WisdomTree, Inc.

Greetings and welcome to the WisdomTree second quarter 2025 earnings call. At this time, participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Jessica Zaloum, head of corporate communications. Please go ahead.

Good afternoon. Before we begin, I would like to reference our legal disclaimer available in today's presentation. This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements about our ability to achieve our financial and business plans, goals and objectives, and drive stockholder value, including with respect to our ability to successfully implement our strategic goals relating to our acquisition of serious partners. A number of factors could cause actual results to differ materially from the results discussed in forward-looking statements, including, but not limited to, the risks set forth in this presentation in the risk factors section of WisdomTree's annual report on Form 10-K for the year ended December 31st, 2024, and in subsequent reports filed with our furnished to the Securities and Exchange Commission. Wisentrie assumes no duty and does not undertake to update any forward-looking statements. Now, it is my pleasure to turn the call over to Wisentrie CEO, Jonathan Steinberg.

Thank you, Jessica. Thank you everyone for joining us today. Before we go through our second quarter results, I wanted to begin by discussing our recently announced acquisition of Cirrus Partners. On our earnings call six months ago, we said we were looking to deploy capital in a way that is accretive, accelerates growth, and gives us exposure to private markets. We've been disciplined and deliberate in that effort, and today we're delivering on exactly what we said we would do. Last night, we announced that WisdomTree is acquiring Cirrus Partners, a leading US farmland investment manager. This transaction adds real strength to our business today, and even more potential over the long term. Cirrus expands our platform in a way that's accretive, strategic, and highly aligned with where we see the future of asset management heading. While others are paying up for private credit platforms, we focused on opportunities that fit our strengths. This is a business where our institutional expertise and distribution capabilities can make a meaningful impact going forward, where we can help drive the next stage of growth. Looking at the numbers, this is an accretive transaction that accelerates both revenue growth and our margins. By 2030, we expect to raise at least 750 million into farmland focused strategies, which would more than double there is current base and performance fee revenues. WisdomTree has long been levered to ETFs and models and is a pioneer in tokenization with our efforts over the past five years. This acquisition adds another secular tailwind to our platform, private markets, and specifically U.S. farmland, which we believe is one of the most stable and under-penetrated asset classes in all of asset management. Let me explain why this team is the right partner and why farmland category is such a compelling opportunity. Cirrus is the premier partner to the American farmer. They are among the top five US farmland managers with nearly $2 billion of farmland and has delivered 10.3% net returns for investors since inception. They bring deep operational expertise and a differentiated footprint in the upper Midwest, where water is abundant and agricultural fundamentals are strong. Importantly, they operate in a $3.5 trillion market that is highly fragmented and largely under-institutionalized. There is minimal competition from major asset managers, and we see a real opportunity to scale. We believe WisdomTree's institutional capabilities across distribution, product structuring, and technology can help bring farmland investing to a much broader base of clients. And we see a credible path to managing $10 billion in farmland assets 10 years from now. Let's dig into the characteristics of farmland as an asset class. If you turn to slide five, you'll see a 20 year risk return comparison across asset classes. Farmland delivers equity like total returns, approximately 10% per year with significantly less volatility. These returns are driven by both appreciation and a strong income component with unlevered rental yields between 4% and 5%. What's more, farmland has powerful diversification characteristics. As the lower left chart shows, returns are negatively correlated with equities and other traditional asset classes while being positively correlated with inflation. That makes farmland not just a performance play, but also a tool for risk mitigation and inflation protection. Now let's turn to slide six and see how this plays out in real world scenarios. This slide shows farmlands performance during three major extended equity drawdowns, the 2000 technology bust, the 2008 financial crisis, and the 2022 rate hiking cycle. While equities declined between 18 to 46% during those drawdowns, farmland returned positively between 17 and nearly 30%. That's a dramatic difference, and it makes a strong case for adding this uncorrelated asset to more portfolios. We believe many of our existing clients will be interested in this exposure, and we're evaluating various ways to bring it to them, potentially even including farmland as an allocation in our model portfolios. Now, if we flip to slide seven, I want to spend a moment on Cirrus's performance and what sets them apart. Even before you factor in any optionality from solar, AI data centers, or water, Cirrus consistently outperforms the broader farmland benchmark. Their strategy is focused and disciplined, targeting high-quality row crops and specialty farmland, primarily in the upper Midwest where water availability supports durable yields. This thoughtful data-driven approach has resulted in net returns of 10.3% since inception and above the National Cropland Index during all time periods. And on top of the strong core, they've developed strategic overlays that can further enhance returns. First, solar. Cirrus has a tactical overlay strategy where they write solar lease options on qualifying farmland. These contracts alone can double rental income and to fully exercise can either generate 5x rental income or support high multiple sales of the properties. Second, AI data centers. Certain properties have been acquired by developers building data centers to support AI infrastructure, generating 10x returns in isolated cases. These are lower probability but high upside events that add attractive optionality to the investment profile. Finally, water rights. Cirrus is actively exploring water management opportunities in drier regions like the Colorado River Basin. It's still early here, but we think this initiative could become increasingly relevant in a resource-constrained future, driving even faster growth. So to summarize. With this acquisition, we're entering a resilient income-generating asset class that complements our existing platform and opens up the door to long-term growth. It diversifies our revenue, supports our operating margins, and gives us new ways to serve clients. We're excited about the path ahead. With that, let me hand the call over to Brian and Jarrett to walk you through the deal structure, our growth targets, and our second quarter results. Then we'll take all your questions. Thank you.