WisdomTree, Inc.

Greetings and welcome to the WisdomTree Q1 2026 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. For anyone to 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 Zaloom, head of corporate communications. Thank you, Jessica. You may begin.

Good morning. Before we begin, I would like to reference our legal disclaimer available in today's presentation. This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. A number of factors could cause actual results to differ 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, 2025, and in subsequent reports filed with or furnished to the Securities and Exchange Commission. WisdomTree assumes no duty and does not undertake to update any forward-looking statements. Now, it is my pleasure to turn the call over to WisdomTree CFO, Brian Edmundson.

Thank you, Jessica, and good morning, everyone. I'll begin with a review of our first quarter results, followed by updates to our forward-looking guidance, before turning the call over to Jarrett and Jono for additional business updates. Our assets under management reached a record $152.6 billion, marking our fifth consecutive quarter of record AUM, and up 6% from year-end, driven by net inflows and market appreciation. Growth was broad-based, with record AUM across our US, European, and digital asset platforms. We generated 5.9 billion of net inflows globally, a 17% annualized organic growth rate, including 3.1 billion in Europe, 2.6 billion in the US, 100 million in digital assets, and 75 million in private assets. Those were led by our international equity exposures, including our Japan strategies and USIT's thematic products with particular strength in areas such as our European defense and rare earth funds. Fixed income was also a key contributor, and our leveraged and inverse suite also generated meaningful inflows reflecting elevated volatility in the commodity markets. Notably, flows were skewed toward higher fee products, resulting in a one basis point increase in our average advisory fee during the quarter. We also just completed our acquisition of Atlantic House, a UK based asset manager with approximately 4 billion in AUM, generating 53 basis points in advisory fees from its defined outcome and derivatives driven strategies. The business also generates complimentary revenues, including 25 basis points on 1.5 billion of AUA in managed models, as well as structuring fees from bespoke investment solutions, which totaled $13 million during 2025. Taken together, these revenue streams represent an overall revenue yield of approximately 95 basis points. The purchase price is $200 million, which has been financed through recently issued convertible notes. This transaction is expected to increase our overall revenue yield by almost two basis points, is modestly accretive, and further enhances our product capabilities and distribution footprint across Europe while supporting higher quality revenue growth over time. Overall, our record AUM in strong organic growth underscore the strength of our business while our disciplined approach to strategic expansion positions us well to continue driving growth in long-term shareholder value. Global AUM currently stands at approximately 164.3 billion, up almost 12 billion or 8% from March 31st, driven by favorable market conditions, approximately 800 million of net inflows, and the inclusion of Atlantic House. Next slide. Revenues were 159.5 million during the quarter, an increase of 8% from the fourth quarter and 48% from the prior year quarter, driven by higher AUM and growth in other revenues. Other revenues of 16.4 million reflect higher AUM and elevated trading activity in our European products, up from almost 13 million recognized in the prior quarter. Results versus the prior year quarter also include approximately $8 million of revenue contribution from Cirrus. Cirrus' contribution included management fees and performance fees of $5.2 million and $3 million, respectively. Performance fees reflect normal seasonality tied to performance-based fee structures, along with limited activity in the solar portfolio during the quarter. Our adjusted operating margin has expanded 770 basis points when compared to the prior year quarter. Adjusted net income was 40.6 million or 27 cents per share. Adjusted net income excludes a loss on extinguishment of convertible notes related to the repurchase of a significant portion of our 2026 and 2029 maturities. This refinancing reflects a proactive repositioning of our capital structure. replacing lower conversion price instruments with new convertible notes at a 4.5% coupon and $21.58 per share conversion price, providing meaningful headroom and reducing potential dilution. This transaction also supports funding for the Atlantic House acquisition, aligning our financing strategy with our broader growth and capital allocation priorities. As a reminder, the Atlantic House acquisition is expected to add approximately $4 billion in AUM, generating 53 basis points in advisory fees, along with complementary revenues from managed models, as well as structuring fees from bespoke investment solutions. The transaction closed this morning. Next slide. Now a few comments on our forward-looking guidance, which includes the impact of the Atlantic House acquisition on our expense base. Our compensation to revenue ratio of 26 to 28% remains unchanged, and we expect to trend toward the upper half of the range, reflecting the addition of Atlantic House, which is accretive to our operating margins and earnings, but carries a modestly higher compensation ratio. We are also increasing our gross margin guidance by one percentage point, now ranging from 83 to 84%, reflecting continued operating leverage from organic growth as well as the Atlantic House acquisition. We are also increasing our discretionary spending guidance by 3 million to reflect the inclusion of Atlantic House. Our third-party distribution expense is expected to range from 20 to 24 million, driven by higher AUM and elevated trading activity, primarily across our European platforms, with commodity market volatility influencing where we fall within the range. Interest expenses forecasted to be approximately 53 million for the year, reflecting our current capital structure and the anticipated retirement of our remaining 2026 and 2029 notes this summer. Quarterly interest expenses expected to be approximately 15 million in the second quarter, declining to approximately 14 million in both the third and fourth quarters. We are increasing our interest income guidance by 2 million to 10 million for the year, reflecting the level of our interest earning assets and the forecasted rate environment. Our adjusted tax rate is expected to be approximately 24 to 25%, compared to 24% previously, reflecting the addition of Atlantic House. And finally, our weighted average deleted shares were 152 million in the first quarter. We expect shares to increase to approximately 155 to 158 million in the second quarter, reflecting the full impact of shares issued in connection with our convertible note refinancing, and then declining to approximately $154 million in the second half of the year, following the retirement of the remainder of our 2026 and 2029 notes, which we anticipate settling for cash. That's all I have. I will now turn the call over to Jarrett.