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WisdomTree Investments, Inc.

CIK:0000880631|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating Revenues:
Total revenues	$ 177,160	$ 112,621	$ 336,630	$ 220,703
Operating Expenses:
Compensation and benefits	43,718	32,827	91,235	66,615
Fund management and administration	30,229	21,252	55,109	41,966
Marketing and advertising	6,041	5,330	11,433	10,143
Sales and business development	4,938	4,232	9,135	8,369
Professional fees	4,098	3,177	7,406	5,959
Occupancy, communications and equipment	2,229	1,559	4,164	3,041
Depreciation and amortization	3,415	580	5,511	1,120
Third-party distribution fees	5,401	4,083	11,196	7,195
Acquisition-related costs	1,118	1,967	3,051	1,967
Other	4,162	2,982	7,229	5,534
Total operating expenses	105,349	77,989	205,469	151,909
Operating income	71,811	34,632	131,161	68,794
Other Income/(Expenses):
Interest expense	(14,852)	(5,490)	(25,875)	(10,931)
Interest income	3,203	2,090	5,795	3,987
Loss on repurchase of convertible notes (Note 9)	(6,623)		(68,925)
Remeasurement of contingent consideration (Note 10)	(1,360)		(3,922)
Other gains, net	6,368	638	5,731	388
Income before income taxes	58,547	31,870	43,965	62,238
Income tax expense	14,263	7,093	22,812	12,832
Net income	$ 44,284	$ 24,777	$ 21,153	$ 49,406
Earnings per share—basic	$ 0.3	$ 0.17	$ 0.15	$ 0.35
Earnings per share—diluted	$ 0.28	$ 0.17	$ 0.14	$ 0.34
Weighted-average common shares—basic	149,001	143,076	143,533	142,830
Weighted-average common shares—diluted	156,276	146,640	154,386	146,513
Cash dividends declared per common share	$ 0.03	$ 0.03	$ 0.06	$ 0.06
Advisory fees
Operating Revenues:
Total revenues	$ 146,300	$ 103,241	$ 281,180	$ 202,790
Management fees
Operating Revenues:
Total revenues	5,369		10,600
Performance fees
Operating Revenues:
Total revenues	5,964		8,919
Other revenues
Operating Revenues:
Total revenues	$ 19,527	$ 9,380	$ 35,931	$ 17,913

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 21,153	$ 49,406
Adjustments to reconcile net income to net cash provided by operating activities:
Loss on repurchase of convertible notes	68,925
Advisory and license fees paid in gold, other precious metals and cryptocurrency	(47,838)	(32,532)
Stock-based compensation	16,205	11,765
Depreciation and amortization	5,511	1,120
Increase in fair value of contingent consideration	3,922
Amortization of issuance costs—convertible notes	2,417	1,252
Gains on financial instruments owned, at fair value	(1,950)	(844)
Amortization of right of use asset	987	662
Imputed interest on payable to GBH	477	923
Losses/(gains) on investments	437	(920)
Deferred income taxes	118	4,206
Changes in operating assets and liabilities:
Accounts receivable	(5,367)	3,562
Income taxes payable	(3,166)	(4,770)
Prepaid expenses	(4,892)	(5,000)
Gold and other precious metals	48,787	31,543
Other assets	21	(143)
Fund management and administration payable	(3,200)	1,272
Compensation and benefits payable	(17,729)	(18,273)
Operating lease liabilities	(943)	(655)
Accounts payable and other liabilities	9,587	2,602
Net cash provided by operating activities	93,462	45,176
Cash flows from investing activities:
Cash paid—Atlantic House acquisition, net of cash acquired	(197,488)
Purchase of financial instruments owned, at fair value	(12,906)	(15,756)
Cash paid—software development	(1,913)	(1,323)
Purchase of fixed assets	(216)	(117)
Purchase of investments		(4,000)
Proceeds from the sale of financial instruments owned, at fair value	83,085	4,478
Proceeds from held-to-maturity securities maturing or called prior to maturity		6
Net cash used in investing activities	(129,438)	(16,712)
Cash flows from financing activities:
Repurchase of convertible notes	(510,188)
Common stock repurchased	(50,890)	(12,714)
Dividends paid	(9,023)	(8,923)
Issuance costs—convertible notes	(12,593)
Proceeds from the issuance of convertible notes	603,750
Excise taxes paid on common stock repurchased		(1,868)
Net cash provided by/(used in) financing activities	21,056	(23,505)
(Decrease)/increase in cash flow due to changes in foreign exchange rate	(1,998)	7,523
Net (decrease)/increase in cash, cash equivalents and restricted cash	(16,918)	12,482
Cash, cash equivalents and restricted cash—beginning of year	311,732	181,191
Cash, cash equivalents and restricted cash—end of period	294,814	193,673
Supplemental disclosure of cash flow information:
Cash paid for income taxes	24,303	13,468
Cash paid for interest	$ 20,164	$ 8,850

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash, cash equivalents and restricted cash (including $120,117 and $145,242 invested in the WisdomTree Treasury Money Market Digital Fund at June 30, 2026 and December 31, 2025) (Note 4)	$ 294,814	$ 311,732
Financial instruments owned, at fair value (including $31,871 and $99,480 invested in WisdomTree products at June 30, 2026 and December 31, 2025, respectively) (Note 6)	37,652	107,117
Accounts receivable (including $62,575 and $55,432 due from related parties at June 30, 2026 and December 31, 2025, respectively)	74,835	64,452
Income taxes receivable	498
Prepaid expenses	13,300	7,338
Other current assets	2,265	1,723
Total current assets	423,364	492,362
Fixed assets, net	593	431
Deferred tax assets, net (Note 19)		9,803
Investments (Note 7)	28,638	29,075
Right of use assets—operating leases (Note 12)	2,888	2,764
Goodwill (Note 21)	355,407	228,624
Intangible assets, net (Note 21)	833,006	748,957
Other noncurrent assets	1,275	925
Total assets	1,645,171	1,512,941
Current liabilities:
Convertible notes—current	17,851	149,604
Fund management and administration payable	26,017	29,448
Compensation and benefits payable	39,104	52,435
Payable to Gold Bullion Holdings (Jersey) Limited (“GBH”) (Note 11)	14,418	13,940
Income taxes payable		2,295
Operating lease liabilities (Note 12)	1,690	1,614
Accounts payable and other liabilities	42,273	32,720
Total current liabilities	141,353	282,056
Convertible notes—long term (Note 9)	1,057,600	804,203
Contingent consideration	15,766	11,844
Deferred tax liabilities, net (Note 19)	10,678
Operating lease liabilities (Note 12)	1,258	1,166
Total liabilities	1,226,655	1,099,269
Contingencies (Note 13)
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: 151,697 and 140,713 at June 30, 2026 and December 31, 2025, respectively	1,517	1,407
Additional paid-in capital	186,300	189,244
Accumulated other comprehensive (loss)/income	(2,627)	2,227
Retained earnings	233,326	220,794
Total stockholders’ equity	418,516	413,672
Total liabilities and stockholders’ equity	$ 1,645,171	$ 1,512,941