

Purpose built to serve the complex needs of ultra high net worth families foundations and endowments.

Great.

Purpose built to serve the complex needs of ultra high net worth families foundations and endowments.

We continue to operate from a position of strength.

Our platform is global integrated.

Combining institutional investment capabilities.

Purpose built to serve the complex needs of ultra high net worth families foundations and endowments.

Deep access to alternatives and impacts and the <unk>.

Deep access to alternatives and impacts and.

Infrastructure of a multifamily office, we deliver seamless solutions to teams across nine countries in 19 cities.

In the infrastructure of our multifamily office, we deliver seamless solutions to teams across nine countries in 19 cities.

By combining institutional investment capabilities.

Deep access to alternatives and impacts and.

Our business remains anchored in long duration advisory and OCI, our relationships with the ultra high net worth families.

In the infrastructure of our multifamily office, we deliver seamless solutions to teams across nine countries. The 19 cities.

Our business remains anchored in long duration advisory and OCI, our relationships with the ultra high net worth families.

Since 2021, covering approximately 96% with client retention.

Since 2021, having approximately 96% with client retention.

Our business remains anchored in long duration advisory and OCI or relationships with ultra high net worth families.

Average tenor of 10 years, and then the average AUM per client above $50 million.

Since 2021, having approximately 96% with client retention.

These long standing relationships are built on a foundation of trust.

Average tenor of 10 years, and an average AUM per client above $50 million.

And their wealth compounds over time through market cycles with diversified exposure to both public and private markets.

And their wealth compounds over time through market cycles with diversified exposures to both public and private markets.

These long standing relationships are built on a foundation of trust.

A core differentiator is our ability to deliver independent advice of scale, particularly in private markets.

And their wealth compounds over time through market cycles with diversified exposures to both public and private markets.

We leverage our platform to negotiate preferred access and pricing with leading managers.

We leverage our platform to negotiate preferred access and pricing with leading managers a perfect example of this is our partnership allocating capital alongside our largest shareholder alliums within the private credit space.

A core differentiator is our ability to deliver independent advice of scale, particularly in private markets.

A perfect example of this is our partnership allocating capital alongside our largest shareholder alliums within the private credit space.

We leverage our platform to negotiate preferred access and pricing with leading managers.

This joint venture continues to grow outperform and accrue to the benefit of our client base.

For example of this is our partnership allocating capital alongside our largest shareholder alliums within the private credit space.

Consolidated revenue for the quarter was 57 million with approximately 95% generated by recurring management fees and adjusted EBITDA was $6 million.

Consolidated revenue for the quarter was $57 million with approximately 95% generated by recurring management fees and adjusted EBITDA was $6 million.

This joint venture continues to grow outperform and accrue to the benefit of our client base.

Consolidated revenue for the quarter was 57 million with approximately 95% generated by recurring management fees and adjusted EBITDA was $6 million.

Our results. This quarter also include a noncash valuation adjustment related to our interest in the arbitrage strategy. This.

This adjustment is accounting driven reflecting evaluation.

Our results. This quarter also include a noncash valuation adjustment related to our interest in the arbitrage strategy.

At a single point in time during a period of lower AUM. Despite.

Despite this valuation adjustment the strategy is performing well up seven 5% through September driven by an improved regulatory environment and strong market backdrop.

This adjustment is accounting driven reflecting valuation.

At a single point in time during a period of lower AUM.

Despite this valuation adjustment the strategy is performing well up seven 5% through September driven by an improved regulatory environment and strong market backdrop.

At <unk>, our cost base is structurally lower and continues to decline as the efforts of our zero based budget program come into effect.

Once completed the at the end of 2026. These initiatives are expected to generate approximately $20 million in recurring annual gross savings across non compensation categories.

At <unk>, our cost base is structurally lower and continues to decline as the efforts of our zero based budget program come into effect.

Once completed the at the end of 2026. These initiatives are expected to generate approximately $20 million in recurring annual gross savings across non compensation categories.

This disciplined approach to cost complement the robust organic growth, we're seeing across our wealth business.

Once completed the at the end of 2026. These initiatives are expected to generate approximately $20 million in recurring annual gross savings across non compensation categories.

This disciplined approach to cost complement the robust organic growth, we're seeing across our wealth business.

Internationally, we added more than $600 million.

Internationally, we added more than $600 million and assets in the quarter alone, including a $240 million mandates secured through collaboration between our Miami, and Singapore offices and $130 million mandate driven.

Assets in the quarter alone, including a $240 million mandates secured through collaboration between our Miami, and Singapore offices and $130 million mandate driven.

This disciplined approach to cost complement the robust organic growth, we're seeing across our wealth business.

Internationally, we added more than $600 million.

The assets in the quarter alone, including the $240 million mandates secured through collaboration between our Miami and Singapore offices and.

Driven by our impacts investing Siemens Zurich working on specialists from <unk> in Germany year to date, the international growth has been substantial with over $1 2 billion out of from both new clients and expanded relationships with existing ones.

Driven by our impacts investing Siemens Zurich working on specialists from <unk> in Germany.

Year to date, the international growth has been substantial with over $1 2 billion out of from both new clients and expanded relationships with existing ones.

$130 million mandate.

Given by our impacts investing Siemens <unk> working on specialists from <unk> in Germany year.

In the U S growth continues to accelerate as we strengthen relationships with large sophisticated families and broaden our presence in priority markets.

Year to date, the international growth has been substantial with over $1 $2 billion out of from both new clients and expanded relationships with existing ones.

In the U S growth continues to accelerate as we strengthen relationships with large sophisticated families and broaden our presence in priority markets.

Through September we secured nearly $1 1 billion of new and expanded mandates, reflecting strong demand for our capabilities. Our pipeline remains exceptionally robust featuring significant boost the idaho opportunities.

In the U S growth continues to accelerate as we strengthened relationships with large sophisticated families and broaden our presence in priority markets.

And while Onboarding timelines vary our consistent execution improved expertise give us confidence in converting these prospects into enduring client partnerships.

Building on this progress we are sharpening our growth focus through four distinct segments.

And while Onboarding timelines vary our consistent execution improved expertise gives us confidence in converting these prospects into enduring client partnerships.

Building on this progress we are sharpening our growth focus through four distinct segments.

Women, who manage wealth.

My officers and gentlemen, some foundations and.

My officers.

Building on this progress we are sharpening our growth focus through four distinct segments.

And gentlemen, some foundations and established wealth.

In established wealth.

By tailoring, our investment and service strategies to these segments, we aimed to foster stronger internal alignment.

By tailoring, our investment and service strategies to these segments, we aimed to foster stronger internal alignment and create clear differentiation in the marketplace.

Women, who manage wealth.

How many offices and gentlemen, some foundations and established wealth.

Create clear differentiation in the marketplace.

By tailoring, our investment and service strategies to these segments, we aimed to foster stronger internal alignment and create clear differentiation in the marketplace.

And and gosh that's in the quarter alone. Including the 240 million mandate secured through collaboration between our Miami and Singapore offices and 130 million mandate.

Early indicators are positive collaboration is accelerating and after a brief slowdown last year, our prospect win rate is returning to normal levels.

Driven by our impact investing team in Zurich, working with specialists from Contour in Germany.

Early indicators are positive.

In parallel we have built and continue to invest in operational centers of excellence Lisbon for international operations and Delaware for U S operations. These hubs reflective for strategic positioning and cost effectiveness, enabling us to create meaningful operating leverage as we scale.

In parallel we have built and continue to invest in operational centers of excellence.

Duration is accelerating and after a brief slowdown last year, our prospect win rate is returning to normal levels.

Year to date. The international growth has been substantial with over 1.2 billion. Out of both new clients and expanded relationships with existing ones.

<unk> for international operations, and Delaware for U S operations.

In parallel we have built and continue to invest in operational centers of excellence.

These hubs reflective for strategic positioning and cost effectiveness, enabling us to create meaningful operating leverage as we scale.

In the US growth continues to accelerate as we strengthen relationships with large sophisticated families and broaden our presence in priority markets.

<unk> for international operations, and Delaware for U S operations. These hubs reflective for strategic positioning and cost effectiveness, enabling us to create meaningful operating leverage as we scale.

We're also refining our pricing models with a particular focus on international wealth management. These enhancements will drive greater consistency across our global platform aligns pricing with the complexity and value of services, we deliver and strengthen operating margins, all while ensuring fair and transparent experience for clients.

We're also refining our pricing models with a particular focus on international wealth management. These enhancements will drive greater consistency across our global platform align pricing with the complexity and valued services we deliver.

Through September, we secured nearly $1.1 billion in new and expanded mandates, reflecting strong demand for our capabilities. Our pipeline remains exceptionally robust, featuring significant OCIO opportunities.

We're also refining our pricing models with a particular focus on international wealth management. These enhancements will drive greater consistency across our global platform align pricing with the complexity and valued services, we deliver and strengthen operating margins, all while ensuring fair and transparent experience for clients.

And strengthened operating margins, all while ensuring fair and transparent experience for clients.

Alongside these efforts we're positioned to fully realize the benefits of substantial investments made over the past few years.

And while on boarding timelines, vary our consistent execution. Improved expertise give us confidence in converting these prospects into enduring client Partnerships.

Alongside these efforts we're positioned to fully realize the benefits of substantial investments made over the past few years.

Building on this progress, we are sharpening our growth Focus through 4 distinct segments.

These projects have strengthened our platform through a unified global Tech infrastructure.

These projects have strengthened our platform through a unified global <unk> infrastructure consolidated investment capabilities.

Women, who manage wealth.

Alongside these efforts we're positioned to fully realize the benefits of substantial investments made over the past few years.

Family offices.

<unk> investment capabilities.

Endowments, and Foundations.

Service and more robust finance function leveraging best in class systems.

And established wealth.

Service and more robust finance function leveraging best in class systems.

These projects have strengthened our platform through a unified global tech infrastructure consolidated investment capabilities.

Taken together these strengths combined with our singular focus on serving global Ultra high net worth segment positions <unk> as a truly differentiated firm.

Taken together these strengths combined with our singular focus on serving global Ultra high net worth segment positions <unk> as a truly differentiated firm with scalable control environment that is uncommon in our industry.

And more robust finance function leveraging best in class systems.

By tailoring our investment and service strategies to these segments, we aim to Foster stronger, internal alignment and create clear differentiation in the marketplace.

Scalable control environment that is uncommon in our industry.

While these investments have weighed on our short term profitability.

Early. Indicators are positive collaboration is accelerating, and after a brief slowdown last year, our Prospect win rate is returning to normal levels.

They were made with a clear long term vision, creating a solid foundation for growth.

In parallel, we have built and continue to invest in operational, centers of excellence.

To summarize the restructuring of the international real estate businesses complete the cost base structurally lower and continuing to decline and the platform is simplified and scalable.

While these investments have weighed on our short term profitability.

To summarize the restructuring of the international real estate businesses complete the cost base structurally lower and continuing to decline and the platform is simplified and scalable.

Lisbon for international operations, and Delaware for us operations.

They were made with a clear long term vision, creating a solid foundation for growth.

These hubs reflected for strategic positioning and cost-effectiveness, enabling us to create meaningful operating leverage as we scale.

To summarize the restructuring of the international real estate businesses complete the cost base structurally lower and continuing to decline and the platform is simplified and scalable.

As new mandates on assets move into billing revenue growth will convert into margin expansion.

With the firm now squarely focused on organic and strategic growth within our core segment. We expect results to reflect this clearly as we move forward.

As new mandates on assets move into billing revenue growth will convert into margin expansion.

With that I will turn it over to Mike Harrington to walk through the results for the quarter.

With the firm now squarely focused on organic and strategic growth within our core segment. We expect results to reflect this clearly as we move forward.

We are also refining our pricing models with a particular focus on International wealth management. These enhancements will drive creative consistency across our Global platform. Align pricing with a complexity and value of services. We deliver and strengthen our operating margins all while ensuring fair and transparent experience for clients.

With that I will turn it over to Mike Harrington to walk through the results for the quarter.

Thank you Michael and good afternoon, everyone.

Alongside these efforts, we're positioned to fully realize the benefits of substantial Investments made over the past few years.

Let me begin with two important structural changes that shaped our third quarter results.

With that I will turn it over to Mike Harrington to walk through the results for the quarter.

Let me begin with two important structural changes that shaped our third quarter results.

First our international real estate business being placed under administration in July qualified.

Thank you Michael and good afternoon, everyone.

These projects have strengthened our platform through a unified Global Tech infrastructure. Consolidated investment capabilities.

First our international real estate business being placed under administration in July qualified to be presented as discontinued operations.

Let me begin with two important structural changes that shaped our third quarter results.

To be presented as discontinued operations.

Service and more robust Finance function. Leveraging best-in-class systems.

As such we have restated prior periods to isolate continued operations in accordance with U S. GAAP.

First our international real estate business being placed under administration in July qualified to be presented as discontinued operations.

As such we have restated prior periods to isolate continued operations in accordance with U S. GAAP.

Second in line with this presentation we have.

As such we have restated prior periods to isolate continued operations in accordance with U S. GAAP.

Taken together these strengths combined with our singular focus on serving Global ultra high net worth second positions. All see is a truly differentiated firm. The scalable control environment that is uncommon in our industry.

Unified our financial reporting into a single segment.

While these investments have weighed on our short-term profitability,

These changes reflect our strategy to streamline and focus on our core wealth management franchise.

Second in line with this presentation we have.

They were made with clear long-term vision, creating a solid foundation for growth.

Unified our financial reporting into a single segment.

And the enhanced transparency.

For comparability.

These changes reflect our strategy to streamline and focus on our core wealth management franchise.

For comparability.

And better reflect the business, we're building and scaling.

Now turning to the quarter.

And the enhanced transparency.

Now turning to the quarter.

To summarize the restructuring of the international real estate businesses, costs are now structurally lower and continuing to decline. The platform is simplified and scalable.

Revenues for the third quarter were $57 million up 10% year over year.

For comparability.

Revenues for the third quarter were $57 million up 10% year over year.

And better reflect the business, we're building and scaling.

As new mandates and assets move into billing Revenue growth will convert into margin expansion.

9% sequentially, reflecting continued momentum in our wealth management business.

Now turning to the quarter.

And 9% sequentially, reflecting continued momentum in our wealth management business.

Revenues for the third quarter were $57 million up 10% year over year.

Growth was led by management fees of $52 million up 7% versus last year.

With the firm now squarely focused on organic and strategic growth within our core segment, we expect results to reflect this clearly as we move forward.

And 9% sequentially, reflecting continued momentum in our wealth management business.

Driven by robust asset growth.

With that, I'll turn it over to Mike Carrington to walk through the results for the quarter.

Driven by robust asset growth.

Additionally, <unk>.

Growth was led by management fees of $52 million.

Additionally.

Thank you, Michael and good afternoon everyone.

Revenues benefited from a year over year increase in incentive fees and the arbitrage fund.

Up 7% versus last year.

Let me begin with 2 important. Structural changes that shaped our third, quarter results.

Driven by robust asset growth.

Importantly, 95% of revenues this quarter or recurring underscoring the durability and predictability of our model.

Additionally.

Revenues benefited from a year over year increase in incentive fees and the arbitrage fund.

First, our International real estate business being placed under Administration in July qualified, it to be presented as discontinued operations.

Importantly, 95% of revenues this quarter were recurring underscoring the durability and predictability of our model.

Assets under management reached $49 billion at quarter end up 6% year over year fueled by strong underlying portfolio performance and.

Assets under management reached $49 billion at quarter end up 6% year over year fueled by strong underlying portfolio performance.

As such, we have restated prior periods to isolate continued operations in accordance with U.S. GAAP.

second in line with this presentation, we have

Assets under management reached $49 billion at quarter end up 6% year over year fueled by strong underlying portfolio performance and.

And the acquisition of <unk> last quarter.

And the acquisition of control of our last quarter.

unified our financial reporting into a single segment.

Sequentially <unk> increased 4%.

Selecting both portfolio performance and meaningful net new asset growth.

Fucking both portfolio performance and meaningful net new asset growth.

These changes reflect our strategy to streamline and focus on our core wealth management franchise.

And the acquisition of <unk> last quarter.

Clear evidence of the momentum Michael highlighted as a core driver of future earnings power.

And the enhanced transparency.

Sequentially AUM increased 4%.

Clear evidence of the momentum Michael highlighted as a core driver of future earnings power.

Improved comparability.

Collecting both portfolio performance and meaningful net new asset growth.

And better reflect the business where building and scaling.

Operating expenses for the quarter were $86 million up from $61 million in the prior year period.

Now, turning to the quarter.

Clear evidence of the momentum Michael highlighted as a core driver of future earnings power.

The increase was largely driven by nonrecurring noncash charges, including a $4 million client redress provision and.

Revenues for the third quarter were over $57 million, up 10% year-over-year.

Operating expenses for the quarter were $86 million up from $61 million in the prior year period.

The increase was largely driven by nonrecurring noncash charges, including a 4 million dollar client redress provision.

And 9% sequentially reflecting continued momentum in our wealth management business.

And a $16 million write off of receivables due from our disposed international real estate business that were formerly intercompany balances.

The increase was largely driven by nonrecurring noncash charges, including a 4 million dollar client redress provision and.

Growth was led by management fees of $52 million, up 7% versus last year.

Driven by robust asset growth.

Additionally.

And year on year increase also reflects the acquisition of Contura.

And a $16 million write off of receivables due from our disposed international real estate business that were formerly intercompany balances.

The year on year increase also reflects the acquisition of Contura.

Including a onetime items.

Revenues benefited from a year-over-year increase in incentive fees in the Arbitrage fund.

We're doing a onetime items.

<unk> operating expenses were $51 million versus $43 million.

The year on year increase also reflects the acquisition of Contura.

In the third quarter of 2024.

For recurring underscoring the durability and predictability of our model.

In the third quarter of 2024.

Loading of onetime items.

Normalized compensation expenses totaled $32 million compared to $28 million.

Normalized compensation expenses totaled $32 million compared to $28 million, primarily reflecting the inclusion of contura and the bonus provision associated with the arbitrage et cetera.

<unk> operating expenses were $51 million versus $43 million.

Primarily reflecting the inclusion of contour and the bonus provision associated with the arbitrage et cetera.

In the third quarter of 2024.

Normalized compensation expenses totaled $32 million compared to $28 million.

Assets under management reached 49 billion dollars at quarter end up 6% year-over-year fueled by strong underlying portfolio performance.

Record at this quarter.

And the acquisition of contoura last quarter.

We recorded this quarter.

Normalized non compensation expenses were $19 million.

Primarily reflecting the inclusion of <unk> and the bonus provision associated with the arbitrage incentive pay recorded this quarter.

Normalized non compensation expenses were $19 million compared.

Sequentially AUM, increased 4%.

Compared to $15 million in the prior year period.

Reflecting both portfolio performance and meaningful net value, asset growth.

Driven by <unk> consolidation and higher professional fees and G&A expenses.

Normalized non compensation expenses were $19 million.

Here evidence of the momentum. Michael highlighted, as a core driver of future earnings power.

Compared to $15 million in the prior year period.

Italy.

Sequentially normalized compensation expenses rose by $3 million.

<unk> compensation expenses rose by $3 million.

Driven by <unk> consolidation and higher professional fees and G&A expenses.

Primarily driven by the bonus provision.

<unk> contrast, noncash.

Operating expenses for the quarter were 86 million up from 61 million in the prior year period.

<unk> contrast, noncash.

Sequentially normalized compensation expenses rose by $3 million.

Non compensation expenses decreased approximately $600000 from the prior quarter.

Primarily driven by the bonus provision.

Even after absorbing an additional markup on tour.

Even after absorbing an additional market for.

The increase was largely driven by non-recurring. Non-cash charges including a 4 million dollar client redress provision.

<unk> contrast, noncash.

Contributed nearly $500000 in cost.

Non compensation expenses decreased approximately $600000 from the prior quarter.

Contributed nearly $500000 in cost.

Excluding contura.

Quarter over quarter reduction exceeds $1 million underscoring a tangible impact of our zero based budgeting initiative.

Even after absorbing an additional market for <unk>.

Quarter over quarter reduction exceeds $1 million underscoring a tangible impact of our zero based budgeting initiative.

And a 16 million dollar write-off of receivables. Due from our disposed International real estate business that were formerly in our company balances.

Contributed nearly $500000 in cost.

A year on year increase also reflects the acquisition of Contour.

Excluding contura.

This disciplined approach is delivering measurable savings across multiple categories, including technology professional fees marketing.

Quarter over quarter reduction exceeds $1 million underscoring a tangible impact of our zero based budgeting initiative.

And travel and entertainment.

This disciplined approach is delivering measurable savings across multiple categories, including technology.

Gooding the 1-time items, normalized. Operating expenses were 51 million versus 43 million in the third quarter of 2024.

Building on these results the initiatives implemented in these categories are delivering tangible benefits and we will continue to contribute meaningfully to the quarters ahead.

Building on these results the initiatives implemented in these categories are delivering tangible benefits and will continue to contribute meaningfully to the quarters ahead.

Professional fees marketing.

And travel and entertainment.

Accordingly, additional savings are expected to come online as soon as we began to realize the impact of occupancy optimization across key offices, and the wind down of legacy technology and vendor contracts.

Building on these results the initiatives implemented in these categories are delivering tangible benefits and will continue to contribute meaningfully to the quarters ahead.

Importantly, additional savings are expected to come online as soon as we began to realize the impact of occupancy optimization across key offices, and the wind down of legacy technology and vendor contracts.

Normalized compensation expenses, total 32 million compared to 28 million, primarily reflecting the inclusion of contour and the bonus provision associated with the Arbitrage incentive, the recorded this quarter.

Normalized. Non-compensation. Expenses were 19 million compared to 15 million in the prior year period.

Together. These efforts represent the next phase of our zero based budgeting strategy and are central to our trajectory reinforcing our commitment to operational discipline.

Other these efforts represent the next phase of our zero based budgeting strategy and are central to our trajectory reinforcing our commitment to operational discipline and positioning the company for sustained margin expansion.

Driven by Contours consolidation and higher professional fees and GNA expenses.

Together. These efforts represent the next phase of our zero based budgeting strategy and are central to our trajectory reinforcing our commitment to operational discipline and positioning the company for sustained margin expansion.

And positioning the company for sustained margin expansion.

Sequentially normalized compensation expenses rose by $3 million.

Primarily driven by the Bonus provision.

Other loss for the quarter was $28 million, primarily driven by.

In sharp contrast.

$35 million noncash.

Noncash impairment of the arbitrage fund this.

Non-compensation expenses decreased approximately 600,000 dollars for prior order.

Noncash impairment of the arbitrage fund.

Other loss for the quarter was $28 million, primarily driven by <unk>.

This was partly offset by gains from fair value adjustments on certain investments.

even after absorbing an additional month of Contour,

This was partly offset by gains from fair value adjustments on certain investments.

which contributed nearly $500,000 in cost.

$35 million noncash.

Solidago adjusted EBITDA in the quarter was $6 million compared to $12 million in the prior year period.

Excluding Contour.

Noncash impairment of the arbitrage fund.

Consolidated adjusted EBITDA in the quarter was $6 million compared to $12 million in the prior year period.

This was partly offset by gains from fair value adjustments on certain investments.

The 2024 quarter benefited from nearly $3 million of interest income.

The quarter of a quarter reduction exceeds $1 million, underscoring a tangible impact of our zero-based budgeting initiative.

The 2024 quarter benefited from nearly $3 million of interest income.

Consolidated adjusted EBITDA in the quarter was $6 million compared to $12 million in the prior year period.

While the third quarter of 2025 reflects the full impact of <unk>, adding approximately.

While the third quarter of 2025 reflects the full impact of Contura, adding approximately $3 million in normalized cost alongside higher professional fees and G&A expenses.

This disciplined approach is delivering measurable savings across multiple categories, including technology, professional fees marketing.

The 2024 quarter benefited from nearly $3 million of interest income.

<unk> $3 million on a normalized cost alongside higher professional fees and G&A expenses.

I'm traveling entertainment.

While the third quarter of 2025 reflects the full impact of <unk>, adding approximately $3 million in normalized cost alongside higher professional fees and G&A expenses.

Importantly, nearly all of the $93 million and EBITDA adjustments approximately $87 million are noncash in nature.

Building on these results, the initiative implemented in these categories are delivering tangible benefits and will continue to contribute meaningfully to the quarters ahead.

Importantly, nearly all of the $93 million and EBITDA adjustments approximately $87 million.

Of the cash add backs only $1 million for non transactional related.

Importantly, additional savings are expected to come online soon as we begin to realize the impact of occupancy, optimization across key offices and the wind down of Legacy technology and vendor contracts.

This is notable as it points to the normalization of the business operations going forward.

It is notable as it points to the normalization of the business operations going forward.

Our noncash in nature.

Of the cash add backs only $1 million for non transactional related.

The tax line this quarter reflects a noncash charge of $30 million, including the impact of the 100% valuation allowance related to our deferred tax asset.

The tax line this quarter reflects a noncash charge of $30 million.

It is notable as it points to the normalization of the business operations going forward.

Including the impact of a 100% valuation allowance related to our deferred tax asset.

Together. These efforts represent the next phase of our zero-based, budgeting strategy and our Central to our trajectory reinforcing our commitment, to operational discipline, and positioning the company for sustained, margin expansion.

The tax line this quarter reflects a noncash charge of $30 million.

This adjustment was necessary due to uncertainty around the future realization.

Including the impact of a 100% valuation allowance related to our deferred tax asset.

Finally on a GAAP basis, we reported a net loss of $107 million for the quarter, primarily reflecting the noncash nonrecurring charges.

other laws for the quarter was 28 million dollars per primarily driven by 35 million dollars, non-cash impairment of the Arbitrage fund

Finally on a GAAP basis we.

We reported a net loss of $107 million for the quarter, primarily reflecting the noncash nonrecurring charges related to the exit of the international real estate business the impairment on the arbitrage intangible.

This adjustment was necessary given the uncertainty around the future relocation.

This is partly offset by gains from fair value. Adjustments on a certain Investments.

Finally on a GAAP basis.

<unk> exit of the international real estate business.

Impairment on the arbitrage intangible.

Consolidated adjusted ibida. In the quarter was $6 million compared to 12 million dollars in the prior year period.

And the valuation allowance against our deferred tax asset.

The 2024 quarter benefited from nearly $3 million in interest income.

Adjusted net income, which excludes non recurring items was $1 million.

And the valuation allowance against our deferred tax asset.

The net loss from discontinued operations was $20 million for the quarter, reflecting the full impact of placing international real estate Division and administration.

Adjusted net income, which excludes nonrecurring items was $1 million.

While the third quarter of 2025, reflects the full impact of contoura adding approximately 3 million dollars in normalized costs alongside higher, professional fees and GNA expenses.

The net loss from discontinued operations was $20 million for the quarter, reflecting the full impact of placing international real estate Division and administration.

On deconsolidation intercompany balances were reclassified as third party receivables and payables.

Importantly, nearly all of the 93 million in able to adjustments, approximately 87 million are non-cash in nature.

As part of its commitment toward an orderly wind down also will provide financial support and transactional services to the wind down period ended December 31 2027.

As part of its commitment to an orderly wind down also will provide financial support and transactional services through the wind down period ended December 31 2027.

On deconsolidation intercompany balances were reclassified as third party receivables and payables.

Of the cash add backs, only 1 million dollars worth non-transaction related.

As part of its commitment to an orderly wind down alteon will provide financial support and transactional services to the wind down period ended December 31 2027.

The support will be reflected as an adjustment to the payable balance and reported under continuing operations.

This is notable that points to the normalization of the business operations going forward.

The support will be reflected as an adjustment to the payable balance and reported under continuing operations.

While this quarter included significant charges. These nonrecurring costs should not massively encouraging quarter over quarter trends on a normalized basis.

The support will be reflected as an adjustment to the payable balance and reported under continuing operations.

The tax line, this quarter reflects a non-cash charge of 39 million, including the impact of the 100% valuation allowance related to our deferred tax asset.

The positive impact of our efficiency and productivity initiatives starting to come through.

While this quarter included significant charges. These nonrecurring costs should not massing encouraging quarter over quarter trends on a normalized basis.

The positive impact of our efficiency and productivity initiatives are starting to come through.

This adjustment was necessary due to uncertainty around future realization.

As we enter the final quarter of 2025 multi stands on a stronger leaner platform with a normalizing expense base.

As we enter the final quarter of 2025 multi stands on a stronger leaner platform with a normalizing expense base driven by organizational streamlining zero based budgeting implementation and the real estate exit.

Positive impact of our efficiency and productivity initiatives starting to come through as.

Driven by organizational streamlining zero based budgeting implementation and the real estate exit.

As we enter the final quarter of 2025 multi stands on a stronger leaner platform with a normalizing expense base.

Finally, on a gap basis. We reported a net loss of 107 million for the quarter, primarily reflecting the non-cash, non-recurring charges for agency exit of the international real estate business, the impairment of the Arbitrage, intangible

And the valuation allowance against our deferred tax asset.

And bind with a robust organic growth outlook and pricing initiatives, Michael outlined we believe the business is well positioned for sustainable margin expansion.

Combined with our robust organic growth outlook and pricing initiatives, Michael outlined we believe the business is well positioned for sustainable margin expansion.

Driven by organizational streamlining zero based budgeting implementation and the real estate exit.

Was 1 million dollars.

Bind with a robust organic growth outlook on pricing initiatives, Michael outlined we believe the business is well positioned for sustainable margin expansion.

With that I'll hand, it back to Michael for his closing remarks.

Thank you Mike.

The net loss from discontinued operations was 20 million for the quarter, reflecting the full impact of placing International real estate division and administration.

Thank you Mike.

Before we open the line for questions I want to reiterate what sets <unk> apart.

With that I'll hand, it back to Michael for his closing remarks.

Platform is purpose built for the worlds most sophisticated families.

on the consolidation and our company balance is reclassified as third-party receivables, and payables

Platform is purpose built for the worlds most sophisticated families.

Thank you Mike.

<unk> global reach.

Before we open the line for questions I want to reiterate what sets <unk> apart.

<unk> global reach.

Deep expertise and a cultural partnership burn doors across generations.

Platform is purpose built for the worlds most sophisticated families.

as part of its commitment to an early windown, all people provide financial support and transactional services through the we down period, ending December, 31st 2027,

The resilience of our business anchored in long standing relationships high client retention and a commitment to independent best in class advice.

<unk> global reach.

Deep expertise and a cultural partnership that endures across generations.

the support will be reflected as an adjustment to the payable balance and reported under continuing operations.

Gives us confidence as we navigate periods of change.

The resilience of our business and anchored and long standing relationships high client retention and a commitment to independent best in class advice.

It gives us confidence as we navigate periods of change as.

As we sharpen our focus on our core wealth management business, we're investing what matters, most our clients our people and the capabilities to drive sustainable long term growth.

As we sharpen our focus on our core wealth management business, we're investing in what matters, most our clients our people and the capabilities to drive sustainable long term growth.

All this quarter includes significant charges. These non-recurring costs should not mass encouraged in quarter of a quarter Trends on a normalized basis.

Gives us confidence as we navigate periods of change.

The positive impact of our efficiency and productivity initiatives is starting to come through.

As we sharpen our focus on our core wealth management business, we're investing what matters, most our clients our people and the capabilities that drive sustainable long term growth.

We believe the actions we've taken this quarter positions <unk> to deliver on our mission, helping families manage wealth with purpose and building lasting legacies.

We believe the actions we've taken this quarter positioned <unk> to deliver on our mission, helping families manage wealth with purpose and building lasting legacies.

As we enter the final quarter of 2025 multi stands on a stronger, leaner platform with a normalizing expense base.

We believe the actions we've taken this quarter positioned <unk> to deliver on our mission, helping families manage wealth with purpose and building lasting legacies.

Thank you for your trust and partnership operator, let's open the line for questions.

Driven by organizational. Streamlining zero based budgeting implementation and the real estate exit.

Thank you we will now be conducting a question and answer session.

Thank you for your trust and partnership operator, let's open the line for questions.

Like to ask a question. Please press star and then one on your telephone keypad.

If you would like to ask a question. Please press star and then one on your telephone keypad.

Combined with the robust. Organic growth Outlook and pricing initiatives. Michael outlined. We believe the business is well, positioned for sustainable margin expansion.

A confirmation tone will indicate your line is in the question queue.

Thank you we will now be conducting a question and answer session.

With that, I'll hand it back to Michael for his closing remarks.

Information tone will indicate your line is in the question queue.

Thank you, Mike.

You May press Star and then two if you would like to remove your question from the queue.

Like to ask a question. Please press star and then one on your telephone keypad.

You May press Star and then two if you would like to remove your question from the queue.

For participants using speaker equipment, it may be necessary to pick up your handset before pressing Mr. Keith.

Before we open the line for questions, I want to reiterate what sets Alta apart.

For participants using speaker equipment, it may be necessary to pick up your handset before pressing the sakes.

A confirmation tone will indicate your line is in the question queue.

You May press Star and then two if you would like to remove your question from the queue.

Our platform is purpose-built for the world's most sophisticated families combining Global reach.

The first question. We have is from will <unk> of Raymond James. Please go ahead.

For participants using speaker equipment it.

Deep expertise and a cultural partnership that endorses Generations.

May be necessary to pick up your handset before pressing the star Keith.

Hello.

Hello, anything you guys.

Anything you guys.

Maybe you can help me just think a little bit more about normalized EBIT EBITDA versus the six point to that you guys posted in the quarter I.

The first question, we have is from Roman <unk> of Raymond James. Please go ahead.

Maybe you can help me just think a little bit more about normalized EBIT EBITDA versus with fixed point to that you guys posted in the quarter.

The resilience of our business anchored in long-standing relationships, I client with attention and a commitment to Independent best-in-class advice.

Hello, anything you guys.

Gives us confidence as we navigate periods of change.

I think you mentioned that normalized expenses were around $35 million lower than the operating expenses on a reported basis.

Maybe you can help me just think a little bit more about normalized EBIT EBITDA versus the $6. Two that you guys posted in the quarter.

So I don't know is it should we add that back to the EBITDA, how should we think about that thanks.

So I don't know should we add that back to the EBITDA, how should we think about that thanks.

I think you mentioned that normalized expenses right around $35 million lower than the operating expenses on a reported basis.

As we sharpen, our focus on our core wealth management business. We're investing, what matters, most our clients, our people and the capabilities that drive sustainable long-term growth

Yes, I'll take that yes, you should that that back and then go into my comments around.

So I don't know is it should we add that back to the EBITDA, how should we think about that thanks.

Adjusted EBITDA I think that's.

We believe the actions, we've taken this quarter position altc to deliver on our mission. Helping families, manage wealth with purpose and building life lasting Legacies.

Adjusted EBITDA I think that's.

That's what you should focus on and that's what's been normalized.

That's what you should focus on Thats whats been normalized.

Yes, I'll take that yes, yes, you showed that that document going to my comments around.

Thank you for your trust and partnership operator. Let's open the line for questions.

Yes, so we're definitely happy with 35 backups.

Thank you.

The adjusted EBITDA I think thats.

Non recurring I'm not sure I'm answering your question.

We will not be conducting. The question and answer session.

Nonrecurring I'm not sure I'm answering your question.

That's what you should focus on and that's what's been normalized.

Hello, Mark could you be more yes, I think I think yes, I think what I'm trying to get into a little bit more just how we should think about a normalized level of EBITDA. So.

Hello, and welcome to view margin, Yes, I think I think yes, I think what I'm trying to get into a little bit more just how we should think about a normalized level of EBITDA. So.

Yes, so we're definitely happy with 35 backups.

if you'd like to ask a question, please press star and then 1 on your telephone keypad,

the confirmation tone will indicate your line is in the question queue.

Nonrecurring I'm not sure I'm answering your question.

Hello, Mark could you be more.

I guess, you've done some of the BBB work.

you may press star and then 2, if you would like to remove your question from the queue,

I guess, you've done some of the BBB work.

So I think yes, I think what I'm trying to get into a little bit more is just how we should think about a normalized level of EBITDA. So.

<unk> had different charges.

Just any any way you could help bridge me to a more normalized level EBITDA.

for participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

Just any any way you could help bridge me to a more normalized level EBITDA.

I guess, you've done some of those ABB work.

On a go forward basis would be helpful.

<unk> had different charges.

The first question we have is from, will my brothers of Raymond James? Please go ahead.

Thank you.

Well.

Just any any way you could help bridge me to a more normalized level EBITDA.

Well.

Reporting providing guidance so.

Reporting providing guidance.

On a go forward basis would be helpful.

Our commentary trying to point in that direction.

I think our commentary trying to point in that direction.

Thank you.

Hello. Um, good evening you guys? Um, maybe you can help me, just think a little bit more about normalizing ibida versus the 6.2 that you guys posted in the quarter.

Well.

Got a lot of confidence in terms of how we're managing cost in there.

Reporting providing guidance.

Direction that that those cost are headed.

I think our commentary trying to point in that direction.

Direction that that those cost are headed.

I think you mentioned that normalized expenses were around 35 million lower than the operating expenses on a reported basis.

So as I noted in my comments, we feel good about what's coming online in terms of savings. So any increases we might have for example, like.

So as I noted in my comments feel good about what's coming online in terms of savings. So any increases we might have for example, like <unk>.

Got a lot of confidence in terms of how we're managing cost in there.

Um, so I don't know. Is that should we add that back to the Haida? How should we think about that? Thanks.

Direction that that does cost are headed.

So as I noted in my comments feel good about what's coming online in terms of savings. So any increases we might have for example, like.

When you get to the end of the year in Q1, you have merit increases that we should be able to do.

Yeah, I'll take that. Yes. Yeah you should have that that back. I mean going to my comments around the adjusted deposit I think that's

That because we're going to have.

Offsets to that in terms of.

When you get to the end of the year in Q1, you have merit increases that we should be able to.

Pat.

Rising and then as Michael noted.

Pat.

Rising and then as Michael noted.

That because we're going to have.

The pipeline activity is very strong the last couple of quarters, you've seen our management fee is really rover up 15% from Q1.

The pipeline activity is very strong the last couple of quarters, you've seen our management fee is really rover up 15% for tier one.

Offsets to that in terms of.

Pat.

Rising and then as Michael noted.

That's what you should focus on. That's what's been normalized. Um yeah. So we're definitely out the uh, the 35 back. It's going to be now recurring, I'm not sure. I'm answering your question. No more. Could you be more specific? Yeah, I think I think, yeah. I think what I'm trying to get into a little bit more is just how we should think about a normalized level of ibida. So,

The pipeline activity is very strong the last couple of quarters, you've seen our management fees really rover up 15% from Q1.

And the combination of those two and some other initiatives, we have going on like the pricing initiatives that Michael referenced.

Um, you know, I guess you've you've done some of the zbb work. Um, you've had different, you know, charges

Should really lead to an expanding margin and I think we have.

And the combination of those two and some other initiatives, we have going on like the pricing initiatives that Michael referenced.

<unk>.

High degree of confidence around.

Just any any way you could help bridge me to a more normalized level of ibida on a go forward, basis would be helpful.

High degree of confidence around.

Thank you.

That outcome.

That's helpful.

Should really lead to an expanding margin and I think we have.

well, we, um

That's helpful.

Avoiding, providing guidance.

It is helpful. I guess, if I think about this year, what you guys are posting.

Sure.

It is helpful I guess.

High degree of confidence around.

If I think about this year, what you guys are posting.

That outcome.

Yeah, probably.

That's helpful.

For the first three quarters something in the 40.

Lee.

For the first three quarters something in the 40.

Commentaries trying to point in that direction. We're got a lot of confidence in terms of how we're managing costs and the

It is helpful I guess.

Maybe a little bit and when that 40 ish million range for adjusted EBITDA and then you've got the BBB coming onboard as well and then some growth so is that.

If I think about this year, what you guys are posting.

Maybe a little bit and when 40 ish million range for adjusted EBITDA, and then you've got the BBB coming onboard as well and then some growth so is that.

Ali.

For the first three quarters something in the 40.

Maybe a little bit and when that 40 ish million range for adjusted EBITDA and then you've got the BBB coming onboard as well and then some growth so is that.

Is that kind of give us a good decent type run rate to build off of.

Without giving up.

direction that those costs are headed. Um, so as I noted in my comments, feel good about what's coming online in terms of savings. So any increases we might have, for example, like when you get to the end of the year and q1, you have Merit increases that we should be able to mute that because we're going to have

Without giving up.

Virus pill hang off that build off the 6 billion number who are providing as adjusted.

Is that kind of give us a good decent type run rate to build off of.

<unk> built up the 6 million number.

and then as Michael noted,

Providing as adjusted and <unk>.

Expand off of that number.

Without giving up.

Expand off of that number.

Perl hang off that buildup, the 6 billion number.

No.

Okay. So that's a good number as kind of a run rate than you think and then youre, adding BBVA growth okay.

Okay. So thats a good number as kind of a run rate than you think and then youre at.

We are providing as adjusted items.

Uh, the pipeline activity. It's very strong. The last couple orders. You've seen our management. Fees really over up. 15% from 21.

Adding <unk> growth okay.

Expand off of that number.

Yes got you.

No.

Thank you that helps and then you mean.

Okay. So that's a good number as kind of a run rate than you think and then youre, adding <unk> growth okay.

Commentary about just nine non cash versus cash is.

Commentary about just non non cash versus cash is.

I don't think that this is something that you guys provided a lot of detail on the way.

Yes got you.

Is there any way I don't think that this is something that you guys have provided a lot of detail on the way.

Thank you that helps and then you mean.

And the combination of those 2 and some other initiatives we have going on like the pricing an issue that that Michael referenced um which is really lead to an expanding margin. And I think we have a

And I can recall historically, but is there a way to back into cash flow or anything along those lines. Thanks.

High degree of confidence around.

And I can recall historically, but is there a way to back into cash flow or anything along those lines. Thanks.

Commentary about just non non cash versus cash.

That outcome.

Is that helpful?

Is there any way I don't think that this is something that you guys have provided a lot of detail on the way.

Good morning.

And I can recall historically, but is there a way to back into cash flow or anything along those lines. Thanks.

Good morning.

When our filings made we don't provide that then this material we have horrible in our filings made you'll be able to use our.

When our filings made we don't provide that on the material we have horrible in our filings made you'll be able to see the cash <unk>.

Um, it it is helpful. I guess, you know, if I think about this year, what you guys have posted, um, you know, probably

Cash change in cash for the.

Good morning.

Period.

And cash flow.

Period.

When our filings made we don't provide that on the material we have horrible in our filings made you will be able to see the cash change in cash for the.

So and we did.

<unk>.

So we did.

Some cash as parents and Youll see that when we file our 10-Q.

Consume some cash as parents and Youll see that when we file our 10-Q.

But on a go forward basis I expect.

Period.

For the first 3 quarters. Something in the you know 40 uh maybe a little bit more than that. 40ish million range for adjusted ibaa and then you've got the zvb coming on board as well. And then some growth. So is that

But on a go forward basis.

So we did.

Cash to our cash and our cash flow to improve just based on the performance of that business in <unk>.

<unk>.

Consume some cash as parents and you'll see that when we file our 10-Q.

Cash to our cash and our cash flow to improve just based on the performance of that business improving.

is that kind of give us a, a good decent type of run rate to build off of

Without giving.

But on a go forward basis I expect.

well, if I was building off, I build off the

Okay got you.

Cash to our cash and our cash flow to improve just based on the performance of our business are improving.

Okay got you.

Could you just go a little bit into a little bit more detail on the impairments in the arbitrage fund, which was I think it was around $35 million sure.

Could you just go a little bit into a little bit more detail on the impairment in the arbitrage fund, which was I think it was around $35 million sure.

6 million. Remember we are providing as adjusted and then uh expand off of that number.

Okay got you.

Yeah, so the evaluation.

Could you just go a little bit into a little bit more detail on the impairment in the arbitrage fund, which was I think it was around $35 million sure.

So the evaluation.

Okay.

Okay, so that's a good number. It's kind of a run rate, then you think, and then you know, you're adding ZBZ and growth, okay?

Here's the last.

Okay.

Yeah, got you. Um,

Here's the last.

September was.

Function of certain projections certainly.

<unk> certain projections certain assumptions that are made around the business and its performance.

Yes, so the evaluation.

<unk> that are made around the business and its performance.

Thank you, that that helps. And then you made uh commentary about just non, you know, non-cash versus cash.

We used the last.

And part of those assumptions were.

September was.

And part of those assumptions were.

Certain growth rates are applied to the business and so as you can see the results for the year the assets haven't grown they're actually down.

A function of certain projections certain assumptions that are made around the business performance.

Certain growth rates are applied to the business.

As you can see the results for the year. The handsets have been ground are actually down.

Is there any way? I I don't think that this is something that you guys have provided, a lot of detail in the way on in and I can recall historically. But is there a way to back into cash flows or or anything along those lines? Thanks.

Part of those assumptions were.

From my 30 of 'twenty four.

Certain growth rates are applied to the business.

uh, boy, get our

So.

That caused us to have to take a look at the assumptions we have made around the valuation of last year.

As you can see the results for the year the assets haven't grown they're actually down.

<unk>.

That caused us to have to pick a pocket the assumptions we have made around the valuation last year.

When our filings are made, we don't provide that in this material. What we have here is when our filings manager will be able to see the cash.

From my 30 of 'twenty four.

So were refreshed all of that with new assumptions around the go forward growth rates.

changing tasks for the

And so were refreshed all of that with new assumptions around our go forward growth rates.

period. Um,

No.

That caused us to have to take a look at the assumptions we have made around the valuation last year.

That when we took them off that.

And that when we took off that.

Also top tier.

And so were refreshed all of that with new assumptions around the go forward growth rates.

Also top tier.

So we did. Uh consume some cashes period. So you'll see that when we file our two, um,

Impairment on the business.

Current impairment on the business.

As Michael noted.

but on a go forward basis, I expect

As Michael noted.

From a performance standpoint, our.

And that when we took off that.

From a performance standpoint, Dave.

Our strategy is doing very well it just didnt grow last year actually shrank. So in terms of AUM, but it's doing very well as having one of its best years on a number of years. So.

Also top tier.

<unk> is doing very well it just grow last year actually shrank.

uh, cash to or cash in our, our cash flow to improve just based on the performance of the business improving

Impairment on the business.

As Michael noted.

In terms of AUR, but.

From a performance standpoint, Dave.

It's doing very well as having one of its best years on a number of years. So.

Strategy is doing very well it just didnt grow last year actually shrank.

Oh.

That's the reason why the impairment.

So in terms of AUR, but.

That's the reason for impairment.

It's doing very well part of its best years on a number of years. So.

I got you. Um, could you just go a little bit and do a little bit more detail on the impairment in the uh, Arbitrage fund? Which was? I think it was around 35 million. Sure.

Got it makes sense and then I think you guys touched on this in my opening comments, but just to confirm should we consider the restructuring to be complete.

yeah, so the the valuation

That's the risk of impairment.

uh, that was used last.

Okay.

Got it makes sense and then I think you guys touched on this in my opening comments, but just to confirm should we consider the restructuring to be complete.

Okay.

Okay, Yes.

Okay, Yes that UK, yes.

Hey, Bob.

September, with a function of certain projections, certain assumptions that are made around the business and its performance.

Yes, we are.

That's behind Us.

Yes.

That's behind Us.

Sure.

With us quarter or there wont be additional.

Okay.

With us quarter or there wont be additional.

Okay, Yes that UK, yes.

And part of those assumptions were uh certain growth rates are applied to the business and so that as you can see the results.

Charges related to that business.

Yes.

We noted in the commentary well will provide support.

That's behind Us.

We noted in the commentary well will provide support.

Sure.

With us quarter or there wont be additional.

For the orderly wind down, but that'll be that'll be doubtful.

Charges related to that business.

Making cash payments to support that but there won't be any P&L impact going forward or just be a reduction of the payable that.

We noted in the commentary well will provide support.

Making cash payments to support that but there won't be any P&L impact going forward or just be a reduction of the payable.

For the orderly wind down, but that'll be that'll be doubtful.

That we have.

To the to the administrator.

Making cash payments to support that but there won't be any P&L impact going forward or just be a reduction of the payable debt.

<unk>.

and, uh, that when we did the math, that

To the to the administrator.

also, to have to

Got you.

But I just being generally if there are a lot more restructuring needs to be done outside of that piece as well or maybe just give us a.

That we have.

Earn an impairment on the business. Uh, it's Michael noted that

But I just being generally if there are a lot more restructuring needs to be done outside of that piece as well or maybe just give us.

To the to the administrator.

Little bit of an indication.

Got you.

A little bit of an indication.

The entire business.

But I just being generally if there are a lot more restructuring needs to be done outside of that piece as well or maybe just give us a.

The entire business.

Yes.

Not that I'm aware of now.

The former performance standpoint the, the strategy is doing very well. It just didn't grow last year actually drank so, in terms of AUM, but, um, it's doing very well. It's having 1 of its best years and a number of years. So,

Not that I'm aware of now.

Okay.

Little bit of an indication.

Okay.

And then any plans for a buyback or any anything like that.

The entire business.

That's the reason for the impairment.

Yes.

Not that I'm aware of now.

Okay.

And then any plans for a buyback or any anything like that.

Michael do you want to answer that you would like me to answer that question.

Got, it makes sense. Um, and then I think you guys touched on this in my opening comments, but just to confirm should we consider the restructuring to be complete.

Michael do you want to answer that you'd like me to answer that question.

But.

Okay.

Buyback buyback.

The buyback buyback.

Okay.

Share repurchases on the list of.

Share repurchases on the list.

Yeah, the UK um yeah we're that's behind us.

Michael do you want to answer that you like me to answer that question.

Topics to be discussed.

The board.

But.

or with this quarter, we additional

The board.

Buyback buyback.

No next billing so we are all about.

No next billing so we are always evaluating thoughts on the share count.

Share repurchases on the list.

We are waiting on the share count.

Topics to be discussed.

From.

Charges related to that business. As we've noted in the commentary, we'll provide support.

As part of our strategy conversations.

Awesome.

The board.

As part of our strategy conversations.

Okay.

And our next building. So we are always evaluating thoughts on the share count dilution.

Uh, for the ordering line down, but that'll be double.

Okay. It makes sense and are there any additional noncore parts of the business that could be divested.

Yeah.

Okay. It makes sense and are there any additional noncore parts of the business that could be divested.

As part of our strategy conversations.

Making cash payments to support that, but there won't be any P&L impact. Going forward, it will just be a reduction of the payable.

Potentially.

Potentially hopefully for a gay hint there.

Or again.

that we have, uh,

Okay. It makes sense.

Is there anything that you are considering pruning at this point.

And are there any additional noncore parts of the business that could be divested.

to the uh, to the administrator.

Yeah.

Potentially.

Again.

Hopefully you heard guy hidden in.

Again.

We are always looking at.

Is there anything that you.

We are always looking at.

We are considering pruning at this point.

The optimization of the balance sheet in terms of asset values.

Yeah.

Got you. Um, but I just mean generally, is there a lot more restructuring needs to be done outside of that piece, as well? Or maybe just give us a little bit of an indication?

Again.

Of the entire business.

Core segments of growth utilization of cash from any asset sales or just reduction of costs as we've been more focused on previously.

We are always looking.

Core segments of growth utilization of cash from any asset sales or just reduction with costs as we've put more focus on previously.

Uh, not that I'm aware of now.

The optimization of the balance sheet in terms of asset values.

Okay.

Core segments of growth utilization of cash from any asset sales or just reduction with costs as we've been more focused on previously.

In terms of.

And then, any plans for a buyback or, uh, anything like that?

In terms of.

Okay.

But the segments where administration.

The segments we're administration.

So this is these are all parts of evaluations are ongoing and continuous so the answer is yes, all of those but nothing to be announced.

So this is these are all parts of evaluations that are ongoing and continuous so the answer is yes, all of those but nothing to be announced.

In terms of.

Okay.

The segments we're administration.

Um Michael did you want to answer that? Just like me to answer that question but the my back I mean by back Sherry purchases on the list of

Okay, Great and then Mike maybe you could talk a little bit about the pipeline for deals and other opportunities to grow.

So this is these are all parts of evaluations that are ongoing and continuous so the answer is yes, all of those but nothing to be announced.

Okay, Great and then Mike maybe you could talk a little bit about the pipeline for deals and other opportunities to grow.

Uh, topics to be discussed uh the board.

Yes.

Okay, Great and then Mike maybe you could talk a little bit about the pipeline for deals and other opportunities to grow.

Yes.

So the advantages believe we have or certainly one of the benefits of being a global business is the fact that there are opportunities there.

No expanding. So we we are always evaluating fast and the Share account and the dilution

So the advantages we believe we have or certainly one of the benefits of being a global business is the fact that there are opportunities there.

As part of our strategy conversations,

Okay, makes sense and are there any?

Yes.

We did not do not operate them.

We did not do that and operate them.

So the advantages believe we have or certainly one of the benefits of being a global business is the fact that there are opportunities there.

Obviously, the opportunities globally for us to evaluate.

Core parts of the business that could be divested. Uh,

Obviously, the opportunities globally for us to evaluate.

As we've.

Maturing as a public company.

We did not do that and operate them.

Maturing as a public company on those we've been growing and executing them successfully integrating teams, we have more and more proof points.

Potentially hopefully for a game but um is there anything that you're considering providing at this point?

Growing and executing them successfully integrating teams, we have more and more proof points.

Obviously opportunities globally for us to evaluate.

As we've.

Two to explain through M&A perspective team individuals or firms.

Maturing as a public company.

Two two.

Blaine perspective team individual or firm.

Growing and executing successfully integrating teams, we have more and more proof points.

<unk> be great strategic footprint. So the pipeline is global.

Again, we we we are always looking at um the optimization of the balance sheet in terms of asset values. Um,

<unk> be great strategic footprint. So the pipeline is global.

Two to explain through M&A perspective team individual or firm.

We.

Obviously, we expanded within Germany at this point internationally, we would like to focus on densify.

Be great strategic footprint. So the pipeline is global.

Core segments of growth. Utilization of cash from any asset sales or just reduction of costs, as we've been more focused on previously.

Existing jurisdictions in Arizona property. It was a lot of business growth pipeline of opportunities in the middle East. Although there is an obvious area.

in terms of,

Existing jurisdictions in Arizona operator.

We.

Obviously, we expanded within Germany at this point internationally, we would like to focus on intensifying.

A lot of business growth pipeline of opportunities in the middle East, Although there is an obvious area.

For us that we're evaluating quite seriously.

Does this thing jurisdictions in Arizona operate.

For us that we have.

Putting in the segments of administration. Uh so this these are all parts of evaluations that are ongoing and and continuous. So the answer is, yes, always but nothing to be announced

Evaluating quite seriously.

And then throughout the U S.

A lot of business growth pipeline of opportunities in the middle East So that was an obvious area.

And then throughout the U S. There are a few cities the major cities, but we do not currently have a presence.

Few cities the major cities, but we do not currently have a presence.

For us that we are.

There are.

Evaluating.

Okay, great. And then Mike maybe you could talk a little bit about the pipeline for deals and other opportunities to grow.

Teams.

There are.

No.

Teams.

To bring into the firm or essentially firms that were evaluating as well.

And then throughout the U S. There are a few cities the major cities, but we do not currently have a presence.

yeah, there's

To bring into the firm or essentially firms that were evaluating as well.

There are.

Great and then.

Teams.

Great and then.

Hopefully hopefully I'm, okay to ask another question.

To bring into the firm or essentially firms that were evaluating as well.

Hopefully hopefully I'm, okay to ask another question.

But are there any other strategic conversations that are ongoing that we should be aware of thanks.

So the advantage I believe we have or certainly 1 of the benefits of being a global business, is the fact that there are opportunities there are cities that we are not, do not operate in and there are obviously opportunities globally for us to evaluate.

Great and then.

uh, as we've

Hopefully hopefully I'm, okay to ask another question.

Yeah.

But are there any other strategic conversations that are ongoing that we should be aware of thanks.

We as a firm we are always having internal strategies.

We as a firm we are always having internal.

Strategic conversations about.

You know, maturing as a public company and as we've been growing and executing and successfully integrating teams, we have more and more proof points.

Strategic conversations about.

Yeah.

From a stock price acquisitions.

We as.

So.

As a firm we are always having internal.

As a firm we are always.

So.

As a firm we are always.

Evaluating the business as a whole, but there is nothing to comment on.

Any conversations about.

Evaluating the business as a whole, but there is nothing to comment on.

The stock price.

Oceans.

So.

As a firm we are always.

Okay. Thank you.

Evaluating.

The business as a whole, but there is nothing to comment on.

The next question, we have is from Chris Kotowski of Oppenheimer. Please go ahead.

Uh, to, to explain to any prospective team individual, or firm. That might be a great strategic fit for us. So, the pipeline is global. Um, we expanded within Germany. At this point internationally, we would like to focus on densifying, the existing jurisdictions and areas, in which we operate, and there's a lot of business.

The next question, we have is from Chris Kotowski of Oppenheimer.

Okay. Thank you.

Please go ahead.

Yes. Good afternoon I was just wondering the impairment that you said it I was a little fuzzy on that do we see that on the intangible asset line on the balance sheet.

Yeah. Good afternoon I was just.

The impairment that you said it I was a little fuzzy on that do we see that on the intangible asset line on the balance sheet.

The next question, we have is from Chris Kotowski of Oppenheimer.

Please go ahead.

Yes, good afternoon I was just.

It's like not a part of an investment that was written down and that's the intangible right.

It's like not a part of an investment that was written down it's the intangible right.

The impairment that you said it I was a little fuzzy on that do we see that on the intangible asset line on the balance sheet.

Growth pipeline opportunities in the Middle East. So that is an obvious area uh, for us that we're evaluating quite seriously and then throughout the us there are a few cities and major cities that we do not currently have a presence where there are uh, either teams

Correct.

That's right.

Correct that's.

Intangible related to the investment management contract yes.

That's right yes.

To bring into the firm or potentially firms that we're evaluating as well.

Intangible related to the investment management contract yet.

It's like not been part of an investment that was written down at the intangible right.

Okay.

And then I was also wondering the.

<unk>.

Correct.

And then I was also wondering the.

That's right yes.

You had I think in the past talked about then can tour.

Yes first of all related to the investment management contract yes.

You had I think in the past talked about then can tour.

Okay.

<unk> had a fairly large.

Great. And then hopefully, hopefully I'm okay to ask another question. Um, but are there any other strategic conversations that are ongoing that we should be aware of thanks.

<unk> had a fairly large.

<unk>.

And then I was also wondering the.

Yeah.

Head count a lot of service and.

You had I think in the past talked about the Kentucky.

Head count a lot of service and.

That that you were trying to recruit more.

That you were trying to recruit more.

<unk> had a fairly large.

Wealth management piece.

we again, as a farm, we are always having internal strategic conversations about

Wealth management.

Yeah.

People, there and I'm just wondering if you can update us on how that's going.

Head count a lot of service and.

People, there and I'm just wondering if you can update us on how that's going.

That that you were trying to recruit more.

The integration is going.

The Firm, the stock price Acquisitions. And uh, so as just as a firm, we are always

The integration is going very well.

Wealth management.

Well.

There is.

People, there and I'm just wondering if you can update us on how that's going.

Got it.

There is no.

evaluating the business as a whole, but there is nothing to comment on.

Got it.

We have everything from tech investment team marketing team.

The integration is going very well.

Okay, thank you.

<unk> working on integration plans fully agreed by all teams.

Working on integration plans fully agreed by all teams.

There is.

Okay.

The obviously the.

We have everything from tech investment team marketing team.

The obviously the.

The marketplace join.

The marketplace.

The next question we have is from Chris katowski of Oppenheimer and Co, please go ahead.

Germany is a very exciting one for us so there have been some big.

All working on integration plans fully agreed by all teams.

Germany is a very exciting one for us so there have been some big.

Actually some collaborations already.

The obviously the.

Some early wins that were meaningful.

The marketplace.

Some early wins that were meaningful.

<unk>.

Germany is a very exciting one for us so there have been some big.

As important for us to number one evaluated.

<unk>.

As important for us to number one evaluated.

Within any firm or team of joins us to make sure that we are.

Actually some collaborations already.

Within any firm or team of joins us to make sure that we are.

Yeah, good afternoon. I was just wondering the the impairment that you cited. I was a little fuzzy on that. Do we see that on the intangible asset line on the balance sheet? It's, it's like not a part of an investment that was written down. It's, it's the intangible, right?

Correct.

Some early wins that were meaningful.

Understand.

That talent resides within the organization there are times, where.

That's right. It's tangible related to the investment management.

It's important for us to number one evaluated the talent within any firm or team of joins us to make sure that we.

That talent resides within the organization there are times, where.

Okay.

A single office or someone working with them for them in a single office can actually become elevated and be part of the global firm.

A single office or someone working with them for them in a single office can actually become elevated and part of the global firm.

Understand.

That talent resides within the organization there are times, where.

So we're also evaluating investment portfolios. There is a lot of integration that occurs in the first year, it's going very well.

A single office.

So we're also evaluating investment portfolios. There is a lot of integration that occurs in the first year, it's going very well.

Or someone working within the firm in a single office can actually become elevated and part of the global firm.

The team on the ground is very excited about it.

The team on the ground is very excited about it so very happy to be integrated.

Very happy to be integrated.

So we're also evaluating investment portfolios, there's a lot of integration that occurs in the first year is flowing very well and.

Hum.

And also we are evaluating opportunities jointly.

And the team on the ground is very excited about it.

Okay.

And um, and then I was also wondering the um, you I think in the past talked about the Contour that, you know, had a fairly large uh uh uh headcount a lot of service. And and you know, that that you were trying to recruit more, you know, wealth management. Uh, people there. And I'm just wondering if you can update us on how how that's going.

Okay.

And then I was wondering about the two year timeframe.

Very happy to be integrated.

And then I was wondering about the two year timeframe.

I thought I heard you say December 31, 2027 is kind of the vinyl.

And also we are evaluating opportunities jointly.

There, there is.

I thought I heard you say December 31, 2027 is kind of the vinyl.

No.

Okay.

And then I was wondering about the two year timeframe.

Sure I understand that is that like the the final liquidation of all the.

Thought I heard you say December 31, 2027 is kind of the vinyl.

UK <unk>.

They we have everything from Tech investment team marketing team, all working on integration plans, fully agreed, by all teams. And, uh, the obviously the

UK <unk>.

Sets and yes it does.

And.

Sure I understand that is that like the the final liquidation of all the.

Yes.

Is that settled and he did that does that timeframe incorporate any settlement of any.

Settle any debt does that timeframe incorporate any settlement of any.

U K.

Litigation issues that might still be outstanding.

Assets and.

The marketplace of Germany is, is a very exciting 1 for us. So, there have been some big, um, actually some collaborations already. And some early wins that were meaningful.

The litigation issues that might still be outstanding.

Yes.

Does that settle any debt does that timeframe incorporate any settlement of any.

Why don't I.

The.

December of 'twenty.

Litigation issues that might still be outstanding.

27 is just that that's the administrators timeline, that's what they are targeting is to complete there.

27 is just that's the administrators timeline thats what they are targeting is to complete there.

Why don't I.

and so, is important for us to number 1, evaluate the talent within any firm or team that joins us to make sure that we understand where that Talent resides within the organization there are times where

Work in terms of resolving all the matters that they get to the thing.

December of 2000.

Work in terms of resolving all of the matters related to the Cid.

27 is just that's the administrators timeline thats what they are targeting is to complete there.

Liquidation of assets.

Repayment of creditors were.

We're not involved in that and don't have any influence there.

Work in terms of resolving all of the matters related to the Cid.

We're not involved in that and don't have any influence there.

On the timing of that that's just there.

Liquidation of assets.

On the timing of that that's just there.

Repayment of creditors were.

Standard operating plan, we will provide.

We're not involved in that and adult have any influencer.

Uh, a single office or someone working within a firm in a single office can actually become elevated in the part of the global firm. Uh and so we're also evaluating investment portfolios. There's a lot of integration that occurs in the first year it's going very well. And the team on the ground is very excited about it and they, they're very happy to be integrated.

Support through.

On the timing of that that's just theyre kind of standard operating plan, we will provide.

December of 2027, and then Theyre thereafter, we will notch Ofa administration continues after that we will not be.

Um, and uh and also we're evaluating opportunities jointly.

December of 2027, and then Theyre thereafter, we will notch Ofa administration continues after that we will not be.

Support through.

<unk>, we will provide at all of our support that we're going to provide.

Obliged here, we will have provided all of our support that we're going to provide.

December of 2027, and then Theyre thereafter, we will notch Ofa administration continues after that we will not be.

Okay, and then I I was wondering about the 2 year time frame. I I thought I heard you say. December 31st 2027 is kind of the the final. Um,

At that point.

And what what's the nature to them.

And that's the nature to them.

Oblige to we will have provided all of our support that we're going to provide.

I'm, sorry, I was going to ask what what's the nature of the support that you have to provide we'll report and we'll put in.

so I understand that is that like the the final liquidation of all the uh, UK

At that point.

And that's the nature to them.

Oh, Hey, a funding agreement between us and number.

I'm, sorry, I was going to ask what what's the nature of the support that you have to.

In the final stages of negotiating that but that the funding of room to be consistent with the payable thats.

Provide we'll report and we'll.

Assets and uh you know is is that settle any that does that time frame incorporate any settlement of any, you know, litigation issues that might still be outstanding.

Put in.

Why don't I?

Oh, Hey, a funding agreement between us and number four.

On our balance sheet now that's due to it to a third party.

On our balance sheet now that's due to us, but due to a third party.

December of 20.

In the final stages of negotiating that but that the funding of room to be consistent with the payable thats.

That's our read our 10-K with US just described and a lot of detail on there.

That's our read our 10-K with US as described in a lot of detail on there.

27 is just, that, that's the administrator's timeline, that's what they're targeting is to complete their

On our balance sheet now that's due to us due to a third party.

And you'll see it we have a we have a payable to a third party that third party as the administrator and we will relieve that payable by sending cash stay administrator over on a set schedule, which were up again in the final stages of negotiating that schedule. So it will be over that time.

And you'll see it we have we have a payable to a third party that third party as the administrator and we will relieve that payable by sending cash stay administrator over a set schedule, which were again in the final stages of negotiating that schedule. So it will be over that time.

work in terms of uh resolving all the matters because they get to the the

That's our radar okay.

Here with us as described in a lot of detail on there.

And you'll see it we have we have a payable to a third party that third party as the administrator and we will relieve that payable by sending cash stay administrator over a set schedule mature again in the final stages of negotiating on schedule. So it will be over that time.

Liquidation of the assets. Um, and the repayment to creditors were were not involved in that and don't have any influence or um,

On the timing of that, that's just their kind of standard operating plan. We will provide.

Of the administration, which is the next.

Support through.

Okay, let's think about it in the next eight quarters, because the first payment won't begin until the first quarter of.

Okay, let's think about it the next eight quarters, because the first payment won't be here till the first quarter of.

2026.

Of the administration, which is the next.

2026.

Okay from a legal perspective, the matters that were.

Okay, let's think about it the next eight quarters, because the first payment won't be there until the first quarter of.

Okay from a legal perspective, the matters that were.

Related to the international real estate is I'll stay up there are now the responsibility of the administrators so part of it.

Related to the international real estate does I'll stay up there are now the responsibility of the administrators so part of the <unk>.

December of 2027. And then there they are. After we will not, so if the administration continues after that, we will not be obliged to. We will have provided all of our support that we're going to provide at that point.

2026.

Okay from a legal perspective, the matters that were.

and what's the nature related to the

And we hope that actually that is true.

Presumably they actually that is true.

Related to the international real estate as I say they are now the responsibility of the administrators so part of it.

Those matters.

Then transferred to.

Transferred to.

I'm sorry, guys. I was going to ask what the nature of the support that you have to provide is. Um, well, we put in, uh, we'll put in, um,

The administration.

So on a go forward basis.

Okay actually that is true.

Today that that exposure.

Mitigated that exposure.

Those matters.

Okay.

Then transferred to.

Okay, Great Alright, that's it for me thank you.

Alright, that's it for me thank you.

The administration.

a, a funding agreement between us and we're we're in the final stages of negotiating that but that that funding room be consistent with the payable that's, uh,

So on a go forward basis.

Okay.

Mitigated that exposure.

Okay.

Thank you.

Okay.

Thank you Donna.

No further questions at this time and I would like to turn the floor back over to Michael <unk> for closing comments.

Alright, that's it from me thank you.

Further questions at this time and I would like to turn the floor back over to Michael <unk> for closing comments.

Okay.

Thank you all for dialing in today for your interest and supports and if there are any further questions. Please do contact will lead our thiago.

Thank you.

Thank you all for dialing in today for your interest and support and if there are any further questions. Please do contact will lead our thiago.

No further questions at this time and I would like to turn the floor back over to Michael <unk> for closing comments.

<unk>.

Thank you all for dialing in today for your interest and support and if there are any further questions. Please do contact will lead our thiago.

The apartment.

And we wish everyone, a happy Thanksgiving and happy holidays.

We wish everyone, a happy Thanksgiving and happy holidays.

On our balance sheet. Now that's due to the due to a third party. When you uh, get to read our cancu, this is described in a lot of detail on there, uh, and you'll see that we have a, we have a payable to a third party that third party is the administrator and we will relieve that payable by sending cash to the administrator over on a set schedule which we're again in the final stages of negotiating that schedule. So it'll, it'll be over that time.

Amongst them.

of the administration, which is the next

Amongst them.

Sure.

Yeah.

And we wish everyone, a happy Thanksgiving and happy holidays.

That concludes today's conference. Thank you for joining US you may now disconnect your lines.

Okay. Think about it as the next day quarters because the first payment won't be due till the first quarter of

That concludes today's conference. Thank you for joining US you may now disconnect your lines.

2026.

Amongst them.

Sure.

Okay, from a legal perspective, you know, the matters that were

That concludes today's conference. Thank you for joining US you may now disconnect your lines.

Related to the international real estate business, they have now become the responsibility of the administrator. So, part of the...

reason we put the action we did was to

Have those matters been transferred to the administration? I want to go forward on that basis.

Would mitigate that exposure.

Okay, great. All right. That's it from me. Thank you.

Thank you so much for the quick questions at this time and I would like to turn the floor back over to Michael Tedman for closing comments.

Thank you all for dialing in today for your interest and support. And if there are any further questions, please do contact will the ri and our our department.

I wish everyone a Happy Thanksgiving and happy holidays. Frozen in the month of

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