WisdomTree Inc (WT) 2025 Q2 法說會逐字稿

Greetings, and welcome to the WisdomTree second-quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎您參加 WisdomTree 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce Jessica Zaloom, Head of Corporate Communications. Please go ahead.

現在我很高興介紹企業傳播主管 Jessica Zaloom。請繼續。

Good afternoon. 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, including, but not limited to, statements about our ability to achieve our financial and business plans, goals, and objectives and drive stockholder value, including with respect to our ability to successfully implement our strategic goals relating to our acquisition of Ceres Partners.

午安.在我們開始之前，我想參考今天演示中的法律免責聲明。本簡報可能包含《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述，包括但不限於有關我們實現財務和業務計劃、目標和目的以及推動股東價值的能力的陳述，包括有關我們成功實施與收購 Ceres Partners 有關的戰略目標的能力的陳述。

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 31, 2024, 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.

許多因素可能導致實際結果與前瞻性陳述中討論的結果存在重大差異，包括但不限於 WisdomTree 截至 2024 年 12 月 31 日的 10-K 表格年度報告中“風險因素”部分中本演示文稿中列出的風險，以及隨後向美國證券交易委員會提交或提供的報告中列出的風險。WisdomTree 不承擔任何義務，也不承諾更新任何前瞻性陳述。

Now it is my pleasure to turn the call over to WisdomTree's CEO, Jonathan Steinberg.

現在我很高興將電話轉給 WisdomTree 的執行長 Jonathan Steinberg。

Thank you, Jessica. Thank you, everyone, for joining us today. Before we go through our second quarter results, I wanted to begin by discussing our recently announced acquisition of Ceres Partners. On our earnings call six months ago, we said we were looking to deploy capital in a way that is accretive, accelerates growth and gives us exposure to private markets.

謝謝你，潔西卡。感謝大家今天加入我們。在我們公佈第二季業績之前，我想先討論一下我們最近宣布的 Ceres Partners 的收購。在六個月前的財報電話會議上，我們表示，我們正在尋求以一種增值、加速成長並讓我們接觸私人市場的方式部署資本。

We've been disciplined and deliberate in that effort. And today, we're delivering on exactly what we said we would do. Last night, we announced that WisdomTree is acquiring Ceres Partners, a leading US farmland investment manager.

我們在這項努力中始終嚴謹且謹慎。今天，我們確實兌現了我們的承諾。昨晚，我們宣布 WisdomTree 收購美國領先的農地投資管理公司 Ceres Partners。

This transaction adds real strength to our business today and even more potential over the long term. Ceres expands our platform in a way that's accretive, strategic, and highly aligned with where we see the future of asset management heading.

這項交易為我們目前的業務增添了真正的實力，並且從長遠來看具有更大的潛力。Ceres 以一種增值性、策略性的方式擴展了我們的平台，並且與我們對資產管理未來發展方向的預測高度一致。

While others are paying up for private credit platforms, we focused on opportunities that fit our strengths. This is a business where our institutional expertise and distribution capabilities can make a meaningful impact going forward, where we can help drive the next stage of growth.

當其他人都在為私人信貸平台付費時，我們專注於適合我們優勢的機會。在這個業務領域，我們的機構專業知識和分銷能力可以對未來產生有意義的影響，我們可以幫助推動下一階段的成長。

Looking at the numbers, this is an accretive transaction that accelerates both revenue growth and our margins. By 2030, we expect to raise at least $750 million into farmland-focused strategies, which would more than double Ceres current base and performance fee revenues.

從數字上看，這是一項增值交易，可以加速收入成長和利潤率。到 2030 年，我們預計將籌集至少 7.5 億美元用於以農地為重點的策略，這將使 Ceres 目前的基礎收入和績效費收入增加一倍以上。

WisdomTree has long been levered to ETFs and models and is a pioneer in tokenization with our efforts over the past five years. This acquisition adds another secular tailwind to our platform, private markets, and specifically, US farmland, which we believe is one of the most stable and underpenetrated asset classes in all of asset management.

WisdomTree 長期以來一直利用 ETF 和模型，並且憑藉過去五年的努力，成為代幣化的先驅。此次收購為我們的平台、私人市場，特別是美國農地增添了另一個長期順風，我們認為美國農地是所有資產管理中最穩定和滲透率最低的資產類別之一。

Let me explain why this team is the right partner and why farmland category is such a compelling opportunity. Ceres is the premier partner to the American farmer. They are among the top five US farmland managers with nearly $2 billion of farmland, and has delivered 10.3% net returns for investors since inception. They bring deep operational expertise and a differentiated footprint in the upper Midwest, where water is abundant and agricultural fundamentals are strong.

讓我解釋一下為什麼這個團隊是合適的合作夥伴，以及為什麼農地類別是一個如此引人注目的機會。Ceres 是美國農民的首要合作夥伴。他們是美國五大農地管理公司之一，擁有近 20 億美元的農田，自成立以來已為投資者帶來了 10.3% 的淨回報。他們為水資源豐富、農業基礎強勁的中西部上游地區帶來了深厚的營運專業知識和差異化的業務足跡。

Importantly, they operate in a $3.5 trillion market that is highly fragmented and largely under institutionalized. There is minimal competition from major asset managers and we see a real opportunity to scale. We believe WisdomTree's institutional capabilities across distribution, product structuring, and technology can help bring farmland investing to a much broader base of clients, and we see a credible path to managing $10 billion in farmland assets 10 years from now.

重要的是，他們在一個高度分散且制度化程度普遍較低的 3.5 兆美元市場中運作。來自主要資產管理公司的競爭很小，我們看到了擴大規模的真正機會。我們相信，WisdomTree 在分銷、產品結構和技術方面的機構能力可以幫助將農地投資帶給更廣泛的客戶群，並且我們看到了 10 年後管理 100 億美元農地資產的可靠途徑。

Let's dig into the characteristics of farmland as an asset class. If you turn to slide 5, you'll see a 20-year risk/return comparison across asset classes. Farmland delivers equity-like total returns, approximately 10% per year, with significantly less volatility. These returns are driven by both appreciation and a strong income component with unlevered rental yields between 4% and 5%.

讓我們深入探討農地作為一種資產類別的特徵。如果您翻到投影片 5，您將看到跨資產類別的 20 年風險/回報比較。Farmland 提供與股票類似的總回報，約為每年 10%，且波動性明顯較小。這些回報是由升值和強勁的收入部分推動的，無槓桿租金收益率在 4% 到 5% 之間。

What's more? Farmland has powerful diversification characteristics. As the lower left chart shows, returns are negatively correlated with equities and other traditional asset classes, while being positively correlated with inflation. That makes farmland not just a performance play, but also a tool for risk mitigation and inflation protection.

還有什麼？農田具有較強的多樣化特徵。如左下圖所示，報酬與股票和其他傳統資產類別呈負相關，而與通貨膨脹呈正相關。這使得農地不僅是業績表現工具，也是降低風險和保護通膨的工具。

Now let's turn to slide 6 and see how this plays out in real-world scenarios. This slide shows farmland's performance during three major extended equity drawdowns: the 2000 technology bust; the 2008 financial crisis; and the 2022 rate hiking cycle. While equities declined between 18% to 46% during those drawdowns, farmland returned positively between 17% and nearly 30%.

現在讓我們翻到第 6 張投影片，看看這在現實世界中是如何發揮作用的。這張投影片展示了農地在三次重大的長期股權下跌期間的表現：2000 年科技泡沫破滅；2008 年金融危機；以及 2022 年升息週期。雖然股票在這些下跌期間下跌了 18% 至 46%，但農地卻獲得了 17% 至近 30% 的正回報。

That's a dramatic difference, and it makes a strong case for adding this uncorrelated asset to more portfolios. We believe many of our existing clients will be interested in this exposure, and we're evaluating various ways to bring it to them, potentially even including farmland as an allocation in our model portfolios.

這是一個巨大的差異，並且有力地證明了將這種不相關資產添加到更多投資組合中。我們相信，許多現有客戶都會對這種投資感興趣，我們正在評估各種方式將其帶給他們，甚至可能將農地作為我們模型投資組合中的一項配置。

Now if we flip to slide 7, I want to spend a moment on Ceres' performance and what sets them apart. Even before you factor in any optionality from solar, AI data centers, or water, Ceres consistently outperforms the broader farmland benchmark.

現在，如果我們翻到投影片 7，我想花點時間介紹 Ceres 的表現以及它們的與眾不同之處。甚至在考慮太陽能、人工智慧資料中心或水資源等可選因素之前，Ceres 的表現就始終優於更廣泛的農地基準。

Their strategy is focused and disciplined, targeting high-quality row crops and specialty farmland primarily in the upper Midwest, where water availability supports durable yields. This thoughtful data-driven approach has resulted in net returns of 10.3% since inception and above the national crop land index during all time periods.

他們的策略專注而嚴謹，主要針對中西部上游地區的優質行栽作物和特色農田，因為這些地方水資源充足，產量持久。這種深思熟慮的數據驅動方法自成立以來已產生 10.3% 的淨回報率，並且高於所有時期的全國農作物土地指數。

And on top of the strong core, they've developed strategic overlays that can further enhance returns. First, solar. Ceres has a tactical overlay strategy where they write solar lease options on qualifying farmland. These contracts alone can double rental income, and to fully exercise, can either generate 5x rental income or support high multiple sales of the properties.

除了強大的核心業務之外，他們還制定了可以進一步提高回報的策略性覆蓋。首先，太陽能。Ceres 有一個戰術覆蓋策略，他們在符合條件的農田上寫上太陽能租賃選擇權。僅這些合約就可以使租金收入翻倍，而如果完全履行，則可以產生 5 倍的租金收入或支持房產的高倍數​​銷售。

Second, AI data centers. Ceres properties have been acquired by developers building data centers to support AI infrastructure, generating 10x returns in isolated cases. These are lower probability, but high upside events that add attractive optionality to the investment profile.

第二，AI資料中心。Ceres 的資產已被開發商收購，用於建造資料中心以支援人工智慧基礎設施，在個別情況下產生了 10 倍的回報。這些事件發生的可能性較低，但上行潛力較大，為投資狀況增添了有吸引力的選擇性。

Finally, water rights. Ceres is actively exploring water management opportunities in dryer regions like the Colorado River Basin. It's still early here, but we think this initiative could become increasingly relevant in a resource-constrained future, driving even faster growth.

最後，水權。Ceres 正積極探索科羅拉多河流域等乾旱地區的水資源管理機會。雖然現在還為時過早，但我們認為這項措施在資源受限的未來可能會變得越來越重要，從而推動更快的成長。

So to summarize. With this acquisition, we're entering a resilient, income-generating asset class that complements our existing platform and opens up the door to long-term growth. It diversifies our revenue, supports our operating margins, and gives us new ways to serve clients. We're excited about the path ahead.

總結一下。透過此次收購，我們進入了一個具有彈性、可產生收入的資產類別，這可以補充我們現有的平台並為長期成長打開大門。它使我們的收入多樣化，支持我們的營業利潤率，並為我們提供服務客戶的新方式。我們對未來的道路充滿期待。

With that, let me hand the call over to Bryan and Jarrett to walk you through the deal structure, our growth targets, and our second-quarter results, then we'll take all your questions. Thank you.

說完這些，讓我把電話交給布萊恩和賈瑞特，讓他們向你們介紹交易結構、我們的成長目標以及我們的第二季業績，然後我們會回答你們的所有問題。謝謝。

Thank you, Jono. I'm going to spend a few moments covering the deal terms, accretion, and long-term growth targets. Consideration paid for this acquisition includes $275 million upfront in cash. Consideration also includes an earnout payable in the year 2030 of up to $225 million, contingent on achieving a five-year revenue CAGR of 12% to 22% during the earn-out measurement period of January 1, 2025, through December 31, 2029.

謝謝你，喬諾。我將花一些時間來介紹交易條款、增值和長期成長目標。此次收購支付的對價包括 2.75 億美元的預付現金。對價還包括 2030 年應付的最高 2.25 億美元的盈利，但前提是在 2025 年 1 月 1 日至 2029 年 12 月 31 日的盈利衡量期內實現 12% 至 22% 的五年收入複合年增長率。

No earn-out is payable if revenue growth is less than 12% and the earn-out is capped at $225 million upon achieving 22% revenue growth or more.

如果營收成長低於 12%，則無需支付獲利；如果營收成長達到 22% 或以上，則獲利上限為 2.25 億美元。

Next slide. We expect this acquisition will immediately increase our fee capture and expand our operating margins. Although we can give no assurance to the nature of our financing and related terms, we have included an illustrative accretion analysis, assuming the acquisition is debt financed.

下一張投影片。我們預計此次收購將立即增加我們的費用收入並擴大我們的營業利潤率。雖然我們無法保證我們的融資性質和相關條款，但我們已包含一個說明性的增值分析，假設收購是透過債務融資的。

This analysis also highlights operating margin expansion of over 200 basis points and revenue capture increases from 38 basis points to 41. The information on this slide is for illustrative purposes only as the underlying assumptions may not ultimately materialize.

該分析還強調了營業利潤率擴大了 200 多個基點，收入獲取從 38 個基點增加到 41 個基點。本投影片上的資訊僅供說明之用，因為基本假設可能不會最終實現。

Next slide. As we look forward, we are targeting $750 million of organic AUM into farmland-based strategies over the next five years, which would double our base fee revenues in 2030 from current levels. Performance fees are predicated on performance and are highly correlated to the mark-to-market of the overall farmland portfolio.

下一張投影片。展望未來，我們計劃在未來五年內將 7.5 億美元的有機資產管理規模投入到基於農地的策略中，這將使我們 2030 年的基本費用收入在現有水平上翻一番。績效費用以績效為依據，並與整個農地投資組合的市價高度相關。

Long-term farmland returns have demonstrated appreciation of approximately 6%, implying at least 1.5 times to 2 times growth in performance fees over the next five years. We anticipate this acquisition closing in the fourth quarter. That covers our prepared remarks over this pending acquisition.

長期農地回報率已顯示出約 6% 的升值，這意味著未來五年績效費用將增加至少 1.5 倍至 2 倍。我們預計此次收購將於第四季完成。這就是我們對此次待決收購的準備好的評論。

Now turning our attention to our second-quarter results. Next slide. We are delivering strong sustainable momentum, generating $6.6 billion of inflows year-to-date through June. Flows are broad and diverse, spanning regions, asset classes, and strategies.

現在將注意力轉向第二季的業績。下一張投影片。我們正在實現強勁的可持續成長勢頭，截至今年 6 月，已產生 66 億美元的資金流入。資金流動範圍廣泛且多樣，跨越地區、資產類別和策略。

We've generated approximately $3 billion into our US-listed products, $3.3 billion into our European products, and more than $300 million in digital assets, and we are capturing interest across our international equity, US equity, and fixed income strategies.

我們在美國上市的產品中獲得了約 30 億美元的收益，在歐洲上市的產品中獲得了 33 億美元的收益，在數位資產中獲得了超過 3 億美元的收益，並且我們的國際股票、美國股票和固定收益策略也吸引了人們的興趣。

Our European Defense Fund, with AUM of approximately $3.5 billion, continues to outperform, attracting nearly $2.1 billion of flows in the quarter and over $2.8 billion year-to-date. This cross-asset, cross-regional momentum is driving organic growth at an annualized rate of 12%.

我們的歐洲國防基金資產管理規模約為 35 億美元，繼續表現出色，本季吸引了近 21 億美元的資金流入，年初至今已吸引超過 28 億美元的資金流入。這種跨資產、跨地區的勢頭正推動著年化有機成長達到 12%。

Combined with favorable market conditions, these inflows have propelled our AUM to a record high of $126 billion at June 30, with US-listed AUM at $85.2 billion and Europe at $40.5 billion, both all-time highs. AUM and digital assets has more than doubled since last quarter, reaching $350 million at June 30, and approximately $500 million today. Our business is operating from a position of strength, marked by record AUM, robust inflows, and consistent growth across all regions.

加上有利的市場條件，這些資金流入推動我們的資產管理規模在 6 月 30 日達到創紀錄的 1,260 億美元，其中美國上市的資產管理規模為 852 億美元，歐洲上市的資產管理規模為 405 億美元，均創歷史新高。自上個季度以來，AUM 和數位資產成長了一倍多，截至 6 月 30 日達到 3.5 億美元，目前約為 5 億美元。我們的業務營運實力雄厚，擁有創紀錄的資產管理規模、強勁的資金流入以及各地區的持續成長。

Next slide. Revenues were $112.6 million during the quarter, an increase of 4.2% from the first quarter and up approximately 5.2% versus the prior year quarter, driven by higher average AUM. On a year-to-date basis, our revenues have grown 8.3% driven by higher average AUM and higher other revenues attributable to our European-listed products, partly offset by a lower average fee capture.

下一張投影片。本季營收為 1.126 億美元，較第一季成長 4.2%，較去年同期成長約 5.2%，這得益於平均 AUM 的增加。從年初至今，我們的收入成長了 8.3%，這得益於平均 AUM 增加以及歐洲上市產品帶來的其他收入增加，但平均費用減少部分抵消了這一增長。

Our adjusted net income for the quarter was $25.9 million, or $0.18 per share. Our adjusted net income excludes $2 million of acquisition-related costs and other miscellaneous items.

本季調整後的淨收入為 2,590 萬美元，即每股 0.18 美元。我們的調整後淨收入不包括 200 萬美元的收購相關成本和其他雜項。

Next slide. Now a few comments on our forecasted guidance. Our strong organic growth, including the recent success of our European Defense Fund and AUM expansion across our distribution platforms, has led us to update our third-party distribution guidance to range from $14 million to $15 million. We are also monitoring foreign exchange headwinds to our expense guidance as expenses of our international business are denominated primarily in euros and pound sterling.

下一張投影片。現在就我們的預測指導提出幾點評論。我們強勁的有機成長，包括我們歐洲國防基金最近的成功以及我們分銷平台的 AUM 擴張，促使我們將第三方分銷指導更新為 1400 萬美元至 1500 萬美元。由於我們的國際業務費用主要以歐元和英鎊計價，我們也正在監控外匯對我們費用指引的不利影響。

If today's exchange rates were to hold during the remainder of the year, it would have an adverse impact to our discretionary expense guidance by approximately $3 million. This item is offset by incremental revenues earned on foreign-denominated advisory fees and other revenues such that the overall impact of foreign exchange to our overall net operating results is immaterial.

如果今天的匯率在今年剩餘時間內保持不變，這將對我們的可自由支配支出指引產生約 300 萬美元的不利影響。此項費用被以外幣計價的諮詢費和其他收入所獲得的增量收入所抵消，因此外匯對我們整體淨經營業績的整體影響並不重大。

Our weighted average diluted shares were $146.6 million during the second quarter. There are no incremental shares associated with our convertible notes as our average stock price during the period was less than the conversion price of our notes. An illustration is included within the appendix to our earnings presentation to disclose the impact of incremental shares related to our convertible notes at today's stock price.

我們第二季的加權平均稀釋股份為 1.466 億美元。我們的可轉換票據沒有相關的增量股份，因為我們在此期間的平均股價低於我們的票據的轉換價格。我們的收益報告附錄中包含一個說明，以揭露與我們的可轉換票據相關的增量股份對今天的股價的影響。

With respect to the pending Ceres acquisition, our overall expense guidance for the year remains largely unchanged. The illustrative accretion analysis included in our materials offers a framework for updating your models to reflect the potential impact of the transaction.

對於即將進行的 Ceres 收購，我們今年的整體支出指引基本上保持不變。我們的材料中包含的說明性增值分析提供了一個框架，用於更新您的模型以反映交易的潛在影響。

Looking ahead, we remain focused on accretive capital deployment opportunities, including share repurchases and other strategic initiatives.

展望未來，我們將持續專注於增值資本部署機會，包括股票回購和其他策略措施。

That's all I have. I will now turn the call over to Jarrett.

這就是我所擁有的一切。現在我將把電話轉給賈瑞特。

All right. Thank you, Bryan, and hi, everyone. At the start of the year, we laid out a vibrant vision, one that was ambitious but grounded in discipline and focused on delivering differentiated value across our business.

好的。謝謝你，布萊恩，大家好。今年年初，我們制定了一個充滿活力的願景，這個願景雄心勃勃，但又以紀律為基礎，並專注於在整個業務中提供差異化的價值。

Now midway through 2025, and we can confidently say we're not just tracking to that vision, we're outperforming it. This quarter, we hit on every cylinder of our growth engine. We posted record AUM across the US, Europe, and digital assets, fueled by more than $6.5 billion in net inflows in just the first half of the year.

現在已經到了 2025 年的中期，我們可以自信地說，我們不僅在追尋這個願景，而且正在超越它。本季度，我們的成長引擎已充分發揮其全部潛力。我們在美國、歐洲和數位資產領域的資產管理規模創下了歷史新高，光是今年上半年，淨流入資金就超過 65 億美元。

And these flows weren't concentrated. They were broad and diverse with the US, Europe, and digital all contributing, and we're now fully focused on carrying that momentum forward into the second half. And a big driver of that momentum is Europe, where we're leaning into opportunity with conviction.

而且這些流量並不集中。這些因素廣泛而多樣，美國、歐洲和數位領域都做出了貢獻，我們現在全力致力於將這種勢頭延續到下半年。這股勢頭的一大推動力是歐洲，我們正滿懷信心地抓住那裡的機會。

Our WisdomTree Europe Defense Fund, which was launched in March, has already brought in more than $3.5 billion in assets, and it's one of the strongest launches in our history and one we expect will continue to scale.

我們在 3 月推出的 WisdomTree 歐洲國防基金已經吸引了超過 35 億美元的資產，這是我們歷史上最強勁的基金之一，我們預計該基金將繼續擴大規模。

And we're not stopping there. We've expanded the European defense team to the US market, and we are adding additional strategies to help investors capture global political risk themes. And that's what execution looks like: early identification, smart design, and strong distribution.

我們不會就此止步。我們已將歐洲防禦團隊擴展到美國市場，並且正在增加其他策略來幫助投資者捕捉全球政治風險主題。這就是執行的樣子：早期識別、智慧設計和強大的分佈。

In Q2, we also announced a strategic investment in Quorus. And this partnership gives us greater exposure to direct indexing, which is one of the fastest-growing segments in asset and wealth management. And we believe this move will accelerate our growth in other revenue and deepen our edge in the model portfolio space.

在第二季度，我們也宣布了對 Quorus 的策略性投資。此次合作使我們更接觸直接指數化，這是資產和財富管理中成長最快的領域之一。我們相信此舉將加速我們其他收入的成長並加深我們在模型組合領域的優勢。

And speaking of models, we've already exceeded our 2025 full-year AUA target with more than $5.2 billion in AUA. We're also on track to hit our adviser growth target as well, now with more than 2,800 advisers using our models.

說到模型，我們的 2025 年全年 AUA 目標已經超過 52 億美元。我們也有望實現顧問成長目標，目前已有超過 2,800 名顧問使用我們的模型。

Looking ahead, we'll use our Quorus relationship to make it even easier for advisers and broker dealers to adopt our models with no additional tech, trading, or rebalancing costs and that's solving a pain point and unlocking sustainable, scalable growth.

展望未來，我們將利用與 Quorus 的關係，使顧問和經紀交易商更容易採用我們的模型，而無需額外的技術、交易或再平衡成本，從而解決痛點並實現可持續、可擴展的增長。

Let's now turn to digital assets where we're seeing meaningful traction. AUM grew to $350 million at quarter end and now stands over $500 million today, driven primarily by institutional flows through our Connect platform, and we're now working with 10 unique clients and our pipeline continues to grow.

現在讓我們轉向我們看到有意義吸引力的數位資產。季度末，AUM 成長至 3.5 億美元，目前已超過 5 億美元，這主要得益於透過我們的 Connect 平台的機構資金流動，我們目前正在與 10 個獨特的客戶合作，我們的管道還在不斷增長。

Prime is also progressing, and we just received approval to operate in Texas, and now only have Virginia left before we have full countrywide coverage. And our on-chain transfer capabilities launched this fall representing a major milestone that unlocks new use cases and deepens our product utility. Like in ETFs, we know the playbook, grow clients, grow wallet share, scale with discipline.

Prime 服務也在不斷進步，我們剛剛獲得在德克薩斯州開展業務的批准，現在只需在弗吉尼亞州開展業務，就可以實現全國覆蓋。我們在今年秋天推出的鏈上轉帳功能是一個重要的里程碑，它開啟了新的用例並深化了我們的產品效用。就像 ETF 一樣，我們知道劇本，增加客戶，增加錢包份額，並有紀律地擴大規模。

Now we've also been getting a lot of questions about our stablecoin strategy, especially with Circle's IPO and the GENIUS Act in the news. So here is our take. The stablecoin market is projected to grow from $250 billion today to $3.7 trillion by 2030, and we don't see any scenario where that market grows by more than 10x and WisdomTree doesn't meaningfully benefit.

現在我們也收到了很多關於我們的穩定幣戰略的問題，尤其是在 Circle 的 IPO 和 GENIUS 法案成為新聞之後。以下是我們的看法。預計到 2030 年，穩定幣市場規模將從目前的 2,500 億美元成長到 3.7 兆美元，我們認為，在任何情況下，該市場的成長都不會超過 10 倍，而 WisdomTree 也不會獲得顯著的利益。

Our stablecoin strategy is built on two products: USDW and WTGXX. USDW is a purpose-built stablecoin issued by our New York-chartered trust company. It powers tokenized investing in Prime and is designed from the ground up for real-world finance, not just crypto trading, and it will expand across platforms and chains, reflecting our chain-agnostic infrastructure.

我們的穩定幣策略建立在兩種產品之上：USDW 和 WTGXX。USDW 是由我們紐約特許信託公司發行的專用穩定幣。它為 Prime 中的代幣化投資提供支持，並且從一開始就專為現實世界的金融而設計，而不僅僅是加密交易，並且它將跨平台和鏈擴展，反映我們與鏈無關的基礎設施。

One of USDW's key advantage is structural. Because our customers receive distributions in USDW, AUM doesn't decline with every dividend or interest payment, giving us a persistent asset base and a powerful structural edge over traditional ETFs. And as more assets move into USDW, we earn net interest income on held balances, creating another scalable other revenue stream.

USDW 的主要優勢之一是結構性優勢。由於我們的客戶以 USDW 形式獲得分配，因此 AUM 不會隨著每次股息或利息支付而減少，這使我們擁有持久的資產基礎和相對於傳統 ETF 的強大結構優勢。隨著越來越多的資產進入 USDW，我們從持有的餘額中獲得淨利息收入，從而創造另一個可擴展的其他收入來源。

WTGXX is our '40 Act money market fund and acts like a yield-bearing stablecoin. It's already being used as a reserve asset by other stablecoin issuers and as a yield solution in on-chain treasury workflows. And importantly, it's interoperable, live today across six different blockchains with seamless functionality across ecosystems. And by owning the infrastructure across issuance, reserves, and treasury tools, and by being chain-agnostic from day one, we've built a unified platform that's ready to scale with the digital economy.

WTGXX 是我們的 40 法案貨幣市場基金，其角色類似於收益穩定幣。它已經被其他穩定幣發行者用作儲備資產，並被用作鏈上財務工作流程中的收益解決方案。重要的是，它具有互通性，目前可在六種不同的區塊鏈上運行，並可在各個生態系統中實現無縫功能。透過擁有涵蓋發行、儲備和財務工具的基礎設施，並且從第一天起就保持鏈不可知性，我們建立了一個可以隨著數位經濟擴展的統一平台。

Now we've often said we're underrecognized, but that's beginning to change. In 2025, we've received some major honors. Fortune ranked as one of America's most innovative companies: number 58 overall; number two in process innovation; number three in culture. FTF News named us one of the Best Digital Asset Processing Solutions.

我們經常說我們沒有得到充分認可，但這種情況正在開始改變。2025年，我們獲得了一些重大榮譽。《財星》雜誌將其評為美國最具創新力的公司之一：總體排名第 58 位；流程創新方面排名第二；文化方面排名第三。FTF News 將我們評為最佳數位資產處理解決方案之一。

Our India hedge fund was named Best New International Equity ETF by etf.com, and we were named Best ETF provider in Europe from the Online Money Awards and these awards matter. They validate our approach, which is innovation-led, infrastructure-driven, and client-entered.

我們的印度對沖基金被 etf.com 評為“最佳新國際股票 ETF”，我們被線上貨幣獎評為“歐洲最佳 ETF 提供者”，這些獎項意義重大。他們驗證了我們的方法，即以創新為主導、以基礎設施驅動、以客戶為中心。

And now with Ceres joining the fold, we add even more horsepower to our growth engine, opening up exposure to the structural tailwinds in private markets and further enhancing our asset mix and earnings power.

現在，隨著 Ceres 的加入，我們的成長引擎將更加強勁，從而能夠接觸到私人市場的結構性順風，並進一步增強我們的資產組合和盈利能力。

So to wrap it up, these are foundational wins, and we're building a platform for continued momentum, greater impact, and sustained outperformance. We said in February what 2025 would look like, and here we are delivering on every front.

總而言之，這些都是基礎性的勝利，我們正在建立一個平台，以保持持續的動力、更大的影響力和持續的優異表現。我們在二月就曾描述過 2025 年將會是什麼樣子，而現在我們正在各方面實現這一目標。

And with that, we will now open it up for questions.

現在，我們將開始提問。

(Operator Instructions) Chris Kotowski, Oppenheimer & Company.

（操作員說明）Chris Kotowski，Oppenheimer & Company。

Yeah. A question about Ceres. First of all, I'm wondering about where they raise funds from and the fund structure. Are they institutional drawdown funds or retail evergreen vehicles? And can you talk a little bit about the -- and fundraising plans for the future?

是的。關於穀神星的一個問題。首先，我想知道他們從哪裡籌集資金以及基金結構。它們是機構提取基金還是零售常青基金？能談談未來的募款計畫嗎？

Certainly. Thank you for your question. So first of all, let me just say that with this acquisition, we're taking all of the employees of Ceres, 24 people. It's a tremendously easy integration. And what we're really doing is we're integrating their investment engine, their prowess in investing, and tying it to our distribution.

當然。感謝您的提問。首先，我要說的是，透過這項收購，我們將吸收 Ceres 的所有員工，共 24 名。這是一個極其簡單的整合。我們真正在做的是整合他們的投資引擎、他們的投資實力，並將其與我們的分銷結合在一起。

But in terms of their clients, Jeremy Schwartz, would you answer? I think it would be best coming from you.

但是就他們的客戶而言，傑里米施瓦茨，你能回答嗎？我認為最好由你來表達。

Sure. Happy to. And I think you mentioned the evergreen or the traditional drawdown fund, it's a combination. It's an evergreen fund. So it's not a drawdown fund.

當然。很開心。我認為您提到了常青基金或傳統的提取基金，這是一種組合。這是一檔常青基金。所以它不是一個提取基金。

It's meant to be the -- when Perry Vieth set it up, it was meant to be the real partner for the farmers. And if you were having to sell the farms every time you're having to distribute your traditional private equity fund, you wouldn't be a great partner. So they were forward-looking in setting up this evergreen structure.

當佩里·維斯 (Perry Vieth) 創立它時，它注定要成為農民的真正合作夥伴。如果您每次分配傳統私募股權基金時都必須出售農場，那麼您就不是一個好的合作夥伴。因此，他們在建立這個常青結構時具有前瞻性。

And so their client base is really a cross-section of really our client base in the way. So institutions, RIAs, advisers. And so I think we -- the synergy is that we've got a strong distribution team that will help them raise capital, and this is a nice diversifying asset class for our traditional client base as well.

因此，他們的客戶群實際上是我們客戶群的橫斷面。因此，機構、RIA、顧問。所以我認為我們的綜效在於我們擁有一支強大的分銷團隊，可以幫助他們籌集資金，而且對於我們傳統的客戶群來說，這也是一個很好的多元化資產類別。

Okay. And then as a follow-up, I'm looking at slide 10, the accretion example. And looking at the Ceres' P&L, it looks like a significant amount of their revenues come from performance fees. And so, I wonder if you could talk a bit about how durable consistent and predictable those are?

好的。然後作為後續，我正在看投影片 10，即吸積範例。從 Ceres 的損益表來看，他們的收入很大一部分似乎來自於績效費。那麼，我想知道您是否可以談論它們的持久性、一致性和可預測性如何？

Bryan, can you take this?

布萊恩，你能接受這個嗎？

Yeah. I'll take this one. Chris, thanks for the question. The performance fees, they'll largely be driven by the underlying mark on the farmland portfolio, but let's walk through the economics of the fund itself because the performance fees are computed on the funds' bottom line.

是的。我要這個。克里斯，謝謝你的提問。績效費主要由農地投資組合的標的標記決定，但讓我們來了解基金本身的經濟狀況，因為績效費是根據基金的底線計算的。

If you think about the fund, it owns roughly 540 properties. Those properties are leased to farmers and those leases are generating a steady stream of rental income, 4% yields on average. That's rental income that's recognized by the fund, and it's fairly steady.

如果你考慮一下該基金，它擁有大約 540 處房產。這些土地出租給農民，這些租賃產生了穩定的租金收入，平均收益率為 4%。這是基金確認的租金收入，而且相當穩定。

And then, the fund will also benefit from marking to market the overall farmland portfolio. So there's roughly $1.8 billion of AUM today. That's largely the valuation of the 540 properties. So you make your own estimates about market appreciation, but over the long term, farmland appreciated at roughly 6% on average, and it's had only nine down years since World War II.

然後，該基金還將受益於整體農田投資組合的市場化。因此，今天的資產管理規模約為 18 億美元。這基本上就是 540 處房產的估值。因此，您可以自行估算市場升值幅度，但長期來看，農地價格平均升值幅度約為 6%，而且自第二次世界大戰以來，只有九年出現下滑。

So say, a 6% mark on $1.8 billion, that's the unrealized gain that's recognized by the fund and it's a meaningful number. You have the rental income and you have the unrealized recognized by the fund, you then deduct the fund-related expenses and the management fee, and that's what gets you to the net profits of the fund, which serves as a basis for the performance fee.

所以說，18 億美元的 6% 是該基金確認的未實現收益，這是一個有意義的數字。您有租金收入，還有基金確認的未實現收益，然後扣除基金相關費用和管理費，就得到了基金的淨利潤，這是績效費的基礎。

The performance fees, they're not episodic. You don't need to recognize or it doesn't require asset realizations. The performance fees are earned on the net profits of the fund, and it's largely driven by the mark, the rental income earned by the fund that generates sufficient cash to pay the performance fees. And what we just walked through, it didn't touch upon the embedded optionality in the portfolio regarding solar and AI data centers as mentioned in Jono's prepared remarks.

演出費用不是按集計費的。您不需要承認，也不需要資產實現。績效費是根據基金的淨利潤賺取的，這很大程度上取決於基金賺取的租金收入，而該租金收入產生了足夠的現金來支付績效費。我們剛才討論的內容並沒有涉及 Jono 在準備好的發言中提到的有關太陽能和人工智慧資料中心的投資組合中的嵌入式可選性。

About one-third of the farmland is under solar lease option. If those options are exercised, the farm that was generating 4% yields on average is converted to solar and those solar farms will boost the rental income 3 times to 5 times versus what the farm had been generating. And that's incremental upside.

大約三分之一的農地採用太陽能租賃方式。如果行使這些選擇權，平均產生 4% 收益的農場將轉變為太陽能農場，而這些太陽能農場將使租金收入提高 3 倍到 5 倍。這就是增量優勢。

The data centers also serve as a real opportunity. Data centers could attract valuations 10 times the current mark of a farm, meaning selling a farm in the portfolio at 10 times today's value. And again, that's additional incremental upside.

資料中心也是一個真正的機會。資料中心的估值可能達到農場當前價值的 10 倍，這意味著以當前價值的 10 倍出售投資組合中的農場。再次強調，這是額外的增量優勢。

The performance fee, it's going to ebb and flow depending on the market environment. But again, we're talking about an asset class with price returns of 6% on average and only nine down years since World War II. And the asset class, it contains embedded upside when considering the solar and AI data center opportunities. Hopefully, that helps clarify things.

績效費會隨著市場環境的變化而改變。但同樣，我們談論的是一種資產類別，其平均價格回報率為 6%，並且自第二次世界大戰以來僅有 9 年出現下跌。而當考慮到太陽能和人工智慧資料中心的機會時，該資產類別蘊含著內在的上升空間。希望這有助於澄清一些事情。

Yeah. And just the evergreen fund structure, is it like what we see from some of the other alternative asset managers where the -- you're investing in illiquid assets. And so therefore, their -- I mean typical is like that it's 2% a month or 5% a quarter limits on withdrawals. Is it similar structure to that?

是的。而常青基金結構是否像我們從其他一些另類資產管理公司看到的那樣——您投資的是非流動性資產。因此，他們的——我的意思是典型的提款限額是每月 2% 或每季 5%。它的結構和那個類似嗎？

Jeremy Schwartz, can you -- it's -- confirm for me, it's an annual withdrawal, right?

傑里米·施瓦茨，您能否向我確認一下，這是年度提款，對嗎？

Yeah, that's my understanding as well.

是的，這也是我的理解。

Right. Right.

正確的。正確的。

Alrighty. Thank you. That's it for me.

好的。謝謝。對我來說就是這樣。

George Sutton, Craig-Hallum.

喬治·薩頓、克雷格·哈勒姆。

Thank you. I was particularly compelled with the theme that very few of the large asset managers are in this farmland space. And you mentioned that you may add this to your models portfolios. I'm wondering why in the world you wouldn't do that given the competitive opportunity?

謝謝。我特別被這樣一個主題所吸引：很少有大型資產管理公司涉足農地領域。您提到您可以將其添加到您的模型組合中。我想知道，既然有競爭機會，為什麼不這麼做呢？

Thank you for that. No. So I think that we will look for opportunities like adding them allocation to store models, maybe even adding a sleeve into selected ETFs where it would be appropriate. And so again, it is such an attractive asset class. I think it's underappreciated in the world.

謝謝你。不。因此，我認為我們將尋找機會，例如將它們分配到商店模型中，甚至在適當的地方將套筒添加到選定的 ETF 中。所以，這又是一個非常有吸引力的資產類別。我認為它在世界上被低估了。

And to your point about not having to compete with the Blackstones and the BlackRocks of the world, it really is pretty extraordinary that a $3.5 trillion market that's so highly fragmented with such attractive return potentials and we're really finding that we're competing -- in all seriousness, we're competing with the Mormon Church.

至於您提到的不必與黑石集團和貝萊德集團競爭，這確實非常了不起，一個價值 3.5 兆美元的市場如此分散，卻擁有如此誘人的回報潛力，而我們卻發現我們正在與摩門教會競爭——說真的，我們正在與摩門教會競爭。

They're the largest owner of farmland. Bill Gates is -- and some of his entities, I think, make up the second largest investor. And we are the fifth largest investor. And so we're really coming at this with real scale and I think it's really poised this platform to grow even faster. So thank you for that question.

他們是最大的農地所有者。我認為，比爾蓋茲和他的一些實體是第二大投資者。我們是第五大投資者。因此，我們確實以真正的規模來實現這一目標，我認為這確實使這個平台能夠更快地發展。謝謝你的提問。

So I'm curious with respect to the models, it's great to hear that you've hit your goals for the year there. I don't believe you updated your goals for the year. I'm just curious what the expectation is for the models business for the rest of the year?

所以我對這些模型很好奇，很高興聽到你已經實現了今年的目標。我不相信你更新了今年的目標。我只是好奇今年剩餘時間對模特兒業務的期望是什麼？

Jarrett?

賈瑞特？

Yeah. Our goal has just been a lot of blocking and tackling there and it's what we've talked about is to get new users using the models and then get existing users to use either more models or use the models more. And that's been the focus. We set out goals at the beginning of the year. We're on track in terms of number of users.

是的。我們的目標是解決很多阻礙和問題，我們所談論的是讓新用戶使用這些模型，然後讓現有用戶使用更多模型或更多地使用這些模型。這就是我們關注的重點。我們在年初就訂定了目標。就用戶數量而言，我們的進展順利。

But actually, that compounding effect of getting new people on and existing people to do more has been even better than we thought, and that's where it's driven that above-target result.

但實際上，招募新人和現有員工做更多事情的複合效應比我們想像的還要好，這就是它推動超出目標結果的原因。

For the rest of the year, it's just to continue the progress, just keep pounding away continued execution. And we'll think about it. Generally speaking, that was a departure for us by giving that target. Historically, we gave expense guidance, but we don't give anything around revenue guidance. We leave that to you. This was an exception because we wanted to show our confidence.

在今年剩下的時間裡，我們只需要繼續進步，繼續努力執行。我們會考慮的。整體來說，設定這個目標對我們來說就是一個突破。從歷史上看，我們給出了支出指導，但我們沒有提供任何有關收入的指導。我們將此留給您。這是一個例外，因為我們想展示我們的信心。

Right now, we're not updating any of those forward-looking thoughts. But I mean, our expectation, as I said, is to continue to grow, continue to execute, continue doing what I said, get new users and engage further with existing users.

目前，我們不會更新任何前瞻性的想法。但我的意思是，正如我所說，我們的期望是繼續發展，繼續執行，繼續做我所說的事情，獲得新用戶並與現有用戶進一步互動。

One other question, and congratulations on the approval from the Great State of Texas. You've been fairly quiet in your marketing, although you're well ahead of the market in terms of WisdomTree Prime. What does this mean for your ultimate event-type marketing going forward?

還有一個問題，恭喜您獲得德州的批准。儘管你們在 WisdomTree Prime 方面遠遠領先市場，但在行銷方面你們卻相當低調。這對您未來的最終活動型行銷意味著什麼？

Will Peck, our Head of Digital assets. Could you answer this?

我們的數位資產主管 Will Peck。你能回答這個問題嗎？

Yeah, absolutely. So glad to be able to talk about our success in digital assets this year. I mean we've been very proud of the AUM growth we've had. And I think certainly, what Jarrett touched on with our overall stablecoin strategy. I think you're really seeing that play out with the AUM growth of WTGXX.

是的，絕對是。很高興能夠談論我們今年在數位資產方面的成功。我的意思是，我們對我們的 AUM 成長感到非常自豪。我認為，賈瑞特確實談到了我們的整體穩定幣戰略。我認為您確實看到了 WTGXX 的 AUM 成長所帶來的影響。

So as we've talked about in the past, I mean, it wasn't really a focus of the first half of the year to grow WisdomTree Prime accounts. It's really been about growing AUM, expanding our functionality, and getting approvals. We're well on our way. We've certainly done a lot of AUM growth. Like I said, we've added functionality.

正如我們過去所討論的，我的意思是，增加 WisdomTree Prime 帳戶並不是今年上半年的重點。這實際上是為了增加 AUM、擴展我們的功能並獲得批准。我們進展順利。我們的資產管理規模確實大幅成長。正如我所說的，我們增加了功能。

We've got approvals in Texas as well, which I think sets us up very well with a couple more things to start expanding marketing in the fall.

我們也獲得了德克薩斯州的批准，我認為這為我們在秋季開始擴大行銷做好了充分的準備。

So I wouldn't really say it's like one big bang marketing event, right? We want to be very prudent with shareholder capital. But I think we've got a great plan leaning into on-chain transfers, leaning into the overall growth in the stablecoin ecosystem, which is truly one of the stories of financial services this summer. and leaning in on that in the fall and growing accounts well from there.

所以我不會說這就像一場盛大的行銷活動，對吧？我們希望非常謹慎地使用股東資本。但我認為我們有一個很好的計劃，傾向於鏈上轉賬，傾向於穩定幣生態系統的整體成長，這確實是今年夏天金融服務的故事之一。並在秋季傾向於此，並從那時起實現帳戶增長。

Great. Thanks, guys.

偉大的。謝謝大家。

Michael Cyprys, Morgan Stanley.

摩根士丹利的邁克爾·賽普里斯。

Oh, hey. Good morning, good afternoon at this point. Thanks for taking the question. On the Ceres acquisition, I was hoping you could elaborate a bit on how you plan to help accelerate the growth of that property and the steps you'll be looking to take?

噢，嘿。大家早安，下午好。感謝您回答這個問題。關於 Ceres 的收購，我希望您能詳細說明您計劃如何幫助加速該資產的成長以及您將採取的措施？

And then, if you could just elaborate a bit on the profitability of the management fees, what that looks like versus the profitability on the performance fees and how you expect the management fee growth of Ceres to evolve over the next couple of years? What growth rate are you anticipating there?

然後，如果您可以詳細說明管理費的獲利能力，與績效費的獲利能力相比，情況如何，以及您預計未來幾年 Ceres 的管理費成長將如何發展？您預計那裡的成長率是多少？

So let me take the first part on how we plan on accelerating their flows. So first, as I said, this is a very easy integration. Ceres is a 24-person team, and we're taking all 24 people, and we have this five-year earnout. So we're completely aligned. So that's very, very easy.

因此，讓我先談談我們計劃如何加速他們的流動。首先，正如我所說，這是一個非常簡單的整合。Ceres 是一個由 24 人組成的團隊，我們將招募所有 24 個人，並且制定了為期五年的盈利計劃。所以我們的觀點完全一致。這非常非常容易。

Really for the last 17 to 20 years, Ceres has really been focused on building their investment prowess, executing acquisition farmland by farmland, building that network, and they've really proven to be the best investors in the space.

在過去的 17 到 20 年裡，Ceres 一直專注於打造自己的投資實力，逐一收購農田，建立網絡，事實證明他們是該領域最好的投資者。

We think that our distribution, particularly in the United States, our 50-plus person team will be very constructive in bringing their investment prowess to a much broader financial intermediary family office, high net worth teams. And so that we should find that we're going to be very, very successful in generating interest and ultimately flows into the asset class.

我們認為，我們的分銷網絡，特別是在美國，我們 50 多人的團隊將非常有建設性地將他們的投資實力帶給更廣泛的金融中介家族辦公室和高淨值團隊。因此，我們會發現，我們將非常非常成功地激發人們的興趣，並最終吸引資金流入這個資產類別。

Now, we said that we expect to at least take $750 million over the next five years. But if you look out to 10 years, I will not be surprised if we're managing $10 billion in farmland. So I think that -- it just feels like 1 plus 1 equals 3 on this particular acquisition.

現在，我們表示，我們預計未來五年至少要投入 7.5 億美元。但如果你展望 10 年後，如果我們管理價值 100 億美元的農田，我不會感到驚訝。所以我認為——對於這次收購來說，感覺就像 1 加 1 等於 3。

Jarrett, would you like to add something?

賈瑞特，你想補充一點嗎？

Yeah. Just one thing. If we look back that when we acquired ETF securities in Europe, one of the benefits that we saw there, a very valuable benefit, was the established distribution pipes that came with that acquisition. In a similar way here when we combine ourselves with Ceres, we're the ones with the established distribution pipes that are leverageable and that will be a big part of the growth, too.

是的。只有一件事。如果我們回顧一下，當我們在歐洲收購 ETF 證券時，我們看到的一個非常寶貴的好處就是伴隨此次收購而建立的分銷管道。同樣，當我們與 Ceres 合併時，我們擁有可以利用的成熟分銷管道，這也將成為成長的重要組成部分。

This is -- as we've been describing, this is a unique, differentiated but very attractive asset class and we believe that our current distribution, or our current clients, will have a great interest. So we do believe we can help scale them very quickly.

正如我們所描述的，這是一個獨特、差異化但非常有吸引力的資產類別，我們相信我們目前的經銷商或我們目前的客戶會對此非常感興趣。因此我們確實相信我們可以幫助他們快速擴大規模。

And Bryan, could you answer the second part of this question regarding the performance fees?

布萊恩，您能回答有關演出費用的問題的第二部分嗎？

Yeah, I think so. And Mike, tell me if I'm not answering your question. Some of this just goes back to our prepared remarks. If we are -- if you think about it this way, our target of $750 million of organic AUM over the next five years, that would double our base fee revenues in 2030 from what we're seeing today.

是的，我認為是這樣。麥克，如果我沒有回答你的問題，請告訴我。其中一些內容正好回到我們準備好的發言中。如果我們——如果你這樣想的話，我們在未來五年內實現 7.5 億美元有機 AUM 的目標，那麼到 2030 年，我們的基本費用收入將比現在翻倍。

And when we think about the performance fee, if you make the assumption that the rate of return or the price appreciation on farmland is what history has shown to be roughly 6% on average. If you have a 6% on average mark on the farmland portfolio and $750 million of organic AUM over those five years, the performance fee will increase from where it is today, it will be 1.5 times to 2 times growth.

當我們考慮績效費時，如果你假設農地的回報率或價格升值幅度是按照歷史平均值計算約為 6%。如果農地投資組合的平均收益率為 6%，且五年內有機資產管理規模達到 7.5 億美元，績效費將從現在的水準增加 1.5 倍到 2 倍。

As it relates to profitability of one revenue stream versus the other, I don't think we necessarily think about it that way. Like our guidance, when we think about our guidance and we think about WisdomTree in total, our comp ratio is 28% to 30%.

由於它與一個收入來源相對於另一個收入來源的獲利能力有關，我認為我們不一定會這樣考慮。就像我們的指導一樣，當我們考慮我們的指導並大致考慮 WisdomTree 時，我們的補償比率是 28% 到 30%。

This acquisition doesn't change that guidance meaningfully in any way, shape or form, and their non-comp expenses are immaterial in the grand scheme of things. So I think that should help. Hopefully, that helps just with clarity in regards to the question you're asking.

此次收購不會以任何方式、形式或形式對該指導方針產生重大改變，而且從總體來看，他們的非經營性支出並不重要。所以我認為這應該會有幫助。希望這有助於澄清您所提出的問題。

Great. Thanks. That's helpful. And then just a follow-up question, if I could, just on the digital asset side. I think on stablecoins, you mentioned could be a $3.7 trillion marketplace by 2030, hoping you could elaborate on what you see unlocking that magnitude of growth? How much do you anticipate migrating from money funds to stablecoin versus other drivers of growth?

偉大的。謝謝。這很有幫助。然後如果可以的話，我再問一個關於數位資產方面的後續問題。我認為，您提到的穩定幣到 2030 年可能成為一個價值 3.7 兆美元的市場，希望您能詳細說明您認為是什麼推動瞭如此大規模的成長？與其他成長動力相比，您預計從貨幣基金轉向穩定幣的轉變有多大？

And then just more broadly on your stablecoin and digital asset initiatives, can you elaborate on the traction you're seeing? What are some of the hurdles that you're trying to navigate to drive wider adoption? And what might be the big unlock as you look out from here?

然後更廣泛地談談您的穩定幣和數位資產計劃，您能詳細說明您所看到的吸引力嗎？為了推動更廣泛的採用，您正在努力克服哪些障礙？從這裡往外看，什麼可能是最大的解開之謎？

Will?

將要？

Yeah, happy to take that question. So that forecast, I think that actually came from the Treasury Secretary in terms of what the stablecoin market could be, $3.5 trillion or something within the decade. Stablecoins are $260 billion today. That's up, I think, something like $60 billion year-to-date. And we see post GENIUS Act just incredible adoption from here.

是的，很高興回答這個問題。所以我認為這個預測實際上來自財政部長，關於穩定幣市場規模在十年內可能達到 3.5 兆美元左右。如今穩定幣的市值已達 2,600 億美元。我認為，今年迄今為止，這一數字大約為 600 億美元。我們看到《天才法案》的通過率令人難以置信。

So I mean, like one use case that I like to give is corporates doing cross-border payments, right? Like treasury management for large corporates, it's a very complicated process. Stablecoins can definitely help them simplify that where they don't lose money sending something overseas for like two weeks. It can make a transaction with in seasonality instantly, very low fees on chain. And that's something where WisdomTree is actually very well play to, right?

所以我的意思是，我喜歡給的一個用例是企業進行跨國支付，對嗎？就像大型公司的財務管理一樣，這是一個非常複雜的過程。穩定幣絕對可以幫助他們簡化這個過程，讓他們在兩週內將貨物運送到海外時不會損失金錢。它可以立即進行季節性交易，鏈上費用非常低。這正是 WisdomTree 能夠很好地發揮作用的地方，對吧？

So one thing and doing some research around it, I think if you look at US money supply today, yielding instruments are something like 3 times the size of demand deposits. So stablecoins can be a $3.5 trillion market. We're talking about tokenized money market funds being a $10 billion market if things play out that way.

因此，透過對這個問題進行一些研究，我認為，如果你看看今天的美國貨幣供應量，收益工具的規模大約是活期存款的 3 倍。因此穩定幣可以成為一個價值 3.5 兆美元的市場。如果事情以這樣的方式發展，那麼代幣化貨幣市場基金將成為一個價值 100 億美元的市場。

And I think we've got the best '40 Act tokenized fund -- money market fund in the market today. We certainly had the most growth over the past three months for sure, if you look at some of the market statistics. I think WisdomTree is incredibly well positioned. I frankly view this as a bit of a land-grab moment.

我認為我們擁有當今市場上最好的 40 法案代幣化基金——貨幣市場基金。如果你看一些市場統計數據，可以肯定的是，過去三個月我們的成長是最快的。我認為 WisdomTree 的定位非常好。坦白說，我認為這有點像是一場爭奪土地的鬥爭。

And we're in conversations with other stablecoin issuers. We're in conservations with stablecoin tech platforms. We're in conversations with corporates and other traditional finance use cases.

我們正在與其他穩定幣發行者進行對話。我們正在與穩定幣技術平台進行保護。我們正在與企業和其他傳統金融用例進行對話。

And I wouldn't really say there's big inhibitors right now. We're working through some of the final regulatory aspects. There's some new functionality with some -- whether it's exemptive relief or something that we're looking to get and I don't know I'm incredibly excited about it. I think it's a huge opportunity for us.

而我並不認為現在有很大的抑制因素。我們正在處理一些最後的監管事宜。有些功能是新的——無論是免稅還是我們希望獲得的東西，我對此感到非常興奮。我認為這對我們來說是一個巨大的機會。

Thanks, Will.

謝謝，威爾。

Great. Thank you.

偉大的。謝謝。

Michael Grondahl, Northland Securities.

邁克爾·格隆達爾，Northland Securities。

Hey. Thanks, guys. First question, just on the acquisition. You talked about your distribution and your current pipes. Which end-customer market do you think you're going to go to first, the RIA channel, the institutional market, family offices, which one do you think is best positioned for this farmland opportunity?

嘿。謝謝大家。第一個問題是關於收購的。您談到了您的分佈和當前的管道。您認為您將首先進入哪個終端客戶市場，RIA 通路、機構市場、家族辦公室，您認為哪一個最適合這個農地機會？

Jeremy, you want to take it? I mean, I can, but you want to?

傑里米，你想拿走它嗎？我的意思是，我可以，但是你想嗎？

Sure. And I wanted to add a little bit of the context on just the market outlook for the markets and how this fits in and why I do think the RIA is the answer on this one for where the models can deliver it and how we think about it. Like from the broad markets perspective, you have bonds yielding 4.25% on the 10-year, you got tips yielding 2%. So inflation-adjusted bonds is giving you 2% income.

當然。我想補充一些關於市場前景的背景信息，以及它如何適應，以及為什麼我認為 RIA 是這個問題的答案，關於模型可以在哪裡實現它以及我們如何看待它。從大盤角度來看，10 年期公債殖利率為 4.25%，而小息債券殖利率為 2%。因此，通貨膨脹調整債券會為您帶來 2% 的收入。

And when you think about the return drivers we said, they did 10% historically, but trying to get historically, 4% to 5% cash flow, that's an inflation-adjusted cash flow that is diversifying. So we think this is a great long-term assets.

當您考慮我們所謂的回報驅動因素時，他們的歷史回報率為 10%，但試圖獲得歷史上 4% 到 5% 的現金流，這是經通貨膨脹調整的多樣化現金流。所以我們認為這是一項偉大的長期資產。

So the models team, the custom models, I think, will be a big use case, and that is really the RIA and adviser. So the high net worth adviser. And so that -- as we talked about the -- Jarrett talked about hitting the goals in the $5 billion plus in our AUA and the models platform, this is a first set of calls that we could be making to people who might find this asset class diversifying to their portfolios. And then beyond that, we'll continue to find other opportunities.

因此，我認為模型團隊、客製化模型將是一個很大的用例，而這實際上是 RIA 和顧問。所以是高淨值顧問。因此，正如我們所談到的，賈瑞特談到了實現我們 AUA 和模型平台中 50 億美元以上的目標，這是我們可以向那些可能發現這一資產類別可以分散投資組合的人發出的第一組呼籲。除此之外，我們還會繼續尋找其他機會。

Got it. That's helpful, and that makes a lot of sense. Secondly, maybe just for Jono and Jarrett. If you look at and think about your digital asset strategy, what you guys summarized on slide 21 and slide 22, what are two things you're most excited about for the back half of '25 that drives that success for you guys in digital assets and execution?

知道了。這很有幫助，而且很有意義。其次，也許只針對 Jono 和 Jarrett。如果您看一下並思考您的數位資產策略，以及您在投影片 21 和投影片 22 上總結的內容，那麼對於 25 年下半年，您最興奮的兩件事是什麼，它們將推動您在數位資產和執行方面取得成功？

Jarrett, do you want me to go first? Or would you like to --

賈瑞特，你想讓我先走嗎？或者你想--

I can tell you quickly what I find exciting, very early on in this journey for us, we decided that everything needed to be regulated. This was responsible DeFi. And we went through -- we really took the long route by working with various regulators and taking on various structures like our trust company, the broker-dealer that we have, the state of approvals.

我可以很快地告訴你我發現了什麼令人興奮的事情，在我們這段旅程的早期，我們就決定一切都需要受到監管。這是負責任的 DeFi。我們經歷了——我們確實走了很長的路，與各種監管機構合作，採用各種結構，例如我們的信託公司、我們擁有的經紀交易商、審批狀態。

There was a lot of work that we felt was important. And the result of that is that, as Will mentioned, we think our money market fund is the best structured one in the market. And so what excites me one of the things is that we're beginning to see that stance payout.

我們認為有很多工作很重要。結果是，正如威爾所提到的，我們認為我們的貨幣市場基金是市場上結構最好的基金。令我興奮的是，我們開始看到這種立場的回報。

The fact that we took the long route, that we did the extra work that we got worked with regulators has left us with the best structured product at a time when we're starting to see traction. So I think that's very exciting.

事實上，我們走了很長的路，我們做了額外的工作，與監管機構合作，這使得我們在開始看到牽引力的時候擁有了最好的結構化產品。所以我認為這非常令人興奮。

The other thing that excites me is that it's so early in the market that these really fundamental things are exciting. Yield is exciting. And we've got some other yield ideas in the tokenized form that I think are just going to continue to leverage the success that we're starting to see. So those would be two off of the top of my head.

另一件讓我興奮的事情是，市場還處於早期階段，這些真正基本的事情令人興奮。收益令人興奮。而我們還有一些其他的代幣化收益想法，我認為這些想法將繼續利用我們開始看到的成功。這就是我能想到的兩個答案。

Let me just add. So when we started this journey in broadly digital assets, maybe six or seven years ago now, which includes crypto ETPs, but it also included tokenization infrastructure, the platform, which allows us to -- we're vertically integrated in all of digital assets, including having our own TA.

讓我補充一下。因此，當我們開始涉足廣泛的數位資產領域時，大概是六、七年前，其中包括加密 ETP，但也包括標記化基礎設施，平台，這使我們能夠 - 垂直整合所有數位資產，包括擁有我們自己的 TA。

What I -- what's very exciting is because back six to seven years ago, you couldn't be quite as confident as you are today that the market was going to really develop the way it's developing.

我感到非常興奮，因為六、七年前，你不可能像今天這樣有信心市場會真正按照現在的方式發展。

But with this administration, with others in the space, talking about tokenization, tokenization of real-world assets, I just feel that we did not overestimate the potential of this market, and that starting so early has given us a real advantage over many of the TradFi, the traditional financial service firms who are, in my opinion, years behind us in really building this out. People have tokenized unregulated offshore vehicles.

但是，在本屆政府以及該領域的其他人談論代幣化、現實世界資產的代幣化的情況下，我只是覺得我們沒有高估這個市場的潛力，而且這麼早就開始讓我們比許多 TradFi（傳統金融服務公司）具有真正的優勢，在我看來，他們在真正構建這一市場方面落後了我們很多年。人們已經將不受監管的離岸工具代幣化。

They just haven't made all of the investments that we have made that has put us in the position as the market does develop and for us, that market starts with the on-chain community, which is now like a $4 trillion market. And -- so we're very, very early, and it feels to me that it's breaking exactly how we were hoping and that the next three or four years with this administration should really allow us to scale in the way we were hoping.

他們只是沒有像我們一樣進行所有的投資，這些投資使我們在市場發展過程中處於有利地位，而對我們來說，這個市場始於鏈上社區，現在它是一個 4 兆美元的市場。而且——所以我們還處於非常非常早期的階段，我覺得它正在打破我們所希望的局面，並且在接下來的三到四年裡，在本屆政府的領導下，我們真的可以按照我們所希望的方式擴大規模。

Got it. Hey, thanks, guys.

知道了。嘿，謝謝大家。

Thank you.

謝謝。

Keith Housum, Northcoast Research.

基思‧豪瑟姆 (Keith Housum)，Northcoast Research。

Good afternoon, guys. Some of the questions with the acquisition. But I guess in terms of the current market environment, is there any regulatory or other changes that you need necessary in order to distribute the assets from Ceres in order to customers in order to help grow it?

大家下午好。有關收購的一些問題。但我想就當前的市場環境而言，是否需要進行任何監管或其他必要的變革，以便將 Ceres 的資產分配給客戶，從而幫助其發展？

No, there is not.

沒有。

Okay. And then secondly, this being a private assets 540-or-so farms, how is the mark-to-market done on a regular basis? And is that a cost that's going to change under your ownership?

好的。其次，作為一個擁有 540 個左右私人資產的農場，如何定期進行市價調整？在您的所有權下，這項成本會改變嗎？

Bryan?

布萊恩？

Yeah, the process won't change. They mark their farms every year. So they'll -- and break it down, they'll do a one quarter of the portfolio in the first quarter, one quarter of the portfolio in the second quarter, so on and so forth throughout the year.

是的，流程不會改變。他們每年都會標記他們的農場。因此，他們會 — — 將其分解，他們會在第一季完成四分之一的投資組合，在第二季度完成四分之一的投資組合，以此類推，直到全年完成。

Their prospectus lays out their procedure with respect to their appraisers that they use and the cadence with respect to the appraisers they can use. They can't use an appraiser for more than three years in a row and they have to change to another appraiser. But every property is appraised annually.

他們的招股說明書列出了他們所使用的評估師的程序以及他們可以使用的評估師的節奏。他們不能連續三年以上使用同一評估師，而且必須更換另一位評估師。但每處房產每年都會進行估價。

Got you. And I guess, last question. Are you, guys, also taking the private equity part of the company as well? And any thoughts on that going forward?

明白了。我想這是最後一個問題了。你們也持有該公司的私募股權部分嗎？對此您有何想法？

Repeat that question, I'm sorry?

重複一下這個問題，對不起？

Yeah, there are some other like private equity investments they have or some investments in some individual companies outside of farmland within Ceres Partners. Is that being acquired as well? Or is that not included?

是的，他們還有一些其他的投資，例如私募股權投資，或是對 Ceres Partners 旗下農地以外的一些個別公司進行投資。那也被收購了嗎？或不包括在內？

Bryan?

布萊恩？

It's not Ceres partners will continue to manage it, but the economics will stay with the former sellers. One strategy that is PE related is their water strategy and that will fall under our roof, and we will retain the economics there. But as it relates to the two funds, it had a $20 million to $40 million of AUM within those two PE funds, the economics don't stay with us.

Ceres 的合作夥伴不會繼續管理它，但經濟將由原來的賣家負責。與 PE 相關的一項策略是他們的水資源策略，該策略將由我們負責，我們將保留那裡的經濟。但就這兩檔基金而言，這兩隻 PE 基金的資產管理規模為 2,000 萬至 4,000 萬美元，其經濟效益與我們並不相符。

Great. Thank you.

偉大的。謝謝。

Thank you. There are no further questions at this time. I'd like to hand the floor back over to management for any closing comments.

謝謝。目前沒有其他問題。我想將發言權交還給管理階層，請他們發表最後評論。

Thank you. So just a closing thought here. When I was launching WisdomTree, my pitch to the fantastic Michael Steinhardt to the incredible Jeremy Siegel and to the legendary Jim Robinson was I thought I knew how to thrive in a vanguard world, recognizing the importance of after fee, after-tax performance, recognizing the fee compression that the industry was facing and would continue to face in the coming decades.

謝謝。這裡只是最後的想法。當我創辦 WisdomTree 時，我向出色的邁克爾·斯坦哈特 (Michael Steinhardt)、不可思議的傑里米·西格爾 (Jeremy Siegel) 和傳奇人物吉姆·羅賓遜 (Jim Robinson) 推銷說，我認為我知道如何在一個先鋒的世界中茁壯成長，認識到扣除費用和稅後業績的重要性，認識到該行業正在面臨在未來幾十年面臨壓縮行業的未來費用並將相應行業的重要性，認識到該行業正在面臨在未來幾十年。

At WisdomTree, we did that by embracing the ETF wrapper before Vanguard and other traditional asset managers got serious about ETFs. And by using proprietary self-indexing strategies and active funds, we weren't competing solely on commoditized exposures. Today, another way to thrive in a vanguard world is to invest where there is no beta. And in farmland, there is no beta. Plus, we are buying the Michael Steinhardt of farmland investing.

在 WisdomTree，我們在 Vanguard 和其他傳統資產管理公司認真對待 ETF 之前就採用了 ETF 包裝。透過使用專有的自我索引策略和主動基金，我們不僅僅在商品化風險上競爭。如今，在先鋒世界中蓬勃發展的另一種方式是在沒有貝塔係數的地方進行投資。而在農田中，沒有β。此外，我們也收購了農地投資領域的 Michael Steinhardt。

Lastly, Ceres is the best investor in this asset class. So we are embracing this acquisition. We could not be more proud to be entering this space. We will be in this space for as long as we're in asset management and we look forward in the coming quarters to give you updates on our progress.

最後，Ceres 是該資產類別中最好的投資者。因此，我們歡迎這次收購。我們非常自豪能夠進入這個領域。只要我們從事資產管理，我們就會一直從事這一領域，我們期待在未來幾季向您通報我們的進展。

So thank you for joining us on this call.

非常感謝您參加這次電話會議。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。現在您可以斷開線路。感謝您的參與。