UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________

Form 10-Q

______________________

(Mark One)

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from____to____.

Commission File Number 001-10932

________________________

WisdomTree, Inc.

(Exact name of registrant as specified in its charter)

________________________


Delaware	13-3487784
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)

250 West 34^th Street 3^rd Floor New York, New York	10119
(Address of principal executive offices)	(Zip Code)

212-801-2080

(Registrant’s telephone number, including area code)

________________________

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	WT	The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐

Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of November 4, 2025, there were 140,715,080 shares of the registrant’s Common Stock, $0.01 par value per share, outstanding.

WISDOMTREE, INC.

Form 10-Q

For the Quarterly Period Ended September 30, 2025

TABLE OF CONTENTS

PART I: FINANCIAL INFORMATION		4
ITEM 1.	FINANCIAL STATEMENTS	4
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	31
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	51
ITEM 4.	CONTROLS AND PROCEDURES	52
PART II: OTHER INFORMATION		52
ITEM 1.	LEGAL PROCEEDINGS	52
ITEM 1A.	RISK FACTORS	52
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	53
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	53
ITEM 4.	MINE SAFETY DISCLOSURES	53
ITEM 5.	OTHER INFORMATION	53
ITEM 6.	EXHIBITS	54

Unless otherwise indicated, references to “the Company,” “we,” “us,” “our” and “WisdomTree” mean WisdomTree, Inc. and its subsidiaries.

WisdomTree^®, WisdomTree Connect™, WisdomTree Prime^® and Modern Alpha^® are trademarks of WisdomTree, Inc. in the United States and in other countries. All other trademarks are the property of their respective owners.

Table of Contents

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q, or Report, contains forward-looking statements that are based on our management’s beliefs and assumptions and on information currently available to our management. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue” or the negative of these terms or other comparable terminology. These statements are only predictions. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond our control and which could materially affect our results. Factors that may cause actual results to differ materially from current expectations include, among other things, those listed in the section entitled “Risk Factors” included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in subsequent reports filed with or furnished to the Securities and Exchange Commission, or the SEC. If one or more of these or other risks or uncertainties occur, or if our underlying assumptions prove to be incorrect, actual events or results may vary significantly from those implied or projected by the forward-looking statements. No forward-looking statement is a guarantee of future performance. You should read this Report and the documents that we reference in this Report and have filed with the SEC as exhibits to this Report, completely and with the understanding that our actual future results may be materially different from any future results expressed or implied by these forward-looking statements.

In particular, forward-looking statements in this Report may include statements about:

●

anticipated trends, conditions and investor sentiment in the global markets and exchange-traded products, or ETPs;

●

anticipated levels of inflows into and outflows out of our ETPs;

●

our ability to deliver favorable rates of return to investors;

●

competition in our business;

●

whether we will experience future growth;

●

our ability to develop new products and services and their potential for success;

●

our ability to maintain current vendors or find new vendors to provide services to us at favorable costs;

●

our ability to successfully implement our strategy relating to digital assets and blockchain-enabled financial services, including WisdomTree Connect and WisdomTree Prime, and achieve its objectives;

●

our ability to successfully operate and expand our business in non-U.S. markets;

●

the effect of laws and regulations that apply to our business;

●

the potential benefits arising from our acquisition of Ceres Partners, LLC, including financial or strategic outcomes; and

●

our ability to successfully implement our strategic goals relating to the acquisition and integrate the acquired business.

The forward-looking statements in this Report represent our views as of the date of this Report. We anticipate that subsequent events and developments may cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. Therefore, these forward-looking statements do not represent our views as of any date other than the date of this Report.

Table of Contents

PART I: FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS

WisdomTree, Inc. and Subsidiaries

Consolidated Balance Sheets

(In Thousands, Except Per Share Amounts)

	September 30, 2025		December 31, 2024
Assets		(unaudited)
Current assets:
Cash, cash equivalents and restricted cash (including $78,222 and $11,282 invested in the WisdomTree Government Money Market Digital Fund at September 30, 2025 and December 31, 2024, respectively) (Note 3)	$	555,851	$	181,191
Financial instruments owned, at fair value (including $97,632 and $78,540 invested in WisdomTree products at September 30, 2025 and December 31, 2024, respectively) (Note 5)		104,283		85,439
Accounts receivable (including $40,684 and $34,959 due from related parties at September 30, 2025 and December 31, 2024, respectively)		46,630		44,866
Prepaid expenses		7,799		5,340
Other current assets		1,844		1,542
Total current assets		716,407		318,378
Fixed assets, net		307		336
Deferred tax assets, net (Note 17)		8,010		11,656
Investments (Note 6)		26,476		8,922
Right of use assets—operating leases (Note 10)		1,768		880
Goodwill (Note 19)		86,841		86,841
Intangible assets, net (Note 19)		606,452		605,896
Other noncurrent assets		750		631
Total assets	$	1,447,011	$	1,033,540
Liabilities and stockholders’ equity
Liabilities
Current liabilities:
Convertible notes—current (Note 8)	$	149,386	$	—
Compensation and benefits payable		34,287		39,701
Fund management and administration payable		30,991		31,135
Payable to Gold Bullion Holdings (Jersey) Limited (“GBH”) (Note 9)		14,804		14,804
Operating lease liabilities (Note 10)		1,258		709
Income taxes payable		701		724
Accounts payable and other liabilities		23,014		22,124
Total current liabilities		254,441		109,197
Convertible notes (Note 8)		805,064		512,033
Payable to GBH (Note 9)		13,564		12,159
Operating lease liabilities (Note 10)		524		171
Total liabilities		1,073,593		633,560
Contingencies (Note 11)
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: 140,278 and 146,102 at September 30, 2025 and December 31, 2024, respectively		1,403		1,461
Additional paid-in capital		184,274		270,303
Accumulated other comprehensive income/(loss)		2,755		(1,607	)
Retained earnings		184,986		129,823
Total stockholders’ equity		373,418		399,980
Total liabilities and stockholders’ equity	$	1,447,011	$	1,033,540

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

WisdomTree, Inc. and Subsidiaries

Consolidated Statements of Operations

(In Thousands, Except Per Share Amounts)

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Operating Revenues:
Advisory fees	$	114,485		$	101,659		$	317,275		$	293,098
Other revenues		11,131			11,509			29,044			23,942
Total revenues		125,616			113,168			346,319			317,040
Operating Expenses:
Compensation and benefits		33,791			29,405			100,406			91,249
Fund management and administration		22,353			21,004			64,319			61,105
Marketing and advertising		4,788			4,897			14,931			14,415
Sales and business development		3,943			3,465			12,312			10,716
Professional fees		3,505			6,315			9,464			16,539
Occupancy, communications and equipment		1,601			1,397			4,642			3,921
Depreciation and amortization		615			447			1,735			1,248
Third-party distribution fees		3,977			2,983			11,172			7,977
Acquisition-related costs		2,409			—			4,376			—
Other		2,980			2,463			8,514			7,617
Total operating expenses		79,962			72,376			231,871			214,787
Operating income		45,654			40,792			114,448			102,253
Other Income/(Expenses):
Interest expense		(8,466	)		(5,027	)		(19,397	)		(13,295	)
Interest income		4,015			1,795			8,002			4,631
Loss on extinguishment of convertible notes		(13,011	)		(30,632	)		(13,011	)		(30,632	)
Other gains and losses, net		1,325			(3,062	)		1,713			(1,753	)
Income before income taxes		29,517			3,866			91,755			61,204
Income tax expense		9,816			8,351			22,648			21,819
Net income/(loss)	$	19,701		$	(4,485	)	$	69,107		$	39,385
Earnings/(loss) per share—basic	$	0.14		$	(0.13	)	$	0.48		$	0.16
Earnings/(loss) per share—diluted	$	0.13		$	(0.13	)	$	0.47		$	0.16
Weighted-average common shares—basic		139,584			143,929			141,736			145,756
Weighted-average common shares—diluted		150,675			143,929			146,360			162,691
Cash dividends declared per common share	$	0.03		$	0.03		$	0.09		$	0.09

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

WisdomTree, Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income/(Loss)

(In Thousands)

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025		2024
Net income/(loss)	$	19,701		$	(4,485	)	$	69,107	$	39,385
Other comprehensive (loss)/income
Foreign currency translation adjustment, net of income taxes		(1,105	)		1,926			4,362		1,543
Other comprehensive (loss)/income		(1,105	)		1,926			4,362		1,543
Comprehensive income/(loss)	$	18,596		$	(2,559	)	$	73,469	$	40,928

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

WisdomTree, Inc. and Subsidiaries

Consolidated Statements of Changes in Stockholders’ Equity

(In Thousands)

(Unaudited)

	Three Months Ended September 30, 2025
	Common Stock						Additional			Accumulated Other
	Shares Issued			Par Value			Paid-In Capital			Comprehensive Income/(Loss)			Retained Earnings			Total
Balance—July 1, 2025		147,061		$	1,471		$	269,344		$	3,860		$	170,412		$	445,087
Restricted stock issued and vesting of restricted stock units, net		32			—			—			—			—			—
Shares repurchased		(6,815	)		(68	)		(89,950	)		—			—			(90,018	)
Excise taxes – stock repurchases		—			—			—			—			(717	)		(717	)
Stock-based compensation		—			—			4,880			—			—			4,880
Other comprehensive loss		—			—			—			(1,105	)		—			(1,105	)
Dividends		—			—			—			—			(4,410	)		(4,410	)
Net income		—			—			—			—			19,701			19,701
Balance—September 30, 2025		140,278		$	1,403		$	184,274		$	2,755		$	184,986		$	373,418

	Three Months Ended September 30, 2024
	Common Stock						Additional			Accumulated Other
	Shares Issued			Par Value			Paid-In Capital			Comprehensive (Loss)/Income			Retained Earnings			Total
Balance—July 1, 2024		151,857		$	1,519		$	315,359		$	(931	)	$	129,617		$	445,564
Shares repurchased		(5,704	)		(57	)		(54,993	)		—			—			(55,050	)
Restricted stock issued and vesting of restricted stock units, net		(49	)		(1	)		1			—			—			—
Stock-based compensation		—			—			5,197			—			—			5,197
Repurchase of Series A Non-Voting Convertible Preferred Stock (Note 11)		—			—			—			—			(11,375	)		(11,375	)
Excise taxes – stock repurchases		—			—			—			—			(1,868	)		(1,868	)
Other comprehensive income		—			—			—			1,926			—			1,926
Dividends		—			—			—			—			(4,991	)		(4,991	)
Net loss		—			—			—			—			(4,485	)		(4,485	)
Balance—September 30, 2024		146,104		$	1,461		$	265,564		$	995		$	106,898		$	374,918

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

WisdomTree, Inc. and Subsidiaries

Consolidated Statements of Changes in Stockholders’ Equity

(In Thousands)

(Unaudited)

	Nine Months Ended September 30, 2025
	Common Stock						Additional			Accumulated Other
	Shares Issued			Par Value			Paid-In Capital			Comprehensive (Loss)/Income			Retained Earnings			Total
Balance—January 1, 2025		146,102		$	1,461		$	270,303		$	(1,607	)	$	129,823		$	399,980
Restricted stock issued and vesting of restricted stock units, net		2,273			23			(23	)		—			—			—
Shares repurchased		(8,097	)		(81	)		(102,651	)		—			—			(102,732	)
Excise taxes – stock repurchases		—			—			—			—			(717	)		(717	)
Stock-based compensation		—			—			16,645			—			—			16,645
Other comprehensive income		—			—			—			4,362			—			4,362
Dividends		—			—			—			—			(13,227	)		(13,227	)
Net income		—			—			—			—

SEC Form 10-Q filed by WisdomTree Inc.