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DE 13-3487784 250 West 34th Street 3rd Floor New York NY 10119 212 801-2080 Common Stock, $0.01 par value WT NYSE Yes Yes Large Accelerated Filer false false false 152941267 221452000 145242000 625505000 311732000 56878000 99480000 65237000 107117000 55633000 55432000 66112000 64452000 1262000 8649000 7338000 1320000 1723000 768085000 492362000 401000 431000 6689000 9803000 28623000 29075000 2326000 2764000 228624000 228624000 747954000 748957000 1126000 925000 1783828000 1512941000 74910000 149604000 34465000 29448000 19132000 52435000 14176000 13940000 2295000 1498000 1614000 23948000 32720000 168129000 282056000 1125434000 804203000 14406000 11844000 841000 1166000 1308810000 1099269000 0.01 0.01 2000000 2000000 0.01 0.01 400000000 400000000 152439000 152439000 140713000 140713000 1524000 1407000 279000000 189244000 1069000 2227000 193425000 220794000 475018000 413672000 1783828000 1512941000 134880000 99549000 5231000 2955000 16404000 8533000 159470000 108082000 47517000 33788000 24880000 20714000 5392000 4813000 4197000 4137000 3308000 2782000 1935000 1482000 2096000 540000 5795000 3112000 1933000 3067000 2552000 100120000 73920000 59350000 34162000 11023000 5441000 2592000 1897000 -62302000 -2562000 -637000 -250000 -14582000 30368000 8549000 5739000 -23131000 24629000 -0.17 0.17 -0.17 0.17 138005000 142580000 138005000 146545000 0.03 0.03 -23131000 24629000 -1158000 1906000 -1158000 1906000 -24289000 26535000 140713000 1407000 189244000 2227000 220794000 413672000 2247000 22000 -22000 -41985 -41985 11000000 110000 148280000 148390000 1521000 15000 24948000 24963000 8431000 8431000 -1158000 -1158000 4238000 4238000 -23131000 -23131000 152439000 1524000 279000000 1069000 193425000 475018000 146102000 1461000 270303000 -1607000 129823000 399980000 2214000 22000 -22000 1282000 13000 12701000 12714000 6238000 6238000 1906000 1906000 4408000 4408000 24629000 24629000 147034000 1470000 263818000 299000 150044000 415631000 -23131000 24629000 -62302000 25348000 15373000 8431000 6238000 3395000 5835000 -2562000 2096000 540000 1154000 624000 -882000 -440000 456000 326000 -452000 316000 235000 455000 1410000 394000 -2572000 -4092000 1360000 1522000 -24825000 -14738000 -168000 295000 5224000 3150000 -33182000 -28056000 -459000 -325000 -6763000 -232000 17957000 6370000 6003000 980000 577000 28000 31000 45650000 388000 6000 38639000 -214000 302675000 24963000 12714000 4744000 4626000 12593000 603750000 1868000 258775000 -19208000 -1598000 2234000 313773000 -10818000 311732000 181191000 625505000 170373000 7659000 4042000 18448000 6412000 11000000 302675000 75000000 0.0325 275000000 0.0325 <div style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><span style="font-weight: bold">1. Organization and Description of Business</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">WisdomTree, Inc., through its subsidiaries in the U.S. and Europe (collectively, “WisdomTree” or the “Company”), is a global financial innovator, offering a diverse suite of exchange-traded products (“ETPs”), models and solutions, private market investments and digital asset-related products. Building on its heritage of innovation, the Company offers next-generation digital products and services related to tokenized real world assets and stablecoins, including tokenized mutual funds (“Digital Funds”), as well as its institutional platform, WisdomTree Connect, and blockchain-native digital wallet, WisdomTree Prime. We also have expanded into private assets through our acquisition of Ceres Partners, LLC, a leading U.S.-based alternative asset manager specializing in farmland investments. The Company has the following wholly-owned operating subsidiaries:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0" width="100%"><tbody><tr style="vertical-align: top"><td style="width: 31.5pt"></td> <td style="width: 18pt"><span style="font-family: Symbol">·</span></td> <td><i>WisdomTree Asset Management, Inc.</i> is a New York based investment adviser registered with the SEC, providing investment advisory and other management services to the WisdomTree Trust (“WTT”) and WisdomTree exchange-traded funds (“ETFs”). The WisdomTree ETFs are issued in the U.S. by WTT. WTT is a non-consolidated Delaware statutory trust registered with the SEC as an open-end management investment company. The Company has licensed to WTT the use of certain of its own indexes on an exclusive basis for the WisdomTree ETFs in the U.S.</td> </tr></tbody></table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0" width="100%"><tbody><tr style="vertical-align: top"><td style="width: 31.5pt"></td> <td style="width: 18pt"><span style="font-family: Symbol">·</span></td> <td><i>WisdomTree Management Jersey Limited </i>(“ManJer”) is a Jersey based management company providing management services to seven issuers (the “ManJer Issuers”) in respect of the ETPs issued and listed by the ManJer Issuers covering commodity, currency, cryptocurrency and leveraged-and-inverse strategies.</td> </tr></tbody></table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0" width="100%"><tbody><tr style="vertical-align: top"><td style="width: 31.5pt"></td> <td style="width: 18pt"><span style="font-family: Symbol">·</span></td> <td><i>WisdomTree Multi Asset Management Limited</i> (“WTMAML”) is a Jersey based management company providing management services to WisdomTree Multi Asset Issuer PLC (“WMAI”) in respect of the ETPs issued by WMAI. WMAI is a non-consolidated public limited company domiciled in Ireland.</td> </tr></tbody></table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0" width="100%"><tbody><tr style="vertical-align: top"><td style="width: 31.5pt"></td> <td style="width: 18pt"><span style="font-family: Symbol">·</span></td> <td><i>WisdomTree Management Limited</i> (“WML”) is an Ireland based management company providing management services to WisdomTree Issuer ICAV (“WTICAV”) in respect of the WisdomTree UCITS ETFs issued by WTICAV. WTICAV is a non-consolidated public limited company domiciled in Ireland.</td> </tr></tbody></table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0" width="100%"><tbody><tr style="vertical-align: top"><td style="width: 31.5pt"></td> <td style="width: 18pt"><span style="font-family: Symbol">·</span></td> <td><i>WisdomTree UK Limited</i> (“WTUK”) is a U.K. based company registered with the Financial Conduct Authority currently providing distribution and support services to ManJer, WTMAML and WML.</td> </tr></tbody></table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0" width="100%"><tbody><tr style="vertical-align: top"><td style="width: 31.5pt"></td> <td style="width: 18pt"><span style="font-family: Symbol">·</span></td> <td><i>WisdomTree Europe Limited</i> is a U.K. based company which is the legacy distributor of the WMAI ETPs and WisdomTree UCITS ETFs. These services are now provided directly by WTUK. WisdomTree Europe Limited is no longer regulated and does not provide any regulated services.</td> </tr></tbody></table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0" width="100%"><tbody><tr style="vertical-align: top"><td style="width: 31.5pt"></td> <td style="width: 18pt"><span style="font-family: Symbol">·</span></td> <td><i>WisdomTree Ireland Limited</i> (“WT Ireland”) is an Ireland based company authorized by the Central Bank of Ireland providing distribution services to ManJer, WTMAML and WML.</td> </tr></tbody></table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0" width="100%"><tbody><tr style="vertical-align: top"><td style="width: 31.5pt"></td> <td style="width: 18pt"><span style="font-family: Symbol">·</span></td> <td><i>WisdomTree Digital Commodity Services, LLC</i> is a New York based company that serves as the sponsor of the WisdomTree Bitcoin Fund, which is currently effective with the SEC. The WisdomTree Bitcoin Fund is an exchange-traded fund that issues common shares of beneficial interest and is listed on the Cboe BZX Exchange, Inc. The WisdomTree Bitcoin Fund provides exposure to the spot price of bitcoin.</td> </tr></tbody></table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0" width="100%"><tbody><tr style="vertical-align: top"><td style="width: 31.5pt"></td> <td style="width: 18pt"><span style="font-family: Symbol">·</span></td> <td><i>WisdomTree Digital Management, Inc.</i> (“WT Digital Management”) is a New York based investment adviser registered with the SEC, providing investment advisory and other management services to the WisdomTree Digital Trust (“WTDT”) and WisdomTree Digital Funds. The WisdomTree Digital Funds are issued in the U.S. by WTDT. WTDT is a non-consolidated Delaware statutory trust registered with the SEC as an open-end management investment company. Each Digital Fund uses a blockchain-integrated recordkeeping system to maintain a record of its shares on one or more blockchains (e.g., Stellar or Ethereum), but does not directly or indirectly invest in any assets that rely on blockchain technology, such as cryptocurrencies.</td> </tr></tbody></table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0" width="100%"><tbody><tr style="vertical-align: top"><td style="width: 31.5pt"></td> <td style="width: 18pt"><span style="font-family: Symbol">·</span></td> <td><i>WisdomTree Digital Movement, Inc. </i>(“WT Digital Movement”) is a New York based company operating as a money services business registered with the Financial Crimes Enforcement Network. WT Digital Movement has obtained state money transmitter licenses or the equivalent in all 50 states and the District of Columbia to operate a platform for the purchase, sale and exchange of tokenized assets, while also providing blockchain-native digital wallet services through WisdomTree Prime to facilitate such activity.</td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 6pt"></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0" width="100%"><tbody><tr style="vertical-align: top"><td style="width: 31.7pt"></td> <td style="width: 18pt"><span style="font-family: Symbol">·</span></td> <td><i>WisdomTree Securities, Inc. </i>is a New York based limited purpose broker-dealer (i.e., mutual fund retailer) registered with the SEC and a member of FINRA, facilitating transactions in WisdomTree Digital Funds and serving as the distributor for the WisdomTree Digital Funds. It is also authorized to sell shares of registered funds, including the WisdomTree Digital Funds, from its own inventory as principal.</td> </tr></tbody></table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0" width="100%"><tbody><tr style="vertical-align: top"><td style="width: 31.5pt"></td> <td style="width: 18pt"><span style="font-family: Symbol">·</span></td> <td><i>WisdomTree Transfers, Inc.</i> is a New York based transfer agent registered with the SEC, providing transfer agency and registrar services for the Digital Funds. The transfer agent uses a blockchain-integrated recordkeeping system for the ownership of WisdomTree Digital Fund shares.</td> </tr></tbody></table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0" width="100%"><tbody><tr style="vertical-align: top"><td style="width: 31.5pt"></td> <td style="width: 18pt"><span style="font-family: Symbol">·</span></td> <td><i>WisdomTree Digital Trust Company, LLC</i> is a New York based limited liability trust company that has been formed to operate as a limited purpose trust company under New York Banking Law and is licensed to engage in virtual currency business activity by the New York State Department of Financial Services.</td> </tr></tbody></table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0" width="100%"><tbody><tr style="vertical-align: top"><td style="width: 31.5pt"></td> <td style="width: 18pt"><span style="font-family: Symbol">·</span></td> <td><i>Ceres Partners, LLC</i> (“Ceres”) is an Indiana based investment adviser registered with the SEC, providing investment advisory and other management services to Ceres Farms, LLC (“Ceres Farms”), an open-ended investment fund whose objective is to generate attractive total return through the acquisition and management of farmland primarily in the midwestern U.S.</td> </tr></tbody></table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0" width="100%"><tbody><tr style="vertical-align: top"><td style="width: 31.5pt"></td> <td style="width: 18pt"><span style="font-family: Symbol">·</span></td> <td><i>Ceres Securities, LLC</i> is an Indiana based limited purpose broker-dealer registered with the SEC and a member of FINRA, that operates as a placement agent for Ceres Farms, earning placement fees on sales of interests to investors it introduces.</td> </tr></tbody></table></div> <div style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><span style="font-weight: bold">2. Significant Accounting Policies </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Basis of Presentation </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">These consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and in the opinion of management reflect all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the financial statements. The consolidated financial statements include the accounts of the Company’s wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt">The financial results of Ceres are included in the Company’s consolidated financial statements since the acquisition date, October 1, 2025 (See Note 3).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Consolidation </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">The Company consolidates entities in which it has a controlling financial interest. The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity (“VOE”) or a variable interest entity (“VIE”). The usual condition for a controlling financial interest in a VOE is ownership of a majority voting interest. If the Company has a majority voting interest in a VOE, the entity is consolidated. The Company has a controlling financial interest in a VIE when the Company has a variable interest that provides it with (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">The Company reassesses its evaluation of whether an entity is a VOE or VIE when certain reconsideration events occur.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Segment and Geographic Information </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt"> The Company, through its subsidiaries in the U.S. and Europe, is a global financial innovator, offering a diverse suite of ETPs, models and solutions, private market investments and digital asset-related products. The Company conducts business as a single operating segment as an ETP sponsor and asset manager, which is based upon the Company’s current organizational and management structure, as well as information used by the Company’s <span style="-sec-ix-hidden:fc_98176106">Chief Executive Officer</span> (the chief operating decision maker, or CODM) to allocate resources and other factors. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Foreign Currency Translation </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">Assets and liabilities of subsidiaries whose functional currency is not the U.S. dollar are translated based on the end of period exchange rates from local currency to U.S. dollars. Results of operations are translated at the average exchange rates in effect during the period. The impact of the foreign currency translation adjustment is included in the Consolidated Statements of Comprehensive Income as a component of other comprehensive (loss)/income.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Use of Estimates </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt">The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the balance sheet dates and the reported amounts of revenues and expenses for the periods presented. Actual results could differ materially from those estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Revenue Recognition </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt"><i>Advisory Fees</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">The Company earns a significant portion of its revenues in the form of advisory fees from its ETPs and recognizes this revenue over time, as the performance obligation is satisfied. Advisory fees are based on a percentage of the ETPs’ average daily net assets. Progress is measured using the practical expedient under the output method resulting in the recognition of revenue in the amount for which the Company has a right to invoice.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt"><i>Management and Performance Fees - Ceres</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">The Company earns management fees in exchange for Ceres providing investment advisory and other management services to Ceres Farms. Management fees are generally calculated as a stated percentage of members’ capital account balances as of the last day of each calendar quarter, subject to adjustment for any contractual waivers as well as contributions and redemptions arising in any particular quarter. Management fees are recognized as revenue over time, as the performance obligation is satisfied.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">Performance fees represent variable consideration and are earned based on a specified percentage of Ceres Farms’ net profits, subject to contractual fee waivers, high-water marks and loss recovery requirements. Performance fees are earned only after members have recovered prior losses and applicable thresholds have been met. Performance fee revenues are recognized when it is probable that a significant reversal of cumulative revenues recognized will not occur, which generally occurs upon the determination of fund profits that are no longer subject to claw back or reversal under the governing agreements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt"><i>Other Revenues</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">Other revenues are earned from swap providers associated with certain of the Company’s European listed ETPs, the nature of which are based on a percentage of the ETPs’ average daily net assets. The Company also earns transaction-based income on flows associated with certain European listed ETPs. There is no significant judgment in calculating amounts due, which are invoiced monthly or quarterly in arrears and are not subject to any potential reversal. Progress is measured using the practical expedient under the output method resulting in the recognition of revenue in the amount for which the Company has a right to invoice.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Marketing and Advertising </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">Marketing and advertising costs, including media advertising and production costs, are expensed when incurred.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Depreciation and Amortization </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; text-indent: 22.5pt">Depreciation and amortization is provided for using the straight-line method over the estimated useful lives of the related assets as follows:</p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 50%; margin-left: 1in"> <tbody><tr style="background-color: rgb(204,238,255)"><td style="font-size: 10pt; text-indent: -12pt; padding-left: 12pt; width: 89%"><span style="font-size: 10pt">Intangible assets—Ceres Acquisition (Note <span>21</span>)</span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right; width: 10%"><span style="font-size: 10pt">25 years</span></td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-size: 10pt; text-indent: -12pt; padding-left: 12pt"><span style="font-size: 10pt">Equipment</span></td> <td><span style="font-size: 10pt"> </span></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><span style="font-size: 10pt">3 to 5 years</span></td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-size: 10pt; text-indent: -12pt; padding-left: 12pt"><span style="font-size: 10pt">Internally-developed software</span></td> <td><span style="font-size: 10pt"> </span></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><span style="font-size: 10pt">3 years</span></td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">The assets listed above are recorded at cost, less accumulated depreciation and amortization.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Stock-Based Awards </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">Accounting for stock-based compensation requires the measurement and recognition of compensation expense for all equity awards based on estimated fair values. Stock-based compensation is measured based on the grant-date fair value of the award and is amortized over the relevant service period. Forfeitures are recognized when they occur.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Third-Party Distribution Fees </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">The Company pays a percentage of its advisory fee revenues based on incremental growth in assets under management (“AUM”), subject to caps or minimums, to marketing agents to sell WisdomTree ETPs and for including WisdomTree ETPs on third-party customer platforms and recognizes these expenses as incurred.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Cash, Cash Equivalents and Restricted Cash </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt"> The Company considers all highly liquid investments with an original maturity of 90 days or less at the time of purchase, <span>as well as certain digital assets that are readily convertible into known amounts of cash and subject to insignificant risk of changes in value (including USD Coin (“USDC</span>”) and WisdomTree Dollar Token (“USDW”), to be classified as cash equivalents. The Company maintains deposits with financial institutions in an amount that is in excess of federally insured limits. Restricted cash is required to be maintained in a separate account with withdrawal and usage restrictions. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Accounts Receivable</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt">Accounts receivable are customer and other obligations due under normal trade terms. The Company measures credit losses, if any, by applying historical loss rates, adjusted for current conditions and reasonable and supportable forecasts to amounts outstanding using the aging method.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Impairment of Long-Lived Assets </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">The Company performs a review for the impairment of long-lived assets when events or changes in circumstances indicate that the estimated undiscounted future cash flows expected to be generated by the assets are less than their carrying amounts or when other events occur which may indicate that the carrying amount of an asset may not be recoverable.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Financial Instruments Owned (at Fair Value)</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">Financial instruments owned are financial instruments classified as either trading or available-for-sale (“AFS”). These financial instruments are recorded on their trade date and are measured at fair value. All equity instruments that have readily determinable fair values are classified by the Company as trading. Debt instruments are classified based primarily on the Company’s intent to hold or sell the instrument. Changes in the fair value of debt instruments classified as trading and AFS are reported in other income/(expenses) and other comprehensive income, respectively, in the period the change occurs. Debt instruments classified as AFS are assessed for impairment on a quarterly basis and an estimate for credit loss is provided when the fair value of the AFS debt instrument is below its amortized cost basis. Credit-related impairments are recognized in earnings with a corresponding adjustment to the instrument’s amortized cost basis if the Company intends to sell the impaired AFS debt instrument or it is more likely than not the Company will be required to sell the instrument before recovering its amortized cost basis. Other credit-related impairments are recognized as an allowance with a corresponding adjustment to earnings. Impairments resulting from noncredit-related factors are recognized in other comprehensive income. Amounts recorded in other comprehensive income are reclassified into earnings upon sale of the AFS debt instrument using the specific identification method.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Investments </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">The Company accounts for equity investments that do not have a readily determinable fair value under the measurement alternative prescribed in Accounting Standards Codification (“ASC”) Topic 321, <i>Investments – Equity Securities</i> (“ASC 321”), to the extent such investments are not subject to consolidation or the equity method. Under the measurement alternative, these financial instruments are carried at cost, less any impairment (assessed quarterly), plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. In addition, income is recognized when dividends are received only to the extent they are distributed from net accumulated earnings of the investee. Otherwise, such distributions are considered returns of investment and are recorded as a reduction of the cost of the investment.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">Investments in debt instruments are accounted for at fair value, with changes in fair value reported in other income/(expenses).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Goodwill </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">Goodwill is the excess of the purchase price over the fair values of the identifiable net assets at the acquisition date. The Company tests goodwill for impairment at least annually and at the time of a triggering event requiring re-evaluation, if one were to occur. Goodwill is considered impaired when the estimated fair value of the reporting unit that was allocated the goodwill is less than its carrying value. If the estimated fair value of such reporting unit is less than its carrying value, goodwill impairment is recognized based on that difference, not to exceed the carrying amount of goodwill. A reporting unit is an operating segment or a component of an operating segment provided that the component constitutes a business for which discrete financial information is available and management regularly reviews the operating results of that component.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt">The Company tests goodwill for impairment at the reporting unit level and has determined that it has a single reporting unit, consistent with its single operating segment. Goodwill is assessed for impairment annually on November 30<span style="font-size: 8pt">^th</span>. When performing its goodwill impairment test, the Company considers a qualitative assessment, when appropriate, and a quantitative assessment using the market approach and its market capitalization when determining the fair value of the reporting unit.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Intangible Assets </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">Indefinite-lived intangible assets are tested for impairment at least annually and are also reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Indefinite-lived intangible assets are impaired if their estimated fair values are less than their carrying values.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">Finite-lived intangible assets, if any, are amortized over their estimated useful life, which is the period over which the assets are expected to contribute directly or indirectly to the future cash flows of the Company. These intangible assets are tested for impairment at the time of a triggering event, if one were to occur. Finite-lived intangible assets may be impaired when the estimated undiscounted future cash flows generated from the assets are less than their carrying amounts.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt">The Company may rely on a qualitative assessment when performing its intangible asset impairment test. Otherwise, the impairment evaluation is performed at the lowest level of reasonably identifiable cash flows independent of other assets. The annual impairment testing date for all of the Company’s intangible assets is November 30<span style="font-size: 8pt">^th</span>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Software Development Costs</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">Software development costs incurred after the preliminary project stage is complete are capitalized if it is probable that the project will be completed and the software will be used as intended. Capitalized costs consist of employee compensation costs and fees paid to third parties who are directly involved in the application development efforts and are included in intangible assets, net in the Consolidated Balance Sheets. Such costs are amortized over the estimated useful life of the software on a straight-line basis and are included in depreciation and amortization in the Consolidated Statements of Operations. Once the application development stage is complete, additional costs are expensed as incurred.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Leases</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">The Company accounts for its lease obligations in accordance with ASC Topic 842, <i>Leases</i> (“ASC 842”), which requires the recognition of both (i) a lease liability equal to the present value of the remaining lease payments and (ii) an offsetting right-of-use asset. The remaining lease payments are discounted using the rate implicit in the lease, if known, or otherwise the Company’s incremental borrowing rate. After lease commencement, right-of-use assets are assessed for impairment and otherwise are amortized over the remaining lease term on a straight-line basis. These recognition requirements are not applied to short-term leases, which are those with a lease term of 12 months or less. Instead, lease payments associated with short-term leases are recognized as an expense on a straight-line basis over the lease term.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">ASC 842 also provides a practical expedient which allows for consideration in a contract to be accounted for as a single lease component rather than allocated between lease and non-lease components. The Company has elected to apply this practical expedient to all lease contracts, where applicable.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Convertible Notes </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">Convertible notes are carried at amortized cost, net of issuance costs. The Company accounts for convertible instruments as a single liability (applicable to the convertible notes) or equity with no separate accounting for embedded conversion features unless the conversion feature meets the criteria for accounting under the substantial premium model or does not qualify for a derivative scope exception. Interest expense is recognized using the effective interest method and includes amortization of issuance costs over the life of the debt.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Acquisition-related Costs</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">The Company accounts for business combinations in accordance with ASC Topic 805, <i>Business Combinations</i> (“ASC 805”), with acquisitions recorded using the acquisition method. Transaction costs associated with acquisitions are expensed as incurred.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Contingencies</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">The Company may be subject to reviews, inspections and investigations by regulatory authorities as well as legal proceedings arising in the ordinary course of business. The Company evaluates the likelihood of an unfavorable outcome of all legal or regulatory proceedings to which it is a party and accrues a loss contingency when the loss is probable and reasonably estimable.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Contingent Payments</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">The Company recognizes a gain on contingent payments when the contingency is resolved and the gain is realized.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Earnings per Share</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">Basic earnings per share (“EPS”) is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Net income available to common stockholders represents net income of the Company reduced by an allocation of earnings to participating securities, as well as the loss related to the repurchase of the Series A Non-Voting Convertible Preferred Stock (the “Series A Preferred Stock”) and excise tax on stock repurchases. The Series A Preferred Stock, the Series C Non-Voting Convertible Preferred Stock (the “Series C Preferred Stock”) and unvested share-based payment awards that contained non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) were participating securities while they were outstanding and were included in the computation of EPS pursuant to the two-class method. Share-based payment awards that do not contain such rights are not deemed participating securities and are included in diluted shares outstanding (if dilutive).</p><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt">Diluted EPS is calculated under the treasury stock method and the two-class method. The calculation that results in the lowest diluted EPS amount for the common stock is reported in the Company’s consolidated financial statements. The treasury stock method includes the dilutive effect of potential common shares including unvested stock-based awards, the Series A Preferred Stock, the Series C Preferred Stock and the convertible notes, if any. Potential common shares associated with the Series A Preferred Stock, the Series C Preferred Stock and the convertible notes were computed under the if-converted method. Potential common shares associated with the conversion option embedded in the convertible notes are dilutive when the Company’s average stock price exceeds the conversion price.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Income Taxes </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">The Company accounts for income taxes using the liability method, which requires the determination of deferred tax assets and liabilities based on the differences between the financial and tax bases of assets and liabilities using the enacted tax rates in effect for the year in which differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more-likely-than-not that some portion or all the deferred tax assets will not be realized.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt"> Tax positions are evaluated utilizing a two-step process. The Company first determines whether any of its tax positions are more-likely-than-not to be sustained upon examination, based solely on the technical merits of the position. Once it is determined that a position meets this recognition threshold, the position is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. The Company records interest expense and penalties related to tax expenses as income tax expense. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">The Global Intangible Low-Taxed Income (“GILTI”) provisions of the Tax Reform Act requires the Company to include in its U.S. income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. An accounting policy election is available to either account for the tax effects of GILTI in the period that is subject to such taxes or to provide deferred taxes for book and tax basis differences that upon reversal may be subject to such taxes. The Company accounts for the tax effects of these provisions in the period that is subject to such tax.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt">Non-income based taxes are recorded as part of other liabilities and other expenses. Excise taxes on stock repurchases are accounted for as a direct cost of the share repurchase transaction and reported as a reduction of stockholders’ equity.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Recently Issued Accounting Pronouncements</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt">On September 18, 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-06, <i>Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software</i>, which clarifies and modernizes the accounting for costs related to internal-use software. The guidance removes all references to project stages in prior guidance, clarifies the threshold entities apply to begin capitalizing costs and adds more detail to disclosure requirements. The guidance is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. The Company does not anticipate this standard to have a material impact on its financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt">On November 4, 2024, the FASB issued ASU 2024-03, <i>Reporting Comprehensive Income—Expense Disaggregation Disclosures</i>, which requires additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company does not anticipate this standard to have a material impact on its financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt">On November 26, 2024, the FASB issued ASU 2024-04, <i>Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments</i> which clarifies the requirements related to accounting for the settlement of a debt instrument as an induced conversion. Transactions within the scope of this guidance require the fair value of consideration transferred in excess of the carrying amount of the converted debt to be recognized as an expense in the period of conversion, with the remaining consideration recognized as a reduction to equity. The guidance is effective for annual reporting periods beginning after December 15, 2025 (and interim reporting periods within those annual reporting periods). The Company adopted this guidance during the current quarter, and the impact of the adoption has been reflected in the financial statements and related disclosures.</p></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Basis of Presentation </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">These consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and in the opinion of management reflect all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the financial statements. The consolidated financial statements include the accounts of the Company’s wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt">The financial results of Ceres are included in the Company’s consolidated financial statements since the acquisition date, October 1, 2025 (See Note 3).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Consolidation </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">The Company consolidates entities in which it has a controlling financial interest. The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity (“VOE”) or a variable interest entity (“VIE”). The usual condition for a controlling financial interest in a VOE is ownership of a majority voting interest. If the Company has a majority voting interest in a VOE, the entity is consolidated. The Company has a controlling financial interest in a VIE when the Company has a variable interest that provides it with (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">The Company reassesses its evaluation of whether an entity is a VOE or VIE when certain reconsideration events occur.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Segment and Geographic Information </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt"> The Company, through its subsidiaries in the U.S. and Europe, is a global financial innovator, offering a diverse suite of ETPs, models and solutions, private market investments and digital asset-related products. The Company conducts business as a single operating segment as an ETP sponsor and asset manager, which is based upon the Company’s current organizational and management structure, as well as information used by the Company’s <span style="-sec-ix-hidden:fc_98176106">Chief Executive Officer</span> (the chief operating decision maker, or CODM) to allocate resources and other factors. </p> The Company conducts business as a single operating segment as an ETP sponsor and asset manager, which is based upon the Company’s current organizational and management structure, as well as information used by the Company’s Chief Executive Officer (the chief operating decision maker, or CODM) to allocate resources and other factors. <p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Foreign Currency Translation </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">Assets and liabilities of subsidiaries whose functional currency is not the U.S. dollar are translated based on the end of period exchange rates from local currency to U.S. dollars. Results of operations are translated at the average exchange rates in effect during the period. The impact of the foreign currency translation adjustment is included in the Consolidated Statements of Comprehensive Income as a component of other comprehensive (loss)/income.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Use of Estimates </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt">The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the balance sheet dates and the reported amounts of revenues and expenses for the periods presented. Actual results could differ materially from those estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Revenue Recognition </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt"><i>Advisory Fees</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">The Company earns a significant portion of its revenues in the form of advisory fees from its ETPs and recognizes this revenue over time, as the performance obligation is satisfied. Advisory fees are based on a percentage of the ETPs’ average daily net assets. Progress is measured using the practical expedient under the output method resulting in the recognition of revenue in the amount for which the Company has a right to invoice.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt"><i>Management and Performance Fees - Ceres</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">The Company earns management fees in exchange for Ceres providing investment advisory and other management services to Ceres Farms. Management fees are generally calculated as a stated percentage of members’ capital account balances as of the last day of each calendar quarter, subject to adjustment for any contractual waivers as well as contributions and redemptions arising in any particular quarter. Management fees are recognized as revenue over time, as the performance obligation is satisfied.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">Performance fees represent variable consideration and are earned based on a specified percentage of Ceres Farms’ net profits, subject to contractual fee waivers, high-water marks and loss recovery requirements. Performance fees are earned only after members have recovered prior losses and applicable thresholds have been met. Performance fee revenues are recognized when it is probable that a significant reversal of cumulative revenues recognized will not occur, which generally occurs upon the determination of fund profits that are no longer subject to claw back or reversal under the governing agreements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt"><i>Other Revenues</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">Other revenues are earned from swap providers associated with certain of the Company’s European listed ETPs, the nature of which are based on a percentage of the ETPs’ average daily net assets. The Company also earns transaction-based income on flows associated with certain European listed ETPs. There is no significant judgment in calculating amounts due, which are invoiced monthly or quarterly in arrears and are not subject to any potential reversal. Progress is measured using the practical expedient under the output method resulting in the recognition of revenue in the amount for which the Company has a right to invoice.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Marketing and Advertising </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">Marketing and advertising costs, including media advertising and production costs, are expensed when incurred.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Depreciation and Amortization </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; text-indent: 22.5pt">Depreciation and amortization is provided for using the straight-line method over the estimated useful lives of the related assets as follows:</p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 50%; margin-left: 1in"> <tbody><tr style="background-color: rgb(204,238,255)"><td style="font-size: 10pt; text-indent: -12pt; padding-left: 12pt; width: 89%"><span style="font-size: 10pt">Intangible assets—Ceres Acquisition (Note <span>21</span>)</span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right; width: 10%"><span style="font-size: 10pt">25 years</span></td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-size: 10pt; text-indent: -12pt; padding-left: 12pt"><span style="font-size: 10pt">Equipment</span></td> <td><span style="font-size: 10pt"> </span></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><span style="font-size: 10pt">3 to 5 years</span></td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-size: 10pt; text-indent: -12pt; padding-left: 12pt"><span style="font-size: 10pt">Internally-developed software</span></td> <td><span style="font-size: 10pt"> </span></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><span style="font-size: 10pt">3 years</span></td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">The assets listed above are recorded at cost, less accumulated depreciation and amortization.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; text-indent: 22.5pt">Depreciation and amortization is provided for using the straight-line method over the estimated useful lives of the related assets as follows:</p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 50%; margin-left: 1in"> <tbody><tr style="background-color: rgb(204,238,255)"><td style="font-size: 10pt; text-indent: -12pt; padding-left: 12pt; width: 89%"><span style="font-size: 10pt">Intangible assets—Ceres Acquisition (Note <span>21</span>)</span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right; width: 10%"><span style="font-size: 10pt">25 years</span></td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-size: 10pt; text-indent: -12pt; padding-left: 12pt"><span style="font-size: 10pt">Equipment</span></td> <td><span style="font-size: 10pt"> </span></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><span style="font-size: 10pt">3 to 5 years</span></td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-size: 10pt; text-indent: -12pt; padding-left: 12pt"><span style="font-size: 10pt">Internally-developed software</span></td> <td><span style="font-size: 10pt"> </span></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><span style="font-size: 10pt">3 years</span></td> </tr></tbody> </table> P25Y P3Y P5Y P3Y <p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Stock-Based Awards </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">Accounting for stock-based compensation requires the measurement and recognition of compensation expense for all equity awards based on estimated fair values. Stock-based compensation is measured based on the grant-date fair value of the award and is amortized over the relevant service period. Forfeitures are recognized when they occur.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Third-Party Distribution Fees </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">The Company pays a percentage of its advisory fee revenues based on incremental growth in assets under management (“AUM”), subject to caps or minimums, to marketing agents to sell WisdomTree ETPs and for including WisdomTree ETPs on third-party customer platforms and recognizes these expenses as incurred.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Cash, Cash Equivalents and Restricted Cash </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt"> The Company considers all highly liquid investments with an original maturity of 90 days or less at the time of purchase, <span>as well as certain digital assets that are readily convertible into known amounts of cash and subject to insignificant risk of changes in value (including USD Coin (“USDC</span>”) and WisdomTree Dollar Token (“USDW”), to be classified as cash equivalents. The Company maintains deposits with financial institutions in an amount that is in excess of federally insured limits. Restricted cash is required to be maintained in a separate account with withdrawal and usage restrictions. </p> P90D <p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Accounts Receivable</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt">Accounts receivable are customer and other obligations due under normal trade terms. The Company measures credit losses, if any, by applying historical loss rates, adjusted for current conditions and reasonable and supportable forecasts to amounts outstanding using the aging method.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Impairment of Long-Lived Assets </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">The Company performs a review for the impairment of long-lived assets when events or changes in circumstances indicate that the estimated undiscounted future cash flows expected to be generated by the assets are less than their carrying amounts or when other events occur which may indicate that the carrying amount of an asset may not be recoverable.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Financial Instruments Owned (at Fair Value)</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">Financial instruments owned are financial instruments classified as either trading or available-for-sale (“AFS”). These financial instruments are recorded on their trade date and are measured at fair value. All equity instruments that have readily determinable fair values are classified by the Company as trading. Debt instruments are classified based primarily on the Company’s intent to hold or sell the instrument. Changes in the fair value of debt instruments classified as trading and AFS are reported in other income/(expenses) and other comprehensive income, respectively, in the period the change occurs. Debt instruments classified as AFS are assessed for impairment on a quarterly basis and an estimate for credit loss is provided when the fair value of the AFS debt instrument is below its amortized cost basis. Credit-related impairments are recognized in earnings with a corresponding adjustment to the instrument’s amortized cost basis if the Company intends to sell the impaired AFS debt instrument or it is more likely than not the Company will be required to sell the instrument before recovering its amortized cost basis. Other credit-related impairments are recognized as an allowance with a corresponding adjustment to earnings. Impairments resulting from noncredit-related factors are recognized in other comprehensive income. Amounts recorded in other comprehensive income are reclassified into earnings upon sale of the AFS debt instrument using the specific identification method.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Investments </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">The Company accounts for equity investments that do not have a readily determinable fair value under the measurement alternative prescribed in Accounting Standards Codification (“ASC”) Topic 321, <i>Investments – Equity Securities</i> (“ASC 321”), to the extent such investments are not subject to consolidation or the equity method. Under the measurement alternative, these financial instruments are carried at cost, less any impairment (assessed quarterly), plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. In addition, income is recognized when dividends are received only to the extent they are distributed from net accumulated earnings of the investee. Otherwise, such distributions are considered returns of investment and are recorded as a reduction of the cost of the investment.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">Investments in debt instruments are accounted for at fair value, with changes in fair value reported in other income/(expenses).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Goodwill </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">Goodwill is the excess of the purchase price over the fair values of the identifiable net assets at the acquisition date. The Company tests goodwill for impairment at least annually and at the time of a triggering event requiring re-evaluation, if one were to occur. Goodwill is considered impaired when the estimated fair value of the reporting unit that was allocated the goodwill is less than its carrying value. If the estimated fair value of such reporting unit is less than its carrying value, goodwill impairment is recognized based on that difference, not to exceed the carrying amount of goodwill. A reporting unit is an operating segment or a component of an operating segment provided that the component constitutes a business for which discrete financial information is available and management regularly reviews the operating results of that component.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt">The Company tests goodwill for impairment at the reporting unit level and has determined that it has a single reporting unit, consistent with its single operating segment. Goodwill is assessed for impairment annually on November 30<span style="font-size: 8pt">^th</span>. When performing its goodwill impairment test, the Company considers a qualitative assessment, when appropriate, and a quantitative assessment using the market approach and its market capitalization when determining the fair value of the reporting unit.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Intangible Assets </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">Indefinite-lived intangible assets are tested for impairment at least annually and are also reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Indefinite-lived intangible assets are impaired if their estimated fair values are less than their carrying values.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">Finite-lived intangible assets, if any, are amortized over their estimated useful life, which is the period over which the assets are expected to contribute directly or indirectly to the future cash flows of the Company. These intangible assets are tested for impairment at the time of a triggering event, if one were to occur. Finite-lived intangible assets may be impaired when the estimated undiscounted future cash flows generated from the assets are less than their carrying amounts.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt">The Company may rely on a qualitative assessment when performing its intangible asset impairment test. Otherwise, the impairment evaluation is performed at the lowest level of reasonably identifiable cash flows independent of other assets. The annual impairment testing date for all of the Company’s intangible assets is November 30<span style="font-size: 8pt">^th</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Software Development Costs</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">Software development costs incurred after the preliminary project stage is complete are capitalized if it is probable that the project will be completed and the software will be used as intended. Capitalized costs consist of employee compensation costs and fees paid to third parties who are directly involved in the application development efforts and are included in intangible assets, net in the Consolidated Balance Sheets. Such costs are amortized over the estimated useful life of the software on a straight-line basis and are included in depreciation and amortization in the Consolidated Statements of Operations. Once the application development stage is complete, additional costs are expensed as incurred.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Leases</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">The Company accounts for its lease obligations in accordance with ASC Topic 842, <i>Leases</i> (“ASC 842”), which requires the recognition of both (i) a lease liability equal to the present value of the remaining lease payments and (ii) an offsetting right-of-use asset. The remaining lease payments are discounted using the rate implicit in the lease, if known, or otherwise the Company’s incremental borrowing rate. After lease commencement, right-of-use assets are assessed for impairment and otherwise are amortized over the remaining lease term on a straight-line basis. These recognition requirements are not applied to short-term leases, which are those with a lease term of 12 months or less. Instead, lease payments associated with short-term leases are recognized as an expense on a straight-line basis over the lease term.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">ASC 842 also provides a practical expedient which allows for consideration in a contract to be accounted for as a single lease component rather than allocated between lease and non-lease components. The Company has elected to apply this practical expedient to all lease contracts, where applicable.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Convertible Notes </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">Convertible notes are carried at amortized cost, net of issuance costs. The Company accounts for convertible instruments as a single liability (applicable to the convertible notes) or equity with no separate accounting for embedded conversion features unless the conversion feature meets the criteria for accounting under the substantial premium model or does not qualify for a derivative scope exception. Interest expense is recognized using the effective interest method and includes amortization of issuance costs over the life of the debt.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Acquisition-related Costs</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">The Company accounts for business combinations in accordance with ASC Topic 805, <i>Business Combinations</i> (“ASC 805”), with acquisitions recorded using the acquisition method. Transaction costs associated with acquisitions are expensed as incurred.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Contingencies</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">The Company may be subject to reviews, inspections and investigations by regulatory authorities as well as legal proceedings arising in the ordinary course of business. The Company evaluates the likelihood of an unfavorable outcome of all legal or regulatory proceedings to which it is a party and accrues a loss contingency when the loss is probable and reasonably estimable.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Contingent Payments</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">The Company recognizes a gain on contingent payments when the contingency is resolved and the gain is realized.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Earnings per Share</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">Basic earnings per share (“EPS”) is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Net income available to common stockholders represents net income of the Company reduced by an allocation of earnings to participating securities, as well as the loss related to the repurchase of the Series A Non-Voting Convertible Preferred Stock (the “Series A Preferred Stock”) and excise tax on stock repurchases. The Series A Preferred Stock, the Series C Non-Voting Convertible Preferred Stock (the “Series C Preferred Stock”) and unvested share-based payment awards that contained non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) were participating securities while they were outstanding and were included in the computation of EPS pursuant to the two-class method. Share-based payment awards that do not contain such rights are not deemed participating securities and are included in diluted shares outstanding (if dilutive).</p><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt">Diluted EPS is calculated under the treasury stock method and the two-class method. The calculation that results in the lowest diluted EPS amount for the common stock is reported in the Company’s consolidated financial statements. The treasury stock method includes the dilutive effect of potential common shares including unvested stock-based awards, the Series A Preferred Stock, the Series C Preferred Stock and the convertible notes, if any. Potential common shares associated with the Series A Preferred Stock, the Series C Preferred Stock and the convertible notes were computed under the if-converted method. Potential common shares associated with the conversion option embedded in the convertible notes are dilutive when the Company’s average stock price exceeds the conversion price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Income Taxes </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">The Company accounts for income taxes using the liability method, which requires the determination of deferred tax assets and liabilities based on the differences between the financial and tax bases of assets and liabilities using the enacted tax rates in effect for the year in which differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more-likely-than-not that some portion or all the deferred tax assets will not be realized.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt"> Tax positions are evaluated utilizing a two-step process. The Company first determines whether any of its tax positions are more-likely-than-not to be sustained upon examination, based solely on the technical merits of the position. Once it is determined that a position meets this recognition threshold, the position is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. The Company records interest expense and penalties related to tax expenses as income tax expense. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">The Global Intangible Low-Taxed Income (“GILTI”) provisions of the Tax Reform Act requires the Company to include in its U.S. income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. An accounting policy election is available to either account for the tax effects of GILTI in the period that is subject to such taxes or to provide deferred taxes for book and tax basis differences that upon reversal may be subject to such taxes. The Company accounts for the tax effects of these provisions in the period that is subject to such tax.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt">Non-income based taxes are recorded as part of other liabilities and other expenses. Excise taxes on stock repurchases are accounted for as a direct cost of the share repurchase transaction and reported as a reduction of stockholders’ equity.</p> 0.50 <p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Recently Issued Accounting Pronouncements</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt">On September 18, 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-06, <i>Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software</i>, which clarifies and modernizes the accounting for costs related to internal-use software. The guidance removes all references to project stages in prior guidance, clarifies the threshold entities apply to begin capitalizing costs and adds more detail to disclosure requirements. The guidance is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. The Company does not anticipate this standard to have a material impact on its financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt">On November 4, 2024, the FASB issued ASU 2024-03, <i>Reporting Comprehensive Income—Expense Disaggregation Disclosures</i>, which requires additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company does not anticipate this standard to have a material impact on its financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt">On November 26, 2024, the FASB issued ASU 2024-04, <i>Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments</i> which clarifies the requirements related to accounting for the settlement of a debt instrument as an induced conversion. Transactions within the scope of this guidance require the fair value of consideration transferred in excess of the carrying amount of the converted debt to be recognized as an expense in the period of conversion, with the remaining consideration recognized as a reduction to equity. The guidance is effective for annual reporting periods beginning after December 15, 2025 (and interim reporting periods within those annual reporting periods). The Company adopted this guidance during the current quarter, and the impact of the adoption has been reflected in the financial statements and related disclosures.</p> <div style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><span style="font-weight: bold">3. Business Combination </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Summary</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt"> On July 31, 2025, the Company and WisdomTree Farmland Holdings, LLC (formerly WisdomTree Farmland Holdings, Inc.), a wholly-owned subsidiary of the Company (the “Purchaser”), entered into an Equity Purchase Agreement (the “Ceres Purchase Agreement”) with Ceres, the members of Ceres (together, the “Sellers”), and an individual acting as the Sellers’ representative, pursuant to which the Purchaser agreed to acquire from the Sellers all of the issued and outstanding equity interests of Ceres (the “Ceres Acquisition”), subject to the terms and conditions set forth therein.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt"> On October 1, 2025, the Purchaser completed the Ceres Acquisition for aggregate consideration consisting of (i) $275,000 in cash payable at closing subject to customary post-closing adjustments, including adjustments to cash, indebtedness and working capital, and (ii) earnout consideration of up to $225,000, payable in 2030, contingent upon Ceres achieving a compound annual growth rate (“CAGR”) in revenue of 12% to 22% during the earnout measurement period of January 1, 2025 through December 31, 2029. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Purchase Price Allocation</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 24.5pt">The Ceres Acquisition is accounted for under the acquisition method of accounting in accordance with ASC Topic 805, <i>Business Combinations</i>, which requires an allocation of the consideration paid by the Company to the identifiable assets and liabilities of Ceres based on the estimated fair values as of the closing date of the acquisition. An allocation of the consideration transferred is presented below and includes the Company’s valuation of the fair value of tangible and intangible assets acquired and liabilities assumed.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 24.5pt">The following table summarizes the allocation of the purchase price as of the acquisition date:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 50%; margin-left: 0.35in"> <tbody><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 85%; text-align: left">Cash on hand, net of cash acquired</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">270,346</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-bottom: 1pt">Fair value of contingent consideration<span style="font-size: 8pt">⁽¹⁾</span></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">11,134</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td>Total purchase price</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">281,480</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td>Allocation of consideration:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Ceres net liabilities assumed</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">(3,803</td> <td style="white-space: nowrap; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-bottom: 1pt">Intangible assets<span style="font-size: 8pt">⁽²⁾</span></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">143,500</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Fair value of net assets acquired</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">139,697</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 2.5pt">Goodwill resulting from the Ceres Acquisition<span style="font-size: 8pt">⁽³⁾</span></td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">141,783</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-indent: 24.5pt">_____________________</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0pt; width: 100%"> <tbody><tr style="vertical-align: top"><td style="width: 27pt"></td> <td style="width: 18pt"><span style="font-size: 8pt">⁽¹⁾</span></td> <td>Measured at fair value using a Monte Carlo simulation. See below for additional information.</td> </tr></tbody> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0pt; width: 100%"> <tbody><tr style="vertical-align: top"><td style="width: 27pt"></td> <td style="width: 18pt"><span style="font-size: 8pt">⁽²⁾</span></td> <td>Represents purchase price allocated to a customary advisory agreement ($135,000) and trade name ($8,500) which were determined to have a finite-life (estimated useful life of 25 years). The customary advisory agreement was valued using the multi-period excess earnings method. This method relied upon significant unobservable inputs including a long-term revenue growth rate of approximately (0.1%) and a discount rate of 15.5%. The revenue growth rate contemplates that Ceres Farms, the fund from which the Company derives revenues, will cease accepting new capital, with future business expected to be allocated to a new farmland fund to be formed. The trade name is finite-lived (estimated useful life of 25 years) and was valued using the relief-from-royalty method. Significant unobservable inputs include a long-term revenue growth rate of approximately 3.0%, a royalty rate of 2.0% and a discount rate of 15.5%.</td> </tr></tbody> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0pt; width: 100%"> <tbody><tr style="vertical-align: top"><td style="width: 27pt"></td> <td style="width: 18pt"><span style="font-size: 8pt">⁽³⁾</span></td> <td>Goodwill arising from the Ceres Acquisition represents expected synergies from the integration of Ceres and the Company, including capital raising activities for a new farmland fund to be formed. Goodwill is not amortized for financial reporting purposes, and both goodwill and intangible assets are expected to be fully deductible for tax purposes.</td> </tr></tbody> </table></div> 275000000 225000000 0.12 0.22 <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 24.5pt">The following table summarizes the allocation of the purchase price as of the acquisition date:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 50%; margin-left: 0.35in"> <tbody><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 85%; text-align: left">Cash on hand, net of cash acquired</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">270,346</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-bottom: 1pt">Fair value of contingent consideration<span style="font-size: 8pt">⁽¹⁾</span></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">11,134</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td>Total purchase price</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">281,480</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td>Allocation of consideration:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Ceres net liabilities assumed</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">(3,803</td> <td style="white-space: nowrap; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-bottom: 1pt">Intangible assets<span style="font-size: 8pt">⁽²⁾</span></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">143,500</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Fair value of net assets acquired</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">139,697</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 2.5pt">Goodwill resulting from the Ceres Acquisition<span style="font-size: 8pt">⁽³⁾</span></td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">141,783</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-indent: 24.5pt">_____________________</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0pt; width: 100%"> <tbody><tr style="vertical-align: top"><td style="width: 27pt"></td> <td style="width: 18pt"><span style="font-size: 8pt">⁽¹⁾</span></td> <td>Measured at fair value using a Monte Carlo simulation. See below for additional information.</td> </tr></tbody> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0pt; width: 100%"> <tbody><tr style="vertical-align: top"><td style="width: 27pt"></td> <td style="width: 18pt"><span style="font-size: 8pt">⁽²⁾</span></td> <td>Represents purchase price allocated to a customary advisory agreement ($135,000) and trade name ($8,500) which were determined to have a finite-life (estimated useful life of 25 years). The customary advisory agreement was valued using the multi-period excess earnings method. This method relied upon significant unobservable inputs including a long-term revenue growth rate of approximately (0.1%) and a discount rate of 15.5%. The revenue growth rate contemplates that Ceres Farms, the fund from which the Company derives revenues, will cease accepting new capital, with future business expected to be allocated to a new farmland fund to be formed. The trade name is finite-lived (estimated useful life of 25 years) and was valued using the relief-from-royalty method. Significant unobservable inputs include a long-term revenue growth rate of approximately 3.0%, a royalty rate of 2.0% and a discount rate of 15.5%.</td> </tr></tbody> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0pt; width: 100%"> <tbody><tr style="vertical-align: top"><td style="width: 27pt"></td> <td style="width: 18pt"><span style="font-size: 8pt">⁽³⁾</span></td> <td>Goodwill arising from the Ceres Acquisition represents expected synergies from the integration of Ceres and the Company, including capital raising activities for a new farmland fund to be formed. Goodwill is not amortized for financial reporting purposes, and both goodwill and intangible assets are expected to be fully deductible for tax purposes.</td> </tr></tbody> </table> 270346000 11134000 281480000 3803000 143500000 139697000 141783000 135000000 8500000 P25Y -0.001 0.155 P25Y 0.03 0.02 0.155 <div style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><span style="font-weight: bold">4. Cash, Cash Equivalents and Restricted Cash </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt"> Of the total cash, cash equivalents and restricted cash of $625,505 and $311,732 at March 31, 2026 and December 31, 2025, respectively, $585,487 and $294,158 were held at three financial institutions. At March 31, 2026 and December 31, 2025, cash equivalents were approximately $258,450 and $161,063, respectively. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt"> Certain of the Company’s subsidiaries are required to maintain a minimum level of regulatory capital, generally satisfied by cash on hand, which was $40,027 and $38,861 at March 31, 2026 and December 31, 2025, respectively. Of these amounts, $11,621 and $11,700, at March 31, 2026 and December 31, 2025, respectively, was restricted cash, which is required to be maintained in a separate account with withdrawal and usage restrictions in compliance with regulatory obligations. </p></div> 625505000 311732000 585487000 294158000 258450000 161063000 40027 38861000 11621 11700000 <div style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><span style="font-weight: bold">5. Fair Value Measurements </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">The fair value of financial instruments is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., “the exit price”) in an orderly transaction between market participants at the measurement date. ASC 820, <i>Fair Value Measurement</i>, establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs reflect assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the transparency of inputs as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">Level 1 – Quoted prices for identical instruments in active markets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0 22.5pt">Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt">Level 3 – Instruments whose significant drivers are unobservable.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.3pt">The availability of observable inputs can vary from product to product and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by management in determining fair value is greatest for instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt">The tables below summarize the categorization of the Company’s assets and liabilities measured at fair value. During the three months ended March 31, 2026 and 2025, there were no transfers between Levels 2 and 3.</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap"><span style="font-size: 8pt"> </span></td> <td style="white-space: nowrap; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="15" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">March 31, 2026</span></td> </tr><tr style="vertical-align: bottom"><td style="white-space: nowrap"><span style="font-size: 8pt"> </span></td> <td style="white-space: nowrap; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">Total</span></td> <td style="white-space: nowrap; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">Level 1</span></td> <td style="white-space: nowrap; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">Level 2</span></td> <td style="white-space: nowrap; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">Level 3</span></td> </tr><tr style="vertical-align: bottom"><td style="white-space: nowrap; font-weight: bold">Assets:</td> <td> </td> <td colspan="3" style="white-space: nowrap; text-align: right"> </td> <td> </td> <td colspan="3" style="white-space: nowrap; text-align: right"> </td> <td> </td> <td colspan="3" style="white-space: nowrap; text-align: right"> </td> <td> </td> <td colspan="3" style="white-space: nowrap; text-align: right"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Recurring fair value measurements:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 60%; text-align: left; text-indent: 21.75pt">Cash equivalents</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 7%; text-align: right">258,450</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 7%; text-align: right">258,450</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 7%; text-align: right"><span style="-sec-ix-hidden:fc_1296015583">—</span></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 7%; text-align: right"><span style="-sec-ix-hidden:fc_1493346347">—</span></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; text-indent: 21.75pt">Financial instruments owned, at fair value:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-indent: 39.75pt">ETFs</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">42,207</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">42,207</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_1927553755">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_324129983">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; text-indent: 39.75pt">Pass-through GSEs</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,837</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_146836742">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,837</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_299329977">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; text-indent: 39.75pt">Other assets—seed capital (WisdomTree Digital Funds):</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; text-indent: 62.25pt">U.S. treasuries</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,733</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_645118245">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,733</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_1060054036">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-indent: 62.25pt">Equities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">10,078</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">10,078</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_1460817519">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_661241386">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 1pt; text-indent: 62.25pt">Fixed income</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">2,382</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">1,016</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">1,366</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden:fc_628998781">—</span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-bottom: 2.5pt">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">323,687</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">311,751</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">11,936</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden:fc_1185782835">—</span></td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold">Liabilities:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Recurring fair value measurements:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 2.5pt; text-indent: 21.75pt">Contingent consideration</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">14,406</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden:fc_217144507">—</span></td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden:fc_607896015">—</span></td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">14,406</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody> </table><p style="margin: 0"></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 12pt"></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom; background-color: White"><td style="white-space: nowrap; padding-bottom: 1pt; text-indent: 21.75pt"><span style="font-size: 8pt"> </span></td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="15" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center"><span style="font-size: 8pt"><span style="font-weight: bold">December 31, 2025</span></span></td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="white-space: nowrap; text-indent: 21.75pt"><span style="font-size: 8pt"> </span></td> <td style="white-space: nowrap; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center"><span style="font-size: 8pt"><span style="font-weight: bold">Total</span></span></td> <td style="white-space: nowrap; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center"><span style="font-size: 8pt"><span style="font-weight: bold">Level 1</span></span></td> <td style="white-space: nowrap; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center"><span style="font-size: 8pt"><span style="font-weight: bold">Level 2</span></span></td> <td style="white-space: nowrap; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center"><span style="font-size: 8pt"><span style="font-weight: bold">Level 3</span></span></td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; width: 60%">Assets:</td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%"> </td> <td style="text-align: right; width: 7%"> </td> <td style="white-space: nowrap; text-align: left; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%"> </td> <td style="text-align: right; width: 7%"> </td> <td style="white-space: nowrap; text-align: left; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%"> </td> <td style="text-align: right; width: 7%"> </td> <td style="white-space: nowrap; text-align: left; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%"> </td> <td style="text-align: right; width: 7%"> </td> <td style="white-space: nowrap; text-align: left; width: 1%"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Recurring fair value measurements:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; text-indent: 21.75pt">Cash equivalents</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">161,063</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">161,063</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_1668034825">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_1781233896">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; text-indent: 21.75pt">Financial instruments owned, at fair value:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-indent: 39.75pt">ETFs</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">81,737</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">81,737</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_204630170">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_1577940969">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; text-indent: 39.75pt">Pass-through GSEs</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6,053</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_746844188">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6,053</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_2038345844">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; text-indent: 39.75pt">Other assets—seed capital (WisdomTree Digital Funds):</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; text-indent: 62.25pt">U.S. treasuries</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,402</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_1804236727">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,402</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_1632109327">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-indent: 62.25pt">Equities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">11,824</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">11,824</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_906365942">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_795934785">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 1pt; text-indent: 62.25pt">Fixed income</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">2,101</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">1,138</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">963</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden:fc_545650763">—</span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-bottom: 2.5pt">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">268,180</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">255,762</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">12,418</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden:fc_74561711">—</span></td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Non-recurring fair value measurements:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 2.5pt">Fnality International Limited—Series B-1 Preference Shares<span style="font-size: 8pt">⁽¹⁾</span></td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">8,035</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden:fc_950432448">—</span></td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden:fc_892989210">—</span></td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">8,035</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold">Liabilities:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Recurring fair value measurements:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 2.5pt; text-indent: 21.75pt">Contingent consideration</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">11,844</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden:fc_1309528588">—</span></td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden:fc_214950340">—</span></td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">11,844</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">_____________________________</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"> <tbody><tr style="vertical-align: top"><td style="width: 0"></td> <td style="width: 0.25in"><span style="font-size: 8pt">⁽¹⁾</span> </td> <td>Fair value determined on September 10, 2025. Not included in the table above are prospective changes in value due to fluctuations in the British pound to U.S. dollar exchange rate.</td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Recurring Fair Value Measurements – Methodology</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.25in"> <span style="font-weight: bold">Cash equivalents (Note <span>4</span>)</span> – These financial assets represent cash invested in highly liquid investments with original maturities of less than 90 days, <span>certain digital assets that are readily convertible into known amounts of cash and subject to insignificant risk of changes in value (including USDC</span> and USDW), as well as institutional money market funds that invest in short-term, high-quality U.S. Treasury and government agency securities and aim to maintain a stable $1.00 net asset value per share. These investments are valued at par, which approximates fair value, and are classified as Level 1 in the fair value hierarchy. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.25in"><span style="font-weight: bold">Financial instruments owned (Note <span>6</span>)</span> – Financial instruments owned are investments in ETFs, pass-through GSEs, equities and fixed income. ETFs and equities are generally traded in active, quoted and highly liquid markets and are therefore classified as Level 1 in the fair value hierarchy. Pricing of pass-through GSEs and fixed income includes consideration given to date of issuance, collateral characteristics and market assumptions related to yields, credit risk and timing of prepayments and may be classified as either Level 1 or Level 2.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.25in"><span style="font-weight: bold">Contingent consideration (Note <span>10</span>) </span>– This liability represents contingent consideration arising from the Ceres Acquisition which is measured at fair value on a recurring basis and classified within Level 3 of the fair value hierarchy as the valuation incorporates significant unobservable inputs. Fair value is estimated using a Monte Carlo simulation model, which incorporates a range of potential revenue outcomes over the earnout measurement period and estimates the probability-weighted present value of expected future payments. Significant assumptions used in the valuation include compound annual growth rate (“CAGR”), revenue volatility and revenue discount rate.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.25in"><span style="font-weight: bold">Fair Value Measurements classified as Level 3</span> – The following table presents a reconciliation of beginning and ending balances of recurring fair value measurements classified as Level 3:</p><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 0.25in">These instruments consist of the following:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap; font-size: 4pt"> </td> <td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">Three Months Ended</td> </tr><tr style="vertical-align: bottom"><td style="white-space: nowrap; font-size: 4pt"> </td> <td style="white-space: nowrap; font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-weight: bold">March 31,<br/> 2026</span></p> </td> <td style="white-space: nowrap; font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-weight: bold">March 31,<br/> 2025</span></p> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt">Other Investments:</td> <td style="font-size: 4pt"> </td> <td style="font-size: 4pt; text-align: left"> </td> <td style="font-size: 4pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 4pt; text-align: left"> </td> <td style="font-size: 4pt"> </td> <td style="font-size: 4pt; text-align: left"> </td> <td style="font-size: 4pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 4pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; text-align: left; text-indent: 9pt; padding-left: 3.75pt">Beginning balance</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><span style="-sec-ix-hidden:fc_1995510307">—</span></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">687</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 1pt; text-indent: 9pt; padding-left: 3.75pt">Net unrealized gains<span style="font-size: 8pt">⁽¹⁾</span></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden:fc_1659162973">—</span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">68</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-bottom: 2.5pt; text-indent: 9pt; padding-left: 3.75pt">Ending balance</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden:fc_1417619145">—</span></td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">755</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt">Contingent Consideration:</td> <td style="font-size: 4pt"> </td> <td style="font-size: 4pt; text-align: left"> </td> <td style="font-size: 4pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 4pt; text-align: left"> </td> <td style="font-size: 4pt"> </td> <td style="font-size: 4pt; text-align: left"> </td> <td style="font-size: 4pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 4pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; text-indent: 9pt; padding-left: 3.75pt">Beginning balance</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">11,844</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_505700945">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-bottom: 1pt; text-indent: 9pt; padding-left: 3.75pt">Remeasurement<span style="font-size: 8pt">⁽²⁾</span></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">2,562</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden:fc_537014723">—</span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-bottom: 2.5pt; text-indent: 9pt; padding-left: 3.75pt">Ending balance</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">14,406</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden:fc_102433449">—</span></td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">_____________________________</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0" width="100%"> <tbody><tr style="vertical-align: top"><td style="width: 0"></td> <td style="width: 0.25in"><span style="font-size: 8pt">⁽¹⁾</span></td> <td>Recorded in impairments and other losses, net in the Consolidated Statements of Operations.</td> </tr></tbody> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0pt"> <tbody><tr style="vertical-align: top"><td style="width: 0"></td> <td style="width: 0.25in"><span style="font-size: 8pt">⁽²⁾</span></td> <td>Recorded in remeasurement of contingent consideration in the Consolidated Statements of Operations.</td> </tr></tbody> </table></div> <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt">The tables below summarize the categorization of the Company’s assets and liabilities measured at fair value. During the three months ended March 31, 2026 and 2025, there were no transfers between Levels 2 and 3.</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap"><span style="font-size: 8pt"> </span></td> <td style="white-space: nowrap; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="15" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">March 31, 2026</span></td> </tr><tr style="vertical-align: bottom"><td style="white-space: nowrap"><span style="font-size: 8pt"> </span></td> <td style="white-space: nowrap; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">Total</span></td> <td style="white-space: nowrap; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">Level 1</span></td> <td style="white-space: nowrap; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">Level 2</span></td> <td style="white-space: nowrap; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">Level 3</span></td> </tr><tr style="vertical-align: bottom"><td style="white-space: nowrap; font-weight: bold">Assets:</td> <td> </td> <td colspan="3" style="white-space: nowrap; text-align: right"> </td> <td> </td> <td colspan="3" style="white-space: nowrap; text-align: right"> </td> <td> </td> <td colspan="3" style="white-space: nowrap; text-align: right"> </td> <td> </td> <td colspan="3" style="white-space: nowrap; text-align: right"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Recurring fair value measurements:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 60%; text-align: left; text-indent: 21.75pt">Cash equivalents</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 7%; text-align: right">258,450</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 7%; text-align: right">258,450</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 7%; text-align: right"><span style="-sec-ix-hidden:fc_1296015583">—</span></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 7%; text-align: right"><span style="-sec-ix-hidden:fc_1493346347">—</span></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; text-indent: 21.75pt">Financial instruments owned, at fair value:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-indent: 39.75pt">ETFs</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">42,207</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">42,207</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_1927553755">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_324129983">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; text-indent: 39.75pt">Pass-through GSEs</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,837</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_146836742">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,837</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_299329977">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; text-indent: 39.75pt">Other assets—seed capital (WisdomTree Digital Funds):</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; text-indent: 62.25pt">U.S. treasuries</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,733</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_645118245">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,733</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_1060054036">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-indent: 62.25pt">Equities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">10,078</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">10,078</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_1460817519">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_661241386">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 1pt; text-indent: 62.25pt">Fixed income</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">2,382</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">1,016</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">1,366</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden:fc_628998781">—</span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-bottom: 2.5pt">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">323,687</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">311,751</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">11,936</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden:fc_1185782835">—</span></td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold">Liabilities:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Recurring fair value measurements:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 2.5pt; text-indent: 21.75pt">Contingent consideration</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">14,406</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden:fc_217144507">—</span></td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden:fc_607896015">—</span></td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">14,406</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody> </table><p style="margin: 0"></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 12pt"></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom; background-color: White"><td style="white-space: nowrap; padding-bottom: 1pt; text-indent: 21.75pt"><span style="font-size: 8pt"> </span></td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="15" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center"><span style="font-size: 8pt"><span style="font-weight: bold">December 31, 2025</span></span></td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="white-space: nowrap; text-indent: 21.75pt"><span style="font-size: 8pt"> </span></td> <td style="white-space: nowrap; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center"><span style="font-size: 8pt"><span style="font-weight: bold">Total</span></span></td> <td style="white-space: nowrap; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center"><span style="font-size: 8pt"><span style="font-weight: bold">Level 1</span></span></td> <td style="white-space: nowrap; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center"><span style="font-size: 8pt"><span style="font-weight: bold">Level 2</span></span></td> <td style="white-space: nowrap; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center"><span style="font-size: 8pt"><span style="font-weight: bold">Level 3</span></span></td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; width: 60%">Assets:</td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%"> </td> <td style="text-align: right; width: 7%"> </td> <td style="white-space: nowrap; text-align: left; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%"> </td> <td style="text-align: right; width: 7%"> </td> <td style="white-space: nowrap; text-align: left; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%"> </td> <td style="text-align: right; width: 7%"> </td> <td style="white-space: nowrap; text-align: left; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%"> </td> <td style="text-align: right; width: 7%"> </td> <td style="white-space: nowrap; text-align: left; width: 1%"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Recurring fair value measurements:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; text-indent: 21.75pt">Cash equivalents</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">161,063</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">161,063</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_1668034825">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_1781233896">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; text-indent: 21.75pt">Financial instruments owned, at fair value:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-indent: 39.75pt">ETFs</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">81,737</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">81,737</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_204630170">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_1577940969">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; text-indent: 39.75pt">Pass-through GSEs</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6,053</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_746844188">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6,053</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_2038345844">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; text-indent: 39.75pt">Other assets—seed capital (WisdomTree Digital Funds):</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; text-indent: 62.25pt">U.S. treasuries</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,402</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_1804236727">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,402</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_1632109327">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-indent: 62.25pt">Equities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">11,824</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">11,824</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_906365942">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_795934785">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 1pt; text-indent: 62.25pt">Fixed income</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">2,101</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">1,138</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">963</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden:fc_545650763">—</span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-bottom: 2.5pt">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">268,180</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">255,762</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">12,418</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden:fc_74561711">—</span></td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Non-recurring fair value measurements:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 2.5pt">Fnality International Limited—Series B-1 Preference Shares<span style="font-size: 8pt">⁽¹⁾</span></td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">8,035</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden:fc_950432448">—</span></td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden:fc_892989210">—</span></td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">8,035</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold">Liabilities:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Recurring fair value measurements:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 2.5pt; text-indent: 21.75pt">Contingent consideration</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">11,844</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden:fc_1309528588">—</span></td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden:fc_214950340">—</span></td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">11,844</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">_____________________________</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"> <tbody><tr style="vertical-align: top"><td style="width: 0"></td> <td style="width: 0.25in"><span style="font-size: 8pt">⁽¹⁾</span> </td> <td>Fair value determined on September 10, 2025. Not included in the table above are prospective changes in value due to fluctuations in the British pound to U.S. dollar exchange rate.</td> </tr></tbody> </table> 258450000 258450000 42207000 42207000 5837000 5837000 4733000 4733000 10078000 10078000 2382000 1016000 1366000 323687000 311751000 11936000 14406000 14406000 161063000 161063000 81737000 81737000 6053000 6053000 5402000 5402000 11824000 11824000 2101000 1138000 963000 268180000 255762000 12418000 8035000 8035000 11844000 11844000 P90D 1 <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 0.25in">These instruments consist of the following:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap; font-size: 4pt"> </td> <td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">Three Months Ended</td> </tr><tr style="vertical-align: bottom"><td style="white-space: nowrap; font-size: 4pt"> </td> <td style="white-space: nowrap; font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-weight: bold">March 31,<br/> 2026</span></p> </td> <td style="white-space: nowrap; font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-weight: bold">March 31,<br/> 2025</span></p> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt">Other Investments:</td> <td style="font-size: 4pt"> </td> <td style="font-size: 4pt; text-align: left"> </td> <td style="font-size: 4pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 4pt; text-align: left"> </td> <td style="font-size: 4pt"> </td> <td style="font-size: 4pt; text-align: left"> </td> <td style="font-size: 4pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 4pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; text-align: left; text-indent: 9pt; padding-left: 3.75pt">Beginning balance</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><span style="-sec-ix-hidden:fc_1995510307">—</span></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">687</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 1pt; text-indent: 9pt; padding-left: 3.75pt">Net unrealized gains<span style="font-size: 8pt">⁽¹⁾</span></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden:fc_1659162973">—</span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">68</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-bottom: 2.5pt; text-indent: 9pt; padding-left: 3.75pt">Ending balance</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden:fc_1417619145">—</span></td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">755</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt">Contingent Consideration:</td> <td style="font-size: 4pt"> </td> <td style="font-size: 4pt; text-align: left"> </td> <td style="font-size: 4pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 4pt; text-align: left"> </td> <td style="font-size: 4pt"> </td> <td style="font-size: 4pt; text-align: left"> </td> <td style="font-size: 4pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 4pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; text-indent: 9pt; padding-left: 3.75pt">Beginning balance</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">11,844</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_505700945">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-bottom: 1pt; text-indent: 9pt; padding-left: 3.75pt">Remeasurement<span style="font-size: 8pt">⁽²⁾</span></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">2,562</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden:fc_537014723">—</span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-bottom: 2.5pt; text-indent: 9pt; padding-left: 3.75pt">Ending balance</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">14,406</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden:fc_102433449">—</span></td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">_____________________________</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0" width="100%"> <tbody><tr style="vertical-align: top"><td style="width: 0"></td> <td style="width: 0.25in"><span style="font-size: 8pt">⁽¹⁾</span></td> <td>Recorded in impairments and other losses, net in the Consolidated Statements of Operations.</td> </tr></tbody> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0pt"> <tbody><tr style="vertical-align: top"><td style="width: 0"></td> <td style="width: 0.25in"><span style="font-size: 8pt">⁽²⁾</span></td> <td>Recorded in remeasurement of contingent consideration in the Consolidated Statements of Operations.</td> </tr></tbody> </table> 687000 68000 755000 11844000 2562000 14406000 <div style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><span style="font-weight: bold">6. Financial instruments owned</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt">These instruments consist of the following:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap; font-size: 4pt"> </td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">March 31,<br/> 2026</td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">December 31,<br/> 2025</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: left">Financial instruments owned</td> <td style="font-size: 4pt"> </td> <td style="font-size: 4pt; text-align: left"> </td> <td style="font-size: 4pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 4pt; text-align: left"> </td> <td style="font-size: 4pt"> </td> <td style="font-size: 4pt; text-align: left"> </td> <td style="font-size: 4pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 4pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; text-align: left; text-indent: 0.25in">Trading securities</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">48,044</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">87,790</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 1pt; text-indent: 0.25in">Other assets—seed capital (WisdomTree Digital Funds)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">17,193</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">19,327</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-bottom: 2.5pt; text-indent: 0.25in">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">65,237</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">107,117</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt"> The Company recognized net trading losses on financial instruments owned that were still held at the reporting dates of $779 and $545 during the three months ended March 31, 2026 and 2025, respectively, which were recorded in other losses, net, in the Consolidated Statements of Operations. </p></div> <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt">These instruments consist of the following:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap; font-size: 4pt"> </td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">March 31,<br/> 2026</td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">December 31,<br/> 2025</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: left">Financial instruments owned</td> <td style="font-size: 4pt"> </td> <td style="font-size: 4pt; text-align: left"> </td> <td style="font-size: 4pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 4pt; text-align: left"> </td> <td style="font-size: 4pt"> </td> <td style="font-size: 4pt; text-align: left"> </td> <td style="font-size: 4pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 4pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; text-align: left; text-indent: 0.25in">Trading securities</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">48,044</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">87,790</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 1pt; text-indent: 0.25in">Other assets—seed capital (WisdomTree Digital Funds)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">17,193</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">19,327</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-bottom: 2.5pt; text-indent: 0.25in">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">65,237</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">107,117</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody></table> 48044000 87790000 17193000 19327000 65237000 107117000 779000 545000 <div style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold">7. Investments </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.3pt">The following table sets forth the Company’s investments:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 95%; margin-left: 30pt"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">March 31, 2026</td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">December 31, 2025</td> </tr><tr style="vertical-align: bottom"><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; font-size: 8pt; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><span style="font-weight: bold">Carrying<br/>Value</span></p></td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">Cost</td> <td style="white-space: nowrap; font-size: 8pt; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><span style="font-weight: bold">Carrying<br/>Value</span></p></td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">Cost</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 60%; text-align: left; text-indent: -12pt; padding-left: 12pt">Fnality International Limited—Series B-1 Preference Shares</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 7%; text-align: right">7,953</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 7%; text-align: right">8,091</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 7%; text-align: right">8,116</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 7%; text-align: right">8,091</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt">Fnality International Limited—Series C-1 Preference Shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">14,170</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">14,227</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">14,459</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">14,227</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt">Quorus Inc.—Series Seed-1 Preferred Stock</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,000</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,000</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,000</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,000</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt">Other investments</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">2,500</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">2,500</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">2,500</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">2,500</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">28,623</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">28,818</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">29,075</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">28,818</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt"> The Company owns approximately 7.3% (or 6.2% on a fully-diluted basis) of capital stock of Fnality International Limited (“Fnality”), a company incorporated in England and Wales and focused on creating a peer-to-peer digital wholesale settlement ecosystem comprised of a consortium of financial institutions, offering real time cross-border payments from a single pool of liquidity. The Company’s ownership interest is represented by 2,340,378 Series B-1 Preference Shares (“Fnality B-1 Shares”) and 3,029,294 Series C-1 Preference Shares (“Fnality C-1 Shares”). The Fnality B-1 Shares resulted from the conversion of the Company’s investment of £6,000 ($8,091) in convertible notes upon Fnality’s qualified equity financing which occurred in October 2023. The Fnality C-1 Shares resulted from (i) a new investment made by the Company in the amount of £10,000 ($13,553) as part of a qualified equity financing that occurred in September 2025, and (ii) the conversion of a previously outstanding convertible note issued by Fnality. The Fnality B-1 Shares and the Fnality C-1 Shares are convertible into ordinary shares at the option of the Company and contain various rights and protections. The Fnality B-1 Shares carry a 1.0x liquidation preference, while the Fnality C-1 Shares carry a 1.5x liquidation preference, which may be reduced to 1.0x upon the occurrence of certain conditions, such as receipt of specified regulatory approvals or a subsequent qualified equity financing. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"> This investment is accounted for under the measurement alternative prescribed in ASC 321, as it does not have a readily determinable fair value and is otherwise not subject to the equity method of accounting. The investment is assessed for impairment and similar observable transactions on a quarterly basis. Net unrealized (losses)/gains recognized on this investment were ($452) and $247 during the three months ended March 31, 2026 and 2025, respectively, due to changes in the British pound to U.S. dollar exchange rate. These results are recorded in other (losses), net on the Consolidated Statements of Operations. </p><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt"> The Company’s investment in Fnality Series B-1 Shares was re-measured to fair value upon the occurrence of the Fnality C-1 Shares qualified equity financing in September 2025. Fair value was determined using the backsolve method, a valuation approach that determines the value of shares for companies with complex capital structures based upon the price paid for shares recently issued. Fair value was allocated across the capital structure using the Black-Scholes option pricing model. The table below presents the inputs used in the backsolve valuation approach (classified as Level 3 in the fair value hierarchy): </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%; margin-left: 30pt"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">Inputs</td> </tr><tr style="vertical-align: bottom"><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; font-size: 8pt; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-weight: bold">September 10,</span></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-weight: bold">2025</span></p></td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 88%; text-align: left; text-indent: -12pt; padding-left: 12.75pt">Expected volatility</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">55%</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; text-indent: -12pt; padding-left: 12.75pt">Time to exit (in years)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5.00</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; text-indent: -12pt; padding-left: 12.75pt">Probability of regulatory approval or qualified financing before time to exit</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">100%</td> <td style="white-space: nowrap; text-align: left"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"> There was <span style="-sec-ix-hidden:fc_1062715399"><span style="-sec-ix-hidden:fc_2017818540">no</span></span> impairment recognized on this investment during the three months ended March 31, 2026 and 2025 based upon a qualitative assessment. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Quorus Inc.</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"> In June 2025, the Company made a $4,000 strategic minority investment in Quorus Inc. (“Quorus”), a technology-driven asset manager and registered investment adviser with platform capabilities for delivering customizable tax-efficient portfolio solutions. In consideration of its investment, the Company received 3,798,562 shares of Series Seed-1 Preferred Stock representing approximately 23.8% ownership of Quorus (or 20.4% on a fully diluted basis). The shares of Series Seed-1 Preferred Stock are convertible into common stock at the option of the Company and contain various rights and protections, including non-cumulative dividend rights that participate on an as-converted, pari passu basis with the common stock, only payable if and when declared by the board of directors of Quorus, and a 1.0x non-participating liquidation preference that is senior to all other holders of capital stock of Quorus. </p><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 24.5pt">This investment is accounted for under the measurement alternative prescribed in ASC 321, as it does not have a readily determinable fair value and is otherwise not subject to the equity method of accounting. The investment is assessed for impairment and similar observable transactions on a quarterly basis. There was no impairment recognized on this investment during the three months ended March 31, 2026 based upon a qualitative assessment.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Other Investments</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"> On October 30, 2025, the Company made a $2,500 preferred stock investment in a fintech company specializing in quantitative and AI-first investment strategies. This investment is accounted for under the measurement alternative prescribed in ASC 321, as it does not have a readily determinable fair value and is otherwise not subject to the equity method of accounting. The investment is assessed for impairment and similar observable transactions on a quarterly basis. </p></div> <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.3pt">The following table sets forth the Company’s investments:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 95%; margin-left: 30pt"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">March 31, 2026</td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">December 31, 2025</td> </tr><tr style="vertical-align: bottom"><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; font-size: 8pt; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><span style="font-weight: bold">Carrying<br/>Value</span></p></td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">Cost</td> <td style="white-space: nowrap; font-size: 8pt; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><span style="font-weight: bold">Carrying<br/>Value</span></p></td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">Cost</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 60%; text-align: left; text-indent: -12pt; padding-left: 12pt">Fnality International Limited—Series B-1 Preference Shares</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 7%; text-align: right">7,953</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 7%; text-align: right">8,091</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 7%; text-align: right">8,116</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 7%; text-align: right">8,091</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt">Fnality International Limited—Series C-1 Preference Shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">14,170</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">14,227</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">14,459</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">14,227</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt">Quorus Inc.—Series Seed-1 Preferred Stock</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,000</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,000</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,000</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,000</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt">Other investments</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">2,500</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">2,500</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">2,500</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">2,500</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">28,623</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">28,818</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">29,075</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">28,818</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody></table> 7953000 8091000 8116000 8091000 14170000 14227000 14459000 14227000 4000000 4000000 4000000 4000000 2500000 2500000 2500000 2500000 28623000 28818000 29075000 28818000 0.073 0.062 2340378000 3029294000 6000000 8091000 10000000 13553000 1.5 1 452000 247000 The table below presents the inputs used in the backsolve valuation approach (classified as Level 3 in the fair value hierarchy): <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%; margin-left: 30pt"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">Inputs</td> </tr><tr style="vertical-align: bottom"><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; font-size: 8pt; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-weight: bold">September 10,</span></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-weight: bold">2025</span></p></td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 88%; text-align: left; text-indent: -12pt; padding-left: 12.75pt">Expected volatility</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">55%</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; text-indent: -12pt; padding-left: 12.75pt">Time to exit (in years)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5.00</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; text-indent: -12pt; padding-left: 12.75pt">Probability of regulatory approval or qualified financing before time to exit</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">100%</td> <td style="white-space: nowrap; text-align: left"> </td> </tr></tbody></table> 0.55 P5Y 1 4000000 3798562000 0.238 0.204 1 2500000 <div style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><span style="font-weight: bold">8. Fixed Assets, Net </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt">The following table summarizes fixed assets:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-weight: bold">March 31, <br/>2026</span></p> </td> <td style="white-space: nowrap"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-weight: bold">December 31,<br/>2025</span></p> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; width: 70%">Equipment</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">1,731</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">1,714</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 1pt; text-indent: 15pt; padding-left: 0pt">Less: accumulated depreciation</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(1,330</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(1,283</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 2.5pt">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">401</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">431</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody></table></div> <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt">The following table summarizes fixed assets:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-weight: bold">March 31, <br/>2026</span></p> </td> <td style="white-space: nowrap"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-weight: bold">December 31,<br/>2025</span></p> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; width: 70%">Equipment</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">1,731</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">1,714</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 1pt; text-indent: 15pt; padding-left: 0pt">Less: accumulated depreciation</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(1,330</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(1,283</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 2.5pt">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">401</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">431</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody></table> 1731000 1714000 1330000 1283000 401000 431000 <div style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><span style="font-weight: bold">9. Convertible Notes </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">The Company has the following convertible notes outstanding as of March 31, 2026:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0" width="100%"> <tbody><tr style="vertical-align: top"><td style="width: 40.5pt"></td> <td style="width: 18pt"><span style="font-family: Symbol">·</span></td> <td>$75,000 in aggregate principal amount of the 2026 Notes;</td> </tr></tbody> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0" width="100%"> <tbody><tr style="vertical-align: top"><td style="width: 40.5pt"></td> <td style="width: 18pt"><span style="font-family: Symbol">·</span></td> <td>$70,000 in aggregate principal amount of the 2029 Notes;</td> </tr></tbody> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0" width="100%"> <tbody><tr style="vertical-align: top"><td style="width: 40.5pt"></td> <td style="width: 18pt"><span style="font-family: Symbol">·</span></td> <td>$475,000 in aggregate principal amount of 4.625% Convertible Senior Notes due 2030 (the “2030 Notes”); and</td> </tr></tbody> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0" width="100%"> <tbody><tr style="vertical-align: top"><td style="width: 40.5pt"></td> <td style="width: 18pt"><span style="font-family: Symbol">·</span></td> <td><span>$603,750 in aggregate principal amount of 4.50% Convertible Senior Notes due 2031 (the “2031 Notes”).</span></td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">Each class of notes was issued pursuant to indentures dated as of the issuance dates between the Company and U.S. Bank Trust Company, National Association, as trustee (either initially or as successor to U.S. Bank National Association, the “Trustee”), in private offerings to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt"> In connection with the issuance of the 2031 Notes, the Company exchanged $75,000 in aggregate principal amount of the 2026 Notes for 6,807,374 shares of common stock and $275,000 in aggregate principal amount of the 2029 Notes for $302,675 in cash and 4,192,620 shares of common stock. As a result of these transactions, during the three months ended March 31, 2026, the Company recognized a loss totaling $62,302, comprised of a $16,922 loss on extinguishment associated with the repurchase of the 2026 Notes and a $45,380 inducement expense related to the repurchase of the 2029 Notes, which was accounted for as an induced conversion. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt"> As of March 31, 2026, the Company had an aggregate principal amount of $1,223,750 outstanding of the 2026 Notes, the 2029 Notes, the 2030 Notes and the 2031 Notes (collectively, the “Convertible Notes”). </p><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.3pt">Key terms of the Convertible Notes are as follows:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 95%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">2026 Notes</td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">2029 Notes</td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">2030 Notes</td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">2031 Notes</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 44%; text-align: left">Principal outstanding</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">75,000</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">70,000</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">475,000</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">603,750</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Issuance date</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">June 14, 2021</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">August 13, 2024</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">August 14, 2025</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">March 30, 2026</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; text-indent: -8.9pt; padding-left: 8.9pt">Maturity date (unless earlier converted, repurchased or redeemed)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">June 15, 2026</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">August 15, 2029</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">August 15, 2030</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">October 1, 2031</p></td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Interest rate</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.25%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.25%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4.625%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4.50%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td>Initial conversion price</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">11.04</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">11.82</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">19.15</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">21.58</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Initial conversion rate</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">90.5797</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">84.5934</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">52.2071</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">46.3306</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Redemption price</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">14.35</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">15.37</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">24.90</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">28.06</td> </tr></tbody></table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0" width="100%"><tbody><tr style="vertical-align: top"><td style="width: 22.5pt"></td> <td style="width: 18pt"><span style="font-family: Symbol">·</span></td> <td><i>Interest payment dates:</i> Payable semiannually in arrears on June 15 and December 15 of each year for the 2026 Notes, on February 15 and August 15 of each year for the 2029 Notes and the 2030 Notes and on April 1 and October 1 of each year for the 2031 Notes.</td> </tr></tbody></table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt" width="100%"> <tbody><tr style="vertical-align: top"><td style="width: 22.5pt"></td> <td style="width: 18pt"><span style="font-family: Symbol">·</span></td> <td><i>Conversion price:</i> Convertible at an initial conversion rate into shares of the Company’s common stock, per $1,000 principal amount of notes (equivalent to an initial conversion price set forth in the table above), subject to adjustment.</td> </tr></tbody> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0" width="100%"> <tbody><tr style="vertical-align: top"><td style="width: 22.3pt"></td> <td style="width: 18pt"><span style="font-family: Symbol">·</span></td> <td><i>Conversion:</i> Holders may convert at their option at any time prior to the close of business on the business day immediately preceding March 15, 2026, May 15, 2029, May 15, 2030 and July 1, 2031 for the 2026 Notes, the 2029 Notes, the 2030 Notes and the 2031 Notes, respectively, only under the following circumstances: (i) if the last reported sale price of the Company’s common stock for at least 20 trading days during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price for the respective Convertible Notes on each applicable trading day; (ii) during the <span style="-sec-ix-hidden:fc_93081970">five</span> business day period after any <span style="-sec-ix-hidden:fc_882916457">ten</span> consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of the Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sales price of the Company’s common stock and the conversion rate on each such trading day; (iii) upon a notice of redemption delivered by the Company in accordance with the terms of the indentures but only with respect to the Convertible Notes called (or deemed called) for redemption; or (iv) upon the occurrence of specified corporate events. On or after March 15, 2026, May 15, 2029, May 15, 2030 and July 1, 2031 in respect of the 2026 Notes, the 2029 Notes, the 2030 Notes and the 2031 Notes, respectively, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their Convertible Notes at any time, regardless of the foregoing circumstances.</td> </tr></tbody> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0" width="100%"><tbody><tr style="vertical-align: top"><td style="width: 22.5pt"></td> <td style="width: 18pt"><span style="font-family: Symbol">·</span></td> <td><i>Cash settlement of principal amount:</i> Upon conversion, the Company will pay cash up to the aggregate principal amount of the Convertible Notes to be converted. At its election, the Company will also settle the conversion obligation in excess of the aggregate principal amount of the Convertible Notes being converted in either cash, shares of its common stock or a combination of cash and shares of its common stock.</td> </tr></tbody></table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0" width="100%"> <tbody><tr style="vertical-align: top"><td style="width: 22.3pt"></td> <td style="width: 18pt"><span style="font-family: Symbol">·</span></td> <td><i>Redemption dates: </i>The Company may redeem for cash all or any portion of the Convertible Notes, at its option, on or after June 20, 2023, August 20, 2026, August 20, 2027 and April 6, 2028 in respect of the 2026 Notes, the 2029 Notes, the 2030 Notes and the 2031 Notes, respectively, and on or prior to the 55<span style="font-size: 8pt">^th</span> scheduled trading day with respect to the 2026 Notes and the 2029 Notes and the 45<span style="font-size: 8pt">^th</span> scheduled trading day with respect to the 2030 Notes and the 2031 Notes immediately preceding the maturity date, if the last reported sale price of the Company’s common stock has been at least 130% of the conversion price for the respective Convertible Notes then in effect for at least 20 trading days, including the trading day immediately preceding the date on which the Company provides notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption, at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding the redemption date. No sinking fund is provided for the Convertible Notes.</td> </tr></tbody> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0" width="100%"> <tbody><tr style="vertical-align: top"><td style="width: 22.5pt"></td> <td style="width: 18pt"><span style="font-family: Symbol">·</span></td> <td><i>Limited investor put rights:</i> Holders of the Convertible Notes have the right to require the Company to repurchase for cash all or a portion of their notes at 100% of their principal amount, plus any accrued and unpaid interest, upon the occurrence of certain change of control transactions or liquidation, dissolution or common stock delisting events.</td> </tr></tbody> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0" width="100%"> <tbody><tr style="vertical-align: top"><td style="width: 22.5pt"></td> <td style="width: 18pt"><span style="font-family: Symbol">·</span></td> <td><i>Conversion rate increase in certain customary circumstances:</i> In certain circumstances, conversions in connection with a “make-whole fundamental change” (as defined in the indentures) or conversions of Convertible Notes called (or deemed called) for redemption may result in an increase to the conversion rate, provided that the conversion rate will not exceed 144.9275 shares, 103.6269 shares, 75.7003 shares and 74.1282 shares of the Company’s common stock per $1,000 principal amount of the 2026 Notes, the 2029 Notes, the 2030 Notes and the 2031 Notes, respectively (the equivalent of 98,835,989 shares of the Company’s common stock based on the aggregate principal amount of Convertible Notes outstanding), subject to adjustment.</td> </tr></tbody> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0" width="100%"><tbody><tr style="vertical-align: top"><td style="width: 22.5pt"></td> <td style="width: 18pt"><span style="font-family: Symbol">·</span></td> <td><i>Seniority and Security:</i> The Convertible Notes rank equal in right of payment and are the Company’s senior unsecured obligations.</td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt"> The indentures contain customary terms and covenants, including that upon certain events of default occurring and continuing, either the Trustee or the respective holders of not less than 25% in aggregate principal amount of the respective series of Convertible Notes outstanding may declare the entire principal amount of all such respective Convertible Notes to be repurchased, plus any accrued special interest, if any, to be immediately due and payable. </p><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.3pt">The following table provides a summary of the Convertible Notes at March 31, 2026 and December 31, 2025:</p><table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap; font-size: 10pt"> </td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="19" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">March 31, 2026</td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">December 31, 2025</td> </tr><tr style="vertical-align: bottom"><td style="white-space: nowrap; font-size: 10pt"> </td> <td style="white-space: nowrap; font-size: 8pt; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: center"><span style="font-weight: bold">2026<br/>Notes</span></td> <td style="white-space: nowrap; font-size: 8pt; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: center"><span style="font-weight: bold">2029<br/>Notes</span></td> <td style="white-space: nowrap; font-size: 8pt; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: center"><span style="font-weight: bold">2030<br/>Notes</span></td> <td style="white-space: nowrap; font-size: 8pt; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: center"><span style="font-weight: bold">2031<br/>Notes</span></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">Total</td> <td style="white-space: nowrap; font-size: 8pt; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: center"><span style="font-weight: bold">2026<br/>Notes</span></td> <td style="white-space: nowrap; font-size: 8pt; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: center"><span style="font-weight: bold">2029<br/>Notes</span></td> <td style="white-space: nowrap; font-size: 8pt; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: center"><span style="font-weight: bold">2030<br/>Notes</span></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">Total</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; width: 19%">Principal amount</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 6%; text-align: right">75,000</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 6%; text-align: right">70,000</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 6%; text-align: right">475,000</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 6%; text-align: right">603,750</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 6%; text-align: right">1,223,750</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 6%; text-align: right">150,000</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 6%; text-align: right">345,000</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 6%; text-align: right">475,000</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 6%; text-align: right">970,000</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-indent: -9pt; padding-left: 9pt; text-align: left; padding-bottom: 1pt">Less: Unamortized issuance costs</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(90</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(1,052</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(9,684</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(12,580</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(23,406</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(396</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(5,566</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(10,231</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(16,193</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 2.5pt">Carrying amount</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">74,910</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">68,948</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">465,316</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">591,170</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">1,200,344</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">149,604</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">339,434</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">464,769</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">953,807</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 2.5pt"><span style="font-size: 9pt">Effective interest rate</span><span style="font-size: 8pt">⁽¹⁾</span></td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">3.83%</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">3.70%</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">5.10%</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">4.88%</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">4.83%</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">3.83%</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">3.70%</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">5.10%</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">4.40%</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">_____________________________</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0" width="100%"> <tbody><tr style="vertical-align: top"><td style="width: 0"></td> <td style="width: 0.25in"><span style="font-size: 8pt">⁽¹⁾</span></td> <td>Includes amortization of the issuance costs and premium.</td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt"> Interest expense on the Convertible Notes during the three months ended March 31, 2026 and 2025 was $10,788 and $4,986, respectively. Interest payable of $3,998 and $12,813 at March 31, 2026 and December 31, 2025, respectively, is included in accounts payable and other liabilities on the Consolidated Balance Sheets. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt"> The fair value of the Convertible Notes (classified as Level 2 in the fair value hierarchy) at March 31, 2026 and December 31, 2025 was $1,336,215 and $1,082,570, respectively. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt"> At March 31, 2026, the if-converted value of the 2026 Notes and the 2029 Notes was $98,913 and $86,227, respectively, and the if-converted value of the 2030 Notes and the 2031 Notes did not exceed the principal amount. At December 31, 2025, the if-converted value of the 2026 Notes and the 2029 Notes was $165,625 and $355,799, respectively, and the if-converted value of the 2030 Notes did not exceed the principal amount. </p></div> 75000000 70000000 475000000 0.04625 603750000 0.045 75000000 6807374000 275000000 302675000 4192620000 62302 16922 45380 1223750000 1223750000 1223750000 1223750000 <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.3pt">Key terms of the Convertible Notes are as follows:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 95%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">2026 Notes</td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">2029 Notes</td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">2030 Notes</td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">2031 Notes</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 44%; text-align: left">Principal outstanding</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">75,000</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">70,000</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">475,000</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">603,750</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Issuance date</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">June 14, 2021</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">August 13, 2024</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">August 14, 2025</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">March 30, 2026</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; text-indent: -8.9pt; padding-left: 8.9pt">Maturity date (unless earlier converted, repurchased or redeemed)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">June 15, 2026</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">August 15, 2029</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">August 15, 2030</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">October 1, 2031</p></td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Interest rate</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.25%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.25%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4.625%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4.50%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td>Initial conversion price</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">11.04</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">11.82</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">19.15</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">21.58</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Initial conversion rate</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">90.5797</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">84.5934</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">52.2071</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">46.3306</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Redemption price</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">14.35</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">15.37</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">24.90</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">28.06</td> </tr></tbody></table> 75000000 70000000 475000000 603750000 2021-06-14 2024-08-13 2025-08-14 2026-03-30 2026-06-15 2029-08-15 2030-08-15 2031-10-01 0.0325 0.0325 0.04625 0.045 11.04 11.82 19.15 21.58 90.5797 84.5934 52.2071 46.3306 14.35 15.37 24.9 28.06 1000000 20 30 1.30 1000000 0.98 1.30 20 30 1 1 144.9275 103.6269 75.7003 74.1282 1000000 98835989000 0.25 <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.3pt">The following table provides a summary of the Convertible Notes at March 31, 2026 and December 31, 2025:</p><table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap; font-size: 10pt"> </td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="19" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">March 31, 2026</td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">December 31, 2025</td> </tr><tr style="vertical-align: bottom"><td style="white-space: nowrap; font-size: 10pt"> </td> <td style="white-space: nowrap; font-size: 8pt; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: center"><span style="font-weight: bold">2026<br/>Notes</span></td> <td style="white-space: nowrap; font-size: 8pt; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: center"><span style="font-weight: bold">2029<br/>Notes</span></td> <td style="white-space: nowrap; font-size: 8pt; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: center"><span style="font-weight: bold">2030<br/>Notes</span></td> <td style="white-space: nowrap; font-size: 8pt; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: center"><span style="font-weight: bold">2031<br/>Notes</span></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">Total</td> <td style="white-space: nowrap; font-size: 8pt; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: center"><span style="font-weight: bold">2026<br/>Notes</span></td> <td style="white-space: nowrap; font-size: 8pt; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: center"><span style="font-weight: bold">2029<br/>Notes</span></td> <td style="white-space: nowrap; font-size: 8pt; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: center"><span style="font-weight: bold">2030<br/>Notes</span></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">Total</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; width: 19%">Principal amount</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 6%; text-align: right">75,000</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 6%; text-align: right">70,000</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 6%; text-align: right">475,000</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 6%; text-align: right">603,750</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 6%; text-align: right">1,223,750</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 6%; text-align: right">150,000</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 6%; text-align: right">345,000</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 6%; text-align: right">475,000</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 6%; text-align: right">970,000</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-indent: -9pt; padding-left: 9pt; text-align: left; padding-bottom: 1pt">Less: Unamortized issuance costs</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(90</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(1,052</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(9,684</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(12,580</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(23,406</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(396</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(5,566</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(10,231</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(16,193</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 2.5pt">Carrying amount</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">74,910</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">68,948</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">465,316</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">591,170</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">1,200,344</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">149,604</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">339,434</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">464,769</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">953,807</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 2.5pt"><span style="font-size: 9pt">Effective interest rate</span><span style="font-size: 8pt">⁽¹⁾</span></td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">3.83%</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">3.70%</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">5.10%</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">4.88%</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">4.83%</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">3.83%</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">3.70%</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">5.10%</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">4.40%</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">_____________________________</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0" width="100%"> <tbody><tr style="vertical-align: top"><td style="width: 0"></td> <td style="width: 0.25in"><span style="font-size: 8pt">⁽¹⁾</span></td> <td>Includes amortization of the issuance costs and premium.</td> </tr></tbody> </table> 75000000 70000000 475000000 603750000 1223750000 150000000 345000000 475000000 970000000 90000 1052000 9684000 12580000 23406000 396000 5566000 10231000 16193000 74910000 68948000 465316000 591170000 1200344000 149604000 339434000 464769000 953807000 0.0383 0.037 0.051 0.0488 0.0483 0.0383 0.037 0.051 0.044 10788000 4986000 3998000 12813000 1336215000 1082570000 98913000 86227000 165625000 355799000 <div style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><span style="font-weight: bold">10. Contingent Consideration</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"> Pursuant to the Ceres Purchase Agreement, up to $225,000 of additional consideration is payable in 2030, contingent upon Ceres achieving a CAGR in revenue of 12% to 22% during the earnout measurement period of January 1, 2025 through December 31, 2029, as follows: </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0" width="100%"> <tbody><tr style="vertical-align: top"><td style="width: 40.5pt"></td> <td style="width: 18pt"><span style="font-family: Symbol">·</span></td> <td>If the revenue CAGR for the earnout period is equal to or less than 12%, then the aggregate amount of the earnout consideration will be $0;</td> </tr></tbody> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0" width="100%"> <tbody><tr style="vertical-align: top"><td style="width: 40.5pt"></td> <td style="width: 18pt"><span style="font-family: Symbol">·</span></td> <td>If the revenue CAGR for the earnout period is greater than 12% but less than 22%, then the aggregate amount of the earnout consideration will be pro-rated using straight-line interpolation between $0 and $225,000; and</td> </tr></tbody> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0" width="100%"> <tbody><tr style="vertical-align: top"><td style="width: 40.5pt"></td> <td style="width: 18pt"><span style="font-family: Symbol">·</span></td> <td>If the revenue CAGR for the earnout period is equal to or greater than 22%, then the aggregate amount of the earnout consideration will be $225,000.</td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt">The Company has determined that the earnout should be classified as contingent consideration as (i) continuing employment is not a condition for payment (except as described below), (ii) non-employee sellers are entitled to similar payments based upon their relative ownership percentages and (iii) the payment formula described above is tied to the valuation of the acquired business. Under ASC 805, contingent consideration must be recognized at the acquisition date as part of the consideration transferred for the acquired business.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"> The fair value of the contingent consideration was $14,406 and $11,844 at March 31, 2026 and December 31, 2025, respectively. During the three months ended March 31, 2026, the Company recognized a loss on remeasurement of $2,562 which was recognized in the Consolidated Statements of Operations. The fair value measurement of the contingent consideration is classified within Level 3 of the fair value hierarchy due to the valuation incorporating significant unobservable inputs. The actual amount payable may differ from the assumptions used to estimate fair value, which could result in material changes to the amount ultimately paid. </p><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt">The table below presents the inputs used in the remeasurement of contingent consideration:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; font-weight: bold"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold"><span style="font-size: 8pt">Inputs</span></td> </tr><tr style="vertical-align: bottom"><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">March 31,<br/> 2026</td> <td style="white-space: nowrap; font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">December 31,<br/> 2025</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; text-indent: -12pt; padding-left: 12.75pt">Revenue CAGR through December 31, 2029</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><p style="margin: 0">10.2%</p></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><p style="margin: 0">8.4%</p></td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="width: 76%; text-align: left; text-indent: -12pt; padding-left: 12.75pt">Revenue volatility</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">30%</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">30%</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; text-indent: -12pt; padding-left: 12.75pt">Revenue discount rate</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">13.0%</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">11.9%</td> <td style="white-space: nowrap; text-align: left"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 24.5pt"> In connection with the Ceres Acquisition, the sellers established a retention bonus plan for certain Ceres employees pursuant to which the greater of $3,050 or 10% of any earnout consideration in excess of $50,000 will be forfeited by the sellers and paid to participating employees, contingent upon their continued employment through earnout payment date. Any amounts forfeited due to employee attrition revert to the sellers. This compensation will be recognized over the service period with an equal and offsetting receivable from the sellers. Accrued compensation totaled $353 at March 31, 2026. </p></div> 225000000 0.12 0.22 If the revenue CAGR for the earnout period is equal to or less than 12%, then the aggregate amount of the earnout consideration will be $0;If the revenue CAGR for the earnout period is greater than 12% but less than 22%, then the aggregate amount of the earnout consideration will be pro-rated using straight-line interpolation between $0 and $225,000; andIf the revenue CAGR for the earnout period is equal to or greater than 22%, then the aggregate amount of the earnout consideration will be $225,000. 14406000 11844000 -2562000 <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt">The table below presents the inputs used in the remeasurement of contingent consideration:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; font-weight: bold"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold"><span style="font-size: 8pt">Inputs</span></td> </tr><tr style="vertical-align: bottom"><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">March 31,<br/> 2026</td> <td style="white-space: nowrap; font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">December 31,<br/> 2025</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; text-indent: -12pt; padding-left: 12.75pt">Revenue CAGR through December 31, 2029</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><p style="margin: 0">10.2%</p></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><p style="margin: 0">8.4%</p></td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="width: 76%; text-align: left; text-indent: -12pt; padding-left: 12.75pt">Revenue volatility</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">30%</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">30%</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; text-indent: -12pt; padding-left: 12.75pt">Revenue discount rate</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">13.0%</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">11.9%</td> <td style="white-space: nowrap; text-align: left"> </td> </tr></tbody></table> 0.102 0.084 0.30 0.30 0.13 0.119 3050000 0.10 50000000 353000 <div style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold">11. Payable to Gold Bullion Holdings (Jersey) Limited (“GBH”)</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"> On November 20, 2023, the Company repurchased all of its then-outstanding Series C Preferred Stock, which was convertible into 13,087,000 shares of the Company’s common stock, from GBH, a subsidiary of WGC, for aggregate cash consideration of approximately $84,411. Under the terms of the transaction, the Company paid GBH $40,000 on the closing date, with the remainder of the purchase price payable in equal, interest-free installments on the first, second and third anniversaries of the closing date. The implied price per share was $6.02 when considering the interest-free financing element of the transaction. The investor rights agreement that the Company and GBH entered into in May 2023 in connection with the issuance of the Series C Preferred Stock, which provided GBH with certain rights and obligations with respect to the shares, including registration rights, was terminated in this transaction. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"> Under U.S. GAAP, the obligation was recorded at its present value of $38,835 utilizing a market rate of interest on the closing date of 7.0% and the corresponding discount is being amortized as interest expense pursuant to the effective interest method of accounting over the life of the obligation. The carrying value of this obligation was $14,176 and $13,940 at March 31, 2026 and December 31, 2025, respectively. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"> Interest expense recognized during the three months ended March 31, 2026 and 2025 was $235 and $455, respectively, and is included as a component of total interest expense recognized on the Statements of Operations. </p></div> 13087000 84411000 40000000 6.02 38835000 0.07 14176000 13940000 235000 455000 <div style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><span style="font-weight: bold">12. Leases </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">The Company has entered into operating leases for its office facilities (including its corporate headquarters) and equipment. The Company has no finance leases.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt"> The following table provides additional information regarding the Company’s leases: </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 75%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; font-size: 8pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center"><span style="font-weight: bold">Three Months Ended<br/>March 31,</span></p></td> </tr><tr style="vertical-align: bottom"><td style="white-space: nowrap"><span style="font-size: 8pt"> </span></td> <td style="white-space: nowrap; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">2026</span></td> <td style="white-space: nowrap; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">2025</span></td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: left">Lease cost</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; text-align: left">Operating lease cost</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">456</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">326</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 1pt">Short-term lease cost</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">23</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">52</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 2.5pt">Total lease cost</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">479</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">378</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: left">Other information</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-indent: -9pt; padding-left: 9pt; text-align: left; padding-bottom: 1pt">Cash paid for amounts included in the measurement of operating liabilities (operating leases)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right">459</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right">325</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-indent: -9pt; padding-left: 9pt; text-align: left; padding-bottom: 1pt">Right-of-use assets obtained in exchange for new operating lease liabilities</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="-sec-ix-hidden:fc_773874592">n/a</span></p></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="-sec-ix-hidden:fc_895219439">n/a</span></p></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 1pt">Weighted-average remaining lease term (in years)<span style="font-size: 8.5pt">—</span>operating leases</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">0.5</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">1.0</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 2.5pt">Weighted-average discount rate<span style="font-size: 8.5pt">—</span>operating leases</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">6.0%</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">9.5%</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">None of the Company’s leases include variable payments, residual value guarantees or any restrictions or covenants relating to the Company’s ability to pay dividends or incur additional financing obligations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt">The following table discloses future minimum lease payments at March 31, 2026 with respect to the Company’s operating lease liabilities:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 75%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; text-align: left">Remainder of 2026</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">1,656</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="background-color: White; width: 1%"> </td> <td style="background-color: White; width: 1%"> </td> <td style="background-color: White; width: 9%"> </td> <td style="background-color: White; width: 1%"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">2027</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,336</td> <td style="white-space: nowrap; text-align: left"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">2028</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">429</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Total future minimum lease payments (undiscounted)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">3,421</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt">The following table reconciles the future minimum lease payments (disclosed above) at March 31, 2026 to the operating lease liabilities recognized in the Company’s Consolidated Balance Sheets:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 75%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap; font-weight: bold">Amounts recognized in the Company’s Consolidated Balance Sheets</td> <td> </td> <td colspan="3" style="white-space: nowrap"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; text-align: left; text-indent: 6.05pt; padding-left: 12pt">Lease liability—short term</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">1,498</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="background-color: White; width: 1%"> </td> <td style="background-color: White; width: 1%"> </td> <td style="background-color: White; width: 9%"> </td> <td style="background-color: White; width: 1%"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 1pt; text-indent: 6.05pt; padding-left: 12pt">Lease liability—long term</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">841</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-indent: 6.05pt; padding-left: 12pt">Subtotal</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,339</td> <td style="white-space: nowrap; text-align: left"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 1pt; text-indent: -31.5pt; padding-left: 31.5pt">Difference between undiscounted and discounted cash flows</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">1,082</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 2.5pt; text-indent: -31.5pt; padding-left: 31.5pt">Total future minimum lease payments (undiscounted)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">3,421</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> </tr></tbody></table></div> The following table provides additional information regarding the Company’s leases: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 75%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; font-size: 8pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center"><span style="font-weight: bold">Three Months Ended<br/>March 31,</span></p></td> </tr><tr style="vertical-align: bottom"><td style="white-space: nowrap"><span style="font-size: 8pt"> </span></td> <td style="white-space: nowrap; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">2026</span></td> <td style="white-space: nowrap; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">2025</span></td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: left">Lease cost</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; text-align: left">Operating lease cost</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">456</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">326</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 1pt">Short-term lease cost</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">23</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">52</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 2.5pt">Total lease cost</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">479</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">378</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: left">Other information</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-indent: -9pt; padding-left: 9pt; text-align: left; padding-bottom: 1pt">Cash paid for amounts included in the measurement of operating liabilities (operating leases)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right">459</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right">325</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-indent: -9pt; padding-left: 9pt; text-align: left; padding-bottom: 1pt">Right-of-use assets obtained in exchange for new operating lease liabilities</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="-sec-ix-hidden:fc_773874592">n/a</span></p></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="-sec-ix-hidden:fc_895219439">n/a</span></p></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 1pt">Weighted-average remaining lease term (in years)<span style="font-size: 8.5pt">—</span>operating leases</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">0.5</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">1.0</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 2.5pt">Weighted-average discount rate<span style="font-size: 8.5pt">—</span>operating leases</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">6.0%</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">9.5%</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt">The following table reconciles the future minimum lease payments (disclosed above) at March 31, 2026 to the operating lease liabilities recognized in the Company’s Consolidated Balance Sheets:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 75%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap; font-weight: bold">Amounts recognized in the Company’s Consolidated Balance Sheets</td> <td> </td> <td colspan="3" style="white-space: nowrap"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; text-align: left; text-indent: 6.05pt; padding-left: 12pt">Lease liability—short term</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">1,498</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="background-color: White; width: 1%"> </td> <td style="background-color: White; width: 1%"> </td> <td style="background-color: White; width: 9%"> </td> <td style="background-color: White; width: 1%"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 1pt; text-indent: 6.05pt; padding-left: 12pt">Lease liability—long term</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">841</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-indent: 6.05pt; padding-left: 12pt">Subtotal</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,339</td> <td style="white-space: nowrap; text-align: left"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 1pt; text-indent: -31.5pt; padding-left: 31.5pt">Difference between undiscounted and discounted cash flows</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">1,082</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 2.5pt; text-indent: -31.5pt; padding-left: 31.5pt">Total future minimum lease payments (undiscounted)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">3,421</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> </tr></tbody></table> 456000 326000 23000 52000 479000 378000 459000 325000 P0Y6M P1Y 0.06 0.095 <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt">The following table discloses future minimum lease payments at March 31, 2026 with respect to the Company’s operating lease liabilities:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 75%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; text-align: left">Remainder of 2026</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">1,656</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="background-color: White; width: 1%"> </td> <td style="background-color: White; width: 1%"> </td> <td style="background-color: White; width: 9%"> </td> <td style="background-color: White; width: 1%"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">2027</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,336</td> <td style="white-space: nowrap; text-align: left"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">2028</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">429</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Total future minimum lease payments (undiscounted)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">3,421</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> </tr></tbody> </table> 1656000 1336000 429000 3421000 1498000 841000 2339000 1082000 3421000 <div style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><span>13</span>. Contingencies</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">The Company may be subject to reviews, inspections and investigations by regulatory authorities as well as legal proceedings arising in the ordinary course of business.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Closure of the WisdomTree WTI Crude Oil <span>3</span>x Daily Leveraged ETP</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">Between December 2020 and December 2024, WMAI, WTMAML, WTUK and/or WT Ireland were served with eight separate writs of summons to appear before the Courts of Milan, Udine or Turin, Italy by investors seeking damages resulting from the closure of the WisdomTree WTI Crude Oil <span>3</span>x Daily Leveraged ETP (“<span>3</span>OIL”) in March 2020. The product was dependent on the receipt of payments from a swap provider to satisfy payment obligations to the investors. Due to an extreme adverse move in oil futures relative to the oil futures’ closing price, the swap contract underlying <span>3</span>OIL was terminated by the swap provider, which resulted in the compulsory redemption of <span>3</span>OIL, all in accordance with the prospectus.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt"> Since February 2022, all eight actions have been resolved in the Company’s favor, of which two have been appealed. Total damages sought by investors related to the remaining appealed claims were approximately €14,530 ($16,690) at March 31, 2026. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt"> The Company continues to assess the appealed claims with its external counsel. The Company expects that losses, if any, arising from these claims will be covered under its insurance policies, less a $500 deductible. An accrual has not been made with respect to these matters at March 31, 2026 and December 31, 2025. </p></div> 14530000 16690000 500000 <div style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><span style="font-weight: bold">14. Variable Interest Entities </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">VIEs are entities with any of the following characteristics: (i) the entity does not have enough equity to finance its activities without additional financial support; (ii) the equity holders, as a group, lack the characteristics of a controlling financial interest; or (iii) the entity is structured with non-substantive voting rights.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">Consolidation of a VIE is required for the party deemed to be the primary beneficiary, if any. The primary beneficiary is the party who has both (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (b) an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. The Company is not the primary beneficiary of any entities in which it has a variable interest as it does not have the power to direct the activities that most significantly impact the entities’ economic performance. Such power is conveyed through the entities’ boards of directors and the Company does not have control over the boards.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt">The following table presents information about the Company’s variable interests in non-consolidated VIEs:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center"><span style="font-weight: bold">March 31, <br/>2026</span></p></td> <td style="white-space: nowrap"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center"><span style="font-weight: bold">December 31,<br/>2025</span></p></td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Carrying Amount<span style="font-size: 8.5pt">—</span>Assets:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; text-align: left">Fnality International Limited (Note <span>7</span>)</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; width: 9%; text-align: right">22,123</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; width: 9%; text-align: right">22,575</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Maximum exposure to loss</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">22,123</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">22,575</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody> </table></div> <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt">The following table presents information about the Company’s variable interests in non-consolidated VIEs:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center"><span style="font-weight: bold">March 31, <br/>2026</span></p></td> <td style="white-space: nowrap"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center"><span style="font-weight: bold">December 31,<br/>2025</span></p></td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Carrying Amount<span style="font-size: 8.5pt">—</span>Assets:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; text-align: left">Fnality International Limited (Note <span>7</span>)</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; width: 9%; text-align: right">22,123</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; width: 9%; text-align: right">22,575</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Maximum exposure to loss</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">22,123</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">22,575</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody> </table> 22123000 22575000 22123000 22575000 <div style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><span style="font-weight: bold">15. Revenues from Contracts with Customers </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt">The following table presents the Company’s total revenues from contracts with customers:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; font-size: 8pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center"><span style="font-weight: bold">Three Months Ended</span></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><span style="font-weight: bold">March 31,</span></p></td> </tr><tr style="vertical-align: bottom"><td style="white-space: nowrap"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">2026</span></td> <td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">2025</span></td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Revenues from contracts with customers:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; text-align: left; text-indent: 15pt">Advisory fees</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">134,880</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">99,549</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-size: 9.5pt; text-align: left; text-indent: 15pt">Management fees</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,231</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_924641298">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-size: 9.5pt; text-align: left; text-indent: 15pt">Performance fees</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,955</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_392037127">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-bottom: 1pt; text-indent: 15pt">Other</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">16,404</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">8,533</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 2.5pt">Total operating revenues</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">159,470</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">108,082</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt">The Company recognizes revenues from contracts with customers when the performance obligation is satisfied, which is when the promised services are transferred to the customer. A service is considered to be transferred when the customer obtains control, which is represented by the transfer of rights with regard to the service. Transfer of control happens either over time or at a point in time. When a performance obligation is satisfied over time, an entity is required to select a single method of measuring progress for each performance obligation that depicts the entity’s performance in transferring control of services to the customer.</p></div><div style="font: 10pt Times New Roman, Times, Serif"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt">There are no contract assets or liabilities that arise in connection with the recognition of operating revenues. In addition, there are no costs incurred to obtain or fulfill the contracts with customers. See Note 16 for additional information regarding related party transactions.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><i>Advisory Fees</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt">A significant portion of the Company’s revenues from contracts with customers is derived primarily from investment advisory agreements with related parties (Note 16). These advisory fees are recognized over time, are earned from the Company’s ETPs and are calculated based on a percentage of the ETPs’ average daily net assets. There is no significant judgment in calculating amounts due which are invoiced monthly in arrears and are not subject to any potential reversal. Progress is measured using the practical expedient under the output method resulting in the recognition of revenue in the amount for which the Company has a right to invoice.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><i>Management Fees</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt">Management fees are earned in exchange for Ceres providing investment advisory and other management services to Ceres Farms. Management fees are generally calculated as a stated percentage of members’ capital account balances as of the last day of each calendar quarter, subject to adjustment for any contractual waivers as well as contributions and redemptions arising in any particular quarter. Management fees are recognized as revenue over time, as the performance obligation is satisfied.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><i>Performance Fees</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt">Performance fees represent variable consideration and are earned based on a specified percentage of Ceres Farms’ net profits, subject to contractual fee waivers, high-water marks and loss recovery requirements. Performance fees are earned only after members have recovered prior losses and applicable thresholds have been met. Performance fee revenues are recognized when it is probable that a significant reversal of cumulative revenues recognized will not occur, which generally occurs upon the determination of fund profits that are no longer subject to claw back or reversal under the governing agreements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><i>Other Revenues</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt">Other revenues include revenues the Company earns from swap providers associated with certain of the Company’s European listed ETPs, the nature of which are based on a percentage of the ETPs’ average daily net assets. The Company also earns transaction-based income on flows associated with certain European listed ETPs. There is no significant judgment in calculating amounts due, which are invoiced monthly or quarterly in arrears and are not subject to any potential reversal. Progress is measured using the practical expedient under the output method resulting in the recognition of revenue in the amount for which the Company has a right to invoice.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Geographic Distribution of Revenues</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.3pt">The following table presents the Company’s total revenues geographically as determined by where the respective management companies reside:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; font-size: 8pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center"><span style="font-weight: bold">Three Months Ended</span></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><span style="font-weight: bold">March 31,</span></p></td> </tr><tr style="vertical-align: bottom"><td style="white-space: nowrap"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">2026</span></td> <td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">2025</span></td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Revenues from contracts with customers:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; text-indent: 15pt; padding-left: 9pt; width: 76%">United States</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">87,276</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">69,469</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; text-indent: 15pt; padding-left: 9pt">Jersey</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">58,253</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">32,593</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; text-indent: 15pt; padding-left: 9pt">Ireland</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">13,941</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">6,020</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 2.5pt">Total operating revenues</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">159,470</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">108,082</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody></table> </div> <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt">The following table presents the Company’s total revenues from contracts with customers:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; font-size: 8pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center"><span style="font-weight: bold">Three Months Ended</span></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><span style="font-weight: bold">March 31,</span></p></td> </tr><tr style="vertical-align: bottom"><td style="white-space: nowrap"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">2026</span></td> <td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">2025</span></td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Revenues from contracts with customers:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; text-align: left; text-indent: 15pt">Advisory fees</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">134,880</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">99,549</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-size: 9.5pt; text-align: left; text-indent: 15pt">Management fees</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,231</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_924641298">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-size: 9.5pt; text-align: left; text-indent: 15pt">Performance fees</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,955</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_392037127">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-bottom: 1pt; text-indent: 15pt">Other</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">16,404</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">8,533</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 2.5pt">Total operating revenues</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">159,470</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">108,082</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody></table> 134880000 99549000 5231000 2955000 16404000 8533000 159470000 108082000 <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.3pt">The following table presents the Company’s total revenues geographically as determined by where the respective management companies reside:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; font-size: 8pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center"><span style="font-weight: bold">Three Months Ended</span></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><span style="font-weight: bold">March 31,</span></p></td> </tr><tr style="vertical-align: bottom"><td style="white-space: nowrap"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">2026</span></td> <td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">2025</span></td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Revenues from contracts with customers:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; text-indent: 15pt; padding-left: 9pt; width: 76%">United States</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">87,276</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">69,469</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; text-indent: 15pt; padding-left: 9pt">Jersey</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">58,253</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">32,593</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; text-indent: 15pt; padding-left: 9pt">Ireland</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">13,941</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">6,020</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 2.5pt">Total operating revenues</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">159,470</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">108,082</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody></table> 87276000 69469000 58253000 32593000 13941000 6020000 159470000 108082000 <div style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><span style="font-weight: bold">16. Related Party Transactions</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Advisory Services </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 24.5pt">The Company’s advisory fee revenues are derived primarily from investment advisory agreements with related parties. Under these agreements, the Company has licensed to related parties the use of certain of its own indexes for the U.S. WisdomTree ETFs, WisdomTree Digital Funds and WisdomTree UCITS ETFs. The relevant boards of trustees or boards of directors (including certain officers of the Company) of each of the related parties is primarily responsible for overseeing the management and affairs of the entities for the benefit of their respective stakeholders and have contracted with the Company to provide for general management and administration services. The Company is also responsible for certain expenses of the related parties, including the cost of transfer agency, custody, fund administration and accounting, legal, audit, and other non-distribution services, excluding extraordinary expenses, taxes and certain other expenses, which are included in fund management and administration in the Consolidated Statements of Operations. In exchange, the Company receives fees based on a percentage of the ETPs’ and the Digital Funds’ average daily net assets. A majority of the independent members of the respective board of trustees or board of directors are required to initially and annually (after the first two years) approve the advisory agreements of the U.S. WisdomTree ETFs and the WisdomTree Digital Funds and these agreements may be terminated by such board of trustees or board of directors upon notice.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Ceres Services to Ceres Farms</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt">Ceres provides investment advisory and other management services to Ceres Farms. In exchange for these services the Company earns management fees and performance fees as further disclosed in Note 15.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><span style="font-weight: bold"><i>Accounts Receivable from Related Parties</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 24.5pt">The following table summarizes accounts receivable from related parties which are included as a component of accounts receivable in the Consolidated Balance Sheets:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; font-size: 8pt; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><span style="font-weight: bold">March 31,<br/>2026</span></p></td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">December 31, <br/> 2025</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; text-align: left">Receivable from WTT</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">28,108</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">26,410</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Receivable from ManJer Issuers</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8,940</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7,905</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Receivable from WMAI and WTICAV</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">10,399</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">9,104</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 1pt">Receivable from Ceres Farms</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">8,186</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">12,013</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-bottom: 2.5pt">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">55,633</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">55,432</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">The allowance for credit losses on accounts receivable from related parties is insignificant when applying historical loss rates, adjusted for current conditions and supportable forecasts, to the amounts outstanding in the table above. Amounts outstanding are all invoiced in arrears, are less than 30 days aged and are collected shortly after the applicable reporting period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><span style="font-weight: bold"><i>Revenues Earned from Related Parties</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.3pt">The following table summarizes revenues from services provided to related parties:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; font-size: 8pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center"><span style="font-weight: bold">Three Months Ended</span></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><span style="font-weight: bold">March 31,</span></p></td> </tr><tr style="vertical-align: bottom"><td style="white-space: nowrap"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">2026</span></td> <td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">2025</span></td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; text-align: left">Advisory services provided to WTT</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">78,440</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">68,855</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Advisory services provided to ManJer Issuers</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">42,499</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">24,674</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Advisory services provided to WMAI and WTICAV</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">13,941</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6,020</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Management and performance fees earned from Ceres Farms</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">8,186</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden:fc_1368902043">—</span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">143,066</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">99,549</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Investments in WisdomTree Products</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"> The Company has investments in certain WisdomTree products of $278,330 and $244,722 at March 31, 2026 and December 31, 2025, respectively. This includes $17,193 and $19,327, respectively, of seed investments in certain consolidated affiliated Digital Funds advised by WT Digital Management, referred to herein as “other assets–seed capital,” as well as $221,452 and $145,242, respectively, in the WisdomTree Treasury Money Market Digital Fund at March 31, 2026 and December 31, 2025. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"> Net unrealized and realized losses and gains related to trading WisdomTree products during the three months ended March 31, 2026 and 2025 were ($724) and $647, respectively, which are recorded in other losses, net on the Consolidated Statements of Operations. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Employee Investments in Ceres Farms</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt">Employees of the Company have invested in Ceres Farms, for which management and performance fees are waived. Such waived fees were immaterial to the Company’s Consolidated Statements of Operations.</p></div> <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 24.5pt">The following table summarizes accounts receivable from related parties which are included as a component of accounts receivable in the Consolidated Balance Sheets:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; font-size: 8pt; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><span style="font-weight: bold">March 31,<br/>2026</span></p></td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">December 31, <br/> 2025</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; text-align: left">Receivable from WTT</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">28,108</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">26,410</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Receivable from ManJer Issuers</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8,940</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7,905</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Receivable from WMAI and WTICAV</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">10,399</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">9,104</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 1pt">Receivable from Ceres Farms</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">8,186</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">12,013</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-bottom: 2.5pt">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">55,633</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">55,432</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.3pt">The following table summarizes revenues from services provided to related parties:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; font-size: 8pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center"><span style="font-weight: bold">Three Months Ended</span></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><span style="font-weight: bold">March 31,</span></p></td> </tr><tr style="vertical-align: bottom"><td style="white-space: nowrap"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">2026</span></td> <td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">2025</span></td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; text-align: left">Advisory services provided to WTT</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">78,440</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">68,855</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Advisory services provided to ManJer Issuers</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">42,499</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">24,674</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Advisory services provided to WMAI and WTICAV</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">13,941</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6,020</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Management and performance fees earned from Ceres Farms</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">8,186</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden:fc_1368902043">—</span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">143,066</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">99,549</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody></table> 28108000 26410000 8940000 7905000 10399000 9104000 8186000 12013000 55633000 55432000 78440000 68855000 42499000 24674000 13941000 6020000 8186000 143066000 99549000 278330000 244722000 17193000 19327000 221452000 145242000 724000 647000 <div style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><span style="font-weight: bold">17. Stock-Based Awards</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt"> On July 15, 2022, the Company’s stockholders approved the 2022 Equity Plan under which the Company may issue up to 16,000,000 shares of common stock (less one share for every share granted under the 2016 Equity Plan since March 31, 2022 and inclusive of shares available under the 2016 Equity Plan as of March 31, 2022) in the form of stock options and other stock-based awards. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">The Company grants equity awards to employees and directors, which include restricted stock awards (“RSAs”), restricted stock units (“RSUs”), including deferred RSUs to non-employee directors, performance-based restricted stock units (“PRSUs”) and stock options. Certain awards described below are subject to acceleration under certain conditions.</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"> <tbody><tr style="vertical-align: top"><td style="width: 22.5pt"></td> <td style="width: 72pt"><p style="margin: 0pt 0">Stock options:</p></td> <td><p style="margin: 0pt 0">Generally issued for terms of ten years and may vest after at least one year of service and have an exercise price equal to the Company’s stock price on the grant date. The Company estimates the fair value of stock options (when granted) using the Black-Scholes option pricing model.</p></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt"></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0" width="100%"> <tbody><tr style="vertical-align: top"><td style="width: 22.5pt"></td> <td style="width: 72pt">RSAs/RSUs:</td> <td>Awards are valued based on the Company’s stock price on grant date and generally vest ratably, on an annual basis, over <span style="-sec-ix-hidden:fc_1787473386">three</span> years. For non-employee directors, such awards generally vest on the one-year anniversary of the grant date.</td> </tr></tbody> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0" width="100%"> <tbody><tr style="vertical-align: top"><td style="width: 22.5pt"></td> <td style="width: 72pt">Deferred RSUs:</td> <td>Awards are valued based on the Company’s stock price on grant date and generally vest on the <span style="-sec-ix-hidden:fc_1296718656">one</span>-year anniversary of the grant date. The awards are issued pursuant to the Company’s Non-Employee Director Deferred Compensation Program and are settled based on timing elected by the recipient in advance.</td> </tr></tbody> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0" width="100%"> <tbody><tr style="vertical-align: top"><td style="width: 22.5pt"></td> <td style="width: 72pt">PRSUs:</td> <td>These awards cliff vest <span style="-sec-ix-hidden:fc_2132745155">three</span> years from the grant date and contain a market condition whereby the number of PRSUs ultimately vesting is tied to how the Company’s total shareholder return (“TSR”) compares to a peer group of other publicly traded asset managers over the three-year period. A Monte Carlo simulation is used to value these awards.</td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0 94.5pt"> The number of PRSUs vesting ranges from 0% to 200% of the target number of PRSUs granted, as follows: </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0pt"> <tbody><tr style="vertical-align: top"><td style="width: 94.5pt"></td> <td style="width: 22.5pt"><span style="font-family: Symbol">·</span></td> <td>If the relative TSR is below the 25<span style="font-size: 8pt">^th</span> percentile, then 0% of the target number of PRSUs granted will vest;</td> </tr></tbody> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0pt"> <tbody><tr style="vertical-align: top"><td style="width: 94.5pt"></td> <td style="width: 22.5pt"><span style="font-family: Symbol">·</span></td> <td>If the relative TSR is at the 25<span style="font-size: 8pt">^th</span> percentile, then 50% of the target number of PRSUs granted will vest;</td> </tr></tbody> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0pt"> <tbody><tr style="vertical-align: top"><td style="width: 94.5pt"></td> <td style="width: 22.5pt"><span style="font-family: Symbol">·</span></td> <td>If the relative TSR is above the 25<span style="font-size: 8pt">^th</span> percentile, then linear scaling is applied such that the percent of the target number of PRSUs vesting is 100% at the 50<span style="font-size: 8pt">^th</span> percentile and capped at 200% of the target number of PRSUs granted for performance at the 85<span style="font-size: 8pt">^th</span> percentile; and</td> </tr></tbody> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0pt"> <tbody><tr style="vertical-align: top"><td style="width: 94.5pt"></td> <td style="width: 22.5pt"><span style="font-family: Symbol">·</span></td> <td>If the Company’s TSR is negative, the target number of PRSUs vesting is capped at 100% regardless of the relative TSR percentile.</td> </tr></tbody> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt"> Stock-based compensation expense was $8,431 and $6,238, respectively, during the three months ended March 31, 2026 and 2025. </p><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.3pt">A summary of unrecognized stock-based compensation expense and average remaining vesting period is as follows:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap; font-size: 4pt"> </td> <td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">March 31, 2026</td> </tr><tr style="vertical-align: bottom"><td style="white-space: nowrap; font-size: 4pt"> </td> <td style="white-space: nowrap; font-size: 8pt; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-weight: bold">Unrecognized </span></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-weight: bold">Stock-Based<br/> Compensation</span></p></td> <td style="white-space: nowrap; font-size: 8pt; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-weight: bold">Weighted-Average </span></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-weight: bold">Remaining Vesting </span></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-weight: bold">Period (Years)</span></p></td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%; text-align: left; text-indent: -12pt; padding-left: 12pt">Employees and directors</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 15%; text-align: right">37,647</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 15%; text-align: right">1.75</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 6pt; text-indent: 22.5pt">A summary of stock-based compensation award activity (shares) during the three months ended March 31, 2026 is as follows:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap"> </td> <td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">RSA</td> <td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">RSU</td> <td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">PRSU</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%">Balance at January 1, 2026</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">4,372,897</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">279,549</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">1,427,859</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-indent: 9.55pt; padding-left: 12pt">Granted</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,012,575</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">73,115</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">254,042</td> <td style="white-space: nowrap; text-align: left"><span style="font-size: 8pt">⁽¹⁾</span> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-indent: 9.55pt; padding-left: 12pt">Vested</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(2,209,591</td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(69,169</td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(601,468</td> <td style="white-space: nowrap; text-align: left">)<span style="font-size: 8pt">⁽²⁾</span> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-indent: 9.55pt; padding-left: 12pt">Forfeited</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(31,834</td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_499856508">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_832552338">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 1pt; text-indent: 9.55pt; padding-left: 12pt">Stock dividends accrued</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden:fc_1943836431">—</span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">255</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">1,537</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-bottom: 2.5pt">Balance at March 31, 2026</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">3,144,047</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">283,750</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"><span style="font-size: 8pt">⁽³⁾ </span> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">1,081,970</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0" width="100%"> <tbody><tr style="vertical-align: top"><td style="width: 0"></td> <td style="width: 0.25in"><span style="font-size: 8pt">⁽¹⁾</span></td> <td>Represents the target number of PRSUs granted and outstanding. The number of PRSUs that ultimately vest ranges from 0% to 200% of this amount. A Monte-Carlo simulation was used to value these awards using the following assumptions for the Company and the peer group: (i) beginning 90-day average stock prices; (ii) valuation date stock prices; (iii) historical stock price volatilities ranging from 21.84% to 34.34% (average 28.77%); (iv) correlation coefficients based upon the price data used to calculate the historical volatilities; (v) a risk free interest rate of 3.64%; and (vi) an expected dividend yield of 0.00%.</td> </tr></tbody> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0" width="100%"> <tbody><tr style="vertical-align: top"><td style="width: 0"></td> <td style="width: 0.25in"><span style="font-size: 8pt">⁽²⁾</span></td> <td>The payout on PRSUs vesting in January 2026 was 199%.</td> </tr></tbody> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt" width="100%"> <tbody><tr style="vertical-align: top"><td style="width: 0"></td> <td style="width: 0.25in"><span style="font-size: 8pt">⁽³⁾</span></td> <td>Includes 99,785 deferred RSUs that have vested.</td> </tr></tbody> </table></div> 16000000 The number of PRSUs vesting ranges from 0% to 200% of the target number of PRSUs granted, as follows:If the relative TSR is below the 25th percentile, then 0% of the target number of PRSUs granted will vest;If the relative TSR is at the 25th percentile, then 50% of the target number of PRSUs granted will vest;If the relative TSR is above the 25th percentile, then linear scaling is applied such that the percent of the target number of PRSUs vesting is 100% at the 50th percentile and capped at 200% of the target number of PRSUs granted for performance at the 85th percentile; andIf the Company’s TSR is negative, the target number of PRSUs vesting is capped at 100% regardless of the relative TSR percentile. 8431000 6238000 <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.3pt">A summary of unrecognized stock-based compensation expense and average remaining vesting period is as follows:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap; font-size: 4pt"> </td> <td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">March 31, 2026</td> </tr><tr style="vertical-align: bottom"><td style="white-space: nowrap; font-size: 4pt"> </td> <td style="white-space: nowrap; font-size: 8pt; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-weight: bold">Unrecognized </span></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-weight: bold">Stock-Based<br/> Compensation</span></p></td> <td style="white-space: nowrap; font-size: 8pt; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-weight: bold">Weighted-Average </span></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-weight: bold">Remaining Vesting </span></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-weight: bold">Period (Years)</span></p></td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%; text-align: left; text-indent: -12pt; padding-left: 12pt">Employees and directors</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 15%; text-align: right">37,647</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 15%; text-align: right">1.75</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr></tbody></table> 37647000 P1Y9M <p style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 6pt; text-indent: 22.5pt">A summary of stock-based compensation award activity (shares) during the three months ended March 31, 2026 is as follows:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap"> </td> <td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">RSA</td> <td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">RSU</td> <td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">PRSU</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%">Balance at January 1, 2026</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">4,372,897</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">279,549</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">1,427,859</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-indent: 9.55pt; padding-left: 12pt">Granted</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,012,575</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">73,115</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">254,042</td> <td style="white-space: nowrap; text-align: left"><span style="font-size: 8pt">⁽¹⁾</span> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-indent: 9.55pt; padding-left: 12pt">Vested</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(2,209,591</td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(69,169</td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(601,468</td> <td style="white-space: nowrap; text-align: left">)<span style="font-size: 8pt">⁽²⁾</span> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-indent: 9.55pt; padding-left: 12pt">Forfeited</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(31,834</td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_499856508">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_832552338">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 1pt; text-indent: 9.55pt; padding-left: 12pt">Stock dividends accrued</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden:fc_1943836431">—</span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">255</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">1,537</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-bottom: 2.5pt">Balance at March 31, 2026</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">3,144,047</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">283,750</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"><span style="font-size: 8pt">⁽³⁾ </span> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">1,081,970</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0" width="100%"> <tbody><tr style="vertical-align: top"><td style="width: 0"></td> <td style="width: 0.25in"><span style="font-size: 8pt">⁽¹⁾</span></td> <td>Represents the target number of PRSUs granted and outstanding. The number of PRSUs that ultimately vest ranges from 0% to 200% of this amount. A Monte-Carlo simulation was used to value these awards using the following assumptions for the Company and the peer group: (i) beginning 90-day average stock prices; (ii) valuation date stock prices; (iii) historical stock price volatilities ranging from 21.84% to 34.34% (average 28.77%); (iv) correlation coefficients based upon the price data used to calculate the historical volatilities; (v) a risk free interest rate of 3.64%; and (vi) an expected dividend yield of 0.00%.</td> </tr></tbody> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0" width="100%"> <tbody><tr style="vertical-align: top"><td style="width: 0"></td> <td style="width: 0.25in"><span style="font-size: 8pt">⁽²⁾</span></td> <td>The payout on PRSUs vesting in January 2026 was 199%.</td> </tr></tbody> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt" width="100%"> <tbody><tr style="vertical-align: top"><td style="width: 0"></td> <td style="width: 0.25in"><span style="font-size: 8pt">⁽³⁾</span></td> <td>Includes 99,785 deferred RSUs that have vested.</td> </tr></tbody> </table> 4372897 279549 1427859 1012575 73115 254042 2209591 69169 601468 31834 255 1537 3144047 283750 1081970 0 2 0.2184 0.3434 0.2877 0.0364 0 1.99 99785 <div style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold">18. Earnings Per Share </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt">The following tables set forth reconciliations of the basic and diluted earnings per share computations for the periods presented:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap; font-size: 4pt"> </td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">Three Months Ended<br/> March 31,</td> </tr><tr style="vertical-align: bottom"><td style="white-space: nowrap; font-weight: bold">Basic Earnings per Share</td> <td style="font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">2026</td> <td style="font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">2025</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; text-align: left; padding-left: 12pt">Net (loss)/income</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">(23,131</td> <td style="white-space: nowrap; width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">24,629</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-left: 0.5in">Less:  Income distributed to participating securities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_1856077799">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_381832352">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 1pt; padding-left: 0.5in">Less:  Undistributed income allocable to participating securities</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden:fc_1114397690">—</span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(24</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-left: 12pt">Net (loss)/income available to common stockholders<span style="font-size: 8.5pt">—</span>Basic EPS</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">(23,131</td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">24,605</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-bottom: 1pt; padding-left: 12pt">Weighted average common shares (in thousands)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">138,005</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">142,580</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-bottom: 2.5pt; padding-left: 12pt">Basic (loss)/earnings per share</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">(0.17</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">0.17</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 6pt"></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom; background-color: White"><td style="white-space: nowrap; font-size: 4pt; padding-left: 0.1in"> </td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center"><span style="font-weight: bold">Three Months Ended<br/> March 31,</span></p> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="white-space: nowrap; font-weight: bold">Diluted Earnings per Share</td> <td style="font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td> <td style="font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-left: 12pt; width: 76%">Net (loss)/income available to common stockholders</td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 9%">(23,131</td> <td style="white-space: nowrap; text-align: left; width: 1%">)</td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 9%">24,605</td> <td style="white-space: nowrap; text-align: left; width: 1%"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-left: 31.5pt">Add back:  Undistributed income allocable to participating securities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_1949891631">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">24</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 1pt; padding-left: 31.5pt">Less:  Reallocation of undistributed income allocable to participating securities considered potentially dilutive</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden:fc_1623667008">—</span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(23</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 1pt; padding-left: 12pt">Net (loss)/income available to common stockholders<span style="font-size: 8.5pt">—</span>Diluted EPS</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right">(23,131</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right">24,606</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 12pt">Weighted average diluted shares (in thousands):</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-left: 12pt">Weighted average common shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">138,005</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">142,580</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 1pt; padding-left: 12pt">Dilutive effect of common stock equivalents, excluding participating securities</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden:fc_1993565195">—</span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">3,799</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 1pt; padding-left: 12pt">Weighted average diluted shares, excluding participating securities (in thousands)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">138,005</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">146,379</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-bottom: 2.5pt; padding-left: 12pt">Diluted (loss)/earnings per share</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">(0.17</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">0.17</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt"> Diluted (loss)/earnings per share presented above is calculated using the two-class method as this method results in the lowest diluted earnings per share amount for common stock. During the three months ended March 31, 2026 there were no dilutive common stock equivalents as the Company reported a net loss for the period. Total antidilutive non-participating common stock equivalents were 14,951 and 1,025 for the three months ended March 31, 2026 and 2025, respectively (shares herein are reported in thousands). </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt"> There were <span style="-sec-ix-hidden:fc_231413431">no</span> potential common shares associated with the conversion options embedded in the Convertible Notes included in weighted average diluted shares for the three months ended March 31, 2025 as the Company’s average stock price was lower than the conversion price. </p><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt">The following table reconciles weighted average diluted shares as reported on the Company’s Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025, which are determined pursuant to the treasury stock method, to the weighted average diluted shares used to calculate diluted earnings per share as disclosed in the table above:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; font-size: 8pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center"><span style="font-weight: bold">Three Months Ended </span></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-weight: bold">March 31,</span></p></td> </tr><tr style="vertical-align: bottom"><td style="white-space: nowrap; font-weight: bold">Reconciliation of Weighted Average Diluted Shares (in thousands)</td> <td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">2026</td> <td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">2025</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; text-align: left; text-indent: -12pt; padding-left: 12pt">Weighted average diluted shares as disclosed on the Consolidated Statements of Operations</td> <td style="width: 1%; font-size: 9pt"> </td> <td style="width: 1%; font-size: 9pt; text-align: left"> </td> <td style="width: 9%; text-align: right">138,005</td> <td style="vertical-align: top; white-space: nowrap; width: 1%; font-size: 9pt; text-align: left"><span style="font-size: 8pt">⁽¹⁾</span> </td> <td style="width: 1%; font-size: 9pt"> </td> <td style="width: 1%; font-size: 9pt; text-align: left"> </td> <td style="width: 9%; text-align: right">146,545</td> <td style="white-space: nowrap; width: 1%; font-size: 9pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; text-indent: -13.5pt; padding-left: 0.5in">Less:  Participating securities:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; text-indent: -13.5pt; padding-left: 49.5pt">Weighted average shares of common stock issuable upon conversion of the Series A Preferred Stock</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_528101742">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_1218356493">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 1pt; text-indent: -13.5pt; padding-left: 49.5pt">Potentially dilutive restricted stock awards</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden:fc_931713471">—</span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(166</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12.25pt; padding-left: 12.25pt">Weighted average diluted shares used to calculate diluted (loss)/earnings per share as disclosed in the table above</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">138,005</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">146,379</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3pt">_____________________________</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt" width="100%"> <tbody><tr style="vertical-align: top"><td style="width: 0"></td> <td style="width: 0.25in"><span style="font-size: 8pt">⁽¹⁾</span></td> <td>Excludes 14,336 potentially dilutive non-participating common stock equivalents for the three months ended March 31, 2026 as the Company reported a net loss for the period.</td> </tr></tbody> </table></div> <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt">The following tables set forth reconciliations of the basic and diluted earnings per share computations for the periods presented:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap; font-size: 4pt"> </td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">Three Months Ended<br/> March 31,</td> </tr><tr style="vertical-align: bottom"><td style="white-space: nowrap; font-weight: bold">Basic Earnings per Share</td> <td style="font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">2026</td> <td style="font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">2025</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; text-align: left; padding-left: 12pt">Net (loss)/income</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">(23,131</td> <td style="white-space: nowrap; width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">24,629</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-left: 0.5in">Less:  Income distributed to participating securities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_1856077799">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_381832352">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 1pt; padding-left: 0.5in">Less:  Undistributed income allocable to participating securities</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden:fc_1114397690">—</span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(24</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-left: 12pt">Net (loss)/income available to common stockholders<span style="font-size: 8.5pt">—</span>Basic EPS</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">(23,131</td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">24,605</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-bottom: 1pt; padding-left: 12pt">Weighted average common shares (in thousands)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">138,005</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">142,580</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-bottom: 2.5pt; padding-left: 12pt">Basic (loss)/earnings per share</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">(0.17</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">0.17</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody></table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom; background-color: White"><td style="white-space: nowrap; font-size: 4pt; padding-left: 0.1in"> </td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: left"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center"><span style="font-weight: bold">Three Months Ended<br/> March 31,</span></p> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="white-space: nowrap; font-weight: bold">Diluted Earnings per Share</td> <td style="font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td> <td style="font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-left: 12pt; width: 76%">Net (loss)/income available to common stockholders</td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 9%">(23,131</td> <td style="white-space: nowrap; text-align: left; width: 1%">)</td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 9%">24,605</td> <td style="white-space: nowrap; text-align: left; width: 1%"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-left: 31.5pt">Add back:  Undistributed income allocable to participating securities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_1949891631">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">24</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 1pt; padding-left: 31.5pt">Less:  Reallocation of undistributed income allocable to participating securities considered potentially dilutive</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden:fc_1623667008">—</span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(23</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 1pt; padding-left: 12pt">Net (loss)/income available to common stockholders<span style="font-size: 8.5pt">—</span>Diluted EPS</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right">(23,131</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right">24,606</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 12pt">Weighted average diluted shares (in thousands):</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-left: 12pt">Weighted average common shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">138,005</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">142,580</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 1pt; padding-left: 12pt">Dilutive effect of common stock equivalents, excluding participating securities</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden:fc_1993565195">—</span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">3,799</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 1pt; padding-left: 12pt">Weighted average diluted shares, excluding participating securities (in thousands)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">138,005</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">146,379</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-bottom: 2.5pt; padding-left: 12pt">Diluted (loss)/earnings per share</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">(0.17</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">0.17</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody></table> -23131000 24629000 -24000 -23131000 24605000 138005000 142580000 -0.17 0.17 -23131000 24605000 24000 -23000 -23131000 24606000 138005000 142580000 3799 138005000 146379000 -0.17 0.17 14951000 1025 <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt">The following table reconciles weighted average diluted shares as reported on the Company’s Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025, which are determined pursuant to the treasury stock method, to the weighted average diluted shares used to calculate diluted earnings per share as disclosed in the table above:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; font-size: 8pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center"><span style="font-weight: bold">Three Months Ended </span></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-weight: bold">March 31,</span></p></td> </tr><tr style="vertical-align: bottom"><td style="white-space: nowrap; font-weight: bold">Reconciliation of Weighted Average Diluted Shares (in thousands)</td> <td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">2026</td> <td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">2025</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; text-align: left; text-indent: -12pt; padding-left: 12pt">Weighted average diluted shares as disclosed on the Consolidated Statements of Operations</td> <td style="width: 1%; font-size: 9pt"> </td> <td style="width: 1%; font-size: 9pt; text-align: left"> </td> <td style="width: 9%; text-align: right">138,005</td> <td style="vertical-align: top; white-space: nowrap; width: 1%; font-size: 9pt; text-align: left"><span style="font-size: 8pt">⁽¹⁾</span> </td> <td style="width: 1%; font-size: 9pt"> </td> <td style="width: 1%; font-size: 9pt; text-align: left"> </td> <td style="width: 9%; text-align: right">146,545</td> <td style="white-space: nowrap; width: 1%; font-size: 9pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; text-indent: -13.5pt; padding-left: 0.5in">Less:  Participating securities:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; text-indent: -13.5pt; padding-left: 49.5pt">Weighted average shares of common stock issuable upon conversion of the Series A Preferred Stock</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_528101742">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_1218356493">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 1pt; text-indent: -13.5pt; padding-left: 49.5pt">Potentially dilutive restricted stock awards</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden:fc_931713471">—</span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(166</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12.25pt; padding-left: 12.25pt">Weighted average diluted shares used to calculate diluted (loss)/earnings per share as disclosed in the table above</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">138,005</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">146,379</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3pt">_____________________________</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt" width="100%"> <tbody><tr style="vertical-align: top"><td style="width: 0"></td> <td style="width: 0.25in"><span style="font-size: 8pt">⁽¹⁾</span></td> <td>Excludes 14,336 potentially dilutive non-participating common stock equivalents for the three months ended March 31, 2026 as the Company reported a net loss for the period.</td> </tr></tbody> </table> 138005000 146545000 -166000 138005000 146379000 14336 <div style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold">19. Income Taxes</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Effective Income Tax Rate – Three Months Ended March 31, 2026</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt"> The Company’s effective income tax rate during the three months ended March 31, 2026 was negative 58.6%, resulting in income tax expense of $8,549. Despite a pre-tax loss for the quarter, the Company recorded income tax expense primarily due to certain non-deductible amounts associated with the extinguishment of the Convertible Notes, which caused our effective tax rate to differ from the U.S. federal statutory rate of 21.0%. Other items impacting our effective tax rate included non-deductible executive compensation, partly offset by state and local taxes and tax windfalls associated with the vesting of stock-based compensation awards. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Effective Income Tax Rate – Three Months Ended March 31, 2025</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt"> The Company’s effective income tax rate during the three months ended March 31, 2025 was 18.9%, resulting in income tax expense of $5,739. The effective income tax rate differs from the federal statutory tax rate of 21.0% primarily due to tax windfalls associated with the vesting of stock-based compensation awards and a lower tax rate on foreign earnings. These items were partly offset by state and local income taxes. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Income Tax Payments</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt">Disclosed below is a summary of income taxes paid by jurisdiction pursuant to the disclosure requirements of ASU 2023-09.</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 50%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">Three Months Ended<br/> March 31, 2026</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">United States<span style="font-size: 8.5pt">—</span>Federal</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_648890341">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; width: 76%">United States<span style="font-size: 8.5pt">—</span>State and local</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 21%; text-align: right">305</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">United Kingdom</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7,341</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Other</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">13</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-bottom: 2.5pt; padding-left: 0.1in"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">7,659</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Deferred Tax Assets </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt">A summary of the components of the Company’s deferred tax assets at March 31, 2026 and December 31, 2025 is as follows:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">March 31, 2026</td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">December 31, 2025</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Deferred tax assets:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 70%; text-align: left; text-indent: -12pt; padding-left: 23.55pt">Capital losses</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">6,538</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">6,689</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; text-indent: -12pt; padding-left: 23.55pt">Interest carryforward</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,833</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_388446636">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; text-indent: -12pt; padding-left: 23.55pt">Accrued expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,821</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6,584</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; text-indent: -12pt; padding-left: 23.55pt">Stock-based compensation</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,047</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,210</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; text-indent: -12pt; padding-left: 23.55pt">Acquisition costs</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">953</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">970</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; text-indent: -12pt; padding-left: 23.55pt">Operating lease liabilities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">546</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">631</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-indent: -12pt; padding-left: 23.55pt">NOLs—Foreign</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">521</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">745</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-bottom: 1pt; text-indent: -12pt; padding-left: 23.55pt">Other</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">290</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">289</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 23.55pt">Deferred tax assets</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">15,549</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">19,118</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Deferred tax liabilities:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; text-indent: -12pt; padding-left: 23.55pt">Software capitalization</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">938</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">912</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; text-indent: -12pt; padding-left: 23.55pt">Right of use assets—operating leases</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">543</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">627</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; text-indent: -12pt; padding-left: 23.55pt">Foreign currency translation adjustment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">286</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">592</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; text-indent: -12pt; padding-left: 23.55pt">Goodwill and intangible assets</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">261</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">74</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; text-indent: -12pt; padding-left: 23.55pt">Unrealized gains</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">203</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">494</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; text-indent: -12pt; padding-left: 23.55pt">Fixed assets and prepaid assets</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">202</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">356</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 23.55pt">Unremitted earnings—European subsidiaries</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">92</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">65</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 23.55pt">Deferred tax liabilities</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">2,525</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">3,120</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Total deferred tax assets less deferred tax liabilities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">13,024</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">15,998</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Less: Valuation allowance</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(6,335</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(6,195</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Deferred tax assets, net</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">6,689</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">9,803</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 6pt"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Capital Losses – U.S. </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt"> The Company’s tax effected capital losses at March 31, 2026 were $6,538. These capital losses expire between the years 2026 and 2028. The table below sets forth the aggregate changes in these capital losses: </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 84%; text-align: left">Balance at January 1, 2026</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">6,689</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-bottom: 1pt; padding-left: 9pt; text-align: left">Expirations</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_2008031120">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-bottom: 1pt; padding-left: 9pt; text-align: left">Utilizations</td> <td style="white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(151</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Balance at March 31, 2026</td> <td style="white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">6,538</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Net Operating Losses – Europe </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt"> One of the Company’s European subsidiaries generated net operating losses (“NOLs”) outside the U.S. These tax effected NOLs, all of which are carried forward indefinitely, were $521 at March 31, 2026. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Valuation Allowance</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">The Company’s valuation allowance has been established on its net capital losses (net of unrealized gains), as it is more-likely-than-not that these deferred tax assets will not be realized.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Income Tax Examinations</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">The Company is subject to U.S. federal income tax as well as income tax of multiple state, local and certain foreign jurisdictions. As of March 31, 2026, with few exceptions, the Company was no longer subject to income tax examinations by any taxing authority for the years before 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Uncertain Tax Positions</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt"> There were <span style="-sec-ix-hidden:fc_1388665688"><span style="-sec-ix-hidden:fc_1459509785">no</span></span> unrecognized tax benefits at March 31, 2026 and December 31, 2025. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Undistributed Earnings of Foreign Subsidiaries</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt"> ASC 740-30, <i>Income Taxes</i>, provides guidance that U.S. companies do not need to recognize tax effects on foreign earnings that are indefinitely reinvested. The Company repatriates earnings of its foreign subsidiaries and therefore has recognized a deferred tax liability of $92 and $65 at March 31, 2026 and December 31, 2025, respectively. </p></div> 0.586 8549000 0.21 0.189 5739000 0.21 <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt">Disclosed below is a summary of income taxes paid by jurisdiction pursuant to the disclosure requirements of ASU 2023-09.</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 50%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">Three Months Ended<br/> March 31, 2026</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">United States<span style="font-size: 8.5pt">—</span>Federal</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_648890341">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; width: 76%">United States<span style="font-size: 8.5pt">—</span>State and local</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 21%; text-align: right">305</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">United Kingdom</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7,341</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Other</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">13</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-bottom: 2.5pt; padding-left: 0.1in"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">7,659</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody></table> 305000 7341000 13000 7659000 <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt">A summary of the components of the Company’s deferred tax assets at March 31, 2026 and December 31, 2025 is as follows:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">March 31, 2026</td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">December 31, 2025</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Deferred tax assets:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 70%; text-align: left; text-indent: -12pt; padding-left: 23.55pt">Capital losses</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">6,538</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">6,689</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; text-indent: -12pt; padding-left: 23.55pt">Interest carryforward</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,833</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_388446636">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; text-indent: -12pt; padding-left: 23.55pt">Accrued expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,821</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6,584</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; text-indent: -12pt; padding-left: 23.55pt">Stock-based compensation</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,047</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,210</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; text-indent: -12pt; padding-left: 23.55pt">Acquisition costs</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">953</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">970</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; text-indent: -12pt; padding-left: 23.55pt">Operating lease liabilities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">546</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">631</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-indent: -12pt; padding-left: 23.55pt">NOLs—Foreign</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">521</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">745</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-bottom: 1pt; text-indent: -12pt; padding-left: 23.55pt">Other</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">290</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">289</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 23.55pt">Deferred tax assets</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">15,549</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">19,118</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Deferred tax liabilities:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; text-indent: -12pt; padding-left: 23.55pt">Software capitalization</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">938</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">912</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; text-indent: -12pt; padding-left: 23.55pt">Right of use assets—operating leases</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">543</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">627</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; text-indent: -12pt; padding-left: 23.55pt">Foreign currency translation adjustment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">286</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">592</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; text-indent: -12pt; padding-left: 23.55pt">Goodwill and intangible assets</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">261</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">74</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; text-indent: -12pt; padding-left: 23.55pt">Unrealized gains</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">203</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">494</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; text-indent: -12pt; padding-left: 23.55pt">Fixed assets and prepaid assets</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">202</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">356</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 23.55pt">Unremitted earnings—European subsidiaries</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">92</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">65</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 23.55pt">Deferred tax liabilities</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">2,525</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">3,120</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Total deferred tax assets less deferred tax liabilities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">13,024</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">15,998</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Less: Valuation allowance</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(6,335</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(6,195</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Deferred tax assets, net</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">6,689</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">9,803</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody> </table> 6538000 6689000 2833000 2821000 6584000 1047000 3210000 953000 970000 546000 631000 521000 745000 290000 289000 15549000 19118000 -938000 -912000 543000 627000 286000 592000 261000 74000 203000 494000 202000 356000 92000 65000 2525000 3120000 13024000 15998000 6335000 6195000 6689000 9803000 <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt"> The Company’s tax effected capital losses at March 31, 2026 were $6,538. These capital losses expire between the years 2026 and 2028. The table below sets forth the aggregate changes in these capital losses: </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 84%; text-align: left">Balance at January 1, 2026</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">6,689</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-bottom: 1pt; padding-left: 9pt; text-align: left">Expirations</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_2008031120">—</span></td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-bottom: 1pt; padding-left: 9pt; text-align: left">Utilizations</td> <td style="white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(151</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Balance at March 31, 2026</td> <td style="white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">6,538</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody> </table> 6538000 6689000 -151000 6538000 521000 92000 65000 <div style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><span style="font-weight: bold">20. Shares Repurchased</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"> On October 27, 2025, the Company’s Board of Directors approved an increase of $190,038 to the Company’s share repurchase program, bringing the total authorization to $250,000, which expires on April 27, 2028. Repurchases, which will include purchases to offset future equity awards made under the Company’s equity plans, may be made from time to time in open market transactions, privately negotiated transactions, block trades or otherwise, in each case in accordance with applicable securities laws. The timing, manner, price and amount of any repurchases will be determined at the Company’s discretion and will depend on a variety of factors including stock price, general business and market conditions, and corporate and regulatory requirements, as well as other uses of capital and the Company’s liquidity position. The program does not obligate the Company to repurchase any particular amount of common stock and may be modified, suspended or discontinued at any time without prior notice. Shares repurchased under this program are returned to the status of authorized and unissued on the Company’s books and records. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"> During the three months ended March 31, 2026 and 2025, the Company repurchased 1,521,334 and 1,282,498 shares of its common stock, respectively, under this program for an aggregate cost of $24,963 and $12,714, respectively. Shares repurchased under this program were returned to the status of authorized and unissued on the Company’s books and records. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"> As of March 31, 2026, $225,037 remained under this program for future purchases. </p></div> 190038000 250000000 1521334 1282498 24963000 12714000 225037000 <div style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><span style="font-weight: bold">21. Goodwill and Intangible Assets</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Goodwill</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt">The table below sets forth goodwill which is tested annually for impairment on November 30<span style="font-size: 8pt">^th</span>:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom"><td colspan="2" style="text-align: left; white-space: nowrap; font-size: 4pt"> </td> <td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">Total</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 84%; text-align: left">Balance at January 1, 2026</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">228,624</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-bottom: 1pt; padding-left: 9pt; text-align: left">Changes</td> <td style="white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden:fc_1853103819">—</span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Balance at March 31, 2026</td> <td style="white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">228,624</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt"> Of the total goodwill of $228,624 at March 31, 2026, $85,042 is not deductible for tax purposes as the acquisitions that gave rise to the goodwill were structured as stock acquisitions. The remainder of the goodwill is deductible for U.S. tax purposes. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Intangible Assets </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt">The table below sets forth the Company’s intangible assets which are tested annually for impairment on November 30<span style="font-size: 8pt">^th</span>:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 65%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">Balance at March 31, 2026</td> </tr><tr style="vertical-align: bottom"><td style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">Item</td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">Gross Asset</td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">Accumulated <br/> Amortization</td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">Net Asset</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 55%; text-align: left">ETFS Acquisition</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">601,247</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><span style="-sec-ix-hidden:fc_1683688736">—</span></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">601,247</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Ceres intangible assets</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">143,500</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(2,870</td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">140,630</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 1pt">Software development</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">10,803</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(4,726</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">6,077</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-bottom: 2.5pt">Balance at March 31, 2026</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">755,550</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">(7,596</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">747,954</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 6pt"></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 65%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom; background-color: White"><td style="white-space: nowrap; text-align: center; padding-bottom: 1pt; text-indent: -0.05in; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center"><span style="font-weight: bold">Balance at December 31, 2025</span></td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">Item</td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center"><span style="font-weight: bold">Gross Asset</span></td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center"><span style="font-weight: bold">Accumulated <br/> Amortization</span></td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center"><span style="font-weight: bold">Net Asset</span></td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; width: 55%">ETFS Acquisition</td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 12%">601,247</td> <td style="white-space: nowrap; text-align: left; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 12%"><span style="-sec-ix-hidden:fc_1933809723">—</span></td> <td style="white-space: nowrap; text-align: left; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 12%">601,247</td> <td style="white-space: nowrap; text-align: left; width: 1%"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Ceres intangible assets</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">143,500</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(1,435</td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">142,065</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 1pt">Software development</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">9,823</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(4,178</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">5,645</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-bottom: 2.5pt">Balance at December 31, 2025</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">754,570</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">(5,613</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">748,957</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>ETFS Acquisition (Indefinite-Lived) </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt"> In connection with the ETFS Acquisition, which was completed on April 11, 2018, the Company identified intangible assets valued at $601,247 related to the right to manage AUM through customary advisory agreements. These intangible assets were determined to have indefinite useful lives and are not deductible for tax purposes. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Ceres Acquisition (Finite-Lived)</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt"> In connection with the Ceres Acquisition, which was completed on October 1, 2025, the Company identified intangible assets valued at $143,500 related to purchase price allocated to a customary advisory agreement ($135,000) and trade name ($8,500). These intangible assets were determined to have a finite life (estimated useful life of 25 years) and are deductible for tax purposes. </p><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt">As of March 31, 2026, expected amortization expense for the unamortized finite-lived intangible assets for the next five years and thereafter is as follows:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 65%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 84%; text-align: left">2026</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">4,305</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">2027</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,740</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">2028</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,740</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">2029</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,740</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">2030</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,740</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">2031 and beyond</td> <td style="white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">113,365</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Total expected amortization expense</td> <td style="white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">140,630</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"> The weighted-average remaining useful life of the finite-lived intangible assets is 24.5 years. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><i>Software Development (Finite-Lived)</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 22.5pt"> Internally-developed software is amortized over a useful life of three years. During the three months ended March 31, 2026 and 2025, the Company recognized amortization expense on internally-developed software of $548 and $439, respectively. </p><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt">As of March 31, 2026, expected amortization expense for the unamortized finite-lived intangible assets for the next five years and thereafter is as follows:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 65%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 84%; text-align: left">Remainder of 2026</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">2,470</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">2027</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,963</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">2028</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,339</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">2029 and thereafter</td> <td style="white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">305</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Total expected amortization expense</td> <td style="white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">6,077</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt"> The weighted-average remaining useful life of the finite-lived intangible assets is 2.2 years. </p></div> <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt">The table below sets forth goodwill which is tested annually for impairment on November 30<span style="font-size: 8pt">^th</span>:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom"><td colspan="2" style="text-align: left; white-space: nowrap; font-size: 4pt"> </td> <td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">Total</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 84%; text-align: left">Balance at January 1, 2026</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">228,624</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-bottom: 1pt; padding-left: 9pt; text-align: left">Changes</td> <td style="white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden:fc_1853103819">—</span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Balance at March 31, 2026</td> <td style="white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">228,624</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody></table> 228624000 228624000 228624000 85042000 <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt">The table below sets forth the Company’s intangible assets which are tested annually for impairment on November 30<span style="font-size: 8pt">^th</span>:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 65%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">Balance at March 31, 2026</td> </tr><tr style="vertical-align: bottom"><td style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">Item</td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">Gross Asset</td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">Accumulated <br/> Amortization</td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center">Net Asset</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 55%; text-align: left">ETFS Acquisition</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">601,247</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><span style="-sec-ix-hidden:fc_1683688736">—</span></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">601,247</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Ceres intangible assets</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">143,500</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(2,870</td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">140,630</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 1pt">Software development</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">10,803</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(4,726</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">6,077</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-bottom: 2.5pt">Balance at March 31, 2026</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">755,550</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">(7,596</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">747,954</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 6pt"></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 65%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom; background-color: White"><td style="white-space: nowrap; text-align: center; padding-bottom: 1pt; text-indent: -0.05in; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center"><span style="font-weight: bold">Balance at December 31, 2025</span></td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">Item</td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center"><span style="font-weight: bold">Gross Asset</span></td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center"><span style="font-weight: bold">Accumulated <br/> Amortization</span></td> <td style="white-space: nowrap; font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; font-weight: bold; text-align: center"><span style="font-weight: bold">Net Asset</span></td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; width: 55%">ETFS Acquisition</td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 12%">601,247</td> <td style="white-space: nowrap; text-align: left; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 12%"><span style="-sec-ix-hidden:fc_1933809723">—</span></td> <td style="white-space: nowrap; text-align: left; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 12%">601,247</td> <td style="white-space: nowrap; text-align: left; width: 1%"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Ceres intangible assets</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">143,500</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(1,435</td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">142,065</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 1pt">Software development</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">9,823</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(4,178</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">5,645</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-bottom: 2.5pt">Balance at December 31, 2025</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">754,570</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">(5,613</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">748,957</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody></table> 601247000 601247000 143500000 -2870000 140630000 10803000 -4726000 6077000 755550000 -7596000 747954000 601247000 601247000 143500000 -1435000 142065000 9823000 -4178000 5645000 754570000 -5613000 748957000 2018-04-11 601247000 143500000 135000000 8500000 P25Y <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt">As of March 31, 2026, expected amortization expense for the unamortized finite-lived intangible assets for the next five years and thereafter is as follows:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 65%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 84%; text-align: left">2026</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">4,305</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">2027</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,740</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">2028</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,740</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">2029</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,740</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">2030</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,740</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">2031 and beyond</td> <td style="white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">113,365</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Total expected amortization expense</td> <td style="white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">140,630</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt">As of March 31, 2026, expected amortization expense for the unamortized finite-lived intangible assets for the next five years and thereafter is as follows:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 65%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 84%; text-align: left">Remainder of 2026</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">2,470</td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">2027</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,963</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">2028</td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,339</td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">2029 and thereafter</td> <td style="white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">305</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Total expected amortization expense</td> <td style="white-space: nowrap; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">6,077</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td> </tr></tbody></table> 4305000 5740000 5740000 5740000 5740000 113365000 140630000 P24Y6M 548000 439000 2470000 1963000 1339000 305000 6077000 P2Y2M12D <div style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold"><span>22</span>. Segment Information</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">The Company, through its subsidiaries in the U.S. and Europe, offers a diverse suite of ETPs, models and solutions, private market investments and digital asset-related products. The Company conducts business as a single operating segment as an ETP sponsor and asset manager, which is based upon the Company’s current organizational and management structure, as well as information used by the CODM to allocate resources and assess performance and other factors. The accounting policies of the segment are the same as those described in Note 2.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">The key measures of segment profit or loss that the CODM uses to allocate resources and assess performance are the Company’s consolidated net income, as reported on the Consolidated Statements of Operations, as well as adjusted operating income and adjusted operating income margin, which are exclusive of items that are non-recurring or not core to the Company’s operating business.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt">The table below discloses these key measures and is inclusive of a reconciliation of the Company’s operating income and operating income margin as computed under U.S. GAAP to the Company’s Non-GAAP adjusted operating income and adjusted operating income margin utilized by the CODM:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 75%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; font-size: 8pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center"><span style="font-weight: bold">Three Months Ended</span></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-weight: bold">March 31,</span></p></td> </tr><tr style="vertical-align: bottom"><td style="white-space: nowrap"><span style="font-size: 8pt"> </span></td> <td style="font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold"><span style="font-size: 8pt">2026</span></td> <td style="font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold"><span style="font-size: 8pt">2025</span></td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt">Net (loss)/income</td> <td style="width: 1%; font-size: 9.5pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; font-size: 9.5pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; width: 9%; font-size: 9.5pt; text-align: right">(23,131</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; width: 1%; font-size: 9.5pt; text-align: left">)</td> <td style="width: 1%; font-size: 9.5pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; font-size: 9.5pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; width: 9%; font-size: 9.5pt; text-align: right">24,629</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; width: 1%; font-size: 9.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-indent: -12pt; padding-left: 12pt"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt">Adjusted Operating Income Margin</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt">Operating revenues</td> <td style="font-size: 9.5pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9.5pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 9.5pt; text-align: right">159,470</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; font-size: 9.5pt; text-align: left"> </td> <td style="font-size: 9.5pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9.5pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 9.5pt; text-align: right">108,082</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; font-size: 9.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt">Operating income</td> <td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left">$</td> <td style="font-size: 9.5pt; text-align: right">59,350</td> <td style="white-space: nowrap; font-size: 9.5pt; text-align: left"> </td> <td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left">$</td> <td style="font-size: 9.5pt; text-align: right">34,162</td> <td style="white-space: nowrap; font-size: 9.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-left: 13.5pt">Add back: Amortization of intangible assets arising from the Ceres Acquisition</td> <td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td> <td style="font-size: 9.5pt; text-align: right">1,435</td> <td style="white-space: nowrap; font-size: 9.5pt; text-align: left"> </td> <td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td> <td style="font-size: 9.5pt; text-align: right"><span style="-sec-ix-hidden:fc_601363142">—</span></td> <td style="white-space: nowrap; font-size: 9.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 1pt; padding-left: 13.5pt">Add back: Acquisition-related costs</td> <td style="font-size: 9.5pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9.5pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9.5pt; text-align: right">1,933</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9.5pt; text-align: left"> </td> <td style="font-size: 9.5pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9.5pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9.5pt; text-align: right"><span style="-sec-ix-hidden:fc_964944731">—</span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 2.5pt">Adjusted operating income</td> <td style="font-size: 9.5pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9.5pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 9.5pt; text-align: right">62,718</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; font-size: 9.5pt; text-align: left"> </td> <td style="font-size: 9.5pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9.5pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 9.5pt; text-align: right">34,162</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; font-size: 9.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 2.5pt">Operating income margin</td> <td style="font-size: 9.5pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9.5pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9.5pt; text-align: right">37.2%</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; font-size: 9.5pt; text-align: left"></td> <td style="font-size: 9.5pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9.5pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9.5pt; text-align: right">31.6%</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; font-size: 9.5pt; text-align: left"></td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt">Adjusted operating income margin</td> <td style="font-size: 9.5pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9.5pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9.5pt; text-align: right">39.3%</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; font-size: 9.5pt; text-align: left"></td> <td style="font-size: 9.5pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9.5pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9.5pt; text-align: right">31.6%</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; font-size: 9.5pt; text-align: left"></td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt"> Acquisition-related costs for the three months ended March 31, 2026 includes $1,933 of professional fees related to the Company’s agreement to acquire Atlantic House (defined below). </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">All expense categories on the Consolidated Statements of Operations are significant and there are no other significant segment expenses that would require disclosure. Assets provided to the CODM are consistent with those reported on the Consolidated Balance Sheets with particular emphasis on the Company’s available liquidity, including its cash, cash equivalents and restricted cash, financial instruments owned, accounts receivable and securities held-to-maturity, reduced by current liabilities, seed capital and regulatory capital requirements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt"> There are no intra-entity sales or transfers and no significant expense categories regularly provided to the CODM beyond those disclosed in the Consolidated Statements of Operations. The CODM manages the business using consolidated expense information, adjusted for items that are non-recurring or not core to the Company’s operating business as disclosed in the table above, as well as regularly provided budgeted or forecasted expense information for the <span style="-sec-ix-hidden:fc_1847153474">single</span> operating segment. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">Information related to the Company’s products and services and geographical distribution of revenues is disclosed in Note <span>15</span>.</p></div> <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-top: 6pt; text-indent: 22.5pt">The table below discloses these key measures and is inclusive of a reconciliation of the Company’s operating income and operating income margin as computed under U.S. GAAP to the Company’s Non-GAAP adjusted operating income and adjusted operating income margin utilized by the CODM:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 75%; margin-left: 22pt"> <tbody><tr style="vertical-align: bottom"><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; font-size: 8pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center"><span style="font-weight: bold">Three Months Ended</span></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-weight: bold">March 31,</span></p></td> </tr><tr style="vertical-align: bottom"><td style="white-space: nowrap"><span style="font-size: 8pt"> </span></td> <td style="font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold"><span style="font-size: 8pt">2026</span></td> <td style="font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold"><span style="font-size: 8pt">2025</span></td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt">Net (loss)/income</td> <td style="width: 1%; font-size: 9.5pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; font-size: 9.5pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; width: 9%; font-size: 9.5pt; text-align: right">(23,131</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; width: 1%; font-size: 9.5pt; text-align: left">)</td> <td style="width: 1%; font-size: 9.5pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; font-size: 9.5pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; width: 9%; font-size: 9.5pt; text-align: right">24,629</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; width: 1%; font-size: 9.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-indent: -12pt; padding-left: 12pt"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt">Adjusted Operating Income Margin</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt">Operating revenues</td> <td style="font-size: 9.5pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9.5pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 9.5pt; text-align: right">159,470</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; font-size: 9.5pt; text-align: left"> </td> <td style="font-size: 9.5pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9.5pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 9.5pt; text-align: right">108,082</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; font-size: 9.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt">Operating income</td> <td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left">$</td> <td style="font-size: 9.5pt; text-align: right">59,350</td> <td style="white-space: nowrap; font-size: 9.5pt; text-align: left"> </td> <td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left">$</td> <td style="font-size: 9.5pt; text-align: right">34,162</td> <td style="white-space: nowrap; font-size: 9.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-left: 13.5pt">Add back: Amortization of intangible assets arising from the Ceres Acquisition</td> <td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td> <td style="font-size: 9.5pt; text-align: right">1,435</td> <td style="white-space: nowrap; font-size: 9.5pt; text-align: left"> </td> <td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td> <td style="font-size: 9.5pt; text-align: right"><span style="-sec-ix-hidden:fc_601363142">—</span></td> <td style="white-space: nowrap; font-size: 9.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 1pt; padding-left: 13.5pt">Add back: Acquisition-related costs</td> <td style="font-size: 9.5pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9.5pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9.5pt; text-align: right">1,933</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9.5pt; text-align: left"> </td> <td style="font-size: 9.5pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9.5pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9.5pt; text-align: right"><span style="-sec-ix-hidden:fc_964944731">—</span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 9.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 2.5pt">Adjusted operating income</td> <td style="font-size: 9.5pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9.5pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 9.5pt; text-align: right">62,718</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; font-size: 9.5pt; text-align: left"> </td> <td style="font-size: 9.5pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9.5pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 9.5pt; text-align: right">34,162</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; font-size: 9.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 2.5pt">Operating income margin</td> <td style="font-size: 9.5pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9.5pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9.5pt; text-align: right">37.2%</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; font-size: 9.5pt; text-align: left"></td> <td style="font-size: 9.5pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9.5pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9.5pt; text-align: right">31.6%</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; font-size: 9.5pt; text-align: left"></td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt">Adjusted operating income margin</td> <td style="font-size: 9.5pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9.5pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9.5pt; text-align: right">39.3%</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; font-size: 9.5pt; text-align: left"></td> <td style="font-size: 9.5pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9.5pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9.5pt; text-align: right">31.6%</td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; font-size: 9.5pt; text-align: left"></td> </tr></tbody> </table> -23131000 24629000 159470000 108082000 59350000 34162000 1435000 1933000 62718000 34162000 0.372 0.316 0.393 0.316 1933000 <div style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-weight: bold">23. Subsequent Events </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">On March 13, 2026, the Company and WisdomTree International Holdings Ltd (the “Buyer”), a wholly-owned subsidiary of the Company, entered into a Sale and Purchase Agreement (the “AH Purchase Agreement”) with Atlantic House Holdings Limited, a private limited company incorporated in England and Wales (“Atlantic House”), the shareholders of Atlantic House (together, the “Sellers”), the EBT Trustee and the Individual Guarantor (each as defined in the AH Purchase Agreement), pursuant to which the Buyer agreed to acquire from the Sellers all of the issued and outstanding share capital of Atlantic House (the “AH Acquisition”).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt"> On May 1, 2026, the Buyer completed the AH Acquisition for a purchase price of £150,000 (approximately $200,000) in cash paid at the closing of the Acquisition (the “Closing”), and subject to customary post-closing adjustments to cash, indebtedness and working capital. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 22.5pt">The AH Acquisition will be accounted for under the acquisition method of accounting in accordance with ASC 805, which requires an allocation of the consideration paid by the Company to the identifiable assets and liabilities of Atlantic House based on the estimated fair values as of the closing date of the acquisition.</p></div> 150000 200000 false false false false false false Measured at fair value using a Monte Carlo simulation. See below for additional information. Represents purchase price allocated to a customary advisory agreement ($135,000) and trade name ($8,500) which were determined to have a finite-life (estimated useful life of 25 years). The customary advisory agreement was valued using the multi-period excess earnings method. This method relied upon significant unobservable inputs including a long-term revenue growth rate of approximately (0.1%) and a discount rate of 15.5%. The revenue growth rate contemplates that Ceres Farms, the fund from which the Company derives revenues, will cease accepting new capital, with future business expected to be allocated to a new farmland fund to be formed. The trade name is finite-lived (estimated useful life of 25 years) and was valued using the relief-from-royalty method. Significant unobservable inputs include a long-term revenue growth rate of approximately 3.0%, a royalty rate of 2.0% and a discount rate of 15.5%. Goodwill arising from the Ceres Acquisition represents expected synergies from the integration of Ceres and the Company, including capital raising activities for a new farmland fund to be formed. Goodwill is not amortized for financial reporting purposes, and both goodwill and intangible assets are expected to be fully deductible for tax purposes. Fair value determined on September 10, 2025. Not included in the table above are prospective changes in value due to fluctuations in the British pound to U.S. dollar exchange rate. Recorded in impairments and other losses, net in the Consolidated Statements of Operations. Recorded in remeasurement of contingent consideration in the Consolidated Statements of Operations. Includes amortization of the issuance costs and premium. Represents the target number of PRSUs granted and outstanding. The number of PRSUs that ultimately vest ranges from 0% to 200% of this amount. A Monte-Carlo simulation was used to value these awards using the following assumptions for the Company and the peer group: (i) beginning 90-day average stock prices; (ii) valuation date stock prices; (iii) historical stock price volatilities ranging from 21.84% to 34.34% (average 28.77%); (iv) correlation coefficients based upon the price data used to calculate the historical volatilities; (v) a risk free interest rate of 3.64%; and (vi) an expected dividend yield of 0.00%. The payout on PRSUs vesting in January 2026 was 199%. Includes 99,785 deferred RSUs that have vested. Excludes 14,336 potentially dilutive non-participating common stock equivalents for the three months ended March 31, 2026 as the Company reported a net loss for the period.