Q2 2026 WisdomTree Inc Earnings Call

July 31, 2026

Speaker #1: Greetings, and welcome to the WisdomTree second quarter 2026 earnings call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation.

Operator: Greetings and welcome to the WisdomTree Q2 2026 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.

Operator: Greetings and Welcome to the WisdomTree Q2 2026 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: If anyone wants to 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.

Speaker #1: Please go ahead.

Speaker #2: Good morning. Before we begin, I would like to reference our legal disclaimer, which is available in today's presentation. This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

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. A number of factors could cause actual results to differ initially 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 WisdomTree's annual report on Form 10-K for the year ended 31 December 2025, 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. Now, it is my pleasure to turn the call over to WisdomTree CFO, Bryan Edmiston.

Speaker #2: A number of factors could cause actual results to differ initially from the results discussed in forward-looking statements, including but not limited to the risks set forth in this presentation.

Jessica Zaloom: A number of factors could cause actual results to differ initially 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 WisdomTree's annual report on Form 10-K for the year ended 31st December 2025, and in subsequent reports filed with or furnished to the Securities and Exchange Commission.

Speaker #2: In the risk factor section of WisdomTree's annual report on Form 10-K for the year ended December 31, 2025, 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.

Jessica Zaloom: 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 CFO, Bryan Edmiston.

Speaker #2: Now, it is my pleasure to turn the call over to WisdomTree CFO, Brian Edmiston.

Speaker #1: Thank you, Jessica, and good morning, everyone. I'll begin with a review of our second quarter results, followed by updates to our forward-looking guidance before turning the call over to Jared and Jono for additional business updates.

Bryan Edmiston: Thank you, Jessica, and good morning, everyone. I'll begin with the review of our Q2 results, followed by updates to our forward-looking guidance before turning the call over to Jarrett and Jono for additional business updates. Our assets under management reached $162.9 billion at quarter end, marking our sixth consecutive quarter of record AUM. Assets increased 7% from 31 March, driven by favorable market conditions, positive net inflows, and the addition of Atlantic House, which closed on 1 May. Record AUM was achieved across both our US and European businesses, reflecting continued growth across our global platform. During the quarter, we generated $3.1 billion of net inflows, including $2.1 billion in Europe and $1 billion in the US. Year-to-date net inflows totaled $9 billion, representing an annualized organic growth rate of approximately 13%.

Speaker #1: Our assets under management reached $162.9 billion at quarter-end, marking our sixth consecutive quarter of record AUM. Assets increased 7% from March 31, driven by favorable market conditions, positive net inflows, and the addition of Atlantic House, which closed on May 1.

Bryan Edmiston: Assets increased 7% from 31st March, driven by favorable market conditions, positive net inflows, and the addition of Atlantic House, which closed on 1st May. Record AUM was achieved across both our US and European businesses, reflecting continued growth across our global platform.

Speaker #1: Record AUM was achieved across both our US and European businesses, reflecting continued growth across our global platform. During the quarter, we generated $3.1 billion of net inflows, including $2.1 billion in Europe, and $1 billion in the US.

Bryan Edmiston: During the quarter, we generated $3.1 billion of net inflows, including $2.1 billion in Europe and $1 billion in the US. Year-to-date net inflows totaled $9 billion, representing an annualized organic growth rate of approximately 13%.

Speaker #1: Year-to-date net inflows totaled $9 billion, representing an annualized organic growth rate of approximately 13%. Flows were generated across a broad range of strategies and geographies, contributing to another quarter of strong organic growth.

Bryan Edmiston: Flows were generated across a broad range of strategies and geographies, contributing to another quarter of strong organic growth. We also completed the acquisition of Atlantic House, adding more than $4 billion of assets under management along with complementary revenue streams. The acquisition expands our presence in Europe, enhances our capabilities in outcome-oriented and derivatives-based investment solutions, and provides additional avenues for growth across our international business. Alongside our growth initiatives, we continue to execute upon our capital management priorities. During the quarter, we retired approximately $127 million principal amount of our convertible notes maturing in 2026 and 2029 using cash to reduce leverage and simplify our capital structure. We also commenced open market share repurchases during the quarter and have repurchased approximately $29 million through today, representing roughly 1.7 million shares. These repurchases reflect our confidence in the business and our commitment to enhancing shareholder value.

Speaker #1: We also completed the acquisition of Atlantic House, adding more than $4 billion of assets under management, along with complementary revenue streams. The acquisition expands our presence in Europe, enhances our capabilities in outcome-oriented and derivatives-based investment solutions, and provides additional avenues for growth across our international business.

Bryan Edmiston: The acquisition expands our presence in Europe, enhances our capabilities in outcome-oriented and derivatives-based investment solutions, and provides additional avenues for growth across our international business. Alongside our growth initiatives, we continue to execute upon our capital management priorities.

Speaker #1: Alongside our growth initiatives, we continue to execute upon our capital management priorities. During the quarter, we retired approximately $127 million principal amount of our convertible notes, maturing in 2026 and 2029, using cash to reduce leverage and simplify our capital structure.

Bryan Edmiston: During the quarter, we retired approximately $127 million principal amount of our convertible notes maturing in 2026 and 2029 using cash to reduce leverage and simplify our capital structure.

Speaker #1: We also commenced open market share repurchases during the quarter, and have repurchased approximately $29 million through today, representing roughly $1.7 million shares. These repurchases reflect our confidence in the business and our commitment to enhancing shareholder value.

Bryan Edmiston: We also commenced open market share repurchases during the quarter and have repurchased approximately $29 million through today, representing roughly $1.7 million shares. These repurchases reflect our confidence in the business and our commitment to enhancing shareholder value.

Speaker #1: Overall, the first half of the year has been characterized by strong organic growth, targeted strategic expansion, and disciplined capital allocation. Together, these initiatives have strengthened our platform and positioned us well for continued growth and long-term shareholder value creation.

Bryan Edmiston: Overall, the H1 of the year has been characterized by strong organic growth, targeted strategic expansion, and disciplined capital allocation. Together, these initiatives have strengthened our platform and position us well for continued growth and long-term shareholder value creation. Global AUM currently stands at approximately $164 billion, up 1%, reflecting $700 million of net inflows and positive market movement since quarter end. Next slide. Revenues were $177.2 million during the quarter, an increase of 11% from the Q1 and 57% from the prior year quarter, driven by higher AUM, including the Atlantic House acquisition, contributions from Ceres Partners, and growth in other revenues. Ceres Partners contributed $5.4 million of management fees and $6 million of performance fees. Other revenues of $19.5 million reflected higher AUM in our European products and revenues from Atlantic House, partly offset by more moderate European trading activity.

Speaker #1: Global AUM currently stands at approximately $164 billion, up 1%, reflecting $700 million of net inflows and positive market movements since quarter-end. Next slide. Revenues were $177.2 million during the quarter, an increase of 11% from the first quarter and $57% from the prior year quarter, driven by higher AUM, including the Atlantic House acquisition, contributions from Cirrus, and growth in other revenues.

Bryan Edmiston: Global AUM currently stands at approximately $164 billion, up 1%, reflecting $700 million of net inflows and positive market movement since quarter end. Next slide. Revenues were $177.2 million during the quarter, an increase of 11% from the Q1 and 57% from the prior year quarter, driven by higher AUM, including the Atlantic House acquisition, contributions from Ceres Partners, and growth in other revenues. Ceres Partners contributed $5.4 million of management fees and $6 million of performance fees. Other revenues of $19.5 million reflected higher AUM in our European products and revenues from Atlantic House, partly offset by more moderate European trading activity.

Speaker #1: Cirrus contributed $5.4 million of management fees and $6 million of performance fees. Other revenues of $19.5 million reflected higher AUM in our European products, and revenues from Atlantic House partly offset by more moderate European trading activity.

Speaker #1: Year-to-date revenues increased 53%, driven by higher AUM, elevated trading activity relative to the prior year, and contributions from the Cirrus and Atlantic House acquisitions.

Bryan Edmiston: Year-to-date revenues increased 53%, driven by higher AUM, elevated trading activity relative to the prior year, and contributions from the Ceres and Atlantic House acquisitions. Operating leverage in our business model together with our recent acquisitions resulted in a year-to-date adjusted operating margin of 41.1%, an expansion of 900 basis points compared to the prior year period. Surpassing a 40% operating margin marks an important milestone and underscores the scalability of our operating model as we continue to grow. Adjusted net income for the quarter was $48.1 million, or $0.31 per share. Next slide. Now a few comments on our forward-looking guidance. As mentioned previously, we have commenced open market share repurchases this quarter and expect to continue repurchasing our common stock over time.

Speaker #1: Operating leverage in our business model, together with our recent acquisitions, resulted in a year-to-date adjusted operating margin of 41.1% and an expansion of 900 basis points compared to the prior-year period.

Speaker #1: Surpassing a 40% operating margin marks an important milestone and underscores the scalability of our operating model as we continue to grow. Adjusted net income for the quarter was $48.1 million or $31 cents per share.

Speaker #1: Next slide. Now, a few comments on our forward-looking guidance. As mentioned previously, we have commenced open market share repurchases this quarter and expect to continue repurchasing our common stock over time.

Speaker #1: While we are not committing to a specific level of repurchases each quarter, we anticipate ongoing activity, balancing capital return with our continued focus on deleveraging and maintaining flexibility for strategic initiatives.

Bryan Edmiston: While we are not committing to a specific level of repurchases each quarter, we anticipate ongoing activity, balancing capital return with our continued focus on deleveraging and maintaining flexibility for strategic initiatives. Our diluted share guidance for H2 of the year is 152 to 155 million, compared with previous guidance of 154 million shares. This guidance reflects repurchases to date of 1.7 million shares and also contemplates incremental shares associated with our convertible notes, assuming a stock price approximating recent levels. As a reminder, our remaining convertible notes have conversion prices of approximately $19 and $21. An illustration is included within our earnings presentation to assist in quantifying the incremental shares associated with our convertible notes going forward.

Speaker #1: Our diluted share guidance for the second half of the year is $152 to $155 million, compared with previous guidance of $154 million shares. This guidance reflects repurchases to date of $1.7 million shares and also contemplates incremental shares, associated with our convertible notes, assuming a stock price approximating recent levels.

Speaker #1: As a reminder, our remaining convertible notes have conversion prices of approximately $19 and $21. An illustration is included within our earnings presentation to assist in quantifying the incremental shares associated with our convertible notes going forward.

Speaker #1: We are also updating our interest income guidance to $8 million from $10 million, reflecting the allocation of a portion of our interest-earning assets to share repurchases, which we believe is a more efficient use of capital.

Bryan Edmiston: We are also updating our interest income guidance to $8 million from $10 million, reflecting the allocation of a portion of our interest-earning assets to share repurchases, which we believe is a more efficient use of capital. All other elements of our forward-looking guidance remain unchanged from the guidance we provided last quarter. That concludes my remarks. I will now turn the call over to Jarrett.

Speaker #1: All other elements of our forward-looking guidance remain unchanged from the guidance we provided last quarter. That concludes my remarks. I will now turn the call over to Jared.

Speaker #2: Thanks, Brian, and good morning, everyone. This was another strong quarter for WisdomTree, and more importantly, another quarter that demonstrated the strength of the business we've been building.

Jarrett Lilien: Thanks, Bryan, good morning, everyone. This was another strong quarter for WisdomTree, more importantly, another quarter that demonstrated the strength of the business we've been building. Repeating some of the metrics that Bryan just listed. In the quarter, we generated $3.1 billion of net inflows. Year to date, we've delivered a 13% annualized organic growth rate. We finished the quarter with a record $162.9 billion of assets under management, our sixth consecutive quarter ending at an all-time high. We delivered adjusted earnings per share of $0.31 while expanding our adjusted operating margin by 900 basis points year-over-year. Those are excellent results. What I find most encouraging isn't any single number, it's where those results came from. For several years, we've talked about creating more ways to win, building a business with greater breadth across geographies, client channels, investment capabilities, and revenue streams.

Speaker #2: Repeating some of the metrics that Brian just listed, in the quarter we generated $3.1 billion of net inflows. Year-to-date, we've delivered a 13% annualized organic growth rate. We finished the quarter with a record $162.9 billion of assets under management—our sixth consecutive quarter ending at an all-time high—and we delivered adjusted earnings per share of $0.31, while expanding our adjusted operating margin by 900 basis points year over year.

Speaker #2: Those are excellent results. But what I find most encouraging isn't any single number; it's where those results came from. For several years, we've talked about creating more ways to win—building a business with greater breadth across geographies, client channels, investment capabilities, and revenue streams—and this quarter showed exactly what that looks like.

Jarrett Lilien: This quarter showed exactly what that looks like. Growth came from both the US and Europe. It came from multiple asset classes, multiple client segments, and businesses we've deliberately invested in over several years. No single product or market drove the quarter. That diversification matters because it makes the business more durable. It gives us greater confidence that we can continue to perform across different market environments rather than depending on one product, one theme, or one geography. Portfolio solutions is another highlight. We've invested heavily in building deeper relationships with advisors through Model Portfolios and SMAs, and that business continues to grow faster than the firm overall. Those are long-term relationships with stickier assets that should become an increasingly important contributor to our organic growth over time. This quarter also demonstrates the strength of our operating model.

Speaker #2: Growth came from both the U.S. and Europe. It came from multiple asset classes, multiple client segments, and businesses we've deliberately invested in over several years.

Speaker #2: No single product or market drove the quarter, and that diversification matters because it makes the business more durable. It gives us greater confidence that we can continue to perform across different market environments, rather than depending on one product, one theme, or one geography.

Speaker #2: Portfolio solutions is another highlight. We've invested heavily in building deeper relationships with advisors through models and SMAs, and that business continues to grow faster than the firm overall.

Speaker #2: And those are long-term relationships with stickier assets that should become an increasingly important contributor to our organic growth over time. This quarter also demonstrates the strength of our operating model.

Speaker #2: As we've continued to grow organically, we've translated that growth into higher revenues, expanding margins, and higher earnings while continuing to invest in the business.

Jarrett Lilien: As we've continued to grow organically, we've translated that growth into higher revenues, expanding margins, and higher earnings while continuing to invest in the business. We're also executing against our broader strategic priorities. During the quarter, we completed the Atlantic House acquisition, we continued integrating Ceres Partners, and we repurchased approximately 1.7 million of our shares. Each reflects the disciplined way we're building the firm while thoughtfully allocating capital. Overall, the quarter reinforces something we've been saying for a long time. The strategy is working. We're creating more ways to win. Growth is becoming broader and more durable, and the operating model is delivering exactly as we expected. With that, I'll turn it over to Jono.

Speaker #2: We're also executing against our broader strategic priorities. During the quarter, we completed the Atlantic House acquisition, we continued integrating Cirrus, and we repurchased approximately $1.7 million of our shares, and each reflects the disciplined way we're building the firm while thoughtfully allocating capital.

Speaker #2: So overall, the quarter reinforces something we've been saying for a long time: the strategy is working, we're creating more ways to win, growth is becoming broader and more durable, and the operating model is delivering exactly as we expected.

Speaker #2: And with that, I'll turn it over to Jonah.

Speaker #3: Thank you, Jared, and good morning, everyone. As Brian and Jared have said, this was another strong quarter for WisdomTree, with record average AUM, strong diversified net inflows, adjusted operating margin expansion to 42.6% for the second quarter, and EPS growth up 72% year over year and 15% from last quarter.

Jonathan Steinberg: Thank you, Jarrett, and good morning, everyone. As Bryan and Jarrett have said, this was another strong quarter for WisdomTree, with record average AUM, strong diversified net inflows, adjusted operating margin expansion to 42.6% for Q2, and EPS growth up 72% year-over-year and 15% from last quarter. This quarter also marks an important milestone for WisdomTree. 20 years since we launched our first 20 ETFs. Over the last 2 decades, we have grown from an ETF pioneer into a truly modern global asset manager, spanning exchange traded products, private markets, and tokenized financial infrastructure. Years of disciplined investments are tangibly paying off. Our operating model continues to do exactly what it was designed to do, translate sustained top-line growth into expanding profitability and EPS growth. For years, we've described the financial model we're building at WisdomTree. Today, we are seeing that model play out.

Speaker #3: This quarter also marks an important milestone for WisdomTree. Twenty years since we launched our first 20 ETFs. Over the last two decades, we have grown from an ETF pioneer into a truly modern, global asset manager, spanning exchange-traded products, private markets, and tokenized financial infrastructure.

Speaker #3: Years of disciplined investments are tangibly paying off. Our operating model continues to do exactly what it was designed to do—translate sustained top-line growth into expanding profitability and earnings per share growth.

Speaker #3: For years, we've described the financial model we're building at WisdomTree, today we are seeing that model play out. It starts with sustained organic growth.

Jonathan Steinberg: It starts with sustained organic growth. Layer on appreciation over time as you generate consistent asset growth. Add a stable to improving revenue yield as we diversify into higher value capabilities like private markets and liquid alternatives, and you create the potential for double-digit revenue growth through the market cycle. That revenue growth drives operating leverage. We've consistently generated incremental margins of more than 50%. That formula has delivered compound annual EPS growth of 30% over the past 5 years and more than 50% over the past 3 years. Now with disciplined share repurchases, we've added another lever for long-term EPS growth. Switching gears. As you know, WisdomTree spent years building one of the industry's most advanced tokenization platforms. Today, public markets are assigning billion-dollar valuations to companies focused on tokenized financial infrastructure.

Speaker #3: Layer on appreciation over time as you generate consistent asset growth. Add a stable-to-improving revenue yield as we diversify into higher-value capabilities, like private markets and liquid alternatives, and you create the potential for double-digit revenue growth through the market cycle.

Speaker #3: That revenue growth drives operating leverage. We've consistently generated incremental margins of more than 50%. That formula has delivered compound annual earnings per share growth of 30% over the past five years, and more than 50% over the past three years.

Speaker #3: And now, with disciplined share repurchases, we've added another lever for long-term earnings per share growth. Switching gears, as you know, WisdomTree spent years building one of the industry's most advanced tokenization platforms. Today, public markets are assigning billion-dollar valuations to companies focused on tokenized financial infrastructure.

Speaker #3: Yet we believe our own platform, which spans regulated infrastructure, tokenized investment products, and institutional distribution capabilities, and digital asset services, is largely unrecognized in our current valuation.

Jonathan Steinberg: We believe our own platform, which spans regulated infrastructure, tokenized investment products, and institutional distribution capabilities, and digital asset services, is largely unrecognized in our current valuation. If WisdomTree were simply a global ETF franchise with industry-leading organic growth, expanding operating margins, and consistent earnings per share growth, we believe it should command a meaningfully higher valuation than where our shares trade today. We are not simply an ETF company. We also have a growing private markets business with meaningfully higher revenue yields and expanded liquid alternatives platform through Atlantic House and a tokenization business that we believe is not reflected on our current share price. As Bryan mentioned, we repurchased $29 million of our stock at an average price of $17.40.

Speaker #3: If WisdomTree were simply a global ETF franchise, with industry-leading organic growth, expanding operating margins, and consistent earnings per share growth, we believe it should command a meaningfully higher valuation than where our shares trade today.

Speaker #3: But we are not simply an ETF company. We also have a growing private markets business, with meaningfully higher revenue yields, an expanded liquid alternatives platform through Atlantic House, and a tokenization business that we believe is not reflected in our current share price.

Speaker #3: As Brian mentioned, we repurchased 29 million dollars of our stock at an average price of $17.40. We will continue approaching capital allocation with discipline, and at today's valuation, we believe repurchasing our own shares remains one of the most compelling opportunities to create long-term shareholder value.

Jonathan Steinberg: We will continue approaching capital allocation with discipline, and at today's valuation, we believe repurchasing our own shares remains one of the most compelling opportunities to create long-term shareholder value. In conclusion, 20 years after launching our first ETFs, our vision has remained remarkably consistent. Our business has never been stronger, and we believe we're still in the early innings of what this platform can become. Our vision has never changed. The world around us has. That concludes my remarks. Thank you. We can now open the call up to questions.

Speaker #3: In conclusion, 20 years after launching our first ETFs, our vision has remained remarkably consistent, our business has never been stronger, and we believe we're still in the early innings of what this platform can become.

Speaker #3: Our vision has never changed; the world around us has. That concludes my remarks. Thank you. We can now open the call up to questions.

Speaker #1: Thank you. Ladies and gentlemen, if you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue.

Jonathan Steinberg: 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 pull for questions. Our first question comes from the line of Chris Kotowski with Oppenheimer. Please proceed.

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 pull for questions. Our first question comes from the line of Chris Kotowski with Oppenheimer. Please proceed.

Speaker #1: You may press star 2 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 #1: One moment, please, while we pull for questions. And our first question comes from the line of Chris Kotowski with Oppenheimer. Please proceed.

Speaker #4: Yeah, good morning. And thanks for taking the questions. I wonder just a couple of things. One is, we were wondering if is there a cadence to the Sarah's both flows and/or and also the incentive fees from Sarah's or should we assume that those are kind of random through the year?

Chris Kotowski: Yeah. Good morning, and thanks for taking the questions. I wonder just a couple of things. One is, we were wondering, is there a cadence to the Ceres both flows and also the incentive fees from Ceres, or should we assume that those are kind of random through the year?

Speaker #1: Brian, do you want to go first on that, or...?

Jarrett Lilien: Bryan, do you want to go first on that?

Speaker #4: Yeah, I can take that. I can take that question. On the flows, if you recall, we generated—I think it was $75 million in the first quarter.

Bryan Edmiston: Yeah. I could take that question. On the flows, if you recall, we generated, I think it was $75 million in Q1. I'd suggest that's a nice quarter for us. It's about $5 million this quarter. We closed the flagship fund to new investment. We just launched Fund 2, so there's a transition period there with respect to flow cadence. I wouldn't necessarily think of flows as fits and starts, although there may be certain periods in the year where it may very well be fits and starts. This particular quarter, it was a transition quarter, and I think I'd attribute it to that. On the performance fee, $6 million this quarter. It was maybe $3 million in the prior quarter, if memory serves correctly. The Q1 does have some seasonality in it. There is some seasonality with respect to the performance fee structures.

Speaker #4: I'd suggest that's a nice quarter for us. It was about $5 million this quarter, but we closed the flagship fund to new investment. We just launched fund 2, so there's a transition period there with respect to flow cadence.

Speaker #4: I wouldn't necessarily think of flows as fits and starts, although there may be certain periods in the year where it may very well be fits and starts.

Speaker #4: But this particular quarter, it was a transition quarter, and I think I'd attribute it to that. On the performance fee: $6 million this quarter.

Speaker #4: It was maybe $3 million in the prior quarter, if memory serves correctly. The first quarter does have some seasonality in it. There is some seasonality with respect to the performance fee structures.

Speaker #4: This $6 million number, in my mind, is a, call it, more normalized number. If you’re thinking about modeling, I guess I’d keep my message consistent: just take our AUM and multiply it by a reasonable rate of return, maybe 7% or 8%.

Bryan Edmiston: This $6 million number, in my mind, is a call it more normalized number. If you're thinking about modeling, I guess I'd keep my message consistent. Just take our AUM and multiply it by a reasonable rate of return, maybe 7% or 8%, and multiply that by a 15% fee capture.

Speaker #4: Multiply that by a 15 percent fee capture.

Speaker #1: Okay.

Chris Kotowski: Okay.

Speaker #2: Yeah, and I'll just throw one more thing on about Sarah's— we're very happy that the Sarah's team is part of the WisdomTree team today.

Jarrett Lilien: Yeah. I'd throw one more thing on about Ceres. We're very happy that the Ceres team is part of the WisdomTree team today. As Bryan said, a little bit of transition or integration right now as we've closed Fund 1 to new investment, launched Fund 2 in June. More importantly, the pipeline looks great. We've got over 100 interested investors that have come from the WisdomTree distribution team representing over $100 million of assets, so feeling very good today.

Speaker #2: And as Bryan said, there's a little bit of transition or integration right now, as we've closed Fund 1 to new investment and launched Fund 2 in June.

Speaker #2: But more importantly, the pipeline looks great. We've got over 100 interested investors that have come from the WisdomTree distribution team, representing over $100 million of assets.

Speaker #2: So feeling very good today.

Speaker #4: Okay, great. Then the other, kind of more technical, modeling question is: you had Atlantic House in for two months of the quarter, and I guess we can see the advisory fees just from the AUM disclosures that you give.

Chris Kotowski: Okay, great. The other kind of more technical modeling question is you had Atlantic House in for 2 months of the quarter.

Chris Kotowski: Okay, great. The other kind of more technical modeling question is you had Atlantic House in for 2 months of the quarter. Yeah.

Chris Kotowski: Yeah.

Chris Kotowski: I guess we can see the advisory fees just from the AUM disclosures that you give. I am curious in terms of the AUA and the structuring fees that they generate, how would that have looked in your P&L that you disclose on page 23? How would it have looked if Atlantic House had been in for the whole quarter?

Speaker #4: But I'm just curious, in terms of the AUA and the structuring fees that they generate—how would that have looked in your P&L that you disclose on page 23?

Speaker #4: How would it have looked if Atlantic House had been in for the whole quarter? Yeah, and I'll take this one again.

Bryan Edmiston: I will take this one. You are right. Atlantic House we closed on 1 May. We have 2 months of Atlantic House in our P&L. As it relates to the advisory fees, that should be straightforward because you have our AUM, you have our fees that we are earning on our AUM. That is all embedded in the information that we provide on our website. The other portion of Atlantic House rolls through other revenue. They have a models business. There is about 1.5 billion of assets AUA in their models business. It captures 25 basis points. That is not going to fluctuate meaningfully quarter to quarter. Whatever that math is, it would establish a good run rate. It will grow over time, it is not going to be highly sporadic. The structuring fee stuff, that could ebb and flow each quarter.

Speaker #4: So you're right. Atlantic House, we closed on May 1st. We have two months of Atlantic House in our P&L. As it relates to the advisory fees, that should be straightforward because you have our AUM, you have our fees that we're earning on our AUM.

Speaker #4: That's all embedded in the information that we provide. On our website, the other portion of Atlantic House rolls through other revenue. They have a models business.

Speaker #4: There's about a billion five of assets AUA in their models business. It captures 25 basis points. That's not going to fluctuate meaningfully quarter to quarter.

Speaker #4: So whatever that math is, is a would establish a good run rate. It'll grow over time, but it's not going to be highly sporadic.

Speaker #4: The structuring fee stuff, that could ebb and flow each quarter. The prior 12 months, just to provide some kind of indication as it relates to magnitude, in the 2025 year, that number was $13 million for the year.

Bryan Edmiston: The prior 12 months, just to provide some kind of indication as it relates to magnitude, in the 2025, that number was $13 million for the year. I cannot tell you exactly how that is going to come in each quarter because it is dependent upon when a particular product gets structured, launched, and issued. That was their baseline number in 2025. We think there is a lot of opportunity to grow that line over time by providing those offerings, not only in the UK market, but also in the US and Europe as well.

Speaker #4: And again, I can't tell you exactly how that's going to come in each quarter because it's dependent upon when a particular product gets structured, launched, and issued.

Speaker #4: But that was their baseline number in '25. We think there's a lot of opportunity to grow that line over time by providing those offerings not only in the UK market, but also in the US and Europe as well.

Speaker #1: Right. But we'll see all the Atlantic House revenues in what you classify as Other Revenues in your P&L.

Chris Kotowski: Right. We'll see all the Atlantic House revenues in what you classify as other revenues in your P&L.

Speaker #4: In other revenue—and if I were just to shed a little color on other revenue—we were at $19 million this quarter, and $16 million last quarter.

Bryan Edmiston: In other revenue. If I were just to shed a little color on other revenue, we were $19 million this quarter, $16 last quarter. It's probably a good baseline going into Q3. We'll have one more month of Atlantic House, but the transaction fees markets aren't as volatile as they once were in our European products. That might be a partial offset versus Atlantic House rolling in for a full three months next quarter.

Speaker #4: It's probably a good baseline going into the third quarter. We'll have one more month of Atlantic House, but the transaction fees and markets aren't as volatile as they once were in our European products.

Speaker #4: That might be a partial offset versus Atlantic House rolling in for a full three months next quarter.

Speaker #1: Okay, great. Thank you. That's it for me. The next question comes from the line of George Sutton with Craig Hallum Capital Group. Please proceed.

Chris Kotowski: Okay, great. Thank you. That's it for me.

Chris Kotowski: The next question comes from the line of George Sutton with Craig-Hallum Capital Group. Please proceed.

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

Speaker #5: Thank you. First, 41% margins—just outstanding. Congratulations. So I wonder, Jon, as we look at this, the market has endorsed, and I believe will continue to endorse, your M&A strategy.

George Sutton: Thank you. First, 41% margin is just outstanding. Congratulations. I wonder, Jono, as we look at this, the market has endorsed you, and I believe will continue to endorse your M&A strategy. As I look at the AUM breakdown chart, you've got some smaller sleeves, obviously, like the newer private assets or liquid alts. I'm curious how you're thinking of broadening out via future M&A. Would it be in some of these smaller sleeves? Would you be looking for more international distribution? Just curious how you're thinking about that.

Speaker #5: As I look at the AUM breakdown chart, you've got some smaller sleeves, obviously, like the newer private assets or liquid alts. I'm curious how you're thinking of broadening out via future M&A.

Speaker #5: Would it be in some of these smaller sleeves? Would you be looking for more international distribution? Just curious how you're thinking about that.

Speaker #1: Thank you for the question, George. So first, M&A has historically been, and I think will continue to be, a secondary strategy, though I think we have proven to be very adept at it, considering that we've made now three acquisitions in Europe, plus our private assets Sarah's acquisition.

Jonathan Steinberg: Thanks for the question, George. First, M&A has historically been, and I think will continue to be, a secondary strategy. Though I think we have proven to be very adept at it, considering that we've made now three acquisitions in Europe, plus our private assets Ceres acquisition. We have guardrails when we're trying to make acquisitions. We want it to be accretive. We'd like it to be revenue enhancing or revenue capture enhancing, and really strategically important to the firm as opposed to just trying to buy AUM for the sake of AUM. I think you have to be somewhat opportunistic, which we were in both Ceres and in Atlantic House. I think we'll continue to try to find those winning opportunities, and when we do, we'll, I think pounce on them again, particularly if it meets those criteria.

Speaker #1: We have guardrails when we're trying to make acquisitions. We want them to be accretive. We'd like them to be revenue-enhancing or revenue-capture enhancing, and really strategically important to the firm, as opposed to just trying to buy AUM for the sake of AUM.

Speaker #1: I think you have to be somewhat opportunistic, which we were in both Sarah's and in Atlantic House. So, but I think we'll continue to try to find those winning opportunities.

Speaker #1: And when we do, we'll—I think—pounce on them again, particularly if it meets those criteria.

Speaker #5: So I'm curious relative to your tokenized plans. Where are we in terms of expanding partnerships? And we're in a weird period, I think, in the tokenized market, but we are also hopefully just in front of the clarity act.

George Sutton: I'm curious, relative to your tokenized plans, where are we in terms of expanding partnerships? We're in a weird period, I think, in the tokenized market. We are also hopefully just in front of the CLARITY Act. I'm just kind of curious how you're thinking of expansion opportunities in that part of the market.

Speaker #5: So I'm just kind of curious how you're thinking of expansion opportunities in that part of the market.

Speaker #1: Thank you. Will?

Jonathan Steinberg: Thank you. Will?

Speaker #3: Yeah, happy to take this one. Good morning. The pipeline's never been more robust. I mean, I think as you noted, it's kind of an interesting time, pre-Clarity Act.

Will Peck: Yeah. Happy to take this one. Good morning. The pipeline's never been more robust. I think as you noted, it's kind of an interesting time, pre-CLARITY Act. I think certainly post-GENIUS Act, you've just seen an immense amount of investment and interest across different parts of the financial services ecosystem in tokenization and in stablecoins. You saw a big stablecoin consortium announced recently that was bringing a lot of new people in. You've heard major US broker-dealers talk about adding wallet offerings to their platforms. You've seen some of the largest fintechs as well engaging in the space on top of just what we call crypto platforms. For us, those are all opportunities. That's a very rich pipeline and opportunity set for us to sell products and services into. Right now, that's largely the tokenized money market fund, WTGXX.

Speaker #3: But I think certainly post-Genius Act, you've just seen an immense amount of investment and interest across different parts of the financial services ecosystem in tokenization and in stablecoins.

Speaker #3: I mean, you saw big stablecoin consortium announced recently that was bringing a lot of new people in. You've heard major US broker-dealers talk about adding wallet offerings to their platforms.

Speaker #3: You've seen some of the largest fintechs as well engaging in the space on top of just what we'd call crypto platforms. So for us, those are all opportunities.

Speaker #3: That's a very rich pipeline and opportunity set for us to sell products and services into. Right now, that's largely the tokenized money market fund, WTGXX.

Speaker #3: I'd also highlight that we've got a very novel filing in for a tokenized ETF, which we believe, if it were to launch and become effective, would be the first tokenized ETF in the market.

Will Peck: I'd also highlight that we've got a very novel filing in for a tokenized ETF. What we would believe, if it were to launch and become effective, would be the first tokenized ETF in the market. We haven't seen anyone thinking about things the way that we are thinking about them with that, and that would just open up a whole new set of opportunities for WisdomTree extending into products beyond the money market fund, so to equities, others. I'd say the opportunity set's never been larger than it is today. We feel extremely confident in it and excited about it. I think maybe it happens with CLARITY or whatever in the next couple of months. Nothing's going to slow us down there. We think that things are out of the barn, so to speak, and things are going to keep growing from here.

Speaker #3: We haven't seen anyone thinking about things the way that we are thinking about them with that. And that would just open up a whole new set of opportunities for WisdomTree extending into products beyond the money market fund.

Speaker #3: So to equities, others. So I'd say the opportunity set's never been larger than it is today. We feel extremely confident in it and excited about it.

Speaker #3: And I think maybe it happens with clarity or whatever the next couple of months, nothing's going to slow us down there. We think that the things are out of the barn, so to speak.

Speaker #3: And things are going to keep growing from here.

Speaker #1: Great. Just add a little. Of color on this as well, if you don't mind. Recently, Broadridge announced a survey 85% of asset managers say tokenization is strategically important.

George Sutton: Great.

Jonathan Steinberg: Let me just add a little of color on this as well, if you don't mind. Recently, Broadridge announced a survey of asset managers where 85% of asset managers say tokenization is strategically important. They say tokenization is not an if, it's a when. Personally, I have to be one of the few CEOs in asset management who feels great, who feels extraordinarily confident in our tokenization strategy. As I indicated in my opening remarks, I think we have $1 billion of value in our on-chain platform that has yet to be recognized. Why does tokenization matter? The practical problem that tokenization addresses is simple. Modern markets increasingly operate in real time, 24 seven, 365 days a year, while most traditional financial infrastructure still depends on business hours, batch processing, and multi-day settlement. That's the mismatch that tokenization solves.

Speaker #1: They say tokenization is not an if, it's a when. Personally, I have to be one of the few CEOs in asset management who feels great, who feels extraordinarily confident in our tokenization strategy.

Speaker #1: As I indicated in my opening remarks, I think we have $1 billion of value in our on-chain platform that has yet to be recognized.

Speaker #1: And why does this tokenization matter? The practical problem that tokenization addresses is simple. Modern markets increasingly operate in real time, 24/7, 365 days a year, while most traditional financial infrastructure still depends on business hours, batch processing, and multi-day settlement.

Speaker #1: That's the mismatch, and that's what tokenization solves. And WisdomTree has demonstrated with our 24/7 trading of our money market fund that we're actually executing currently on the strategy.

Jonathan Steinberg: WisdomTree has demonstrated with our 24/7 trading of our money market fund that we're actually executing currently on the strategy and on the promise of tokenization. We're feeling great about it going forward.

Speaker #1: And on the promise of tokenization, so we're feeling great about it going forward.

George Sutton: You're speaking to the choir there. Last question. Relative to the firm assets, we are obviously seeing a lot of these NIMBY, not in my backyard, concerns relative to data centers. You obviously have a wide portfolio with a lot of different potential use case opportunities, understanding, including solar. I'm curious specifically about the AI data center opportunity, and I know you've contemplated pursuing some opportunities there. Can you give us a sense of that opportunity?

Speaker #5: Speaking of the choir there, last question. Relative to the farm assets, we are obviously seeing a lot of these NIMBY—Not In My Backyard—concerns relative to data centers.

Speaker #5: You obviously have a wide portfolio, with a lot of different potential use case opportunities, including solar. But I'm curious specifically about the AI data center opportunity, and I know you've contemplated pursuing some opportunities there.

Speaker #5: Can you give us a sense of that opportunity?

Speaker #1: Jared or Will, do you—Will? Jared or Jeremy, would you want to take this? Or I can.

Jonathan Steinberg: Jarrett or Jeremy, would you want to take this? Or I can.

Speaker #3: Well, I think Jeremy should work.

Jeremy Schwartz: Well, this is Jeremy Schwartz

Jonathan Steinberg: Okay. Go ahead, Jeremy.

Speaker #1: Jeremy, go ahead.

Speaker #3: Go ahead, Jeremy.

Speaker #4: Yeah, this is Jeremy Schwartz, our Global CIO. I'm part of our Investment Committee on the Series group, and we're looking at these things very closely.

Jeremy Schwartz: Yeah, this is Jeremy Schwartz, our global CIO. I'm part of our investment committee on the Ceres group, we're looking at these things very closely. We always want to work with the communities for sure, and not against them in all those places. We do see a continued exploration across the portfolio. There's a number of opportunities that the team's looking at. These things are not overnight things. People buy options to do the development, and there's a number of conversations ongoing where there is opportunities that we think potentially will still very much come to market. You see the demand for compute and energy and all these things are the most important theme for the global economy today. We feel very strong about the position that Ceres has and all the optionality on the best use case of their land.

Speaker #4: We always want to work with the communities, for sure, and not against them in all those places. But we do see continued exploration across the portfolio.

Speaker #4: There are a number of opportunities that the team's looking at. These things are not overnight developments. People buy options to do the development. There are ongoing conversations where we think there is potential opportunity that will very much come to market.

Speaker #4: You see, the demand for compute and energy and all these things are the most important theme for the global economy today. And we feel very strongly about the position that Ceres has and all the optionality on the best use case of their land.

Speaker #4: So we do think a number of these things will hit over time. And it just takes time for that to come to fruition.

Jeremy Schwartz: We do think a number of these things will hit over time, and it just takes time for that to come to fruition.

Speaker #5: Perfect.

Jonathan Steinberg: Perfect. Thanks, guys.

George Sutton: Perfect. Thanks, guys.

Speaker #1: Thanks, guys.

Speaker #5: The next question comes from the line of Wilma Bertis with Raymond James. Please proceed.

Jonathan Steinberg: The next question comes from the line of Wilma Burtis with Raymond James. Please proceed.

Operator: The next question comes from the line of Wilma Burtis with Raymond James. Please proceed.

Speaker #6: Hey, good morning. Can you give us some color on how far you are along in incorporating private farmland into ETFs, and what the liquidity profile could look like?

Wilma Burtis: Hey, good morning. Can you give us some color on how far you are along in incorporating private farmland into ETF and what the liquidity profile could look like? Thanks.

Wilma Burdis: Hey, good morning. Can you give us some color on how far you are along in incorporating private farmland into ETF and what the liquidity profile could look like? Thanks.

Speaker #6: Thanks.

Speaker #1: Jeremy, would you like to touch on that?

Jonathan Steinberg: Jeremy, would you want to touch on it?

Speaker #4: Yeah, we've talked about this on prior calls—that is one of our goals that we are working toward. We don't have an exact timeline today, but we are absolutely looking to do it.

Jeremy Schwartz: Yeah, we've talked about this on prior calls, that is one of our goals that we are working for. We don't have an exact timeline today, but we're absolutely looking to do it, and we will be thoughtful of how do you do that in a way that manages liquidity of the different publicly traded vehicles on ETF. We don't have a specific time today, but it is something that we think is manageable and that we have a plan and working towards it as quickly as we can.

Speaker #4: And we will be thoughtful about how you do that in a way that manages the liquidity of the different publicly traded vehicles and ETFs.

Speaker #4: So, we don't have a specific time today, but it is something that we think is manageable, and we have a plan. We're working towards it as quickly as we can.

Wilma Burtis: Okay. Thank you. You touched on this a bit earlier, digital assets seem to have a little bit of outflows this quarter. It's just been a little bit noisy there in that world in general. Could you talk about the development and just what you're expecting going forward? Thanks.

Wilma Burdis: Okay. Thank you. You touched on this a bit earlier, digital assets seem to have a little bit of outflows this quarter. It's just been a little bit noisy there in that world in general. Could you talk about the development and just what you're expecting going forward? Thanks.

Speaker #6: Okay. Thank you. You touched on this a bit earlier, but digital assets seem to have a little bit of outflows this quarter. And it's just been a little bit noisy there in that world in general.

Speaker #6: Could you talk about the development and just what you're expecting going forward? Thanks.

Speaker #1: Will.

Jonathan Steinberg: Will?

Speaker #3: Yeah. I view, yes, AUM goes up and down. I think you've seen in the chart that we've had kind of ups and downs along a broader uptrend in, in some sense, the business of asset management.

Will Peck: Yeah. Yes, AUM goes up and down. I think you've seen in the chart that we've had ups and downs along a broader uptrend in some sense, the business of asset management. Like I said in the answer earlier, we're just incredibly excited about the pipeline as it currently extends today and really where the industry is. Really, the overall market size needs to grow a lot for all of us, for WisdomTree, to really see the greatest possible benefit from this. We're seeing a lot of the activity in the market that leads you to believe that the market size is just going to continue to grow, right? That stable coins will grow from $300 billion in total value outstanding into the trillions that people have forecasted. We're feeling very optimistic, excited about that growth trajectory and our ability to win and grow share into it.

Speaker #3: Like I said in the answer earlier, we're just incredibly excited about the pipeline as it currently stands today, and really where the industry is.

Speaker #3: So, really, the overall market size needs to grow a lot for all of us—for WisdomTree to really see the greatest possible benefit from this.

Speaker #3: And we're seeing a lot of the activity in the market that leads you to believe the market size is just going to continue to grow, right?

Speaker #3: That stablecoins will grow from $300 billion in total value outstanding into the trillions that people have forecast. And so, we're feeling very optimistic inside about that growth trajectory and our ability to win and grow share into it.

Speaker #6: Okay. Thank you.

Wilma Burtis: Okay. Thank you.

Wilma Burdis: Okay. Thank you.

Speaker #1: Once again, if you would like to ask a question, please press star one on your telephone keypad. The next question comes from the line of Mike Grondahl with Northland Securities.

Wilma Burtis: Once again, if you would like to ask a question, please press star one on your telephone keypad. The next question comes from the line of Mike Grondahl with Northland Securities. Please proceed.

Operator: Once again, if you would like to ask a question, please press star one on your telephone keypad. The next question comes from the line of Mike Grondahl with Northland Securities. Please proceed.

Speaker #1: Please proceed. Hey, thanks, guys. And congratulations. What are your couple priorities for Atlantic House in the back half of the year in '27? Let me when we made the acquisition, we bought an asset manager of excellence, but who in the derivative swap-based defined outcome space.

Mike Grondahl: Hey, thanks, guys, and congratulations. What are your couple priorities for Atlantic House in the back half of the year in 2027?

Jonathan Steinberg: When we made the acquisition, we bought an asset manager of excellence, but who in the derivative swap-based defined outcome space. What's interesting that they really operated solely in the United Kingdom. We expect that we'll be launching ETFs both in Europe and in the United States, using them as the underlying strategy to really develop. What we've said in the past, expect something like 15 ETFs over the next 18 months between the US and in Europe, as well as we touched on earlier, the solutions business, which again, generated $13 million last year for them just in the United Kingdom to take that to the rest of the world as well. I think you'll see a lot of activity, and it's been a very successful integration in a very short period of time.

Speaker #1: But what's interesting is that they really operated solely in the United Kingdom. We expect that we'll be launching ETFs both in Europe and in the United States, using them as the underlying strategy to really develop what we've said in the past. Expect something like 15 ETFs over the next 18 months between the U.S. and Europe.

Speaker #1: As well as we touched on earlier, the solutions business, which again, generated $13 million last year for them just in the United Kingdom to take that to the rest of the world as well.

Speaker #1: So, I think you'll see a lot of activity, and it's been a very, very successful integration in a very short period of time. That's great to hear.

Mike Grondahl: That's great to hear. It'll be great to see some of those funds in the US. Just secondly, models portfolio. That kind of continues to do well and grab assets. It's done a lot in a couple short years. What's next for that?

Speaker #1: It'll be great to see some of those funds in the U.S. And then just secondly, models portfolio—that kind of continues to do well and grab assets.

Speaker #1: And it's done a lot in a couple of short years. What's next for that? Jared?

Jonathan Steinberg: Jarrett?

Speaker #4: Yeah, I think it's a continuation. And you're right, it has done well. We ended last year with about $6 billion. Today, we currently have $9 billion in model AUA.

Jarrett Lilien: Yeah. I think it's a continuation. You're right, it has done well. We ended last year with about six billion. Today, we currently have nine billion in model AUA. Importantly, the flows that are going into models are outpacing the ETF business as a whole and are tracking ahead of last year, so momentum is increasing. That's part of another one of our strategic initiatives is to continue to not only increase the sort of sustainability of our flows, but the quality of the flows, and model flows are stickier.

Speaker #4: And importantly, the flows that are going into models are outpacing the ETF business as a whole. And our tracking ahead of last year. So momentum is increasing.

Speaker #4: But that's part of another one of our strategic initiatives—to continue to not only increase the sustainability of our flows, but also the quality of the flows. And model flows are stickier.

Speaker #4: And so, going forward, it's really blocking and tackling, like it is with every part of the business. We want to increase the number of users and increase the assets per user.

Jonathan Steinberg: Going forward, it's really blocking and tackling like it is with every part of the business. We want to increase the number of users and increase the assets per user. We continue to do that, and that's continuing to produce these good results.

Jarrett Lilien: Going forward, it's really blocking and tackling like it is with every part of the business. We want to increase the number of users and increase the assets per user. We continue to do that, and that's continuing to produce these good results.

Speaker #4: We continue to do that, and that's continuing to produce these good results.

Speaker #1: Great. Thanks, guys.

Mike Grondahl: Great. Thanks, guys.

Speaker #5: Thank you. This concludes the question-and-answer session. I’d like to turn the call back over to Jonathan Steinberg for closing remarks.

Mike Grondahl: Thank you. This concludes the question and answer session, and I'd like to turn the call back over to Jonathan Steinberg for closing remarks.

Operator: Thank you. This concludes the question and answer session, and I'd like to turn the call back over to Jonathan Steinberg for closing remarks.

Speaker #1: Thank you. Markets, investors, and analysts are starting to recognize WisdomTree's operational successes and superior strategic positioning, as demonstrated by our total shareholder return year to date—over 50%—and over the last five years, where we are best among all of our public peers.

Jonathan Steinberg: Thank you. Markets, investors, and analysts are starting to recognize WisdomTree's operational successes and superior strategic positioning, as demonstrated by our total shareholder return year to date, over 50%, and over the last five years, where we are best of all of our public peers. That said, we are still significantly undervalued. Investors should know that management and our board are fully committed to closing the valuation gap that exists, and we are highly confident that we will be able to do so. The best is yet to come. With that, I want to thank you all for your time and attention today, and we will speak to you again next quarter. Thank you. Have a great day.

Speaker #1: That said, we are still significantly undervalued. Investors should know that management and our board are fully committed to closing the valuation gap that exists, and we are highly confident that we will be able to do so.

Speaker #1: The best is yet to come. With that, I want to thank you all for your time and attention today. We will speak to you again next quarter.

Speaker #1: Thank you. Have a great day.

Jonathan Steinberg: This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

Operator: This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

Q2 2026 WisdomTree Inc Earnings Call

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