Q4 2025 WisdomTree Inc Earnings Call

January 30, 2026

Operator: Greetings, and welcome to the WisdomTree Q4 2025 Earnings Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Jessica Zaloom, Head of Corporate Communications. Please go ahead.

Speaker #1: Greetings, and welcome to the WisdomTree Q4 2025 earnings call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation.

Speaker #1: If anyone should require operator assistance, please press star zero on your cell phone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Jessica Zaloom, Head of Corporate Communications.

Speaker #1: Please go

Speaker #1: ahead.

Jessica Zaloom: Good morning. Before we begin, I would like to reference our legal disclaimer available in today's presentation. This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements about our ability to achieve our financial and business plans, goals, and objectives and drive stockholder value. A number of factors could cause actual results to differ materially from the results discussed in forward-looking statements, including, but not limited to, the risks set forth in this presentation in the Risk Factors section of the WisdomTree Annual Report on Form 10-K for the year ended December 31, 2024, and in subsequent reports filed with or furnished to the Securities and Exchange Commission. WisdomTree assumes no duty and does not undertake to update any forward-looking statements.

Q4 2025 WisdomTree Inc Earnings Call

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Q4 2025 WisdomTree Inc Earnings Call

Friday, January 30th, 2026 at 4:00 PM

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Speaker #2: Good morning. Before we begin, I would like to reference our legal disclaimer available in today's presentation. This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements about our ability to achieve our financial and business plans, goals, and objectives, and drive stockholder value.

Speaker #2: A number of factors could cause actual results to differ materially from the results discussed in forward-looking statements, including, but not limited to, the risks set forth in this presentation and the risk factors section of the WisdomTree annual report on Form 10-K for the year ended December 31, 2024, and in subsequent reports filed with or furnished to the Securities and Exchange Commission.

Speaker #2: WisdomTree assumes no duty and does not undertake to update any forward-looking statements. Now, it is my pleasure to turn the call over to WisdomTree.

Jessica Zaloom: Now, it is my pleasure to turn the call over to WisdomTree CFO, Brian Edmiston.

Now, it is my pleasure to turn the call over to WisdomTree CFO, Brian Edmiston.

Speaker #2: CFO, Bryan Edmiston. Thank

Bryan Edmiston: Thank you, Jessica, and good morning, everyone. I'll begin by covering our Q4 results, along with updates to our forward-looking guidance for 2026, before turning the call over to Jarrett and Jano for additional updates on our business. Our assets under management ended the year at $144.5 billion, a record, up 5% from the Q3 and over 30% year-over-year. While we experienced modest outflows in the Q4, we generated $8.5 billion of inflows for the year, representing an 8% organic growth rate. Our AUM also benefited from positive market movement and the Ceres acquisition, which closed on 1 October 2023. This acquisition marked an important step in our expansion into private assets and further diversified our AUM mix through exposure to US farmland, one of the largest and least penetrated real asset classes.

Speaker #3: Thank you, Jessica, and good morning, everyone. I'll begin by covering our fourth quarter results, along with updates to our forward-looking guidance for 2026. Before turning the call over to Jared and Jono for additional updates on our business, our assets under management ended the year at $144.5 billion, a record—up 5% from the third quarter and over 30% year-over-year.

Speaker #3: While we experienced modest outflows in the fourth quarter, we generated $8.5 billion of inflows for the year, representing an 8% organic growth rate. Our AUM also benefited from positive market movement and the Cirrus acquisition, which closed on October 1.

Speaker #3: This acquisition marked an important step in our expansion into private assets, and further diversified our AUM mix through exposure to U.S. farmland, one of the largest and least-penetrated real asset classes.

Speaker #3: We are now managing almost $2 billion in farmland-based strategies, and the transaction has expanded both our annual revenue capture and operating margins by more than 200 basis points.

Bryan Edmiston: We are now managing almost $2 billion in farmland-based strategies, and the transaction has expanded both our annual revenue capture and operating margins by more than 200 basis points. Looking more broadly at our AUM performance, growth was broad-based and well-diversified across regions and asset classes. Our European-listed products delivered a very strong year, with AUM increasing from $30.7 billion to a record $53.3 billion, supported by more than $6 billion of net inflows and a favorable market environment. European inflows were led by $4.3 billion into our UCITS franchise, spearheaded by the successful launch of our European Defense ETF earlier this year, while our commodity products generated approximately $1 billion of inflows.

We are now managing almost $2 billion in farmland-based strategies, and the transaction has expanded both our annual revenue capture and operating margins by more than 200 basis points. Looking more broadly at our AUM performance, growth was broad-based and well-diversified across regions and asset classes. Our European-listed products delivered a very strong year, with AUM increasing from $30.7 billion to a record $53.3 billion, supported by more than $6 billion of net inflows and a favorable market environment. European inflows were led by $4.3 billion into our UCITS franchise, spearheaded by the successful launch of our European Defense ETF earlier this year, while our commodity products generated approximately $1 billion of inflows.

Speaker #3: Looking more broadly at our AUM performance, growth was broad-based and well-diversified across regions and asset classes. Our European-listed products delivered a very strong year, with AUM increasing from $30.7 billion to a record $53.3 billion, supported by more than $6 billion of net inflows and a favorable market environment.

Speaker #3: European inflows were led by $4.3 billion into our UCITS franchise, spearheaded by the successful launch of our European defense ETF earlier this year, while our commodity products generated approximately $1 billion of inflows.

Speaker #3: In the U.S., AUM increased to a record $88.5 billion, with $1.4 billion of net inflows for the year, driven primarily by our U.S. equity offerings alongside favorable market conditions.

Bryan Edmiston: In the US, AUM increased to a record $88.5 billion, with $1.4 billion of net inflows for the year, driven primarily by our US equity offerings alongside favorable market conditions. Our digital assets platform continued to gain traction, with AUM reaching approximately $770 million at year-end. Growth was led by strong inflows into our digital money market fund, largely through WisdomTree Connect, reflecting continued progress across our digital platform. Overall, record AUM, strong organic growth, disciplined execution, and thoughtful capital deployment drove approximately 300 basis points of operating margin expansion during the year. Taken together, we believe these results position us well to build on our momentum and continue delivering sustainable growth and long-term shareholder value.

In the US, AUM increased to a record $88.5 billion, with $1.4 billion of net inflows for the year, driven primarily by our US equity offerings alongside favorable market conditions. Our digital assets platform continued to gain traction, with AUM reaching approximately $770 million at year-end. Growth was led by strong inflows into our digital money market fund, largely through WisdomTree Connect, reflecting continued progress across our digital platform. Overall, record AUM, strong organic growth, disciplined execution, and thoughtful capital deployment drove approximately 300 basis points of operating margin expansion during the year. Taken together, we believe these results position us well to build on our momentum and continue delivering sustainable growth and long-term shareholder value.

Speaker #3: Our digital assets platform continued to gain traction, with AUM reaching approximately $770 million at year-end. Growth was led by strong inflows into our digital money market fund, largely through WisdomTree Connect, reflecting continued progress across our digital platform.

Speaker #3: Overall, record AUM, strong organic growth, disciplined execution, and thoughtful capital deployment drove approximately 300 basis points of operating margin expansion during the year. Taken together, we believe these results position us well to build on our momentum and continue delivering sustainable growth and long-term shareholder value.

Speaker #3: Global AUM today stands at $160.8 billion, up $16 billion, or 11%, from year-end, driven by favorable market conditions and almost $2 billion of net inflows—a very strong start to the year.

Bryan Edmiston: Global AUM today stands at $160.8 billion, up $16 billion or 11% from year-end, driven by favorable market conditions and almost $2 billion of net inflows, a very strong start to the year. Next slide. Adjusted revenues were $147.4 million during the quarter, an increase of 17% from the third quarter and up approximately 33% versus the prior year quarter, driven by higher average AUM. Ceres contributed $12 million of revenues this quarter, of which $7.1 million was derived from performance fees. These performance fees were driven by price appreciation on farmland under management, along with favorable developments related to the solar portfolio. Our other revenue continues to grow, recognizing $12.7 million this quarter as compared to $11 million in the prior quarter.

Global AUM today stands at $160.8 billion, up $16 billion or 11% from year-end, driven by favorable market conditions and almost $2 billion of net inflows, a very strong start to the year. Next slide. Adjusted revenues were $147.4 million during the quarter, an increase of 17% from the third quarter and up approximately 33% versus the prior year quarter, driven by higher average AUM. Ceres contributed $12 million of revenues this quarter, of which $7.1 million was derived from performance fees. These performance fees were driven by price appreciation on farmland under management, along with favorable developments related to the solar portfolio. Our other revenue continues to grow, recognizing $12.7 million this quarter as compared to $11 million in the prior quarter.

Speaker #3: Next slide. Adjusted revenues were $147.4 million during the quarter, an increase of 17% from the third quarter, and up approximately 33% versus the prior-year quarter, driven by higher average AUM.

Speaker #3: Cirrus contributed $12 million of revenues this quarter, of which $7.1 million was derived from performance fees. These performance fees were driven by price appreciation on farmland under management, along with favorable developments related to the solar portfolio.

Speaker #3: Our other revenue continues to grow, recognizing $12.7 million this quarter as compared to $11.0 million in the prior quarter. This increase was largely driven by higher European-listed AUM, as approximately 70% of these revenues are asset-based.

Bryan Edmiston: This increase was largely driven by higher European-listed AUM, as approximately 70% of these revenues are asset-based. While difficult to forecast, we would suggest the magnitude of other revenue generated in this most recent quarter serves as a fair approximation of what we could expect going forward, assuming current European AUM levels. Further increases in our European-listed AUM should drive this revenue higher. On a year-over-year basis, our adjusted revenues have grown 15.4%, while our adjusted operating margin has expanded almost 300 basis points, finishing the year at 36.5%. Adjusted net income for the quarter was $41.2 million, or 29 cents per share. Adjusted net income excludes amortization of intangible assets related to the Ceres acquisition, the remeasurement of the Ceres earn-out, and other items. Next slide. Now, a few comments on our 2026 guidance.

This increase was largely driven by higher European-listed AUM, as approximately 70% of these revenues are asset-based. While difficult to forecast, we would suggest the magnitude of other revenue generated in this most recent quarter serves as a fair approximation of what we could expect going forward, assuming current European AUM levels. Further increases in our European-listed AUM should drive this revenue higher. On a year-over-year basis, our adjusted revenues have grown 15.4%, while our adjusted operating margin has expanded almost 300 basis points, finishing the year at 36.5%. Adjusted net income for the quarter was $41.2 million, or 29 cents per share. Adjusted net income excludes amortization of intangible assets related to the Ceres acquisition, the remeasurement of the Ceres earn-out, and other items. Next slide. Now, a few comments on our 2026 guidance.

Speaker #3: While difficult to forecast, we would suggest the magnitude of other revenue generated in this most recent quarter serves as a fair approximation of what we could expect going forward, assuming current European AUM levels.

Speaker #3: In our European-listed AUM, further increases should drive this revenue higher. On a year-over-year basis, our adjusted revenues have grown 15.4%, while our adjusted operating margin has expanded almost 300 basis points, finishing the year at 36.5%.

Speaker #3: Adjusted net income for the quarter was $41.2 million, or $0.29 per share. Adjusted net income excludes amortization of intangible assets related to the Cirrus acquisition, the remeasurement of the Cirrus earnout, and other items.

Speaker #3: Next slide. Now, a few comments on our 2026 guidance. We are forecasting our compensation-to-revenue ratio to range from 26% to 28%, representing a 2 percentage point downward shift from our prior year guidance.

Bryan Edmiston: We are forecasting our compensation-to-revenue ratio to range from 26 to 28%, representing a 2 percentage point downward shift from our prior year guidance. This update takes into consideration planned hires, as well as compensation adjustments and the annualization of hires made during 2025, and further demonstrates the operating leverage in our business model as we continue to scale. The range reflects variability in incentive compensation, driven by factors including the magnitude of our flows, revenue, operating income, and margin targets, and our share price performance in relation to our peers. As a reminder, compensation expense is seasonally higher in Q1 as we recognize payroll taxes, benefits, and other items related to year-end bonuses.

We are forecasting our compensation-to-revenue ratio to range from 26 to 28%, representing a 2 percentage point downward shift from our prior year guidance. This update takes into consideration planned hires, as well as compensation adjustments and the annualization of hires made during 2025, and further demonstrates the operating leverage in our business model as we continue to scale. The range reflects variability in incentive compensation, driven by factors including the magnitude of our flows, revenue, operating income, and margin targets, and our share price performance in relation to our peers. As a reminder, compensation expense is seasonally higher in Q1 as we recognize payroll taxes, benefits, and other items related to year-end bonuses.

Speaker #3: This update takes into consideration planned hires, as well as compensation adjustments in the annualization of hires made during 2025, and further demonstrates the operating leverage in our business model as we continue to scale.

Speaker #3: The range reflects variability in incentive compensation, driven by factors including the magnitude of our flows, revenue, operating income and margin targets, and our share price performance in relation to our peers.

Speaker #3: As a reminder, compensation expense is seasonally higher in the first quarter, as we recognize payroll taxes, benefits, and other items related to year-end bonuses.

Speaker #3: As a result, we estimate our first quarter comp-to-revenue ratio to be approximately 30%, before stepping down over the course of the year and landing within the 26% to 28% overall guidance range.

Bryan Edmiston: As a result, we estimate our Q1 comp-to-revenue ratio to be approximately 30% before stepping down over the course of the year and landing within the 26% to 28% overall guidance range. Our discretionary spending guidance is forecasted to range from $80 to 86 million, compared to $71 million this past year. Primary drivers of the increase include incremental marketing spend, higher sales and distribution-related expenses, as well as the impact of the Ceres acquisition and additional factors. Our gross margin guidance is estimated to range from 82% to 83%, compared to 81.9% this past year. This range reflects revenue based on current AUM levels and the positive impact of Ceres on our gross margin, partially offset by incremental costs associated with the anticipated product launches. As AUM continues to grow, we would expect gross margins to trend higher.

As a result, we estimate our Q1 comp-to-revenue ratio to be approximately 30% before stepping down over the course of the year and landing within the 26% to 28% overall guidance range. Our discretionary spending guidance is forecasted to range from $80 to 86 million, compared to $71 million this past year. Primary drivers of the increase include incremental marketing spend, higher sales and distribution-related expenses, as well as the impact of the Ceres acquisition and additional factors. Our gross margin guidance is estimated to range from 82% to 83%, compared to 81.9% this past year. This range reflects revenue based on current AUM levels and the positive impact of Ceres on our gross margin, partially offset by incremental costs associated with the anticipated product launches. As AUM continues to grow, we would expect gross margins to trend higher.

Speaker #3: Our discretionary spending guidance is forecasted to range from $80 million to $86 million, compared to $71 million this past year. Primary drivers of the increase include incremental marketing spend, higher sales and distribution-related expenses, as well as the impact of the Cirrus acquisition and additional factors.

Speaker #3: Our gross margin guidance is estimated to range from 82% to 83%, compared to 81.9% this past year. This range reflects revenue based on current AUM levels and the positive impact of Cirrus on our gross margin, partially offset by incremental costs associated with anticipated product launches.

Speaker #3: As AUM continues to grow, we would expect gross margins to trend higher. Third-party distribution expenses are anticipated to range from $17 million to $19 million, compared to $16 million this past year, driven by higher AUM on these platforms.

Bryan Edmiston: Third-party distribution expense is anticipated to range from $17 million to $19 million, compared to $16 million this past year, driven by higher AUM on these platforms. Interest expense is forecasted to be approximately $40 million this year, taking into consideration the retirement of a substantial portion and potentially all of our convertible notes maturing in June 2026. Interest expense should be approximately $10.5 million for each of the Q1 and Q2, declining to roughly $9.5 million per quarter in the second half of the year. Interest income is estimated to be approximately $8 million in 2026, driven by the magnitude of our interest earning assets and forecasted interest rates. We expect those assets to decline in the second half of the year following the retirement of our 2026 notes.

Third-party distribution expense is anticipated to range from $17 million to $19 million, compared to $16 million this past year, driven by higher AUM on these platforms. Interest expense is forecasted to be approximately $40 million this year, taking into consideration the retirement of a substantial portion and potentially all of our convertible notes maturing in June 2026. Interest expense should be approximately $10.5 million for each of the Q1 and Q2, declining to roughly $9.5 million per quarter in the second half of the year. Interest income is estimated to be approximately $8 million in 2026, driven by the magnitude of our interest earning assets and forecasted interest rates. We expect those assets to decline in the second half of the year following the retirement of our 2026 notes.

Speaker #3: Interest expense is forecasted to be approximately $40 million this year, taking into consideration the retirement of a substantial portion, and potentially all, of our convertible notes maturing in June of 2026.

Speaker #3: Interest expense should be approximately $10.5 million for each of the first and second quarter, declining to roughly $9.5 million per quarter in the second half of the year.

Speaker #3: Interest income is estimated to be approximately $8 million in 2026, driven by the magnitude of our interest-earning assets rates. We expect those assets to and forecasted interest decline in the second half of the year following the retirement of our 2026 notes.

Speaker #3: Our anticipated, approximately estimated adjusted tax rate is 24%, aligned with our tax rate this past year. And we anticipate our weighted average diluted shares to range from 152 to 157 million, as compared to 145 million this past year.

Bryan Edmiston: Our estimated adjusted tax rate is anticipated to be approximately 24%, aligned with our tax rate this past year. We anticipate our weighted average diluted shares to range from 152 to 157 million, as compared to 145 million this past year. This guidance contemplates approximately 7 to 12 million of incremental shares associated with our convertible notes, assuming a stock price approximating recent levels. As a reminder, an illustration is included within our earnings presentation to assist in quantifying the incremental shares associated with our convertible notes going forward. That's all I have. I will now turn the call over to Jarrett.

Our estimated adjusted tax rate is anticipated to be approximately 24%, aligned with our tax rate this past year. We anticipate our weighted average diluted shares to range from 152 to 157 million, as compared to 145 million this past year. This guidance contemplates approximately 7 to 12 million of incremental shares associated with our convertible notes, assuming a stock price approximating recent levels. As a reminder, an illustration is included within our earnings presentation to assist in quantifying the incremental shares associated with our convertible notes going forward. That's all I have. I will now turn the call over to Jarrett.

Speaker #3: This guidance contemplates approximately 7 to 12 million of incremental shares associated with our convertible notes, assuming a stock price approximating recent levels. As a reminder, an illustration is included within our earnings presentation to assist in quantifying the incremental shares associated with our convertible notes going forward.

Speaker #3: That's all I have. I will now turn the call over to

Speaker #3: Jared. All

Speaker #2: Right. Thanks, Bryan, and good morning, everyone. 2025 was another strong year for WisdomTree. And more importantly, a year that reinforced the core premise we've been building for several years: that consistent organic growth, paired with disciplined execution, drives margin expansion and meaningful earnings growth.

Jarrett Lilien: All right. Thanks, Brian, and good morning, everyone. 2025 was another strong year from WisdomTree, and more importantly, a year that reinforced the core premise we've been building for several years, that consistent organic growth, paired with disciplined execution, drives margin expansion and meaningful earnings growth. As Brian mentioned, we delivered $8.5 billion in net flows, translating to an organic growth rate of approximately 8% for the year, and that puts us ahead of many of our public peers. But just as importantly, it came through volatile markets and shifting macro conditions. Our growth held across risk-on rallies, interest rate uncertainty, and equity rotations, and Q4 reinforced that momentum. From a profitability standpoint, we expanded operating margins by nearly 300 basis points.

Speaker #2: As Bryan mentioned, we delivered $8.5 billion in net flows, translating to an organic growth rate of approximately 8% for the year. And that puts us ahead of many of our public peers, but just as importantly, it came through volatile markets and shifting macro conditions.

Speaker #2: Our growth held across risk-on rallies, interest rate uncertainty, and equity rotations, and Q4 reinforced that momentum. From a profitability standpoint, we expanded operating margins by nearly 300 basis points.

Speaker #2: We've maintained tight expense discipline while continuing to invest in growth, demonstrating that margin expansion and investment are not mutually exclusive. That balance remains a defining strength of our model.

Jarrett Lilien: We've maintained tight expense discipline while continuing to invest in growth, demonstrating that margin expansion and investment are not mutually exclusive, and that balance remains a defining strength of our model. We saw especially strong momentum in our metal strategies, including both physical and overlay products, with AUM up 83% and more than $1 billion in net inflows across the suite. Importantly, this traction showed up in both Europe and the US, reflecting a global reallocation towards real assets. We believe there is a multi-year growth story unfolding in metals, which currently represents 28.5% of our global AUM, as investors continue to seek inflation-sensitive and alternative exposures, and our lineup is well-positioned to capture that demand. In Europe, we're now seeing the results of years of investment coming fully into view.

We've maintained tight expense discipline while continuing to invest in growth, demonstrating that margin expansion and investment are not mutually exclusive, and that balance remains a defining strength of our model. We saw especially strong momentum in our metal strategies, including both physical and overlay products, with AUM up 83% and more than $1 billion in net inflows across the suite. Importantly, this traction showed up in both Europe and the US, reflecting a global reallocation towards real assets. We believe there is a multi-year growth story unfolding in metals, which currently represents 28.5% of our global AUM, as investors continue to seek inflation-sensitive and alternative exposures, and our lineup is well-positioned to capture that demand. In Europe, we're now seeing the results of years of investment coming fully into view.

Speaker #2: We saw especially strong momentum in our metal strategies, including both physical and overlay products, with AUM up 83% and more than $1 billion in net inflows across the suite.

Speaker #2: Importantly, this traction showed up in both Europe and the US, reflecting a global reallocation towards real assets. And we believe there is a multi-year growth story unfolding in metals, which currently represents 28.5% of our global AUM.

Speaker #2: As investors continue to seek inflation-sensitive and alternative exposures, and our lineup is well-positioned to capture that demand. In Europe, we're now seeing the results of years of investment coming fully into view.

Speaker #2: What began as a diversification effort has become a true growth engine. Our European defense fund was one of the most successful launches in firm history.

Jarrett Lilien: What began as a diversification effort has become a true growth engine. Our European Defense Fund was one of the most successful launches in firm history and among the top-performing launches industry-wide in 2025. But the story is broader than any single product. Product development remains a core strength of the firm. We launched more than 30 new strategies last year across commodities, thematics, and tactical exposures, with successful launches in areas such as rare earths, quantum computing, and nuclear energy. These are not one-off outcomes. They reflect our ability to identify themes early, execute across the platform, and sustain momentum across market cycles. As we look to 2026, our focus remains on delivering differentiated products that perform and persist. Our portfolio solutions business, models and SMAs, continues to be another major growth engine.

What began as a diversification effort has become a true growth engine. Our European Defense Fund was one of the most successful launches in firm history and among the top-performing launches industry-wide in 2025. But the story is broader than any single product. Product development remains a core strength of the firm. We launched more than 30 new strategies last year across commodities, thematics, and tactical exposures, with successful launches in areas such as rare earths, quantum computing, and nuclear energy. These are not one-off outcomes. They reflect our ability to identify themes early, execute across the platform, and sustain momentum across market cycles. As we look to 2026, our focus remains on delivering differentiated products that perform and persist. Our portfolio solutions business, models and SMAs, continues to be another major growth engine.

Speaker #2: And among the top-performing launches industry-wide in 2025. But the story is broader than any single product. Product development remains a core strength of the firm.

Speaker #2: We launched more than 30 new strategies last year across commodities, thematics, and tactical exposures, with successful launches in areas such as rare earths, quantum computing, and nuclear energy.

Speaker #2: These are not one-off outcomes; they reflect our ability to identify themes early, execute across the platform, and sustain momentum across market cycles. As we look to 2026, our focus remains on delivering differentiated products that perform and persist.

Speaker #2: Our portfolio solutions business, models, and SMAs continues to be another major growth engine. Model AUA grew to over $6 billion, up from $3.8 billion at the end of '24, driven by both new users and deeper adoption.

Jarrett Lilien: Model AUA grew to over $6 billion, up from $3.8 billion at the end of 2024, driven by both new users and deeper adoption. We're also seeing strong growth in custom model mandates, which enhance stickiness and deepen client relationships. The expansion of our SMA capabilities through Quorus is unlocking a larger and more complex advisor opportunity set. These solutions are helping to stabilize flows in volatile markets, and embed us more deeply into advisor workflows. It's no longer about selling a single ticker, it's about portfolio construction, and we're winning in that space. In digital assets, we moved from infrastructure build-out to early monetization. Tokenized AUM reached $770 million by year-end, up from essentially zero just twelve months ago, and that reflects real adoption and growing client trust.

Model AUA grew to over $6 billion, up from $3.8 billion at the end of 2024, driven by both new users and deeper adoption. We're also seeing strong growth in custom model mandates, which enhance stickiness and deepen client relationships. The expansion of our SMA capabilities through Quorus is unlocking a larger and more complex advisor opportunity set. These solutions are helping to stabilize flows in volatile markets, and embed us more deeply into advisor workflows. It's no longer about selling a single ticker, it's about portfolio construction, and we're winning in that space. In digital assets, we moved from infrastructure build-out to early monetization. Tokenized AUM reached $770 million by year-end, up from essentially zero just twelve months ago, and that reflects real adoption and growing client trust.

Speaker #2: We're also seeing strong growth in custom model mandates, which enhance stickiness and deepen client relationships. The expansion of our SMA capabilities through Quorus is unlocking a larger and more complex advisor opportunity set.

Speaker #2: These solutions are helping to stabilize flows in volatile markets and get us more deeply into advisor workflows. It's no longer about selling a single ticker; it's about portfolio construction, and we're winning in that space.

Speaker #2: In digital assets, we moved from infrastructure build-out to early monetization. Tokenized AUM reached $770 million by year-end, up from essentially zero just 12 months ago.

Speaker #2: And that reflects real adoption and growing client trust. Our institutional platform, WisdomTree Connect, scaled from four onboarded institutions to 29. And the number of wallets holding WisdomTree assets now totals more than 3,500, with engagement steadily improving.

Jarrett Lilien: Our institutional platform, WisdomTree Connect, scaled from 4 onboarded institutions to 29, and the number of wallets holding WisdomTree assets now totals more than 3,500, with engagement steadily improving. The infrastructure is built, the products are live, and the focus is now on scaling. Finally, in private markets, our acquisition of Ceres Partners added a long-duration, diversifying revenue stream to the firm. And since closing in early October, AUM has grown to about $1.9 billion, including 8% annualized organic growth in Q4. It's a strong early outcome and one that's already expanding the types of conversations and clients that we're engaging with. So stepping back, across public markets, digital assets, and private markets, we're building a broader and more powerful business. As we enter 2026, several growth engines are already in motion. Our ETF platform continues to deliver consistent organic growth.

Our institutional platform, WisdomTree Connect, scaled from 4 onboarded institutions to 29, and the number of wallets holding WisdomTree assets now totals more than 3,500, with engagement steadily improving. The infrastructure is built, the products are live, and the focus is now on scaling. Finally, in private markets, our acquisition of Ceres Partners added a long-duration, diversifying revenue stream to the firm. And since closing in early October, AUM has grown to about $1.9 billion, including 8% annualized organic growth in Q4. It's a strong early outcome and one that's already expanding the types of conversations and clients that we're engaging with. So stepping back, across public markets, digital assets, and private markets, we're building a broader and more powerful business. As we enter 2026, several growth engines are already in motion. Our ETF platform continues to deliver consistent organic growth.

Speaker #2: The infrastructure is built, the products are live, and the focus is now on scaling. Finally, in private markets, our acquisition of Ceres Partners added a long-duration diversifying revenue stream to the firm.

Speaker #2: And since closing in early October, AUM has grown to about $1.9 billion, including 8% annualized organic growth in the fourth quarter. It's a strong early outcome and one that's already expanding the types of conversations and clients that we're engaging with.

Speaker #2: So, stepping back, across public markets, digital assets, and private markets, we're building a broader and more powerful business as we enter 2026. Several growth engines are already in motion.

Speaker #2: The platform continues to deliver our ETF consistent organic growth. Europe has scaled into a meaningful contributor. Models and SMAs are embedded deeper into advisor workflows.

Jeremy Schwartz: ... Europe has scaled into a meaningful contributor. Models and SMAs are embedded deeper into advisor workflows. Tokenization is generating real flows, and private markets are expanding our reach and revenue mix. We're seeing broad-based traction across asset classes, delivery channels, and client segments, and that balance creates durability, and durability is what compounds over time. We are clearly executing against a strategy that is working. With that, I'll turn it over to Jano.

... Europe has scaled into a meaningful contributor. Models and SMAs are embedded deeper into advisor workflows. Tokenization is generating real flows, and private markets are expanding our reach and revenue mix. We're seeing broad-based traction across asset classes, delivery channels, and client segments, and that balance creates durability, and durability is what compounds over time. We are clearly executing against a strategy that is working. With that, I'll turn it over to Jano.

Speaker #2: Tokenization is generating real flows, and private markets are expanding our reach and revenue mix. We're seeing broad-based delivery channels and client traction across asset classes and segments.

Speaker #2: And that balance durability is what compounds over time. We are clearly executing against a strategy that is working. And with that, I'll turn it over to Jano.

Speaker #1: Thank you, Jared. Hello, everyone. I'll be brief today. You've heard the story today, Jared—strong results, improving from both Bryan and guidance, clear vision, and disciplined execution.

Jonathan Steinberg: Thank you, Jarrett. Hello, everyone. I'll be brief today. You've heard the story today from both Brian and Jarrett. Strong results, improving guidance, clear vision, and disciplined execution. What you are seeing is our strategy playing out as intended. Organic growth and operating discipline working in tandem, having delivered margin expansion, higher earnings per share, and sustained momentum across market regimes. WisdomTree is the strongest it's ever been. We've reached new levels of scale, not just in AUM, but in capabilities, in client reach, and in delivery. We're diversified across asset classes, geographies, and channels, and that diversification is powering resilience and growth at the same time. Europe, models, tokenized assets, and private markets, these aren't experiments anymore. They are real businesses, contributing real flows and creating real value for shareholders.

Speaker #1: What you are seeing is our strategy playing out as intended. Organic growth and operating discipline working in tandem. Delivered margin expansion, higher earnings per share, and sustained momentum across market regimes.

Speaker #1: WisdomTree is the strongest it’s ever been. We’ve reached new levels of scale—not just in AUM, but in capabilities, in client reach, and in delivery.

Speaker #1: We're diversified across asset classes, geographies, and channels. And that diversification is powering resilience and growth at the same time. Europe models tokenized assets and private markets—these aren't experiments anymore.

Speaker #1: They are real businesses contributing real flows and creating real value for strong and improving guidance shareholders. With from Bryan, it's clear that we're entering 2026 not just with confidence, but with conviction and momentum.

Jonathan Steinberg: With strong and improving guidance from Brian, it's clear that we're entering 2026, not just with confidence, but with conviction and momentum. We are building something durable and something compoundable. Today's results speak for themselves, but still, I'd characterize it anyway as the beginning of the next chapter at WisdomTree. With that, I want to thank you for your attention today. Operator, let's open up the call for questions.

With strong and improving guidance from Brian, it's clear that we're entering 2026, not just with confidence, but with conviction and momentum. We are building something durable and something compoundable. Today's results speak for themselves, but still, I'd characterize it anyway as the beginning of the next chapter at WisdomTree. With that, I want to thank you for your attention today. Operator, let's open up the call for questions.

Speaker #1: We are building something durable and something compoundable. Today's results speak for themselves. But still, I'd characterize it anyway as the beginning of the next chapter at WisdomTree.

Speaker #1: With that, I want to thank you for your attention today. Operator, let's open up the call for questions.

Speaker #1: questions. Thank

Operator: Thank you. Ladies and gentlemen, if you would like to ask a question, please press star one on your telephone keypad, and a confirmation tone will indicate your line is in the question queue. You may press star 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 the star keys. One moment, please, while we call for questions. And our first question comes from the line of Mike Grondahl with Northland Securities. Please proceed.

Speaker #2: Ladies and gentlemen, if you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue.

Speaker #2: You may press star 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 the star keys.

Speaker #2: One moment, please, while we pull for questions. And our first question comes from the line of Michael Grondahl with Northland Securities. Please proceed.

Speaker #3: Hey, guys. Congratulations on the December quarter and January so far, too. One question: when you look at slide five, what do you see as the biggest, maybe one or two, opportunities for WisdomTree in 2026 and 2027?

Mike Grondahl: Hey, guys. Congratulations on the December quarter and January so far, too. One question: When you look at slide 5, what do you see as the biggest, maybe 1 or 2 opportunities for WisdomTree in 2026 and 2027? Like, what's some low-hanging fruit or some market share you should be taking on that slide?

Speaker #3: What's some low-hanging fruit, or some market share you should be taking on, that—

Speaker #3: slide?

Speaker #1: Thanks,

Jonathan Steinberg: Thanks, Mike. Market share, I guess I'll turn it over to Jarrett or to Jeremy to make initial comments. Jeremy, do you have this? Go ahead, Jarrett.

Speaker #1: Mike: Market share—I guess I'll turn it over to Jared or to Jeremy to make initial comments.

Speaker #2: Jeremy, you have your.

Speaker #1: Go ahead, Jared.

Jeremy Schwartz: So the, you know, from one of the places we are seeing incredible success, you know, I'm sitting in Milan right now, and team Europe has taken leadership in a number of different areas, from commodities, as a franchise, but, thematics generally. When you look at where we've done the sort of blockbuster European Defense Fund, it, you know, raised one of the most successful funds, is bleeding into other thematics. You know, you see the interest in industrial metals and rare earths as a key geopolitical spot. We have a rare earth fund, Rare, that was $100 million in November.

Speaker #2: Sure. From one of the places we are seeing incredible success—I'm sitting in Milan right now—and Team Europe has taken leadership in a number of different areas, from commodities as the franchise, but thematics generally.

Speaker #2: When you look at where we've done the sort of blockbuster European defense fund, it raised one of the most successful funds, is bleeding into other thematics.

Speaker #2: You see the interest in industrial metals and rare earths as a key geopolitical spot. We have a rare earth fund, RARE, that was $100 million in November.

Speaker #2: Today, it's at $700 million. And three of our rare earth and strategic metals funds, about $1.4 billion, they've had market-leading performance in the most important themes for the market of the geopolitical tension and sort of rare earth supply chains.

Jeremy Schwartz: Today, it's at $700 million, and three of our rare earth and strategic metals funds, about $1.4 billion, they've had market-leading performance in, like, the most important themes for the market of the geopolitical tension and sort of rare earth supply chains. And so we're incredibly bullish on the leadership position in thematics. The thematic lineup within Europe is growing, and we have in just January alone, we've taken 25% of all the flows to thematics. And we see that, you know, continuing to be a very ripe place for market share gained out of Europe. And back in the US, on, you know, on the commodity run that we've seen, you know, our capital efficient family is a very efficient family for unique exposures.

Today, it's at $700 million, and three of our rare earth and strategic metals funds, about $1.4 billion, they've had market-leading performance in, like, the most important themes for the market of the geopolitical tension and sort of rare earth supply chains. And so we're incredibly bullish on the leadership position in thematics. The thematic lineup within Europe is growing, and we have in just January alone, we've taken 25% of all the flows to thematics. And we see that, you know, continuing to be a very ripe place for market share gained out of Europe. And back in the US, on, you know, on the commodity run that we've seen, you know, our capital efficient family is a very efficient family for unique exposures.

Speaker #2: And so we're incredibly bullish on the leadership position in thematics. The thematic lineup within Europe is growing, and we have, in just January alone, taken 25% of all the flows to thematics.

Speaker #2: And we see that continue to be a very ripe place for market share gained out of Europe. And back in the U.S., on the commodity run that we've seen, our capital efficient family is a very efficient family for unique exposures.

Speaker #2: You've seen this big move in gold and silver over the last 12 months, and people have been under-allocated to gold. We see finding ways to help people add more of the precious metals to portfolios as very useful.

Jeremy Schwartz: You've seen this big move in gold and silver over the last 12 months, and people have been underallocated to gold. We see finding ways to help people add more of these precious metals portfolios is very useful. Jarrett referred to, you know, the $1 billion that's been in our capital efficient gold portfolios in the US.

You've seen this big move in gold and silver over the last 12 months, and people have been underallocated to gold. We see finding ways to help people add more of these precious metals portfolios is very useful. Jarrett referred to, you know, the $1 billion that's been in our capital efficient gold portfolios in the US.

Speaker #2: And Jared referred to the billion that's been in our capital-efficient gold portfolios in the US. Those are big market share, very innovative, new strategies when the typical US investor has 2% in commodities, when being neutral to commodities in gold in particular would be a 12% allocation.

Bryan Edmiston: ... Those are, you know, big market share, very innovative new strategies when, you know, the typical US investor has 2% in commodities, when being neutral to commodities is, in gold in particular, would be a 12% allocation. You know, so the US, the US investor has been very underallocated there. We think there's more to come, and we've got a lot of creative solutions there.

... Those are, you know, big market share, very innovative new strategies when, you know, the typical US investor has 2% in commodities, when being neutral to commodities is, in gold in particular, would be a 12% allocation. You know, so the US, the US investor has been very underallocated there. We think there's more to come, and we've got a lot of creative solutions there.

Speaker #2: So the US investors have been very underallocated there. We think there's more to come, and we've got a lot of creative solutions.

Speaker #2: there. And I just.

Jarrett Lilien: And I'd just-

Mike Grondahl: Got it.

Speaker #3: Got it. Jump in.

Jarrett Lilien: - Jump in. This is Jarrett, just adding additional thoughts. I mean, I really look back. We continue to successfully execute against what's been a multi-year strategy that's working. We've got a differentiated asset mix, but in that, we've got an ETF product suite that is really broad, it's very deep, and we think has the ability to win share and win business in any market environment. We've got the models business, SMAs, direct indexing. We're gaining share there. We look to gain share in tokenization and private markets, and as we said in the prepared remarks, we've got a growth engine that's firing on many different cylinders and really gaining share across the board. But this isn't a one-quarter event. This has been a multi-year event, and we just keep doing it quarter after quarter.

Speaker #1: This is Jared, just adding additional thoughts. I mean, if you really look back, we continue to successfully execute against what's been a multi-year strategy that's working.

Speaker #1: We've got a differentiated asset mix, but in that, we've got an ETF product suite that is really broad. It's very deep, and we think has the ability to win share and win business in any market environment.

Speaker #1: We've got the models business, SMAs, direct indexing. We're gaining share there. We look to gain share in tokenization and private markets. And as we said in the prepared remarks, we've got a growth engine that's firing on many different cylinders and really gaining share across the board.

Speaker #1: But this isn't a one-quarter event. This has been a multi-year event. And we just keep doing it quarter after quarter.

Speaker #1: quarter. Yeah, you definitely on a

Mike Grondahl: Yeah, you're definitely on a roll. I mean, just look at the AUM. Second question is just, hey, that discretionary spending, $80 to 86 million, what are the major categories that's going to? Can you kind of help us think about those investments?

Speaker #3: Roll. I mean, just look at the AUM. Second question is just, hey, that discretionary spending—$80 to $86 million—what are the major categories that's going to?

Speaker #3: Can you kind of help us think about those?

Speaker #3: investments? Yeah.

Bryan Edmiston: Yeah. So it's Brian. I would say it's largely driven by marketing and sales-related expenses. It's really tied into our growth initiatives. You know, we're looking to accelerate momentum on the back of our record AUM, our 8% organic growth and the strong start to 2026. You know, the number's up versus last year, but we continue to manage our expenses with an eye towards maintaining incremental margins north of 50%. You know, so notwithstanding the increase in guidance, we should see further margin expansion versus 2025.

Speaker #2: So, it's Brian. I would say it's largely driven by marketing and sales-related expenses. It's really tied into our growth initiatives. We're looking to accelerate momentum on the back of our record AUM.

Speaker #2: Our 8% organic growth and the strong start to 2026—the numbers are up versus last year, but we continue to manage our expenses with an eye towards maintaining incremental margins north of 50%.

Speaker #2: So, notwithstanding the increase in guidance, we should see further margin expansion versus 2025.

Mike Grondahl: Got it. Hey, thank you, guys.

Speaker #3: Got it. Hey, thank you, guys.

Operator: The next question comes from the line of George Sutton with Craig-Hallum. Please proceed.

Speaker #2: The next question comes from the line of George Sutton with Craig Hallum. Please proceed.

Speaker #4: Thank you, great job on the margins. So I wanted to ask you, Bryan, when we look at the $0.29 for the quarter—and we obviously look out to Q1 where the comp ratio may be a little higher—but truth be told, we did not have a $0.29 quarter on our bingo card for the next two years. Does that make sense?

Speaker #4: Thank you, great job on the margins. So I wanted to ask you, Bryan, when we look at the $0.29 for the quarter, and we obviously look out to Q1 where the comp ratio may be a little higher, but truth be told, we did not have a $0.29 quarter on our bingo card for the next two years.

[Analyst] (Craig-Hallum): Thank you. Great job on the margins. So I, I wanted to ask you, Brian, when we look at the $0.29 for the quarter, and we obviously look out to Q1, where the comp ratio may be a little higher, but, you know, truth be told, we did not have $0.29 quarter on our bingo card for the next two years. So can you just give us a sense, are we talking about a, a higher start base, pretty consistently going forward?

George Sutton: Thank you. Great job on the margins. So I, I wanted to ask you, Brian, when we look at the $0.29 for the quarter, and we obviously look out to Q1, where the comp ratio may be a little higher, but, you know, truth be told, we did not have $0.29 quarter on our bingo card for the next two years. So can you just give us a sense, are we talking about a, a higher start base, pretty consistently going forward?

Speaker #4: a higher start base pretty

Speaker #4: Consistently going forward? Yeah, I would.

Bryan Edmiston: Yeah, I would say so. Absolutely. You know, with what drove, I think, our beat versus where the analysts were, the comp ratio was one main component there. Our comp ratio came in at 28%, this past quarter, and again, our range is 26 to 28%, going into next year. So that's, you know, a 1 to 2 percentage point downward shift versus where maybe the street was and versus where our comp guide was, where our comp was in the fourth quarter. Other revenue is another one. You know, I think last quarter, we were at about $11 million per quarter.

Speaker #2: Say so. Absolutely. What drove, I think, our beat versus—so can you just give us where the analysts were at? The comp ratio was one main component there.

Speaker #2: Our comp ratio came in at 28% this past quarter. And again, our range is 26% to 28% going into next year. So that's a one to two percentage point downward shift versus where maybe the Street was, and versus where our comp guide was, where our comp was in the fourth quarter.

Speaker #2: Other revenue is another one. I think last quarter we were at about $11 million per quarter. We're doing $13 million now, and that's on the back of higher AUM in Europe, but also this higher turnover that we're seeing as well generates more transaction fees.

Bryan Edmiston: We're doing 13 now, and that's on the back of, you know, higher AUM in Europe, but also this higher turnover that we're seeing as well generates more transaction fees, and so that's helpful to the revenue base. I think some of the beat this quarter may have been Ceres's performance fee. That's a wild card. I think, as it relates to our internal expectations, the number was maybe $2 million higher than kind of what our baseline was. But all in, I would say that our guidance and where we sit today with our AUM at about $160 billion, you know, positions us for more quarters to come, like the ones that we just experienced.

We're doing 13 now, and that's on the back of, you know, higher AUM in Europe, but also this higher turnover that we're seeing as well generates more transaction fees, and so that's helpful to the revenue base. I think some of the beat this quarter may have been Ceres's performance fee. That's a wild card. I think, as it relates to our internal expectations, the number was maybe $2 million higher than kind of what our baseline was. But all in, I would say that our guidance and where we sit today with our AUM at about $160 billion, you know, positions us for more quarters to come, like the ones that we just experienced.

Speaker #2: And so, that's helpful to the revenue base. I think some of the beat this quarter may have been Sirius as performance fee. That's a wildcard.

Speaker #2: I think, as it relates to our internal expectations, the number was maybe $2 million higher than kind of what our

Speaker #1: Baseline was . But all in I but would say that our guidance and where we sit today with our AUM at about at about 160 billion , you know , at about 160 billion , you know , positions us for for more to come , quarters that we like the ones just experienced .

Jarrett Lilien: And Jarrett, just jumping in one more time. You know, when I look at consensus estimates over the last number of years, you know, we leave it up to, to the street, to the analysts to, to come up with their own growth forecast. But we always seem to be underestimated on our flow growth. And, you know, once again, looking back at last consensus, I think there was sort of $5 billion of net inflow growth, where we've already gotten $2 billion this year. So just another area where we're consistently underestimated.

Speaker #2: And and Jared just jumping in one more time , you know , when I at consensus over the last number years , you know , we leave it up of to , estimates to the street , to the analysts , to come up with their to , own growth forecasts .

Speaker #2: But we always seem to be on our flow growth . And , you know , once again , underestimated looking back at last consensus , I think there was sort of 5 billion of net inflow growth where already we've gotten 2 billion .

Speaker #2: This is our year—just another area where we are consistently underestimated.

[Analyst] (Craig-Hallum): Jarrett, one question for you specifically. So, you know, the tokenization trend is becoming massive, and you've been way in front of that. You mentioned it is now time for us to scale. Just curious how you do plan to scale, particularly in the light of many other folks sort of joining the party. Are some of them going to join you from a partner/customer perspective, or how do we think forward there?

George Sutton: Jarrett, one question for you specifically. So, you know, the tokenization trend is becoming massive, and you've been way in front of that. You mentioned it is now time for us to scale. Just curious how you do plan to scale, particularly in the light of many other folks sort of joining the party. Are some of them going to join you from a partner/customer perspective, or how do we think forward there?

Speaker #3: Jared, one question for you specifically. So, you know, the tokenization trend is becoming massive, and you've been way in front of that.

Speaker #3: of You mentioned it is now time for us to scale up . Just curious how you do plan to scale , particularly in the light of many other folks sort of joining the party ?

Speaker #3: Are some of them going to join you from a partner or customer perspective? How do we think forward there?

Jarrett Lilien: Well, let's let Will have a shot at that one first. Will, do you want to take it?

Speaker #2: Well, let's let Will have a shot at that one first. Will, do you want to take it?

William Peck: Yeah, sure. Hey, it's Will here. So, yes, we actually- we absolutely do expect to scale going forward. I'd say, you know, to your questions, we see distribution through really three channels. One is direct to retail, which for us would be WisdomTree Prime. The second would be WisdomTree Connect, direct to business. And the third, which is really evolving, is more of a platform sale, also a sale to self-hosted wallets. So as a lot of people are entering the space, we're in a lot of active conversations with whether it's other fintech apps, whether it's kind of, software service providers, broker-dealers around making our products and services available through their platforms as well. And that's some of the beauty of how we've built this, right?

Speaker #4: Yeah sure . Hey it's Will here . So yes we actually we absolutely do expect to scale going forward . I'd say you know to your questions we see distribution through three channels .

Speaker #4: Direct to one is retail, which for us would be WisdomTree Prime. The second would be WisdomTree Connect, direct to— and the third, which is really evolving, is more of a platform. Also, a sale sale.

Speaker #4: self-hosted wallets . to as a lot of people are entering the space , we're in a lot of active conversations with , whether it's other fintech apps , whether it's kind of software service providers , broker dealers around making our products and services available through their platforms , as well .

William Peck: We actually have the capacity to serve retail, which a lot of the other firms in the tokenization space just do not have that capacity. They've been focused on offshore exempt products that have, like, really high minimums, you know, some north of $1 million. The minimum RNR money market fund's $1. So we're really well-served to serve retail, especially, including through these platform relationships. And that's part of why we've kind of shifted how we're disclosing funded account metrics. So, you know, we're, we're talking about funded wallets now. I mean, the vast majority of that is WisdomTree Prime funded wallets. But especially in 2026 and going forward, we expect that mix to evolve, where a lot of the wallets that are gonna be holding our products are gonna come through other channels and other platforms.

We actually have the capacity to serve retail, which a lot of the other firms in the tokenization space just do not have that capacity. They've been focused on offshore exempt products that have, like, really high minimums, you know, some north of $1 million. The minimum RNR money market fund's $1. So we're really well-served to serve retail, especially, including through these platform relationships. And that's part of why we've kind of shifted how we're disclosing funded account metrics. So, you know, we're, we're talking about funded wallets now. I mean, the vast majority of that is WisdomTree Prime funded wallets. But especially in 2026 and going forward, we expect that mix to evolve, where a lot of the wallets that are gonna be holding our products are gonna come through other channels and other platforms.

Speaker #4: And that's some of the beauty of how we've built this, right? We have the actual capacity to serve retail, which a lot of the other firms in the tokenization space just do not have that capacity.

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