19 unchanged sentences
Interest Rate Risk
−Removed: We invest our corporate cash in short-term interest
−Removed: earning assets, primarily in federal agency debt instruments, WisdomTree fixed income ETFs, U.S.
−Removed: treasuries, corporate bonds, money market
−Removed: instruments at a commercial bank and other securities which totaled $134.0 million and $110.0 million as of December 31, 2024 and March
−Removed: 31, 2025, respectively.
−Removed: During the three months ended March 31, 2025, we recognized losses on these financial instruments of $0.4 million
−Removed: and any gains/losses recognized in the future may be material to our operating results.
−Removed: We do not anticipate that changes in interest
−Removed: rates will have a material impact on our financial condition or cash flows.
+Added: We invest our corporate cash in short-term interest-earning
+Added: assets, primarily in federal agency debt instruments, WisdomTree fixed income ETFs, U.S.
+Added: treasuries, corporate bonds, money market instruments
+Added: at a commercial bank and other securities which totaled $134.0 million and $212.0 million as of December 31, 2024 and June 30, 2025, respectively.
+Added: During the three months ended June 30, 2025, we recognized gains on these financial instruments of $1.3 million and any gains/losses recognized
+Added: in the future may be material to our operating results.
+Added: We do not anticipate that changes in interest rates will have a material impact
+Added: on our financial condition or cash flows.
In addition, our Convertible Notes bear interest
12 unchanged sentences
dollar) for consolidation purposes.
−Removed: The advisory fees earned on our European listed ETPs are predominantly
−Removed: dollars (and also paid in gold, other precious metals and cryptocurrency, as described below);
−Removed: however, expenses for corporate
−Removed: overhead are generally incurred in British pounds.
−Removed: Currently, we do not enter into derivative financial instruments aimed at offsetting
−Removed: certain exposures in the statement of operations or the balance sheet but may seek to do so in the future.
+Added: A substantial portion of the advisory fees earned on our European
+Added: listed ETPs are paid in U.S.
+Added: dollars (and also paid in British pounds, euros as well as gold, other precious metals and cryptocurrency,
+Added: as described below);
+Added: however, expenses for corporate overhead are generally incurred in British pounds and euros.
+Added: Currently, we do not
+Added: enter into derivative financial instruments aimed at offsetting certain exposures in the statement of operations or the balance sheet
+Added: but may seek to do so in the future.
Exchange rate risk associated with the euro
11 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.