Record AUM of $126.1 Billion

12% Annualized Organic Growth Rate Across All Products

Diluted Earnings Per Share of $0.17 ($0.18, as Adjusted)

Accretive Acquisition of Ceres Partners

NEW YORK–(BUSINESS WIRE)–WisdomTree, Inc. (NYSE: WT), a global financial innovator, today reported financial results for the second quarter of 2025.

$24.8 million of net income ($25.9⁽¹⁾ million of net income, as adjusted). See “Non-GAAP Financial Measurements” for additional information.

$126.1 billion of ending AUM, an increase of 8.9% from the prior quarter arising from market appreciation and net inflows.

$3.5 billion of net inflows, primarily driven by inflows into our international developed equity and U.S. equity products. European listed ETP inflows were $2.2 billion during the quarter and approximately $3.3 billion of the over $6.5 billion total year-to-date flows.

0.35% average advisory fee, unchanged from the prior quarter.

0.38% adjusted revenue yield⁽²⁾, unchanged from the prior quarter.

$112.6 million of operating revenues, an increase of 4.2% from the prior quarter due to higher average AUM.

81.1% gross margin⁽¹⁾, a 0.3 point increase from the prior quarter due to higher operating revenues.

30.8% operating income margin (32.5%⁽¹⁾ as adjusted), a 0.8 point decrease compared to our operating income margin of 31.6% in the prior quarter primarily due to acquisition-related costs. Adjusted operating margin increased 0.9⁽¹⁾ points compared to the prior quarter, exclusive of the acquisition-related costs.

$0.03 quarterly dividend declared, payable on August 27, 2025 to stockholders of record as of the close of business on August 13, 2025.

Update from Jonathan Steinberg, WisdomTree CEO

“With our acquisition of Ceres Partners—a premier partner to America’s family farmers and a top-five U.S. farmland manager overseeing nearly $2 billion—WisdomTree secures a historically double-digit-return asset class that diversifies our AUM, is accretive, and widens both revenue capture and operating margin. It positions us to raise at least $750 million by 2030, and we see a credible path to managing roughly $10 billion in farmland assets over the next decade—adding a durable private-markets tailwind to our ETP, model-portfolio, and tokenization growth strategy.”

Update from Jarrett Lilien, WisdomTree COO and President

“All growth engines are firing—$6.5 billion in net inflows year-to-date, record AUM across the U.S., Europe and Digital Assets, the WisdomTree Europe Defence UCITS ETF (WDEF) has more than $3.5 billion in AUM, model portfolio AUA already has surpassed our full-year 2025 target at $5.2 billion, Digital Assets net inflows are above $500 million, and USDW plus WTGXX puts us at the center of a projected $3.7 trillion stablecoin market—clear proof that WisdomTree’s diversified growth flywheel is delivering and accelerating.”

OPERATING AND FINANCIAL HIGHLIGHTS

	Three Months Ended
	June 30, 2025		Mar. 31, 2025		Dec. 31, 2024			Sept. 30, 2024			June 30, 2024
Consolidated Operating Highlights ($ in billions):
AUM—end of period	$	126.1	$	115.8	$	109.8		$	112.6		$	109.7
Net inflows/(outflows)	$	3.5	$	3.1	$	(0.3	)	$	(2.4	)	$	0.3
Average AUM	$	119.2	$	114.6	$	112.3		$	110.4		$	108.5
Average advisory fee	0.35%		0.35%		0.36%			0.37%			0.37%
Adjusted revenue yield⁽²⁾	0.38%		0.38%		0.39%			0.39%			0.40%

Consolidated Financial Highlights ($ in millions, except per share amounts):
Operating revenues	$	112.6	$	108.1	$	110.7		$	113.2		$	107.0
Net income/(loss)	$	24.8	$	24.6	$	27.3		$	(4.5	)	$	21.8
Diluted earnings/(loss) per share	$	0.17	$	0.17	$	0.18		$	(0.13	)	$	0.13
Operating income margin	30.8%		31.6%		31.7%			36.0%			31.3%

As Adjusted (Non-GAAP⁽¹⁾):
Operating revenues, as adjusted	$	112.6	$	108.1	$	110.5		$	109.5		$	107.0
Gross margin	81.1%		80.8%		79.3%			80.8%			81.2%
Net income, as adjusted	$	25.9	$	23.0	$	25.3		$	28.8		$	27.1
Diluted earnings per share, as adjusted	$	0.18	$	0.16	$	0.17		$	0.18		$	0.16
Operating income margin, as adjusted	32.5%		31.6%		31.7%			37.3%			35.3%

RECENT BUSINESS DEVELOPMENTS

Company News

In May 2025, we expanded our global footprint through a strategic collaboration with Korea Investment Management Co., Ltd. (KIM) in connection with the launch of a suite of innovative ETFs by KIM marketed under the ACE label for the Korean market.
In June 2025, WisdomTree Transfers, Inc. was awarded “Best Digital Asset Processing Solution” at the 2025 FTF News Technology Innovation Awards; we closed a strategic minority investment and commenced a multi-year collaboration with Quorus Inc., a technology-driven asset manager with platform capabilities for delivering customizable, tax efficient investment solutions for asset managers and financial advisors; and WisdomTree Europe was named “Best ETF Provider” at the Online Money Awards.
In July 2025, we entered into a definitive agreement to acquire Ceres Partners, LLC, a leading U.S.-based alternative asset manager specializing in farmland investments.

Product News

In June 2025, we launched the WisdomTree Inflation Plus Fund (WTIP) on the NASDAQ; the WisdomTree Physical Solana (SOLW) was listed on Sweden’s Nasdaq exchange (XSTO), our first listing in the country; the WisdomTree Europe Defence UCITS ETF (WDEF), the world’s first ETF dedicated to the European defense industry, surpassed $3.0 billion of assets under management and was also cross-listed in Mexico on the Mexican Stock Exchange (BMV); and WisdomTree Europe appointed The Bank of New York Mellon Corporation (BNY) to provide asset servicing solutions across the European ETF range.
In July 2025, we launched the GeoAlpha Opportunities Fund (GEOA) on the New York Stock Exchange (“NYSE”); we celebrated the 10th anniversary of the launch of the Yield Enhanced U.S. Aggregate Bond Fund (AGGY) on the NYSE; we launched the WisdomTree Europe Defense Fund (WDEF) on the NYSE; we changed the name of the WisdomTree Alternative Income Fund to the WisdomTree Private Credit and Alternative Income Fund (HYIN); and WisdomTree Europe listed four thematic equity short and leveraged ETPs on the London Stock Exchange, Börse Xetra and Borsa Italiana: Magnificent 7 3x Daily Leveraged (3MG7), Magnificent 7 3x Daily Short (3M7S), PHLX Semiconductor 3x Daily Leveraged (3SEM), and PHLX Semiconductor 3x Daily Short (SC3S).

WISDOMTREE, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (Unaudited)

	Three Months Ended															Six Months Ended
	June 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sept. 30, 2024			June 30, 2024			June 30, 2025			June 30, 2024
Operating Revenues:
Advisory fees	$	103,241		$	99,549		$	102,264		$	101,659		$	98,938		$	202,790		$	191,439
Other revenues		9,380			8,533			8,433			11,509			8,096			17,913			12,433
Total revenues		112,621			108,082			110,697			113,168			107,034			220,703			203,872
Operating Expenses:
Compensation and benefits		32,827			33,788			30,032			29,405			30,790			66,615			61,844
Fund management and administration		21,252			20,714			22,858			21,004			20,139			41,966			40,101
Marketing and advertising		5,330			4,813			6,117			4,897			5,110			10,143			9,518
Sales and business development		4,232			4,137			4,101			3,465			3,640			8,369			7,251
Professional fees		3,177			2,782			4,559			6,315			6,594			5,959			10,224
Occupancy, communications and equipment		1,559			1,482			1,423			1,397			1,314			3,041			2,524
Depreciation and amortization		580			540			504			447			418			1,120			801
Third-party distribution fees		4,083			3,112			3,161			2,983			2,687			7,195			4,994
Acquisition-related costs		1,967			—			—			—			—			1,967			—
Other		2,982			2,552			2,902			2,463			2,831			5,534			5,154
Total operating expenses		77,989			73,920			75,657			72,376			73,523			151,909			142,411
Operating income		34,632			34,162			35,040			40,792			33,511			68,794			61,461
Other Income/(Expenses):
Interest expense		(5,490	)		(5,441	)		(5,616	)		(5,027	)		(4,140	)		(10,931	)		(8,268	)
Interest income		2,090			1,897			2,147			1,795			1,438			3,987			2,836
Loss on extinguishment of convertible notes		—			—			—			(30,632	)		—			—			—
Other gains and losses, net		638			(250	)		2,627			(3,062	)		(1,283	)		388			1,309
Income before income taxes		31,870			30,368			34,198			3,866			29,526			62,238			57,338
Income tax expense		7,093			5,739			6,890			8,351			7,767			12,832			13,468
Net income/(loss)	$	24,777		$	24,629		$	27,308		$	(4,485	)	$	21,759		$	49,406		$	43,870
Earnings/(loss) per share—basic	$	0.17		$	0.17		$	0.19		$	(0.13)⁽³	⁾	$	0.13⁽³	⁾	$	0.35		$	0.27⁽²	⁾
Earnings/(loss) per share—diluted	$	0.17		$	0.17		$	0.18		$	(0.13)⁽³	⁾	$	0.13		$	0.34		$	0.26
Weighted average common shares—basic		143,076			142,580			141,275			143,929			146,896			142,830			146,680
Weighted average common shares—diluted		146,640			146,545			147,612			143,929			166,359			146,513			165,872

As Adjusted (Non-GAAP⁽¹⁾)
Total revenues	$	112,621		$	108,082		$	110,505		$	109,507		$	107,034
Total operating expenses	$	76,022		$	73,920		$	75,465		$	68,715		$	69,252
Operating income	$	36,599		$	34,162		$	35,040		$	40,792		$	37,782
Income before income taxes	$	33,798		$	30,947		$	33,033		$	37,187		$	36,083
Income tax expense	$	7,935		$	7,933		$	7,753		$	9,049		$	9,008
Net income	$	25,863		$	23,014		$	25,280		$	28,768		$	27,075
Earnings per share—diluted	$	0.18		$	0.16		$	0.17		$	0.18		$	0.16
Weighted average common shares—diluted		146,640			146,545			147,612			156,745			166,359

QUARTERLY HIGHLIGHTS

Operating Revenues

Operating revenues increased 4.2% from the first quarter of 2025 due to higher average AUM. Operating revenues increased 5.2% from the second quarter of 2024 due to higher average AUM, partly offset by a lower average advisory fee.
Our average advisory fee was 0.35% during the first and second quarter of 2025 and 0.37% during the second quarter of 2024.

Operating Expenses

Operating expenses increased 5.5% from the first quarter of 2025 primarily due to acquisition-related costs and higher third-party distribution fees. These increases were partly offset by lower compensation expenses.
Operating expenses increased 6.1% from the second quarter of 2024 primarily due to acquisition-related costs and higher compensation expense arising from increased headcount, as well as higher third-party distribution fees and fund management and administration expenses. These increases were partly offset by lower professional fees.

Other Income/(Expenses)

Interest expense was essentially unchanged from the first quarter of 2025. Interest expense increased 32.6% from the second quarter of 2024 due to a higher level of debt outstanding, partly offset by a lower average interest rate.
Interest income increased 10.2% and 45.3% from the first quarter of 2025 and the second quarter of 2024, respectively, due to changes in the level of interest-earning assets and interest rates.
Other gains and losses, net was a gain of $0.6 million for the second quarter of 2025. This included net gains of $1.3 million on our financial instruments owned and net gains of $0.6 million on our investments. These items were partly offset by $1.4 million of foreign currency remeasurement losses on U.S. dollars held by foreign subsidiaries. Gains and losses also generally arise from the sale of gold and cryptocurrency earned from management fees paid by our physically-backed gold and crypto ETPs, other foreign exchange fluctuations and miscellaneous items.

Income Taxes

Our effective income tax rate for the second quarter of 2025 was 22.3%, resulting in income tax expense of $7.1 million. The effective tax rate differs from the federal statutory rate of 21.0% primarily due to state and local income taxes, partly offset by a lower tax rate on foreign earnings.
Our adjusted effective income tax rate for the second quarter of 2025 was 23.5%⁽¹⁾.

SIX MONTH HIGHLIGHTS

Operating revenues increased 8.3% as compared to 2024 due to higher average AUM and higher other revenues attributable to our European listed ETPs, partly offset by a lower average advisory fee.
Operating expenses increased 6.7% as compared to 2024 primarily due to higher stock-based compensation expense and increased headcount, third-party distribution fees, acquisition-related costs and fund management and administration expenses. These increases were partly offset by lower professional fees.
Significant items reported in other income/(expense) in 2025 include: an increase in interest expense of 32.2% due to a higher level of debt outstanding, partly offset by a lower average interest rate; an increase in interest income of 40.6% due to an increase in our interest-earning assets; net gains on our investments of $0.9 million, net gains on our financial instruments owned of $0.8 million and $2.4 million of foreign currency remeasurement losses on U.S. dollars held by foreign subsidiaries. Gains and losses also generally arise from the sale of gold earned on management fees paid by our physically-backed gold ETPs, other foreign exchange fluctuations and miscellaneous items.
Our effective income tax rate for 2025 was 20.6%, resulting in an income tax expense of $12.8 million. Our tax rate differs from the federal statutory rate of 21.0% 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.

CONFERENCE CALL DIAL-IN AND WEBCAST DETAILS

WisdomTree will discuss its results and operational highlights during a live webcast on Friday, August 1, 2025 at 12:00 p.m. ET, which can be accessed using the following link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=qWEuWg4V.

Participants also can dial in using the following numbers: (877) 407-9210 or (201) 689-8049. Click here to access the participant international toll-free access numbers. To avoid delays, we encourage participants to log in or dial into the conference call 10 minutes ahead of the scheduled start time. All earnings materials and the webcast can be accessed through WisdomTree’s investor relations website at https://ir.wisdomtree.com. A replay of the webcast will also be available shortly after the call.

About WisdomTree

WisdomTree is a global financial innovator, offering a diverse suite of exchange-traded products (ETPs), models and solutions, as well as digital asset-related products. Our offerings empower investors to shape their financial future and equip financial professionals to grow their businesses. Leveraging the latest financial infrastructure, we create products that emphasize access, transparency and provide an enhanced user experience. Building on our heritage of innovation, we offer next-generation digital products and services related to tokenized real world assets and stablecoins, as well as our blockchain-native digital wallet, WisdomTree Prime®, and institutional platform, WisdomTree Connect™.*

* The WisdomTree Prime digital wallet and digital asset services and WisdomTree Connect institutional platform are made available through WisdomTree Digital Movement, Inc., a federally registered money services business, state-licensed money transmitter and financial technology company (NMLS ID: 2372500) or WisdomTree Digital Trust Company, LLC, in select U.S. jurisdictions and may be limited where prohibited by law. WisdomTree Digital Trust Company, LLC is chartered as a limited purpose trust company by the New York State Department of Financial Services to engage in virtual currency business. Visit https://www.wisdomtreeprime.com, the WisdomTree Prime mobile app or https://wisdomtreeconnect.com for more information.

WisdomTree currently has approximately $128.5 billion in assets under management globally.

For more information about WisdomTree, WisdomTree Connect and WisdomTree Prime, visit: https://www.wisdomtree.com.

Please visit us on X at @WisdomTreeNews.

WisdomTree^® is the marketing name for WisdomTree, Inc. and its subsidiaries worldwide.

PRODUCTS AND SERVICES AVAILABLE VIA WISDOMTREE PRIME:

The products and services available through the WisdomTree Prime app and WisdomTree Connect are not endorsed, indemnified or guaranteed by any regulatory agency.

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⁽¹⁾		See “Non-GAAP Financial Measurements.”
⁽²⁾		Adjusted revenue yield is computed by dividing our annualized adjusted operating revenues as reported in the GAAP to Non-GAAP Reconciliation herein by our average AUM during the period.
⁽³⁾		Earnings per share (“EPS”) is calculated pursuant to the two-class method as it results in a lower EPS amount as compared to the treasury stock method. In addition, the three months ended September 30, 2024 includes a loss of $11,375 recognized upon the repurchase of our Series A Non-Voting Convertible Preferred Stock convertible into approximately 14.75 million shares of common stock from ETFS Capital Limited and $1,868 of stock repurchase excise taxes. These items are excluded from net income but are required to be added to net income to arrive at income available to common stockholders in the calculation of EPS. These items are excluded from our EPS when computed on a non-GAAP basis.


WISDOMTREE, INC. AND SUBSIDIARIES KEY OPERATING STATISTICS (Unaudited)

	Three Months Ended
	June 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sept. 30, 2024			June 30, 2024
GLOBAL PRODUCTS ($ in millions)

Beginning of period assets	$	115,787		$	109,779		$	112,577		$	109,686		$	107,230
Add: Digital Assets—Jan. 1, 2025		—			32			—			—			—
Inflows/(outflows)		3,527			3,052			(281	)		(2,395	)		340
Market appreciation/(depreciation)		6,756			2,924			(2,517	)		5,286			2,116
End of period assets	$	126,070		$	115,787		$	109,779		$	112,577		$	109,686
Average assets during the period	$	119,185		$	114,622		$	112,349		$	110,369		$	108,479
Average advisory fee during the period		0.35	%		0.35	%		0.36	%		0.37	%		0.37	%
Revenue days		91			90			92			92			91
Number of products—end of the period		383			375⁽¹	⁾		353			352			350

U.S. LISTED ETFs ($ in millions)

Beginning of period assets	$	80,531		$	79,095		$	81,267		$	79,722		$	78,087
Inflows/(outflows)		1,110			1,847			(40	)		(1,650	)		1,106
Market appreciation/(depreciation)		3,538			(411	)		(2,132	)		3,195			529
End of period assets	$	85,179		$	80,531		$	79,095		$	81,267		$	79,722
Average assets during the period	$	81,525		$	81,127		$	80,661		$	80,335		$	78,523
Number of ETFs—end of the period		81			78			78			78			78

EUROPEAN LISTED ETPs ($ in millions)

Beginning of period assets	$	35,124		$	30,684		$	31,310		$	29,964		$	29,143
Inflows/(outflows)		2,201			1,104			(241	)		(745	)		(766	)
Market appreciation/(depreciation)		3,216			3,336			(385	)		2,091			1,587
End of period assets	$	40,541		$	35,124		$	30,684		$	31,310		$	29,964
Average assets during the period	$	37,439		$	33,415		$	31,688		$	30,034		$	29,956
Number of ETPs—end of the period		285			280			275			274			272

DIGITAL ASSETS ($ in millions)

Beginning of period assets	$	132		$	—		$	—		$	—		$	—
Add: Digital Assets—Jan. 1, 2025		—			32			—			—			—
Inflows		216			101			—			—			—
Market appreciation/(depreciation)		2			(1	)		—			—			—
End of period assets	$	350		$	132		$	—		$	—		$	—
Average assets during the period	$	221		$	80		$	—		$	—		$	—
Number of products—end of the period		17			17⁽¹	⁾		—			—			—

PRODUCT CATEGORIES ($ in millions)

U.S. Equity
Beginning of period assets	$	35,628		$	35,414		$	34,643		$	31,834		$	31,670
Add: Digital Assets—Jan. 1, 2025		—			9			—			—			—
Inflows		1,288			962			1,099			328			221
Market appreciation/(depreciation)		1,701			(757	)		(328	)		2,481			(57	)
End of period assets	$	38,617		$	35,628		$	35,414		$	34,643		$	31,834
Average assets during the period	$	36,080		$	36,278		$	35,714		$	33,175		$	31,339

	Three Months Ended
	June 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sept. 30, 2024			June 30, 2024
Commodity & Currency
Beginning of period assets	$	25,487		$	21,906		$	23,034		$	21,987		$	21,944
Add: Digital Assets—Jan. 1, 2025		—			1			—			—			—
Outflows		(110	)		(159	)		(440	)		(741	)		(1,499	)
Market appreciation/(depreciation)		1,319			3,739			(688	)		1,788			1,542
End of period assets	$	26,696		$	25,487		$	21,906		$	23,034		$	21,987
Average assets during the period	$	25,888		$	23,996		$	22,989		$	22,016		$	22,437

Fixed Income
Beginning of period assets	$	22,230		$	20,043		$	20,767		$	21,430		$	21,218
Add: Digital Assets—Jan. 1, 2025		—			21			—			—			—
Inflows/(outflows)		146			2,093			(387	)		(897	)		236
Market appreciation/(depreciation)		167			73			(337	)		234			(24	)
End of period assets	$	22,543		$	22,230		$	20,043		$	20,767		$	21,430
Average assets during the period	$	22,526		$	21,464		$	20,398		$	21,135		$	21,277

International Developed Market Equity
Beginning of period assets	$	18,178		$	17,602		$	18,075		$	19,385		$	18,103
Inflows/(outflows)		1,645			474			63			(1,391	)		1,253
Market appreciation/(depreciation)		1,902			102			(536	)		81			29
End of period assets	$	21,725		$	18,178		$	17,602		$	18,075		$	19,385
Average assets during the period	$	19,577		$	18,275		$	17,716		$	18,636		$	18,809

Emerging Market Equity
Beginning of period assets	$	9,985		$	10,468		$	12,452		$	11,875		$	11,189
Inflows/(outflows)		28			(445	)		(908	)		(20	)		57
Market appreciation/(depreciation)		944			(38	)		(1,076	)		597			629
End of period assets	$	10,957		$	9,985		$	10,468		$	12,452		$	11,875
Average assets during the period	$	10,295		$	10,072		$	11,407		$	12,083		$	11,448

Leveraged & Inverse
Beginning of period assets	$	2,133		$	1,924		$	2,082		$	1,922		$	1,828
Inflows/(outflows)		141			116			(69	)		71			(18	)
Market appreciation/(depreciation)		357			93			(89	)		89			112
End of period assets	$	2,631		$	2,133		$	1,924		$	2,082		$	1,922
Average assets during the period	$	2,354		$	2,083		$	2,032		$	1,962		$	1,905

Cryptocurrency
Beginning of period assets	$	1,553		$	1,912		$	1,054		$	838		$	874
Add: Digital Assets—Jan. 1, 2025		—			1			—			—			—
Inflows/(outflows)		198			(89	)		315			201			75
Market appreciation/(depreciation)		336			(271	)		543			15			(111	)
End of period assets	$	2,087		$	1,553		$	1,912		$	1,054		$	838
Average assets during the period	$	1,800		$	1,900		$	1,599		$	917		$	856

Alternatives
Beginning of period assets	$	593		$	510		$	470		$	415		$	404
Inflows		191			100			46			54			15
Market appreciation/(depreciation)		30			(17	)		(6	)		1			(4	)
End of period assets	$	814		$	593		$	510		$	470		$	415
Average assets during the period	$	665		$	554		$	494		$	445		$	408

Headcount		321			315			313			314			304

__________
⁽¹⁾ Includes 17 digital assets products, which were launched prior to January 1, 2025.
Note: Previously issued statistics may be restated due to fund closures and trade adjustments.
Source: WisdomTree


WISDOMTREE, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts)


	June 30, 2025		Dec. 31, 2024
	(Unaudited)
ASSETS
Current assets:
Cash, cash equivalents and restricted cash	$	193,673	$	181,191
Financial instruments owned, at fair value		97,749		85,439
Accounts receivable		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		6,145		11,656
Investments		13,843		8,922
Right of use assets—operating leases		2,085		880
Goodwill		86,841		86,841
Intangible assets, net		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”)		14,804		14,804
Income taxes payable		—		724
Operating lease liabilities		1,352		709
Convertible notes—current		149,170		—
Accounts payable and other liabilities		23,226		22,124
Total current liabilities		243,853		109,197
Convertible notes—long term		364,115		512,033
Payable to GBH		13,083		12,159
Operating lease liabilities—long term		739		171
Total liabilities		621,790		633,560
STOCKHOLDERS’ EQUITY
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 gain/(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