WisdomTree, Inc. 10-Q

ITEM 1. FINANCIAL STATEMENTS WisdomTree, Inc. and Subsidiaries Consolidated Balance Sheets (In Thousands, Except Per Share Amounts) June 30, 2025 December 31, 2024 Assets (unaudited) Current assets: Cash, cash equivalents and restricted cash (including $ 16,326 invested in the WisdomTree Government Money Market Digital Fund at June 30, 2025 and December 31, 2024) (Note 3) $ 193,673 $ 181,191 Financial instruments owned, at fair value (including $ 90,886 and $ 78,540 invested in WisdomTree products at June 30, 2025 and December 31, 2024, respectively) (Note 5) 97,749 85,439 Accounts receivable (including $ 37,410 and $ 34,959 due from related parties at June 30, 2025 and December 31, 2024, respectively) 43,070 44,866 Income taxes receivable 4,129 — Prepaid expenses 10,491 5,340 Other current assets 1,543 1,542 Total current assets 350,655 318,378 Fixed assets, net 316 336 Deferred tax assets, net (Note 17) 6,145 11,656 Investments (Note 6) 13,843 8,922 Right of use assets—operating leases (Note 10) 2,085 880 Goodwill (Note 19) 86,841 86,841 Intangible assets, net (Note 19) 606,236 605,896 Other noncurrent assets 756 631 Total assets $ 1,066,877 $ 1,033,540 Liabilities and stockholders’ equity Liabilities Current liabilities: Fund management and administration payable $ 33,084 $ 31,135 Compensation and benefits payable 22,217 39,701 Payable to Gold Bullion Holdings (Jersey) Limited (“GBH”) (Note 9) 14,804 14,804 Income taxes payable — 724 Operating lease liabilities (Note 10) 1,352 709 Convertible notes—current (Note 8) 149,170 — Accounts payable and other liabilities 23,226 22,124 Total current liabilities 243,853 109,197 Convertible notes (Note 8) 364,115 512,033 Payable to GBH (Note 9) 13,083 12,159 Operating lease liabilities (Note 10) 739 171 Total liabilities 621,790 633,560 Contingencies (Note 11) Stockholders’ equity Preferred stock, par value $ 0.01 ; 2,000 shares authorized — — Common stock, par value $ 0.01 ; 400,000 shares authorized; issued and outstanding: 147,061 and 146,102 at June 30, 2025 and December 31, 2024, respectively 1,471 1,461 Additional paid-in capital 269,344 270,303 Accumulated other comprehensive income/(loss) 3,860 ( 1,607 ) Retained earnings 170,412 129,823 Total stockholders’ equity 445,087 399,980 Total liabilities and stockholders’ equity $ 1,066,877 $ 1,033,540 The accompanying notes are an integral part of these consolidated financial statements. 4 Table of Contents WisdomTree, Inc. and Subsidiaries Consolidated Statements of Operations (In Thousands, Except Per Share Amounts) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Operating Revenues: Advisory fees $ 103,241 $ 98,938 $ 202,790 $ 191,439 Other revenues 9,380 8,096 17,913 12,433 Total revenues 112,621 107,034 220,703 203,872 Operating Expenses: Compensation and benefits 32,827 30,790 66,615 61,844 Fund management and administration 21,252 20,139 41,966 40,101 Marketing and advertising 5,330 5,110 10,143 9,518 Sales and business development 4,232 3,640 8,369 7,251 Professional fees 3,177 6,594 5,959 10,224 Occupancy, communications and equipment 1,559 1,314 3,041 2,524 Depreciation and amortization 580 418 1,120 801 Third-party distribution fees 4,083 2,687 7,195 4,994 Acquisition-related costs 1,967 — 1,967 — Other 2,982 2,831 5,534 5,154 Total operating expenses 77,989 73,523 151,909 142,411 Operating income 34,632 33,511 68,794 61,461 Other Income/(Expenses): Interest expense ( 5,490 ) ( 4,140 ) ( 10,931 ) ( 8,268 ) Interest income 2,090 1,438 3,987 2,836 Other gains and losses, net 638 ( 1,283 ) 388 1,309 Income before income taxes 31,870 29,526 62,238 57,338 Income tax expense 7,093 7,767 12,832 13,468 Net income $ 24,777 $ 21,759 $ 49,406 $ 43,870 Earnings per share—basic $ 0.17 $ 0.13 $ 0.35 $ 0.27 Earnings per share—diluted $ 0.17 $ 0.13 $ 0.34 $ 0.26 Weighted-average common shares—basic 143,076 146,896 142,830 146,680 Weighted-average common shares—diluted 146,640 166,359 146,513 165,872 Cash dividends declared per common share $ 0.03 $ 0.03 $ 0.06 $ 0.06 The accompanying notes are an integral part of these consolidated financial statements. 5 Table of Contents WisdomTree, Inc. and Subsidiaries Consolidated Statements of Comprehensive Income (In Thousands) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net income $ 24,777 $ 21,759 $ 49,406 $ 43,870 Other comprehensive income/(loss) Foreign currency translation adjustment, net of income taxes 3,561 ( 24 ) 5,467 ( 383 ) Other comprehensive income/(loss) 3,561 ( 24 ) 5,467 ( 383 ) Comprehensive income $ 28,338 $ 21,735 $ 54,873 $ 43,487 The accompanying notes are an integral part of these consolidated financial statements. 6 Table of Contents WisdomTree, Inc. and Subsidiaries Consolidated Statements of Changes in Stockholders’ Equity (In Thousands) (Unaudited) Three Months Ended June 30, 2025 Common Stock Additional Accumulated Other Shares Issued Par Value Paid-In Capital Comprehensive Income Retained Earnings Total Balance—April 1, 2025 147,034 $ 1,470 $ 263,818 $ 299 $ 150,044 $ 415,631 Restricted stock issued and vesting of restricted stock units, net 27 1 ( 1 ) — — — Stock-based compensation — — 5,527 — — 5,527 Other comprehensive income — — — 3,561 — 3,561 Dividends — — — — ( 4,409 ) ( 4,409 ) Net income — — — — 24,777 24,777 Balance—June 30, 2025 147,061 $ 1,471 $ 269,344 $ 3,860 $ 170,412 $ 445,087 Three Months Ended June 30, 2024 Common Stock Additional Accumulated Other Shares Issued Par Value Paid-In Capital Comprehensive Loss Retained Earnings Total Balance—April 1, 2024 151,819 $ 1,518 $ 309,768 $ ( 907 ) $ 112,858 $ 423,237 Restricted stock issued and vesting of restricted stock units, net 38 1 ( 1 ) — — — Stock-based compensation — — 5,592 — — 5,592 Other comprehensive loss — — — ( 24 ) — ( 24 ) Dividends — — — — ( 5,000 ) ( 5,000 ) Net income — — — — 21,759 21,759 Balance—June 30, 2024 151,857 $ 1,519 $ 315,359 $ ( 931 ) $ 129,617 $ 445,564 The accompanying notes are an integral part of these consolidated financial statements. 7 Table of Contents WisdomTree, Inc. and Subsidiaries Consolidated Statements of Changes in Stockholders’ Equity (In Thousands) (Unaudited) Six Months Ended June 30, 2025 Common Stock Additional Accumulated Other Shares Issued Par Value Paid-In Capital Comprehensive (Loss)/Income Retained Earnings Total Balance—January 1, 2025 146,102 $ 1,461 $ 270,303 $ ( 1,607 ) $ 129,823 $ 399,980 Restricted stock issued and vesting of restricted stock units, net 2,241 23 ( 23 ) — — — Shares repurchased ( 1,282 ) ( 13 ) ( 12,701 ) — — ( 12,714 ) Stock-based compensation — — 11,765 — — 11,765 Other comprehensive income — — — 5,467 — 5,467 Dividends — — — — ( 8,817 ) ( 8,817 ) Net income — — — — 49,406 49,406 Balance—June 30, 2025 147,061 $ 1,471 $ 269,344 $ 3,860 $ 170,412 $ 445,087 Six Months Ended June 30, 2024 Common Stock Additional Accumulated Other Shares Issued Par Value Paid-In Capital Comprehensive Loss Retained Earnings Total Balance—January 1, 2024 150,330 $ 1,503 $ 312,440 $ ( 548 ) $ 95,741 $ 409,136 Restricted stock issued and vesting of restricted stock units, net 2,623 27 ( 27 ) — — — Shares repurchased ( 1,096 ) ( 11 ) ( 7,809 ) — — ( 7,820 ) Stock-based compensation — — 10,755 — — 10,755 Other comprehensive loss — — — ( 383 ) — ( 383 ) Dividends — — — — ( 9,994 ) ( 9,994 ) Net income — — — — 43,870 43,870 Balance—June 30, 2024 151,857 $ 1,519 $ 315,359 $ ( 931 ) $ 129,617 $ 445,564 The accompanying notes are an integral part of these consolidated financial statements. 8 Table of Contents WisdomTree, Inc. and Subsidiaries Consolidated Statements of Cash Flows (In Thousands) (Unaudited) Six Months Ended June 30, 2025 2024 Cash flows from operating activities: Net income $ 49,406 $ 43,870 Adjustments to reconcile net income to net cash provided by operating activities: Advisory and license fees paid in gold, other precious metals and cryptocurrency ( 32,532 ) ( 25,365 ) Stock-based compensation 11,765 10,755 Deferred income taxes 4,206 4,326 Amortization of issuance costs—convertible notes 1,252 750 Depreciation and amortization 1,120 801 Imputed interest on payable to GBH 923 1,342 (Gains)/losses on investments ( 920 ) 1,195 Gains on financial instruments owned, at fair value ( 844 ) ( 1,772 ) Amortization of right of use asset 662 647 Changes in operating assets and liabilities: Accounts receivable 3,562 ( 7,132 ) Income taxes payable ( 4,770 ) ( 2,028 ) Prepaid expenses ( 5,000 ) ( 3,353 ) Gold and other precious metals 31,543 24,972 Other assets ( 143 ) ( 118 ) Fund management and administration payable 1,272 ( 3,430 ) Compensation and benefits payable ( 18,273 ) ( 17,657 ) Operating lease liabilities ( 655 ) ( 662 ) Accounts payable and other liabilities 2,602 4,031 Net cash provided by operating activities 45,176 31,172 Cash flows from investing activities: Purchase of financial instruments owned, at fair value ( 15,756 ) ( 14,193 ) Purchase of investments ( 4,000 ) — Cash paid—software development ( 1,323 ) ( 1,184 ) Purchase of fixed assets ( 117 ) ( 102 ) Proceeds from the sale of financial instruments owned, at fair value 4,478 5,303 Proceeds from held-to-maturity securities maturing or called prior to maturity 6 12 Proceeds from the exit from investment in Securrency, Inc. — 465 Net cash used in investing activities ( 16,712 ) ( 9,699 ) Cash flows from financing activities: Common stock repurchased ( 12,714 ) ( 7,820 ) Dividends paid ( 8,923 ) ( 9,873 ) Excise taxes paid on common stock repurchased ( 1,868 ) — Net cash used in financing activities ( 23,505 ) ( 17,693 ) Increase/(decrease) in cash flow due to changes in foreign exchange rate 7,523 ( 626 ) Net increase in cash, cash equivalents and restricted cash 12,482 3,154 Cash, cash equivalents and restricted cash—beginning of year 181,191 129,305 Cash, cash equivalents and restricted cash—end of period $ 193,673 $ 132,459 Supplemental disclosure of cash flow information: Cash paid for income taxes $ 13,468 $ 11,138 Cash paid for interest $ 8,850 $ 6,175 The accompanying notes are an integral part of these consolidated financial statements. 9 Table of Contents WisdomTree, Inc. and Subsidiaries Notes to Consolidated Financial Statements (In Thousands, Except Share and Per Share Amounts) 1. Organization and Description of Business WisdomTree, Inc., through its subsidiaries in the U.S. and Europe (collectively, “WisdomTree” or the “Company”), is a global financial innovator, offering a diverse suite of exchange-traded products (“ETPs”), models, solutions, as well as digital asset-related products. Building on its heritage of innovation, the Company offers next-generation digital products and services related to tokenized real world assets and stablecoins, including blockchain-enabled mutual funds (“Digital Funds”), as well as its blockchain-native digital wallet, WisdomTree Prime, and institutional platform, WisdomTree Connect. The Company has the following wholly-owned operating subsidiaries: ● WisdomTree Asset Management, Inc. is a New York based investment adviser registered with the SEC, providing investment advisory and other management services to the WisdomTree Trust (“WTT”) and WisdomTree exchange-traded funds (“ETFs”). The WisdomTree ETFs are issued in the U.S. by WTT. WTT is a non-consolidated Delaware statutory trust registered with the SEC as an open-end management investment company. The Company has licensed to WTT the use of certain of its own indexes on an exclusive basis for the WisdomTree ETFs in the U.S. ● WisdomTree Management Jersey Limited (“ManJer”) is a Jersey based management company providing management services to seven issuers (the “ManJer Issuers”) in respect of the ETPs issued and listed by the ManJer Issuers covering commodity, currency, cryptocurrency and leveraged-and-inverse strategies. ● WisdomTree Multi Asset Management Limited (“WTMAML”) is a Jersey based management company providing management services to WisdomTree Multi Asset Issuer PLC (“WMAI”) in respect of the ETPs issued by WMAI. WMAI is a non-consolidated public limited company domiciled in Ireland. ● WisdomTree Management Limited (“WML”) is an Ireland based management company providing management services to WisdomTree Issuer ICAV (“WTICAV”) in respect of the WisdomTree UCITS ETFs issued by WTICAV. WTICAV is a non-consolidated public limited company domiciled in Ireland. ● WisdomTree UK Limited (“WTUK”) is a U.K. based company registered with the Financial Conduct Authority currently providing distribution and support services to ManJer, WTMAML and WML. ● WisdomTree Europe Limited is a U.K. based company which is the legacy distributor of the WMAI ETPs and WisdomTree UCITS ETFs. These services are now provided directly by WTUK. WisdomTree Europe Limited is no longer regulated and does not provide any regulated services. ● WisdomTree Ireland Limited (“WT Ireland”) is an Ireland based company authorized by the Central Bank of Ireland providing distribution services to ManJer, WTMAML and WML. ● WisdomTree Digital Commodity Services, LLC is a New York based company that serves as the sponsor of the WisdomTree Bitcoin Fund, which is currently effective with the SEC. The WisdomTree Bitcoin Fund is an exchange-traded fund that issues common shares of beneficial interest and is listed on the Cboe BZX Exchange, Inc. The WisdomTree Bitcoin Fund provides exposure to the spot price of bitcoin. ● WisdomTree Digital Management, Inc. (“WT Digital Management”) is a New York based investment adviser registered with the SEC, providing investment advisory and other management services to the WisdomTree Digital Trust (“WTDT”) and WisdomTree Digital Funds. The WisdomTree Digital Funds are issued in the U.S. by WTDT. WTDT is a non-consolidated Delaware statutory trust registered with the SEC as an open-end management investment company. Each Digital Fund uses a blockchain-integrated recordkeeping system to maintain a record of its shares on one or more blockchains (e.g., Stellar or Ethereum), but does not directly or indirectly invest in any assets that rely on blockchain technology, such as cryptocurrencies. ● WisdomTree Digital Movement, Inc. (“WT Digital Movement”) is a New York based company operating as a money services business registered with the Financial Crimes Enforcement Network. WT Digital Movement has obtained and is seeking additional state money transmitter licenses to operate a platform for the purchase, sale and exchange of tokenized assets, while also providing blockchain-native digital wallet services through WisdomTree Prime to facilitate such activity. ● WisdomTree Securities, Inc. is a New York based limited purpose broker-dealer (i.e., mutual fund retailer) registered with the SEC and FINRA, facilitating transactions in WisdomTree Digital Funds. ● WisdomTree Transfers, Inc. is a New York based transfer agent registered with the SEC, providing transfer agency and registrar services for the Digital Funds. The transfer agent uses a blockchain-integrated recordkeeping system for the ownership of WisdomTree Digital Fund shares. ● WisdomTree Digital Trust Company, LLC is a New York based limited liability trust company that has been formed to operate as a limited purpose trust company under New York Banking Law and is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. 10 Table of Contents 2. Significant Accounting Policies Basis of Presentation These consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and in the opinion of management reflect all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the financial statements. The consolidated financial statements include the accounts of the Company’s wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Consolidation The Company consolidates entities in which it has a controlling financial interest. The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity (“VOE”) or a variable interest entity (“VIE”). The usual condition for a controlling financial interest in a VOE is ownership of a majority voting interest. If the Company has a majority voting interest in a VOE, the entity is consolidated. The Company has a controlling financial interest in a VIE when the Company has a variable interest that provides it with (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company reassesses its evaluation of whether an entity is a VOE or VIE when certain reconsideration events occur. Segment and Geographic Information The Company, through its subsidiaries in the U.S. and Europe, is a global financial innovator, offering a diverse suite of ETPs, models, solutions and products leveraging blockchain technology. The Company conducts business as a single operating segment as an ETP sponsor and asset manager, which is based upon the Company’s current organizational and management structure, as well as information used by the Company’s Chief Executive Officer (the chief operating decision maker, or CODM) to allocate resources and other factors. Foreign Currency Translation Assets and liabilities of subsidiaries whose functional currency is not the U.S. dollar are translated based on the end of period exchange rates from local currency to U.S. dollars. Results of operations are translated at the average exchange rates in effect during the period. The impact of the foreign currency translation adjustment is included in the Consolidated Statements of Comprehensive Income as a component of other comprehensive (loss)/income. Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the balance sheet dates and the reported amounts of revenues and expenses for the periods presented. Actual results could differ materially from those estimates. Revenue Recognition The Company earns a significant portion of its revenues in the form of advisory fees from its ETPs and recognizes this revenue over time, as the performance obligation is satisfied. Advisory fees are based on a percentage of the ETPs’ average daily net assets. Progress is measured using the practical expedient under the output method resulting in the recognition of revenue in the amount for which the Company has a right to invoice. Other revenues are earned from swap providers associated with certain of the Company’s European listed ETPs, the nature of which are based on a percentage of the ETPs’ average daily net assets. The Company also earns transaction-based income on flows associated with certain European listed ETPs. There is no significant judgment in calculating amounts due, which are invoiced monthly or quarterly in arrears and are not subject to any potential reversal. Progress is measured using the practical expedient under the output method resulting in the recognition of revenue in the amount for which the Company has a right to invoice. Marketing and Advertising Marketing and advertising costs, including media advertising and production costs, are expensed when incurred. 11 Table of Contents Depreciation and Amortization Depreciation and amortization is provided for using the straight-line method over the estimated useful lives of the related assets as follows: Equipment 3 to 5 years Internally-developed software 3 years The assets listed above are recorded at cost, less accumulated depreciation and amortization. Stock-Based Awards Accounting for stock-based compensation requires the measurement and recognition of compensation expense for all equity awards based on estimated fair values. Stock-based compensation is measured based on the grant-date fair value of the award and is amortized over the relevant service period. Forfeitures are recognized when they occur. Third-Party Distribution Fees The Company pays a percentage of its advisory fee revenues based on incremental growth in assets under management (“AUM”), subject to caps or minimums, to marketing agents to sell WisdomTree ETPs and for including WisdomTree ETPs on third-party customer platforms and recognizes these expenses as incurred. Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with an original maturity of 90 days or less at the time of purchase to be classified as cash equivalents. The Company maintains deposits with financial institutions in an amount that is in excess of federally insured limits. Restricted cash is required to be maintained in a separate account with withdrawal and usage restrictions. Accounts Receivable Accounts receivable are customer and other obligations due under normal trade terms. The Company measures credit losses, if any, by applying historical loss rates, adjusted for current conditions and reasonable and supportable forecasts to amounts outstanding using the aging method. Financial Instruments Owned Financial instruments owned are financial instruments classified as either trading or available-for-sale (“AFS”). These financial instruments are recorded on their trade date and are measured at fair value. All equity instruments that have readily determinable fair values are classified by the Company as trading. Debt instruments are classified based primarily on the Company’s intent to hold or sell the instrument. Changes in the fair value of debt instruments classified as trading and AFS are reported in other income/(expenses) and other comprehensive income, respectively, in the period the change occurs. Debt instruments classified as AFS are assessed for impairment on a quarterly basis and an estimate for credit loss is provided when the fair value of the AFS debt instrument is below its amortized cost basis. Credit-related impairments are recognized in earnings with a corresponding adjustment to the instrument’s amortized cost basis if the Company intends to sell the impaired AFS debt instrument or it is more likely than not the Company will be required to sell the instrument before recovering its amortized cost basis. Other credit-related impairments are recognized as an allowance with a corresponding adjustment to earnings. Impairments resulting from noncredit-related factors are recognized in other comprehensive income. Amounts recorded in other comprehensive income are reclassified into earnings upon sale of the AFS debt instrument using the specific identification method. Investments The Company accounts for equity investments that do not have a readily determinable fair value under the measurement alternative prescribed in Accounting Standards Codification (“ASC”) Topic 321, Investments – Equity Securities (“ASC 321”), to the extent such investments are not subject to consolidation or the equity method. Under the measurement alternative, these financial instruments are carried at cost, less any impairment (assessed quarterly), plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. In addition, income is recognized when dividends are received only to the extent they are distributed from net accumulated earnings of the investee. Otherwise, such distributions are considered returns of investment and are recorded as a reduction of the cost of the investment. Investments in debt instruments are accounted for at fair value, with changes in fair value reported in other income/(expenses). Goodwill Goodwill is the excess of the purchase price over the fair values of the identifiable net assets at the acquisition date. The Company tests goodwill for impairment at least annually and at the time of a triggering event requiring re-evaluation, if one were to occur. Goodwill is considered impaired when the estimated fair value of the reporting unit that was allocated the goodwill is less than its carrying value. If the estimated fair value of such reporting unit is less than its carrying value, goodwill impairment is recognized based on that difference, not to exceed the carrying amount of goodwill. A reporting unit is an operating segment or a component of an operating segment provided that the component constitutes a business for which discrete financial information is available and management regularly reviews the operating results of that component. 12 Table of Contents Goodwill is allocated to the Company’s U.S. and European components. For impairment testing purposes, these components are aggregated as a single reporting unit as they fall under the same operating segment and have similar economic characteristics. Goodwill is assessed for impairment annually on November 30 th . When performing its goodwill impairment test, the Company considers a qualitative assessment, when appropriate, and a quantitative assessment using the market approach and its market capitalization when determining the fair value of the reporting unit. Intangible Assets Indefinite-lived intangible assets are tested for impairment at least annually and are also reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Indefinite-lived intangible assets are impaired if their estimated fair values are less than their carrying values. Finite-lived intangible assets, if any, are amortized over their estimated useful life, which is the period over which the assets are expected to contribute directly or indirectly to the future cash flows of the Company. These intangible assets are tested for impairment at the time of a triggering event, if one were to occur. Finite-lived intangible assets may be impaired when the estimated undiscounted future cash flows generated from the assets are less than their carrying amounts. The Company may rely on a qualitative assessment when performing its intangible asset impairment test. Otherwise, the impairment evaluation is performed at the lowest level of reasonably identifiable cash flows independent of other assets. The annual impairment testing date for all of the Company’s intangible assets is November 30 th . Software Development Costs Software development costs incurred after the preliminary project stage is complete are capitalized if it is probable that the project will be completed and the software will be used as intended. Capitalized costs consist of employee compensation costs and fees paid to third parties who are directly involved in the application development efforts and are included in intangible assets, net in the Consolidated Balance Sheets. Such costs are amortized over the estimated useful life of the software on a straight-line basis and are included in depreciation and amortization in the Consolidated Statements of Operations. Once the application development stage is complete, additional costs are expensed as incurred. Leases The Company accounts for its lease obligations in accordance with ASC Topic 842, Leases (“ASC 842”), which requires the recognition of both (i) a lease liability equal to the present value of the remaining lease payments and (ii) an offsetting right-of-use asset. The remaining lease payments are discounted using the rate implicit in the lease, if known, or otherwise the Company’s incremental borrowing rate. After lease commencement, right-of-use assets are assessed for impairment and otherwise are amortized over the remaining lease term on a straight-line basis. These recognition requirements are not applied to short-term leases, which are those with a lease term of 12 months or less. Instead, lease payments associated with short-term leases are recognized as an expense on a straight-line basis over the lease term. ASC 842 also provides a practical expedient which allows for consideration in a contract to be accounted for as a single lease component rather than allocated between lease and non-lease components. The Company has elected to apply this practical expedient to all lease contracts, where applicable. Convertible Notes Convertible notes are carried at amortized cost, net of issuance costs. The Company accounts for convertible instruments as a single liability (applicable to the convertible notes) or equity with no separate accounting for embedded conversion features unless the conversion feature meets the criteria for accounting under the substantial premium model or does not qualify for a derivative scope exception. Interest expense is recognized using the effective interest method and includes amortization of issuance costs over the life of the debt. Acquisition-related Costs The Company accounts for business combinations in accordance with ASC 805, Business Combinations , with acquisitions recorded using the acquisition method. Transaction costs associated with acquisitions are expensed as incurred. Contingencies The Company may be subject to reviews, inspections and investigations by regulatory authorities as well as legal proceedings arising in the ordinary course of business. The Company evaluates the likelihood of an unfavorable outcome of all legal or regulatory proceedings to which it is a party and accrues a loss contingency when the loss is probable and reasonably estimable. Contingent Payments The Company recognizes a gain on contingent payments when the contingency is resolved and the gain is realized. 13 Table of Contents Earnings per Share Basic earnings per share (“EPS”) is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Net income available to common stockholders represents net income of the Company reduced by an allocation of earnings to participating securities. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the computation of EPS pursuant to the two-class method. Share-based payment awards that do not contain such rights are not deemed participating securities and are included in diluted shares outstanding (if dilutive). Diluted EPS is calculated under the treasury stock method and the two-class method. The calculation that results in the lowest diluted EPS amount for the common stock is reported in the Company’s consolidated financial statements. The treasury stock method includes the dilutive effect of potential common shares including unvested stock-based awards and the convertible notes, if any. Potential common shares associated with the convertible notes are computed under the if-converted method. Potential common shares associated with the conversion option embedded in the convertible notes are dilutive when the Company’s average stock price exceeds the conversion price. Income Taxes The Company accounts for income taxes using the liability method, which requires the determination of deferred tax assets and liabilities based on the differences between the financial and tax bases of assets and liabilities using the enacted tax rates in effect for the year in which differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more-likely-than-not that some portion or all the deferred tax assets will not be realized. Tax positions are evaluated utilizing a two-step process. The Company first determines whether any of its tax positions are more-likely-than-not to be sustained upon examination, based solely on the technical merits of the position. Once it is determined that a position meets this recognition threshold, the position is measured as the largest amount of benefit that is greater than 50 % likely of being realized upon ultimate settlement. The Company records interest expense and penalties related to tax expenses as income tax expense. The Global Intangible Low-Taxed Income (“GILTI”) provisions of current tax law requires the Company to include in its U.S. income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. An accounting policy election is available to either account for the tax effects of GILTI in the period that is subject to such taxes or to provide deferred taxes for book and tax basis differences that upon reversal may be subject to such taxes. The Company accounts for the tax effects of these provisions in the period that is subject to such tax. Non-income based taxes are recorded as part of other liabilities and other expenses. Excise taxes on stock repurchases are accounted for as a direct component of the share repurchase transaction and reported as a reduction of stockholder’s equity. Recently Issued Accounting Pronouncements On November 4, 2024, the Financial Accounting Standards Board (“FASB”) issued ASU 2024-03, Reporting Comprehensive Income—Expense Disaggregation Disclosures , which requires additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company does not anticipate this standard to have a material impact on its financial statements. Recently Adopted Accounting Pronouncements On December 14, 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Improvements to Income Tax Disclosures , which establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. Under the new guidance, entities must consistently categorize and provide greater disaggregation of information in the rate reconciliation. They must also further disaggregate income taxes paid. The standard is intended to benefit stockholders by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. The guidance applies to all entities subject to income taxes and is effective for annual periods beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The Company adopted this standard on a prospective basis for the year ended December 31, 2024. See Note 17 for additional information. 3. Cash, Cash Equivalents and Restricted Cash Of the total cash, cash equivalents and restricted cash of $ 193,673 and $ 181,191 at June 30, 2025 and December 31, 2024, respectively, $ 180,012 and $ 155,871 were held at three financial institutions. At June 30, 2025 and December 31, 2024, cash equivalents were approximately $ 114,140 and $ 48,336 , respectively. Certain of the Company’s subsidiaries are required to maintain a minimum level of regulatory capital, generally satisfied by cash on hand, which was $ 37,407 and $ 39,423 at June 30, 2025 and December 31, 2024, respectively. Of these amounts, $ 14,289 and $ 13,403 , at June 30, 2025 and December 31, 2024, respectively, was restricted cash, which is required to be maintained in a separate account with withdrawal and usage restrictions in compliance with regulatory obligations. 14 Table of Contents 4. Fair Value Measurements The fair value of financial instruments is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., “the exit price”) in an orderly transaction between market participants at the measurement date. ASC 820, Fair Value Measurement , establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs reflect assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the transparency of inputs as follows: Level 1 – Quoted prices for identical instruments in active markets. Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3 – Instruments whose significant drivers are unobservable. The availability of observable inputs can vary from product to product and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by management in determining fair value is greatest for instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The tables below summarize the categorization of the Company’s assets and liabilities measured at fair value. During the three and six months ended June 30, 2025 and 2024, there were no transfers between Levels 2 and 3. June 30, 2025 Total Level 1 Level 2 Level 3 Assets: Recurring fair value measurements: Cash equivalents $ 114,140 $ 114,140 $ — $ — Financial instruments owned, at fair value: ETFs 74,648 74,648 — — Pass-through GSEs 6,493 — 6,493 — Other assets—seed capital (WisdomTree Digital Funds): U.S. treasuries 5,549 — 5,549 — Equities 9,105 9,105 — — Fixed income 1,954 1,032 922 — Other investments 850 — — 850 Total $ 212,739 $ 198,925 $ 12,964 $ 850 15 Table of Contents December 31, 2024 Total Level 1 Level 2 Level 3 Assets: Recurring fair value measurements: Cash equivalents $ 48,336 $ 48,336 $ — $ — Financial instruments owned, at fair value: ETFs 62,907 62,907 — — Pass-through GSEs 6,898 — 6,898 — Other assets—seed capital (WisdomTree Digital Funds): U.S. treasuries 5,251 — 5,251 Equities 8,478 8,478 — — Fixed income 1,905 1,019 886 — Other investments 687 — — 687 Total $ 134,462 $ 120,740 $ 13,035 $ 687 Non-recurring fair value measurements: Fnality International Limited—Series B-1 Preference Shares 0F0F (1) $ 8,288 $ — $ — $ 8,288 _____________________________ (1) Fair value determined on June 17, 2024. Not included above are prospective changes in value due to fluctuations in the British pound to U.S. dollar exchange rate. Recurring Fair Value Measurements – Methodology Cash Equivalents (Note 3) – These financial assets represent cash invested in highly liquid investments with original maturities of less than 90 days, as well as institutional money market funds that invest in short-term, high-quality U.S. Treasury and government agency securities and aim to maintain a stable $ 1.00 net asset value per share. These investments are valued at par, which approximates fair value, and are classified as Level 1 in the fair value hierarchy. Financial instruments owned (Note 5) – Financial instruments owned are investments in ETFs, pass-through GSEs, equities and fixed income. ETFs and equities are generally traded in active, quoted and highly liquid markets and are therefore classified as Level 1 in the fair value hierarchy. Pricing of pass-through GSEs and fixed income includes consideration given to date of issuance, collateral characteristics and market assumptions related to yields, credit risk and timing of prepayments and may be classified as either Level 1 or Level 2. Fair Value Measurements classified as Level 3 – The following table presents a reconciliation of beginning and ending balances of recurring fair value measurements classified as Level 3: These instruments consist of the following: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Investments in Convertible Notes (Note 6) Beginning balance $ 755 $ — $ 687 $ — Purchases — — — — Net unrealized gains (1) 95 — 163 — Ending balance $ 850 $ — $ 850 $ — 16 Table of Contents 5. Financial instruments owned These instruments consist of the following: June 30, 2025 December 31, 2024 Financial instruments owned Trading securities $ 81,141 $ 69,805 Other assets—seed capital (WisdomTree Digital Funds) 16,608 15,634 Total $ 97,749 $ 85,439 The Company recognized net trading gains/(losses) on financial instruments owned that were still held at the reporting dates of $ 1,110 and $ 503 , respectively, during the three and six months ended June 30, 2025, and ($ 67 ) and $ 1,837 , respectively, during the comparable periods in 2024, which were recorded in other gains and losses, net, in the Consolidated Statements of Operations. 6. Investments The following is a summary of the Company’s investments: June 30, 2025 December 31, 2024 Carrying Value Cost Carrying Value Cost Fnality International Limited—Series B-1 Preference Shares $ 8,993 $ 8,091 $ 8,235 $ 8,091 Quorus Inc.—Series Seed-1 Preferred Stock 4,000 4,000 — — Other investments 850 674 687 674 Total $ 13,843 $ 12,765 $ 8,922 $ 8,765 Fnality International Limited The Company owns approximately 5.4 % (or 4.7 % on a fully-diluted basis) of capital stock of Fnality International Limited (“Fnality”), a company incorporated in England and Wales and focused on creating a peer-to-peer digital wholesale settlement ecosystem comprised of a consortium of financial institutions, offering real time cross-border payments from a single pool of liquidity. The Company’s ownership interest is represented by 2,340,378 Series B-1 Preference Shares, resulting from the conversion of its investment of £ 6,000 ($ 8,091 ) in convertible notes upon Fnality’s qualified equity financing which occurred in October 2023. The Series B-1 Preference Shares carry a 1.0x liquidation preference, are convertible into ordinary shares at the option of the Company and contain various rights and protections. This investment is accounted for under the measurement alternative prescribed in ASC 321, as it does not have a readily determinable fair value and is otherwise not subject to the equity method of accounting. The investment is assessed for impairment and similar observable transactions on a quarterly basis. During the three months ended June 30, 2024, the Company recognized a loss of $ 1,318 on its investment in Fnality, which is recorded in other gains and losses, net on the Consolidated Statements of Operations. This investment was re-measured to fair value upon the conversion of Fnality’s Series B-2 Preference Shares held by other investors into Series B-1 Preference Shares, which occurred in June 2024. Fair value was determined using the backsolve method, a valuation approach that determines the value of shares for companies with complex capital structures based upon the price paid for shares recently issued. Fair value was allocated across the capital structure using the Black-Scholes option pricing model. The table below presents the inputs used in the backsolve valuation approach (classified as Level 3 in the fair value hierarchy): Inputs June 17, 2024 Expected volatility 60 % Time to exit (in years) 4.35 Probability that Series B-2 Preference Shares convert into Series B-1 Preference Shares N/A Net unrealized gains/(losses) recognized on this investment were $ 511 and $ 758 , respectively, during the three and six months ended June 30, 2025 and ($ 78 ) and ($ 1,396 ), respectively, during the comparable periods in 2024, inclusive of changes in the British pound to U.S. dollar exchange rate. These results are recorded in other gains and losses, net on the Consolidated Statements of Operations. There was no impairment recognized on this investment during the three and six months ended June 30, 2025 based upon a qualitative assessment. 17 Table of Contents Quorus Inc. In June 2025, the Company made a $ 4,000 strategic investment in Quorus Inc. (“Quorus”), a company focused on empowering asset managers and financial advisors with innovative solutions for custom portfolio management. In consideration of its investment, the Company received 3,798,562 shares of Series Seed-1 Preferred Stock representing approximately 23.8 % ownership of Quorus (or 20.4 % on a fully diluted basis). The shares of Series Seed-1 Preferred Stock are convertible into common stock at the option of the Company and contain various rights and protections, including non-cumulative dividend rights that participate on an as-converted, pari passu basis with the common stock, only payable if and when declared by the board of directors of Quorus, and a 1.0x non-participating liquidation preference that is senior to all other holders of capital stock of Quorus. This investment is accounted for under the measurement alternative prescribed in ASC 321, as it does not have a readily determinable fair value and is otherwise not subject to the equity method of accounting. The investment is assessed for impairment and similar observable transactions on a quarterly basis. There was no impairment recognized on this investment during the three and six months ended June 30, 2025 based upon a qualitative assessment. Other Investments On October 2, 2024, the Company purchased an investment of $ 674 . During the three and six months ended June 30, 2025, the Company recognized an unrealized gain of $ 95 and $ 163 , respectively, recorded in other gains and losses, net in the Consolidated Statements of Operations. 7. Fixed Assets, Net The following table summarizes fixed assets: June 30, 2025 December 31, 2024 Equipment $ 1,186 $ 1,069 Less: accumulated depreciation ( 870 ) ( 733 ) Total $ 316 $ 336 8. Convertible Notes The Company has the following convertible notes outstanding as of June 30, 2025: ● $ 150,000 in aggregate principal amount of 3.25 % Convertible Senior Notes due 2026 (the “2026 Notes”); ● $ 25,845 in aggregate principal amount of 5.75 % Convertible Senior Notes due 2028 (the “2028 Notes”); and ● $ 345,000 in aggregate principal amount of 3.25 % Convertible Senior Notes due 2029 (the “2029 Notes”). Each class of notes were issued pursuant to indentures dated as of the issuance dates between the Company and U.S. Bank Trust Company, National Association, as trustee (either initially or as successor to U.S. Bank National Association, the “Trustee”), in private offerings to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. As of June 30, 2025, the Company had an aggregate principal amount of $ 520,845 outstanding of the 2026 Notes, the 2028 Notes and the 2029 Notes (collectively, the “Convertible Notes”). Key terms of the Convertible Notes are as follows: 2026 Notes 2028 Notes 2029 Notes Principal outstanding $ 150,000 $ 25,845 $ 345,000 Issuance date June 14, 2021 February 14, 2023 August 13, 2024 Maturity date (unless earlier converted, repurchased or redeemed) June 15, 2026 August 15, 2028 August 15, 2029 Interest rate 3.25 % 5.75 % 3.25 % Initial conversion price $ 11.04 $ 9.54 $ 11.82 Initial conversion rate 90.5797 104.8658 84.5934 Redemption price $ 14.35 $ 12.40 $ 15.37 ● Interest rate: Payable semiannually in arrears on February 15 and August 15 of each year for the 2029 Notes and the 2028 Notes and on June 15 and December 15 of each year for the 2026 Notes. ● Conversion price: Convertible at an initial conversion rate into shares of the Company’s common stock, per $ 1,000 principal amount of notes (equivalent to an initial conversion price set forth in the table above), subject to adjustment. 18 Table of Contents ● Conversion: Holders may convert at their option at any time prior to the close of business on the business day immediately preceding May 15, 2029 and May 15, 2028 for the 2029 Notes and the 2028 Notes, respectively, and March 15, 2026 for the 2026 Notes, only under the following circumstances: (i) if the last reported sale price of the Company’s common stock for at least 20 trading days during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130 % of the conversion price for the respective Convertible Notes on each applicable trading day; (ii) during the five business day period after any ten consecutive trading day period (the “measurement period”) in which the trading price per $ 1,000 principal amount of the Convertible Notes for each trading day of the measurement period was less than 98 % of the product of the last reported sales price of the Company’s common stock and the conversion rate on each such trading day; (iii) upon a notice of redemption delivered by the Company in accordance with the terms of the indentures but only with respect to the Convertible Notes called (or deemed called) for redemption; or (iv) upon the occurrence of specified corporate events. On or after May 15, 2029 and May 15, 2028 in respect of the 2029 Notes and the 2028 Notes, respectively, and March 15, 2026 in respect of the 2026 Notes, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their Convertible Notes at any time, regardless of the foregoing circumstances. ● Cash settlement of principal amount: Upon conversion, the Company will pay cash up to the aggregate principal amount of the Convertible Notes to be converted. At its election, the Company will also settle the conversion obligation in excess of the aggregate principal amount of the Convertible Notes being converted in either cash, shares of its common stock or a combination of cash and shares of its common stock. ● Redemption price: The Company may redeem for cash all or any portion of the Convertible Notes, at its option, on or after August 20, 2026 and August 20, 2025 in respect of the 2029 Notes and the 2028 Notes, respectively, and June 20, 2023 in respect of the 2026 Notes and on or prior to the 55 th scheduled trading day immediately preceding the maturity date, if the last reported sale price of the Company’s common stock has been at least 130 % of the conversion price for the respective Convertible Notes then in effect for at least 20 trading days, including the trading day immediately preceding the date on which the Company provides notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption, at a redemption price equal to 100 % of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding the redemption date. No sinking fund is provided for the Convertible Notes. ● Limited investor put rights: Holders of the Convertible Notes have the right to require the Company to repurchase for cash all or a portion of their notes at 100 % of their principal amount, plus any accrued and unpaid interest, upon the occurrence of certain change of control transactions or liquidation, dissolution or common stock delisting events. ● Conversion rate increase in certain customary circumstances: In certain circumstances, conversions in connection with a “make-whole fundamental change” (as defined in the indentures) or conversions of Convertible Notes called (or deemed called) for redemption may result in an increase to the conversion rate, provided that the conversion rate will not exceed 103.6269 shares, 167.7853 shares and 144.9275 shares of the Company’s common stock per $ 1,000 principal amount of the 2029 Notes, the 2028 Notes and the 2026 Notes, respectively (the equivalent of 61,826,817 shares of the Company’s common stock based on the aggregate principal amount of Convertible Notes outstanding), subject to adjustment. ● Seniority and Security: The Convertible Notes rank equal in right of payment and are the Company’s senior unsecured obligations. The indentures contain customary terms and covenants, including that upon certain events of default occurring and continuing, either the Trustee or the respective holders of not less than 25 % in aggregate principal amount of the respective series of Convertible Notes outstanding may declare the entire principal amount of all such respective Convertible Notes to be repurchased, plus any accrued special interest, if any, to be immediately due and payable. The following table provides a summary of the Convertible Notes at June 30, 2025 and December 31, 2024: June 30, 2025 December 31, 2024 2026 Notes 2028 Notes 2029 Notes Total 2026 Notes 2028 Notes 2029 Notes Total Principal amount $ 150,000 $ 25,845 $ 345,000 $ 520,845 $ 150,000 $ 25,845 $ 345,000 $ 520,845 Less: Unamortized issuance costs ( 830 ) ( 403 ) ( 6,327 ) ( 7,560 ) ( 1,263 ) ( 466 ) ( 7,083 ) ( 8,812 ) Carrying amount $ 149,170 $ 25,442 $ 338,673 $ 513,285 $ 148,737 $ 25,379 $ 337,917 $ 512,033 Effective interest rate (1) 3.83 % 6.25 % 3.70 % 3.86 % 3.83 % 6.25 % 3.70 % 3.86 % _____________________________ (1) Includes amortization of the issuance costs and premium. Interest expense on the Convertible Notes was $ 5,022 and $ 10,008 , respectively, during the three and six months ended June 30, 2025 and $ 3,463 and $ 6,926 , respectively, during the comparable periods in 2024. Interest payable of $ 5,014 and $ 5,107 at June 30, 2025 and December 31, 2024, respectively, is included in accounts payable and other liabilities on the Consolidated Balance Sheets. 19 Table of Contents The fair value of the Convertible Notes (classified as Level 2 in the fair value hierarchy) was $ 600,359 and $ 571,031 , respectively, at June 30, 2025 and December 31, 2024. The if-converted value of the 2026 Notes and the 2028 Notes was $ 156,386 and $ 31,182 , respectively, at June 30, 2025. The if-converted value of the 2029 Notes did not exceed the principal amount at June 30, 2025. The if-converted value of the 2028 Notes was $ 28,446 at December 31, 2024. The if-converted value of the 2026 Notes and the 2029 Notes did not exceed the principal amount at December 31, 2024. 9. Payable to Gold Bullion Holdings (Jersey) Limited (“GBH”) On November 20, 2023, the Company repurchased all of its then-outstanding Series C Non-Voting Convertible Preferred Stock, par value $ 0.01 per share (the “Series C Preferred Stock”) which was convertible into 13,087,000 shares of the Company’s common stock, from GBH, a subsidiary of the World Gold Council, for aggregate cash consideration of approximately $ 84,411 . Under the terms of the transaction, the Company has paid GBH $ 54.8 million to date, with the remainder of the purchase price payable in equal, interest-free installments on the second and third anniversaries of the closing date. The implied price per share was $ 6.02 when considering the interest-free financing element of the transaction. The investor rights agreement that the Company and GBH entered into in May 2023 in connection with the issuance of the Series C Preferred Stock, which provided GBH with certain rights and obligations with respect to the shares, including registration rights, was terminated in this transaction. Under U.S. GAAP, the obligation was recorded at its present value utilizing a market rate of interest on the closing date of 7.0 % and the corresponding discount is being amortized as interest expense pursuant to the effective interest method of accounting over the life of the obligation. The aggregate consideration payable was valued at $ 38,835 on the closing date and the carrying value of this obligation is as follows: June 30, 2025 December 31, 2024 Current: $ 14,804 $ 14,804 Long-term 13,083 12,159 Total $ 27,887 $ 26,963 Interest expense recognized was $ 468 and $ 923 , respectively, during the three and six months ended June 30, 2025 and $ 677 and $ 1,342 , respectively, during the comparable periods in 2024 and is included as a component of total interest expense recognized on the Consolidated Statements of Operations. 10. Leases The Company has entered into operating leases for its office facilities (including its corporate headquarters) and equipment. The Company has no finance leases. The following table provides additional information regarding the Company’s leases: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Lease cost: Operating lease cost $ 337 $ 323 $ 662 $ 647 Short-term lease cost 43 70 95 140 Total lease cost $ 380 $ 393 $ 757 $ 787 Other information: Cash paid for amounts included in the measurement of operating liabilities (operating leases) $ 329 $ 331 $ 655 $ 662 Right-of-use assets obtained in exchange for new operating lease liabilities n/a n/a n/a n/a Weighted-average remaining lease term (in years) — operating leases 1.8 0.9 1.8 0.9 Weighted-average discount rate — operating leases 6.6 % 6.6 % 6.6 % 6.6 % None of the Company’s leases include variable payments, residual value guarantees or any restrictions or covenants relating to the Company’s ability to pay dividends or incur additional financing obligations. 20 Table of Contents The following table discloses future minimum lease payments at June 30, 2025 with respect to the Company’s operating lease liabilities: Remainder of 2025 $ 675 2026 1,190 2027 and thereafter 333 Total future minimum lease payments (undiscounted) $ 2,198 The following table reconciles the future minimum lease payments (disclosed above) at June 30, 2025 to the operating lease liabilities recognized in the Company’s Consolidated Balance Sheets: Amounts recognized in the Company’s Consolidated Balance Sheets Lease liability—short term $ 1,352 Lease liability—long term 739 Subtotal 2,091 Difference between undiscounted and discounted cash flows 107 Total future minimum lease payments (undiscounted) $ 2,198 11. Contingencies The Company may be subject to reviews, inspections and investigations by regulatory authorities as well as legal proceedings arising in the ordinary course of business. Closure of the WisdomTree WTI Crude Oil 3x Daily Leveraged ETP Between December 2020 and December 2024, WMAI, WTMAML, WTUK and/or WT Ireland were served with eight separate writs of summons to appear before the Courts of Milan, Udine or Turin, Italy by investors seeking damages resulting from the closure of the WisdomTree WTI Crude Oil 3x Daily Leveraged ETP (“3OIL”) in March 2020. The product was dependent on the receipt of payments from a swap provider to satisfy payment obligations to the investors. Due to an extreme adverse move in oil futures relative to the oil futures’ closing price, the swap contract underlying 3OIL was terminated by the swap provider, which resulted in the compulsory redemption of 3OIL, all in accordance with the prospectus. Since February 2022, seven of the eight actions have been resolved in the Company’s favor, of which two have been appealed. Total damages sought by all investors related to the remaining open and appealed claims were approximately € 15,270 ($ 17,900 ) at June 30, 2025. Additionally, in July 2023, WT Ireland received a letter from counsel on behalf of additional investors seeking damages of up to approximately € 8,350 ($ 9,790 ) resulting from the closure of 3OIL. A writ of summons has not been served. The Company continues to assess the open and appealed claims with its external counsel. The Company expects that losses, if any, arising from these claims will be covered under its insurance policies, less a $ 500 deductible. An accrual has not been made with respect to these matters at June 30, 2025 and December 31, 2024. 12. Variable Interest Entities VIEs are entities with any of the following characteristics: (i) the entity does not have enough equity to finance its activities without additional financial support; (ii) the equity holders, as a group, lack the characteristics of a controlling financial interest; or (iii) the entity is structured with non-substantive voting rights. Consolidation of a VIE is required for the party deemed to be the primary beneficiary, if any. The primary beneficiary is the party who has both (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (b) an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. The Company is not the primary beneficiary of any entities in which it has a variable interest as it does not have the power to direct the activities that most significantly impact the entities’ economic performance. Such power is conveyed through the entities’ boards of directors and the Company does not have control over the boards. 21 Table of Contents The following table presents information about the Company’s variable interests in non-consolidated VIEs: June 30, 2025 December 31, 2024 Carrying Amount — Assets: Fnality International Limited—Series B-1 Preference Shares $ 8,993 $ 8,235 Other investments 850 687 Total $ 9,843 $ 8,922 Maximum exposure to loss $ 9,843 $ 8,922 13. Revenues from Contracts with Customers The following table presents the Company’s total revenues from contracts with customers: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenues from contracts with customers: Advisory fees $ 103,241 $ 98,938 $ 202,790 $ 191,439 Other revenues 9,380 8,096 17,913 12,433 Total operating revenues $ 112,621 $ 107,034 $ 220,703 $ 203,872 The Company recognizes revenues from contracts with customers when the performance obligation is satisfied, which is when the promised services are transferred to the customer. A service is considered to be transferred when the customer obtains control, which is represented by the transfer of rights with regard to the service. Transfer of control happens either over time or at a point in time. When a performance obligation is satisfied over time, an entity is required to select a single method of measuring progress for each performance obligation that depicts the entity’s performance in transferring control of services to the customer. A significant portion of the Company’s revenues from contracts with customers is derived primarily from investment advisory agreements with related parties (Note 14). These advisory fees are recognized over time, are earned from the Company’s ETPs and are calculated based on a percentage of the ETPs’ average daily net assets. There is no significant judgment in calculating amounts due which are invoiced monthly in arrears and are not subject to any potential reversal. Progress is measured using the practical expedient under the output method resulting in the recognition of revenue in the amount for which the Company has a right to invoice. There are no contract assets or liabilities that arise in connection with the recognition of advisory fee revenue. In addition, there are no costs incurred to obtain or fulfill the contracts with customers, all of which are investment advisory agreements with related parties. Other revenues include revenues the Company earns from swap providers associated with certain of the Company’s European listed ETPs, the nature of which are based on a percentage of the ETPs’ average daily net assets. The Company also earns transaction-based income on flows associated with certain European listed ETPs. There is no significant judgment in calculating amounts due, which are invoiced monthly or quarterly in arrears and are not subject to any potential reversal. Progress is measured using the practical expedient under the output method resulting in the recognition of revenue in the amount for which the Company has a right to invoice. Geographic Distribution of Revenues The following table presents the Company’s total revenues geographically as determined by where the respective management companies reside: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenues from contracts with customers: United States $ 69,812 $ 69,882 $ 139,281 $ 135,712 Jersey 34,968 31,633 67,561 57,727 Ireland 7,841 5,519 13,861 10,433 Total operating revenues $ 112,621 $ 107,034 $ 220,703 $ 203,872 22 Table of Contents 14. Related Party Transactions Investment Advisory Agreements The Company’s revenues are derived primarily from investment advisory agreements with related parties. Under these agreements, the Company has licensed to related parties the use of certain of its own indexes for the U.S. WisdomTree ETFs, WisdomTree Digital Funds and WisdomTree UCITS ETFs. The relevant boards of trustees or boards of directors (including certain officers of the Company) of each of the related parties is primarily responsible for overseeing the management and affairs of the entities for the benefit of their respective stakeholders and have contracted with the Company to provide for general management and administration services. The Company is also responsible for certain expenses of the related parties, including the cost of transfer agency, custody, fund administration and accounting, legal, audit, and other non-distribution services, excluding extraordinary expenses, taxes and certain other expenses, which are included in fund management and administration in the Consolidated Statements of Operations. In exchange, the Company receives fees based on a percentage of the ETPs’ and the Digital Funds’ average daily net assets. A majority of the independent members of the respective board of trustees or board of directors are required to initially and annually (after the first two years) approve the advisory agreements of the U.S. WisdomTree ETFs and the WisdomTree Digital Funds and these agreements may be terminated by such board of trustees or board of directors upon notice. The following table summarizes accounts receivable from related parties which are included as a component of accounts receivable in the Consolidated Balance Sheets: June 30, 2025 December 31, 2024 Receivable from WTT $ 24,177 $ 24,672 Receivable from ManJer Issuers 6,379 5,155 Receivable from WMAI and WTICAV 6,854 5,132 Total $ 37,410 $ 34,959 The allowance for credit losses on accounts receivable from related parties is insignificant when applying historical loss rates, adjusted for current conditions and supportable forecasts, to the amounts outstanding in the table above. Amounts outstanding are all invoiced in arrears, are less than 30 days aged and are collected shortly after the applicable reporting period. The following table summarizes revenues from advisory services provided to related parties: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Advisory services provided to WTT $ 69,242 $ 69,375 $ 138,097 $ 134,277 Advisory services provided to ManJer Issuers 26,158 24,044 50,832 46,729 Advisory services provided to WMAI and WTICAV 7,841 5,519 13,861 10,433 Total $ 103,241 $ 98,938 $ 202,790 $ 191,439 Investments in WisdomTree Products The Company also has investments in certain WisdomTree products of $ 107,212 and $ 89,822 , respectively, at June 30, 2025 and December 31, 2024. This includes $ 5,251 and $ 5,232 , respectively, of seed investments in the WisdomTree Government Money Market Digital Fund, as well as $ 16,608 and $ 15,616 , respectively, of seed investments in certain consolidated affiliated Digital Funds advised by WT Digital Management (referred to herein as “other assets–seed capital”) at June 30, 2025 and December 31, 2024. The Company has also invested an additional $ 11,075 and $ 6,050 , respectively, in the WisdomTree Government Money Market Digital Fund at June 30, 2025 and December 31, 2024. Net unrealized and realized gains/(losses) related to trading WisdomTree products were $ 1,290 and $ 785 , respectively, during the three and six months ended June 30, 2025 and ($ 161 ) and $ 1,784 , respectively, during the comparable periods in 2024. Such gains and losses are recorded in other gains and losses, net on the Consolidated Statements of Operations. 15. Stock-Based Awards On July 15, 2022, the Company’s stockholders approved the 2022 Equity Plan under which the Company may issue up to 16,000,000 shares of common stock (less one share for every share granted under the 2016 Equity Plan since March 31, 2022 and inclusive of shares available under the 2016 Equity Plan as of March 31, 2022) in the form of stock options and other stock-based awards. The Company grants equity awards to employees and directors, which include restricted stock awards (“RSAs”), restricted stock units (“RSUs”), including deferred RSUs to non-employee directors, performance-based restricted stock units (“PRSUs”) and stock options. Certain awards described below are subject to acceleration under certain conditions. 23 Table of Contents Stock options: Generally issued for terms of ten years and may vest after at least one year of service and have an exercise price equal to the Company’s stock price on the grant date. The Company estimates the fair value of stock options (when granted) using the Black-Scholes option pricing model. RSAs/RSUs: Awards are valued based on the Company’s stock price on grant date and generally vest ratably, on an annual basis, over three years. For non-employee directors, such awards generally vest on the one-year anniversary of the grant date. Deferred RSUs: Awards are valued based on the Company’s stock price on grant date and generally vest on the one-year anniversary of the grant date. The awards are issued pursuant to the Company’s Non-Employee Director Deferred Compensation Program and are settled based on timing elected by the recipient in advance. PRSUs: These awards cliff vest three years from the grant date and contain a market condition whereby the number of PRSUs ultimately vesting is tied to how the Company’s total shareholder return (“TSR”) compares to a peer group of other publicly traded asset managers over the three-year period. A Monte Carlo simulation is used to value these awards. PRSUs: The number of PRSUs vesting ranges from 0% to 200% of the target number of PRSUs granted, as follows: ● If the relative TSR is below the 25 th percentile, then 0% of the target number of PRSUs granted will vest; ● If the relative TSR is at the 25 th percentile, then 50% of the target number of PRSUs granted will vest; ● If the relative TSR is above the 25 th percentile, then linear scaling is applied such that the percent of the target number of PRSUs vesting is 100% at the 50 th percentile and capped at 200% of the target number of PRSUs granted for performance at the 85 th percentile; and ● If the Company’s TSR is negative, the target number of PRSUs vesting is capped at 100% regardless of the relative TSR percentile. Stock-based compensation expense was $ 5,527 and $ 11,765 , respectively, during the three and six months ended June 30, 2025 and $ 5,592 and $ 10,755 , respectively, during the comparable periods in 2024. A summary of unrecognized stock-based compensation expense and average remaining vesting period is as follows: June 30, 2025 Unrecognized Stock-Based Compensation Weighted-Average Remaining Vesting Period (Years) Employees and directors $ 26,359 1.14 A summary of stock-based compensation award activity (shares) during the three months ended June 30, 2025 is as follows: RSA RSU PRSU Balance at April 1, 2025 3,966,044 286,969 1,416,571 Granted 39,484 39,484 — Vested ( 40,608 ) — — Forfeited ( 12,000 ) — — Stock dividends accrued — 454 4,494 Balance at June 30, 2025 3,952,920 326,907 (1) 1,421,065 _____________________________ (1) Includes 145,251 deferred RSUs that have vested. 24 Table of Contents 16. Earnings Per Share The following tables set forth reconciliations of the basic and diluted earnings per share computations for the periods presented: Three Months Ended June 30, Six Months Ended June 30, Basic Earnings per Share 2025 2024 2025 2024 Net income $ 24,777 $ 21,759 $ 49,406 $ 43,870 Less: Income distributed to participating securities — ( 462 ) — ( 924 ) Less: Undistributed income allocable to participating securities — ( 1,603 ) ( 24 ) ( 3,260 ) Net income available to common stockholders — Basic EPS $ 24,777 $ 19,694 $ 49,382 $ 39,686 Weighted average common shares (in thousands) 143,076 146,896 142,830 146,680 Basic earnings per share $ 0.17 $ 0.13 $ 0.35 $ 0.27 Three Months Ended June 30, Six Months Ended June 30, Diluted Earnings per Share 2025 2024 2025 2024 Net income available to common stockholders $ 24,777 $ 19,694 $ 49,382 $ 39,686 Add back: Undistributed income allocable to participating securities — 1,603 24 3,260 Less: Reallocation of undistributed income allocable to participating securities considered potentially dilutive — ( 1,561 ) ( 23 ) ( 3,182 ) Net income available to common stockholders — Diluted EPS $ 24,777 $ 19,736 $ 49,383 $ 39,764 Weighted Average Diluted Shares (in thousands): Weighted average common shares 143,076 146,896 142,830 146,680 Dilutive effect of common stock equivalents, excluding participating securities 3,564 4,312 3,601 3,962 Weighted average diluted shares, excluding participating securities (in thousands) 146,640 151,208 146,431 150,642 Diluted earnings per share $ 0.17 $ 0.13 $ 0.34 $ 0.26 Diluted earnings per share presented above is calculated using the two-class method as this method results in the lowest diluted earnings per share amount for common stock. Total antidilutive non-participating common stock equivalents were 190 and 160 , respectively, for the three and six months ended June 30, 2025 and 6 and 8 , respectively, for the comparable periods in 2024 (shares herein are reported in thousands). There were no potential common shares associated with the conversion options embedded in the Convertible Notes included in weighted average diluted shares for the three and six months ended June 30, 2025 and 2024 as the Company’s average stock price was lower than the conversion price. The following table reconciles weighted average diluted shares as reported on the Company’s Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024, which are determined pursuant to the treasury stock method, to the weighted average diluted shares used to calculate diluted earnings per share as disclosed in the table above: Three Months Ended June 30, Six Months Ended June 30, Reconciliation of Weighted Average Diluted Shares (in thousands) 2025 2024 2025 2024 Weighted average diluted shares as disclosed on the Consolidated Statements of Operations 146,640 166,359 146,513 165,872 Less: Participating securities Weighted average shares of common stock issuable upon conversion of the Series A Preferred Stock — ( 14,750 ) — ( 14,750 ) Potentially dilutive restricted stock awards — ( 401 ) ( 82 ) ( 480 ) Weighted average diluted shares used to calculate diluted earnings per share as disclosed in the table above 146,640 151,208 146,431 150,642 25 Table of Contents 17. Income Taxes Effective Income Tax Rate – Three and Six Months Ended June 30, 2025 The Company’s effective income tax rate during the three months ended June 30, 2025 was 22.3 %, resulting in income tax expense of $ 7,093 . The effective income tax rate differs from the federal statutory tax rate of 21 % primarily due to state and local income taxes, partly offset by a lower tax rate on foreign earnings. The Company’s effective income tax rate during the six months ended June 30, 2025 was 20.6 %, resulting in income tax expense of $ 12,832 . The effective income tax rate differs from the federal statutory tax rate of 21 % primarily due to tax windfalls associated with the vesting of stock-based compensation awards and a lower tax rate on foreign earnings. These items were partly offset by state and local income taxes. Effective Income Tax Rate – Three and Six Months Ended June 30, 2024 The Company’s effective income tax rate during the three months ended June 30, 2024 was 26.3 %, resulting in income tax expense of $ 7,767 . The effective income tax rate differs from the federal statutory tax rate of 21 % primarily due to non-deductible executive compensation, an increase in the deferred tax asset valuation allowance on losses recognized on the Company’s investments and state and local income taxes. These items were partly offset by a lower tax rate on foreign earnings. The Company’s effective income tax rate during the six months ended June 30, 2024 was 23.5 %, resulting in income tax expense of $ 13,468 . The effective income tax rate differs from the federal statutory tax rate of 21 % primarily due to non-deductible executive compensation and state and local income taxes. These items were partly offset by a lower tax rate on foreign earnings and tax windfalls associated with the vesting of stock-based compensation awards. Income Tax Payments Disclosed below is a summary of income taxes paid by jurisdiction pursuant to the disclosure requirements of ASU 2023-09 for the six months ended June 30, 2025: Six Months Ended June 30, 2025 United States - Federal $ 3,716 United States - State and local 1,820 United Kingdom 7,897 Other 35 $ 13,468 Deferred Tax Assets A summary of the components of the Company’s deferred tax assets at June 30, 2025 and December 31, 2024 is as follows: June 30, 2025 December 31, 2024 Deferred tax assets: Capital losses $ 6,757 $ 21,984 Accrued expenses 3,249 6,465 Stock-based compensation 1,706 2,843 NOLs—Foreign 1,054 1,024 Interest carryforward. 641 — Goodwill and intangible assets 610 705 Operating lease liabilities 419 95 Software capitalization 294 199 Foreign currency translation adjustment — 427 Other 319 331 Deferred tax assets 15,049 34,073 Deferred tax liabilities: Foreign currency translation adjustment 1,026 — Fixed assets and prepaid assets 559 246 Unrealized gains 566 76 Right of use assets—operating leases 418 95 Unremitted earnings—European subsidiaries 144 92 Deferred tax liabilities 2,713 509 Total deferred tax assets less deferred tax liabilities 12,336 33,564 Less: Valuation allowance ( 6,191 ) ( 21,908 ) Deferred tax assets, net $ 6,145 $ 11,656 26 Table of Contents Capital Losses – U.S. The Company’s tax effected capital losses at June 30, 2025 were $ 6,757 . These capital losses expire between the years 2025 and 2030. During the six months ended June 30, 2025, tax effected capital losses in the amount of $ 15,294 expired. Net Operating Losses – Europe One of the Company’s European subsidiaries generated net operating losses (“NOLs”) outside the U.S. These tax effected NOLs, all of which are carried forward indefinitely, were $ 1,054 at June 30, 2025. Valuation Allowance The Company’s valuation allowance has been established on its net capital losses (net of unrealized gains), as it is more-likely-than-not that these deferred tax assets will not be realized. Income Tax Examinations The Company is subject to U.S. federal income tax as well as income tax of multiple state, local and certain foreign jurisdictions. As of June 30, 2025, with few exceptions, the Company was no longer subject to income tax examinations by any taxing authority for the years before 2020. Uncertain Tax Positions There were no unrecognized tax benefits at June 30, 2025 and December 31, 2024. Undistributed Earnings of Foreign Subsidiaries ASC 740-30, Income Taxes, provides guidance that U.S. companies do not need to recognize tax effects on foreign earnings that are indefinitely reinvested. The Company repatriates earnings of its foreign subsidiaries and therefore has recognized a deferred tax liability of $ 144 and $ 92 at June 30, 2025 and December 31, 2024, respectively. U.S. Tax Reform On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was enacted, extending or modifying several provisions of the Tax Cuts and Jobs Act of 2017. The OBBBA left corporate income tax rates unchanged, but reinstated immediate expensing of domestic research and development expenditures, revised Section 163(j) interest limitations, expanded Section 162(m) aggregation rules, updated GILTI provisions and restored 100 % bonus depreciation, among other changes. While the OBBBA is expected to accelerate certain previously deferred tax deductions, it is not otherwise anticipated to have a material impact to the Company’s financial statements. 18. Shares Repurchased On February 22, 2022, the Company’s Board of Directors approved an increase of $ 85,709 to the Company’s share repurchase program to $ 100,000 and extended the term for three years through April 27, 2025 . On February 24, 2025, the Company’s Board of Directors approved another increase of $ 129,158 to the repurchase program, bringing the total authorization to $ 150,000 , and extended the program’s term for another three years through April 27, 2028 . Included under the Company’s share repurchase program are purchases to offset future equity grants made under the Company’s equity plans and purchases made in open market or privately negotiated transactions. This authority may be exercised from time to time, subject to regulatory considerations. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, market conditions and other corporate liquidity requirements and priorities. The repurchase program may be suspended or terminated at any time without prior notice. Shares repurchased under this program are returned to the status of authorized and unissued on the Company’s books and records. The Company repurchased zero and 1,282,498 shares, respectively, of its common stock under this program during the three and six months ended June 30, 2025 and zero and 1,096,278 shares, respectively, during the comparable periods in 2024. The aggregate cost of the shares repurchased during the three and six months ended June 30, 2025 was $ 0 and $ 12,714 , respectively, and the aggregate cost of the shares repurchased during the comparable periods in 2024 was $ 0 and $ 7,820 , respectively. Shares repurchased under this program were returned to the status of authorized and unissued on the Company’s books and records. As of June 30, 2025, $ 149,980 remained under this program for future purchases. 27 Table of Contents 19. Goodwill and Intangible Assets Goodwill The table below sets forth goodwill which is tested annually for impairment on November 30 th : Total Balance at January 1, 2025 $ 86,841 Changes — Balance at June 30, 2025 $ 86,841 Of the total goodwill of $ 86,841 at June 30, 2025, $ 85,042 is not deductible for tax purposes as the acquisitions that gave rise to the goodwill were structured as stock acquisitions. The remainder of the goodwill is deductible for U.S. tax purposes. Intangible Assets The table below sets forth the Company’s intangible assets which are tested annually for impairment on November 30 th : Balance at June 30, 2025 Item Gross Asset Accumulated Amortization Net Asset ETFS Acquisition $ 601,247 $ — $ 601,247 Software development 8,178 ( 3,189 ) 4,989 Balance at June 30, 2025 $ 609,425 $ ( 3,189 ) $ 606,236 Balance at December 31, 2024 Item Gross Asset Accumulated Amortization Net Asset ETFS Acquisition $ 601,247 $ — $ 601,247 Software development 6,855 ( 2,206 ) 4,649 Balance at December 31, 2024 $ 608,102 $ ( 2,206 ) $ 605,896 ETFS Acquisition (Indefinite-Lived) In connection with the ETFS Acquisition, which was completed on April 11, 2018 , the Company identified intangible assets valued at $ 601,247 related to the right to manage AUM through customary advisory agreements. These intangible assets were determined to have indefinite useful lives and are not deductible for tax purposes. Software Development (Finite-Lived) Internally-developed software is amortized over a useful life of three years . The Company recognized amortization expense on internally-developed software of $ 544 and $ 983 , respectively, during the three and six months ended June 30, 2025 and $ 359 and $ 686 , respectively, during the comparable periods in 2024. As of June 30, 2025, expected amortization expense for the unamortized finite-lived intangible assets for the next five years and thereafter is as follows: Remainder of 2025 $ 1,145 2026 2,113 2027 1,214 2028 and thereafter 517 Total expected amortization expense $ 4,989 The weighted-average remaining useful life of the finite-lived intangible assets is 2.3 years. 20. Segment Information The Company, through its subsidiaries in the U.S. and Europe, offers a diverse suite of ETPs, models, solutions and products leveraging blockchain technology. The Company conducts business as a single operating segment as an ETP sponsor and asset manager, which is based upon the Company’s current organizational and management structure, as well as information used by the CODM to allocate resources and assess performance and other factors. The accounting policies of the segment are the same as those described in Note 2. 28 Table of Contents The key measures of segment profit or loss that the CODM uses to allocate resources and assess performance are the Company’s consolidated net income, as reported on the Consolidated Statements of Operations, as well as adjusted operating income and adjusted operating income margin, which are exclusive of items that are non-recurring or not core to the Company’s operating business. The table below discloses these key measures and is inclusive of a reconciliation of the Company’s operating income and operating income margin as computed under U.S. GAAP to the Company’s Non-GAAP adjusted operating income and adjusted operating income margin utilized by the CODM: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Operating revenues $ 112,621 $ 107,034 $ 220,703 $ 203,872 Operating income 34,632 33,511 68,794 61,461 Add back: Expenses incurred in response to an activist campaign — 4,271 — 4,966 Add back: Acquisition-related costs 1,967 — 1,967 — Adjusted operating income $ 36,599 $ 37,782 $ 70,761 $ 66,427 Operating income margin 30.8 % 31.3 % 31.2 % 30.1 % Adjusted operating income margin 32.5 % 35.3 % 32.1 % 32.6 % Expenses incurred in response to an activist campaign for the three and six months ended June 30, 2024 include $ 4,271 and $ 4,966 , respectively, of professional fees. Acquisition-related costs for the three and six months ended June 30, 2025 include $ 1,967 of professional fees. All expense categories on the Consolidated Statements of Operations are significant and there are no other significant segment expenses that would require disclosure. Assets provided to the CODM are consistent with those reported on the Consolidated Balance Sheets with particular emphasis on the Company’s available liquidity, including its cash, cash equivalents and restricted cash, financial instruments owned, accounts receivable and securities held-to-maturity, reduced by current liabilities, seed capital and regulatory capital requirements. There are no intra-entity sales or transfers and no significant expense categories regularly provided to the CODM beyond those disclosed in the Consolidated Statements of Operations. The CODM manages the business using consolidated expense information, adjusted for items that are non-recurring or not core to the Company’s operating business as disclosed in the table above, as well as regularly provided budgeted or forecasted expense information for the single operating segment. Information related to the Company’s products and services and geographical distribution of revenues is disclosed in Note 13. 21. Subsequent Events Equity Purchase Agreement with Ceres Partners, LLC On July 31, 2025, the Company and WisdomTree Farmland Holdings, Inc. (the “Purchaser”), a wholly-owned subsidiary of the Company, entered into an Equity Purchase Agreement (the “Purchase Agreement”) with Ceres Partners, LLC, an Indiana limited liability company (“Ceres”), the members of Ceres (together, the “Sellers”), and an individual acting as the Sellers’ representative, pursuant to which the Purchaser agreed to acquire from the Sellers all of the issued and outstanding equity interests of Ceres (the “Ceres Acquisition”), subject to the terms and conditions set forth therein. Pursuant to the Purchase Agreement, the Purchaser will acquire Ceres for aggregate consideration consisting of (i) $ 275.0 million in cash payable at the closing of the Ceres Acquisition (the “Closing”) and subject to customary post-closing adjustments, including adjustments to cash, indebtedness and working capital, and (ii) earnout consideration of up to $ 225.0 million, payable in 2030, contingent upon Ceres achieving a compound annual growth rate in revenue of 12 % to 22 % during the earnout measurement period of January 1, 2025 through December 31, 2029. The Purchaser, the Sellers and Ceres each have made customary warranties in the Purchase Agreement with respect to its ability to enter into and consummate the Ceres Acquisition. The Sellers and Ceres have made customary warranties in the Purchase Agreement with respect to the business of Ceres. The Purchaser and the Sellers have agreed under the Purchase Agreement to make certain undertakings in seeking regulatory approvals and to maintain the confidentiality of certain information not otherwise required to be disclosed under applicable law. The Sellers and Ceres also have agreed to carry on the business of Ceres in the ordinary course consistent with past practice and not to take certain actions during the period between entry into the Purchase Agreement and the Closing. The Sellers have agreed to non-competition and non-solicitation covenants. The Purchaser also has agreed to matters relating to the employment of continuing employees of Ceres and its affiliate. The Sellers will be subject to customary indemnification rights for transactions of this type, including with respect to breaches of warranties and other specified matters; provided that the Purchaser has obtained a representations and warranties insurance policy related to certain risks associated with the Ceres Acquisition. The indemnification obligations of the Sellers are subject to escrows, thresholds and caps with respect to breaches of certain warranties. The Purchaser will be subject to limited indemnification obligations customary for a transaction of this type. The Company has agreed to guarantee the timely payment and performance of each of the obligations of the Purchaser under the Purchase Agreement. 29 Table of Contents Simultaneously with the execution of the Purchase Agreement, WisdomTree Asset Management, Inc., a wholly-owned subsidiary of the Company, entered into employment agreements with certain key employees of Ceres, which will become effective as of the Closing. The Ceres Acquisition is expected to close in the fourth quarter of 2025, subject to the satisfaction or waiver of customary closing conditions, including, among others, obtaining regulatory approvals, required consents and financing. In addition, the completion of the Ceres Acquisition is conditioned upon (i) employment agreements with certain key employees of Ceres being in full force and effect, (ii) Ceres delivering executed consents from both Ceres, as general partner of Ceres Farms, LLC (“Ceres Farms”), and a majority of the investors in Ceres Farms, (iii) the Closing Revenue Run-Rate being no less than 85% of the Base Revenue Run-Rate (each as defined in the Purchase Agreement) and (iv) tail coverage for the insurance coverages currently in effect for the directors, managers and officers of the acquired companies being in full force and effect. The Purchaser’s obligation to consummate the Ceres Acquisition is further subject to the condition that, during the period between July 31, 2025 and the Closing, there has not been a Material Adverse Effect (as defined in the Purchase Agreement). The Purchase Agreement will terminate if the Closing has not occurred on or prior to December 31, 2025, subject to the parties agreeing to extend such date, as well as for material breaches not cured prior to December 31, 2025. If the Purchase Agreement is terminated by the Purchaser, subject to certain other conditions, the Purchaser will reimburse Ceres for Ceres’ Eligible Expenses (as defined in the Purchase Agreement) subject to a $ 2.0 million cap. The Company evaluated subsequent events through the date of issuance of the consolidated financial statements. There were no other events requiring disclosure. 30 Table of Contents