WisdomTree, Inc.

And welcome to the WisdomTree third quarter 2025 earnings results call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to Jessica Zaloum, Head of Corporate Communications. Thank you. You may begin.

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. A number of factors could cause actual results to differ materially from the results discussed in forward-looking statements. including but not limited to the risks set forth in this presentation in the risk factors section of the Wisentrie Annual Report on Form 10-K for the year ended December 31st, 2024, and in subsequent reports filed with or 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 CFO, Brian Edmondson.

Thank you, Jessica, and good morning, everyone. I'll begin by covering our third quarter results along with updates to our forward-looking guidance before turning the call over to Jarrett and Jono for additional updates on our business. We ended the third quarter with record global AUM of $137.2 billion driven by strong organic growth and favorable market conditions. This includes record U.S. AUM of $88.3 billion record European AUM of 48.3 billion, and digital AUM of almost 600 million. In the third quarter, we generated 2.2 billion of global net inflows, bringing year-to-date inflows through September 30th to 8.8 billion, an annualized organic growth pace of 11%. These flows have been broad and diverse across our global product suite with contributions from every region. Year-to-date inflows include $2.5 billion in the U.S., $5.8 billion in Europe, and roughly $550 million in digital assets. Significant contributors during the third quarter included meaningful flows into our European gold and cryptocurrency products, as well as our European defense fund and our digital money market fund. We also reached a major milestone in early October with the closing of the Cirrus acquisition. This transaction immediately increases our revenue capture and operating margins by more than 200 basis points, while further diversifying our AUM mix by introducing farmland as a negatively correlated asset class. Cirrus also opens the door to incremental revenue opportunities stemming from alternative uses of farmland, including solar projects and AI data centers. Backed by strong organic growth, disciplined execution, and strategic capital deployment, we are operating from a position of strength, well-positioned to deliver sustainable growth and long-term shareholder value. Next slide. Adjusted revenues were $125.6 million during the quarter, an increase of 11.5% from the second quarter, and up approximately 14.7% versus the prior year quarter, driven by higher average AUM. Our other revenue has increased to $11 million this quarter versus $8 to $9 million in previous quarters. As a reminder, other revenues comprise both asset-based and transaction-based fees under European listed products, of which approximately 70% of these revenues are asset-based. While difficult to forecast, we would suggest the magnitude of other revenue generated in this most recent quarter serves as a fair approximation of what we could expect going forward, assuming current European AUM levels. On a year-to-date basis, our adjusted revenues have grown 10.7%, driven by higher average AUM and higher other revenues attributable to our European listed products, partly offset by a lower average fee capture. Our adjusted net income for the quarter was $34.5 million, or $0.23 per share. Our adjusted net income excludes the loss on extinguishment of convertible notes of $13 million, acquisition-related costs of $2.4 million, and other miscellaneous items. Next slide. Now a few comments on our forecasted guidance. We have no changes to our previously reported compensation and discretionary expense guidance. We reported a gross margin of 82.2% in the third quarter, an increase of over 100 basis points versus the second quarter due to higher AUM levels. We anticipate our gross margin increasing to 83% in the fourth quarter when factoring in the incremental revenue arising from the Cirrus acquisition resulting in an overall gross margin of about 82 percent for the full year. We reported $8 million of adjusted interest expense in the third quarter, an increase from $5 million in previous quarters due to convertible notes we issued in mid-August to facilitate the Cirrus acquisition. We anticipate our adjusted interest expense to be approximately $11 million in the fourth quarter, taking into consideration the full quarter impact of this recently completed financing. During the third quarter, we reported $4 million of interest income, higher than our previous run rate of approximately $2 million per quarter due to temporarily investing the capital raised from our convertible note issuance to facilitate the Cirrus acquisition. We anticipate interest income in the fourth quarter reverting back to earlier levels of approximately $2 to $3 million. And our weighted average diluted shares were 150.7 million during the third quarter, which included 5.8 million of incremental shares related to our convertible notes, partly offset by the weighted average effect of repurchasing 6.8 million shares of common stock in connection with our recently completed convertible note issuance. We anticipate our weighted average diluted shares to be 146 to 149 million in the fourth quarter, taking into consideration the full quarter impact of the 6.8 million shares we repurchased in August. This also contemplates approximately 5 to 7 million incremental shares associated with our convertible notes, assuming a stock price approximating recent levels. As a reminder, an illustration is included within our earnings presentation to assist in quantifying the incremental shares associated with our convertible notes going forward. With respect to the Cirrus acquisition, our overall expense guidance for the year remains largely unchanged. Cirrus' estimated annualized operating expenses are approximately $15 million, of which roughly 80% is related to compensation. Approximately one quarter of this expense should impact us in the fourth quarter. While we generally don't provide revenue guidance, Cirrus' trailing 12-month historical revenues were approximately $40 million, which should be informative for establishing a baseline revenue expectation for your models. Revenue is comprised of both a base fee of approximately 1 percent on AUM and a 20 percent performance fee. Performance fees generated will ultimately be driven by the underlying returns of the farmland managed by Cirrus and therefore recent historical actual revenues earned is not indicative of revenue that may be earned in the future. That's all I have. I will now turn the call over to Jared.