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 $3.7 trillion stablecoin market—clear proof that WisdomTree’s diversified growth flywheel is delivering and accelerating.” |
OPERATING AND FINANCIAL HIGHLIGHTS
|
|
Three Months Ended |
||||||||||||||||
|
|
June 30, |
Mar. 31, |
Dec. 31, |
Sept. 30, |
June 30, |
||||||||||||
|
Consolidated Operating Highlights ($ 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
Product News
|
|
WISDOMTREE, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (Unaudited) |
|||||||||||||||||||||||||||
|
|
Three Months Ended |
Six Months Ended |
|||||||||||||||||||||||||
|
|
June 30, |
Mar. 31, |
Dec. 31, |
Sept. 30, |
June 30, |
June 30, |
June 30, |
||||||||||||||||||||
|
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:
NOT FDIC INSURED | NO BANK GUARANTEE | NOT A BANK DEPOSIT | MAY LOSE VALUE | NOT SIPC PROTECTED | NOT INSURED BY ANY GOVERNMENT AGENCY
The products and services available through the WisdomTree Prime app and WisdomTree Connect are not endorsed, indemnified or guaranteed by any regulatory agency.
| __________ | ||
|
(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 $1,868 of stock repurchase excise taxes. These items are excluded from net income but are required to be added to net income to arrive at income available to common stockholders in the calculation of EPS. These items are excluded from our EPS when computed on a non-GAAP basis. |
|
|
|||||||||||||||||||
|
WISDOMTREE, INC. AND SUBSIDIARIES KEY OPERATING STATISTICS (Unaudited) |
|||||||||||||||||||
|
|
|
||||||||||||||||||
|
|
Three Months Ended |
||||||||||||||||||
|
|
June 30, |
Mar. 31, |
Dec. 31, |
Sept. 30, |
June 30, |
||||||||||||||
|
GLOBAL PRODUCTS ($ 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, |
Mar. 31, |
Dec. 31, |
Sept. 30, |
June 30, |
||||||||||||||
|
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, |
Dec. 31, |
|||||
|
|
(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 |
|
|
|
|
|
|
|||||
Contacts
Investor Relations
Jeremy Campbell
+1.917.267.3859
[email protected]
Media Relations
Jessica Zaloom
+1.917.267.3735
[email protected]
