Greetings, welcome to the WisdomTree Q1 2026 Earnings Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to Jessica Zaloom, Head of Corporate Communications. Thank you, Jessica. You may begin. Good morning. Before we begin, I would like to reference our legal disclaimer available in today's presentation. This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. A number of factors could cause actual results to differ materially from the results discussed in forward-looking statements, including, but not limited to, the risks set forth in this presentation in the Risk Factors section of WisdomTree's annual report on Form 10-K for the year ended December 31st, 2025, and in subsequent reports filed with or furnished to the Securities and Exchange Commission. WisdomTree assumes no duty and does not undertake to update any forward-looking statements. Now, it is my pleasure to turn the call over to WisdomTree CFO, Bryan Edmiston. Thank you, Jessica, and good morning, everyone. I'll begin with a review of our first quarter results, followed by updates to our forward-looking guidance before turning the call over to Jarrett and Jono for additional business updates. Our assets under management reached a record $152.6 billion, marking our fifth consecutive quarter of record AUM and up 6% from year-end, driven by net inflows and market appreciation. Growth was broad-based with record AUM across our US, European, and digital asset platforms. We generated $5.9 billion of net inflows globally at 17% annualized organic growth rate, including $3.1 billion in Europe, $2.6 billion in the U.S., $100 million in digital assets, and $75 million in private assets. Flows were led by our international equity exposures, including our Japan strategies and UCITS thematic products with particular strength in areas such as our European defense and rare earth funds. Fixed income was also a key contributor, and our leveraged and inverse suite also generated meaningful inflows, reflecting elevated volatility in the commodity markets. Notably, flows were skewed toward higher fee products, resulting in a 1 basis point increase in our average advisory fee during the quarter. We also just completed our acquisition of Atlantic House, a U.K.-based asset manager with approximately 4 billion in AUM, generating 53 basis points in advisory fees from its defined outcome and derivatives-driven strategies. The business also generates complementary revenues, including 25 basis points on 1.5 billion of AUA in managed models, as well as structuring fees from bespoke investment solutions, which totaled $13 million during 2025. Taken together, these revenue streams represent an overall revenue yield of approximately 95 basis points. The purchase price is $200 million, which has been financed through recently issued convertible notes. This transaction is expected to increase our overall revenue yield by almost 2 basis points, is modestly accretive, and further enhances our product capabilities and distribution footprint across Europe while supporting higher quality revenue growth over time. Overall, our record AUM and strong organic growth underscore the strength of our business, while our disciplined approach to strategic expansion positions us well to continue driving growth in long-term shareholder value. Global AUM currently stands at approximately $164.3 billion, up almost $12 billion or 8% from March 31st, driven by favorable market conditions, approximately $800 million of net inflows, and the inclusion of Atlantic House. Next slide. Revenues were $159.5 million during the quarter, an increase of 8% from the fourth quarter and 48% from the prior year quarter, driven by higher AUM and growth in other revenues. Other revenues of $16.4 million reflect higher AUM and elevated trading activity in our European products, up from almost $13 million recognized in the prior quarter. Results versus the prior year quarter also include approximately $8 million of revenue contribution from Ceres. Ceres's contribution included management fees and performance fees of $5.2 million and $3 million, respectively. Performance fees reflect normal seasonality tied to performance-based fee structures, along with limited activity in the solar portfolio during the quarter. Our adjusted operating margin has expanded 770 basis points when compared to the prior year quarter. Adjusted net income was $40.6 million or $0.27 per share. Adjusted net income excludes a loss on extinguishment of convertible notes related to the repurchase of a significant portion of our 2026 and 2029 maturities. This refinancing reflects a proactive repositioning of our capital structure, replacing lower conversion price instruments with new convertible notes at a 4.5% coupon and $21.58 per share conversion price, providing meaningful headroom and reducing potential dilution. This transaction also supports funding for the Atlantic House acquisition, aligning our financing strategy with our broader growth and capital allocation priorities. As a reminder, the Atlantic House acquisition is expected to add approximately $4 billion in AUM, generating 53 basis points in advisory fees, along with complementary revenues from managed models, as well as structuring fees from bespoke investment solutions. The transaction closed this morning. Next slide. A few comments on our forward-looking guidance, which includes the impact of the Atlantic House acquisition on our expense base. Our compensation to revenue ratio of 26%-28% remains unchanged, and we expect to trend toward the upper half of the range, reflecting the addition of Atlantic House, which is accretive to our operating margins and earnings, but carries a modestly higher compensation ratio. We are also increasing our gross margin guidance by 1 percentage point, now ranging from 83%-84%, reflecting continued operating leverage from organic growth as well as the Atlantic House acquisition. We are also increasing our discretionary spending guidance by $3 million to reflect the inclusion of Atlantic House. Our third-party distribution expense is expected to range from $20 million-$24 million, driven by higher AUM and elevated trading activity, primarily across our European platforms, with commodity market volatility influencing where we fall within the range. Interest expense is forecasted to be approximately $53 million for the year, reflecting our current capital structure and the anticipated retirement of our remaining 2026 and 2029 notes this summer. Quarterly interest expense is expected to be approximately $15 million in the second quarter, declining to approximately $14 million in both the third and fourth quarters. We are increasing our interest income guidance by $2 million-$10 million for the year, reflecting the level of our interest-earning assets and the forecasted rate environment. Our adjusted tax rate is expected to be approximately 24%-25% compared to 24% previously, reflecting the addition of Atlantic House. Finally, our weighted average diluted shares were $152 million in the first quarter. We expect shares to increase to approximately $155 million-$158 million in the second quarter, reflecting the full impact of shares issued in connection with our convertible note refinancing, then declining to approximately $154 million in the second half of the year following the retirement of the remainder of our 2026 and 2029 notes, which we anticipate settling for cash. That's all I have. I will now turn the call over to Jarrett Lilien. All right. Thank you, Bryan, good morning. This was another quarter marked by steady, broad-based execution and continued momentum across the business. The results were strong, more importantly, they reflect the consistency of a strategy that is delivering and scaling. As Bryan just highlighted, we generated nearly $6 billion of net inflows in the quarter, including $2.6 billion in March, making this our strongest quarter since Q1 of 2023. What stands out the most, though, is the quality and the breadth of those flows. We saw inflows across seven of our eight major product categories, reinforcing that WisdomTree is increasingly winning as a diversified platform rather than tied to any single product, theme, or market call. That matters because it demonstrates that we can generate growth across market environments and not just when conditions are favorable. This quarter also highlighted how clients are using us. They engage with us across geographies, asset classes, and use cases from international developed equity to fixed income, to leveraged strategies, to digital assets. In March, in particular, we saw a bear market playbook unfold in real time across our platform. Clients were allocating to both offense and defense, income, liquidity, and hedging strategies alongside risk-taking exposures. What stood out in that environment was how well the platform held up. Despite an extremely volatile backdrop, AUM ended the quarter at approximately $153 billion and has since recovered to $164 billion, including $4 billion from Atlantic House. That resilience speaks directly to the strength and utility of our product lineup. Products like USFR continue to serve as an important portfolio ballast. More broadly, you can see the key drivers of that stability and growth. Our UCITS platform continues to lead with over $3.4 billion of inflows year to date and AUM up over 26%. Portfolio Solutions continues to gain traction as a structural growth engine. In digital, we generated $98 million of inflows in Q1, with AUM reaching a record $867 million, driven primarily by our tokenized money market fund. Importantly, the story there is evolving. It's increasingly about real use cases and adoption and not just infrastructure. Alongside that organic progress, we also continue to make measured strategic progress. Ceres is now part of the base business, and with the closing of Atlantic House this morning, we are continuing to build out the platform in a disciplined way. Both transactions are consistent with how we think about capital allocation and creating faster, more durable long-term growth, which Jonathan Steinberg will walk through in more detail in a moment. Overall, there's a difference between having a strategy and delivering on it, and what we are doing is delivering. We built a proven track record of consistent execution. Quarter by quarter, we are strengthening the platform and building real momentum. With that, let me turn it over to Jonathan Steinberg. Thank you, Jarrett, and good morning, everybody. What Bryan and Jarrett just walked through really speaks to the strength of the business we have built. We delivered another quarter of broad-based execution in a volatile environment with strong inflows, with resilient assets, and continued traction across the platforms. I think the most important takeaway is that this was not driven by any one product or one strategy or one market backdrop. It reflects a business that is becoming more diversified, more durable, and increasingly more capable of compounding growth over time. That is exactly the foundation we want in place as we continue to build WisdomTree. That brings me to the two transactions we have recently closed, Ceres and Atlantic House. We are not pursuing acquisitions for the sake of being acquisitive. M&A for us is a complement to organic growth, not the core strategy. The bar is high, the fit has to be clear, and the transaction has to strengthen the business in tangible ways. At a high level, the logic is simple. We want companies that help us diversify the business by adding differentiated products and capabilities we do not have today. We want them to enhance the economics of the firm by bringing higher revenue yields and stronger margin characteristics. We want them to accelerate growth by giving us more ways to win flows, deepen client relationships, and extend those offerings more broadly across WisdomTree. Ceres is a very good example of that approach. It brought us into private assets, to an uncorrelated asset class, and it did so in a way that adds attractive economics to the business. It expands our capabilities in an area where we see real client demand while also improving the earnings profile of the firm. Atlantic House fits the same logic. It adds differentiated derivatives capability, expands our reach, particularly in the U.K. wealth channel, and strengthens our ability to deliver more outcome-oriented solutions for clients. It also helps globalize our Portfolio Solutions business by extending that footprint into the U.K. and accelerating the international expansion of that offering. From an economic standpoint, Atlantic House brings a revenue yield of approximately 95 basis points, which lifts our overall firm-wide revenue yield by about 2 basis points to roughly 43.5 basis points. Just as importantly, it brings expertise and solutions that we believe can be scaled through the broader global WisdomTree platform. Again, this is not simply about adding assets. It's about adding enhanced expertise and differentiated offerings with better economics and greater growth potential. Stepping back, what these deals really show is how we are continuing to strengthen the business. We are broadening the platform, improving the quality of our revenue, and adding areas of expertise that we believe can help accelerate firm-wide organic growth over time. That is why both Ceres and Atlantic House fit so well with where we're taking WisdomTree. We are still in the early stages of integrating and scaling these capabilities, but the fit is clear, the rationale is clear, and the opportunity is clear. We are building a business with more ways to win, better economics, and greater earnings power. That is how we will continue to deliver strong top-line growth, continue margin expansion, and even faster earnings per share growth over time. Thank you. Now let's open up the call to questions. Thank you. Our first questions come from the line of Wilma Burtis with Raymond James. Please proceed with your questions. Hey, good morning. Could you talk about the advantages of WisdomTree's tokenized money market fund compared to other non-tokenized yield generating options with respect to your new partnership with StableC? Thanks. Absolutely. Thank you for the question. Hey, Will, will you pick that up? Yeah, absolutely. Hey, good morning, everyone. You know, page 11 of the deck talks about, you know, we're positioned to win business through a combination of the functionality that we've got and our strong U.S. regulatory positioning. You know, unlike a lot of the tokenized money market funds that are out there, WTGXX, ours is a 1940 Act fund sold by prospectus in the U.S. It's available to U.S. retail, U.S. businesses and global businesses as well. Just by virtue of doing that and also having kind of strong functionality around that, also this quarter, we announced that we got an exemptive relief from the SEC to have the money market fund trade via broker-dealer in the secondary market on an intraday 24/7 basis, which is like truly unique functionality, especially in the 1940 Act here in the U.S. We feel really strong about our positioning of our tokenized money market fund, and we're establishing a lot of partnerships and relationships. You know, StableC is a great example. StableC is a startup run by some former Block employees. They're payments experts. They're focused on bringing payments use cases to small and medium-sized businesses throughout the U.S. Like, I would not have thought about a small business in the U.S. as being kind of underbanked. Kind of through these conversations, we've been learning a lot about how, hey, getting access to a tokenized money market fund at a, you know, yielding 3.5% today is much, much better than what they were getting through maybe non-existent savings accounts paying essentially nothing, right? It's just showing kind of new use cases and us kind of building distribution relationships, both in TradFi in addition to kind of like DeFi channels where we've been focusing today. That's some of the ways that we're differentiated and why we feel really good about our positioning right now. Great. Thank you. Then are there opportunities to generate higher fees on model portfolios as WisdomTree gains scale in the advisor relationships? Could you provide some detail on the overall relationships dynamics there, especially given the additional model AUM from Atlantic House? Thanks. Jarrett Lilien, I think that starts with you and maybe Jeremy. Sure. I think in general, yes, the model opportunity for us globally does a number of things. First of all, though, it brings stickier assets, deepens the relationship with our partners, and it does lead us to a nice stable mix of WisdomTree funds that are in those portfolios. In addition to that, as you add sort of horsepower from Atlantic House, you add even further sort of value add that as Jonathan Steinberg covered in prepared remarks, comes at a higher revenue capture. Overall, these things, including SMAs, by the way, which is another area where we're pushing forward quite nicely, all of these things just lead to higher quality flows, I think with a tilt towards higher revenue capture and just better quality of earnings. Thank you. If I have time for one more. We saw other revenues were strong in the quarter. Could you talk about what contributed to that and if there's going to be additional growth there? Thanks. This is Bryan Edmiston, and thank you for the question. You're right. Our other revenues were $16 million this quarter versus $13 million last quarter. Again, that was driven by higher AUM and transaction fees, largely tied to our European commodity products. If volatility persists, we could see similar levels of that revenue growth going forward. About 40% of that line item is a transaction fee element, 60% is AUM based, so there is some variability and volatility there as well. The other thing we don't want you to overlook is Atlantic House and that acquisition. In 2025, Atlantic House generated about $16 million of revenue between its models and product structuring business. That revenue is also gonna run through this line item going forward. If you were to prorate that as of today, it'd be about $11 million of incremental revenue. Let me just add on the Atlantic House on their sort of derivative solutions that they've been doing just in the U.K. You know, they have really established a business that has scaled. They've done over $20 billion of structured solutions delivered across more than 120 clients. We do believe that that solution, clients that want these sort of bespoke defined outcome for themselves, it's sort of like an almost like an SMA, but not the SMA structure, but very tailored to the client's needs, has both broad European and U.S. appeal. That other revenue line we really do think should grow, not just for the rest of this year, but significantly in 2027. Anything else, Wilma? No. Thank you very much. Thank you. Thank you. Our next questions come from the line of Chris Kotowski with Oppenheimer. Please proceed with your questions. Hi, thanks. This is actually John Coffey on for Chris Kotowski. I just had a couple questions. One is on page four, I think when you mentioned your 95 basis point yield for Atlantic House. Is that the right way to look at revenues going forward? Should I really look at some of the constituent parts like the models under advisement, you know, yield and the structuring fees? Like, should this be really modeled out on a sort of a more granular level, or is the 95 pretty good way to think about it going forward? I'll start, Bryan, John- Maybe you jump in. Oh, go ahead. I think about the business in revenue yield terms. It's very, very important to me that we grow our revenue yield. I think it's really one of the. It ties to even product consideration. You think that we're 43.5 basis points on $165 billion today. Atlantic House was 95 basis points of revenue yield. Ceres is 200+. Just know that we are focused on it as part of our strategic initiatives. You know, now there is some volatility that is outside of our control, meaning asset mix if the, you know, where the market goes. From what we can control, that is a metric that we are laser-focused on. Bryan, I'll turn it to you. Yeah. From a modeling standpoint, I would suggest though just not looking at it as one overall revenue yield, but looking at the component parts. You know, that advisory fee line is gonna grow based upon the AUM on our platform, excluding Ceres's AUM, at whatever our revenue capture is in that particular line item. Again, that revenue capture ticked up 1 basis point this quarter. I would think about Ceres separately, modeling those management fees at 1% of AUM, and then the performance fee is another variable element to be taken into consideration as well. When it comes down to the last line item, our other revenue line, again, a lot of that has been driven by the activity that we're seeing out in Europe and our commodity products. You have a trend over the last few quarters on that particular line item. As I just mentioned in the prior response, you know, Atlantic House is also gonna factor into that line item going forward too. All right. Great. Thank you. Very helpful. Just one last question. When we think about Atlantic House, will that show up in, you know, on your IR page, you have your daily AUMs? Is that something that at some point in the future we'll start to see AUM from Atlantic House contributing to those? Or is it something like Ceres where it's, you know, sort of treated a little bit differently than your other ETPs? We should be having that AUM as part of what we're reporting over in the not too distant future. We need a little bit of time to just get integrated. Got it. Thank you very much. Jeremy Schwartz. Jeremy Schwartz, could you just add a little bit on a future product around Atlantic House, which will also obviously contribute to the AUM on the IR side, but just from a strategy and even how it ties into revenue yield. There currently have a bunch of UCITS funds in addition to that derivative solutions business that Jonathan Steinberg talked about. We definitely plan to be part of the global synergies is extending that franchise both to the UCITS ETF market as well as the U.S. market. We definitely have plans to be aggressive with the product roadmap. When you look at where has there been big growth in ETF, the focus on derivatives, whether it's from income or protection, type strategies, we're calling it defined outcome and sort of targeted type return we can do in many different asset classes. We have a, you know, target to launch both in the U.S. and Europe, as many as 15 to 20 funds over the next 24 months. We're gonna have a big family. We're excited to be working with their team. It's a very strong, actively managed DNA within them, and we think we can really position ourselves well versus the market in that space. You'll definitely see a big product roadmap coming from us in both markets. Great. Thank you, Jeremy. Thank you. Thank you. Our next question has come from the line of Mike Grondahl with Northland Securities. Please proceed with your questions. Hey, guys. First question is, with your not brand new but newer digital money market fund, WTGXX, you know, that is growing like a weed, but it seems like there's a lot of demand for that product. I wanted to understand a little bit better how you're marketing that. What's kind of that communication strategy just to get the word out? Will, that's you obviously, touch on its use cases as well because it's being used differently in the world of on-chain than just how it's being used in the mutual fund format. Absolutely. Thanks for the question. It's continuing to grow strongly, you know, even since this deck was, you know, dated as of March 31st, at least the AUM. We're up another $50 million in April in assets primarily into that fund. It's continuing to grow. You know, WisdomTree Connect users, we had 29 at year-end. There's 41 on the page as of March 31st. That number is higher today as well. We are seeing kind of continued strong growth in that. Like I said, we distribute both to U.S. retail through WisdomTree Prime, also to global businesses and global platforms really through WisdomTree Connect. You know, today, 90-95% of the AUM is through the WisdomTree Connect platform. Really that's focused on serving kind of different use cases that we've spoken about. It could be a stablecoin issuer. We've seen a lot of them post GENIUS Act being implemented, looking to hold WTGXX as a reserve asset for stablecoins that they issued. WTGXX is clearly within the GENIUS Act. Sorry, the GENIUS Act is a compliant reserve asset. It's treasury management for StableC native businesses, so this is exactly what StableC is helping to serve. The last piece is really around collateral mobility, right? The ability to use WTGXX as a yield-bearing form of collateral rather than just sitting in stablecoins if you're doing a crypto transaction, also increasingly playing in other kind of non-crypto related transactions. WTGXX being a yield-bearing form of collateral that's able to be moved instantly, right? Which gives people participating in that transaction makes it much more capital efficient for them. We're seeing actually considerable growth in that use case as well, onboarding new clients focused on that. It's really those use cases where the tokenized money market fund is adding a lot of value for people. It's not just a buy and hold sort of thing. It's about making it more useful, serving different clients, really the on-chain community growing into more of the traditional finance community as well that isn't able to be served well from a traditional money market fund. Got it. Jonathan Steinberg, when talking about Atlantic House and those funds, you had mentioned the broad European appeal, U.S. appeal. How should we think about you rolling out to those, you know, two additional markets? You know, we obviously launch 20, 30 funds a year of every year. There will be a significant number of new fund launches in the next, you know, 18 to 24 months dedicated to the capabilities that we have just acquired around active, derivative solutions, options-based strategies, sometimes called buffer funds or defined outcome funds. It's a broad category, more than $100 billion globally in ETFs. We think that sort of what's in the market today for the most part is like a 1.0. There's real room for differentiation. It's a little more developed here in the U.S., but still tremendous room for differentiation and growth. Almost open, you know, fields for the European team. The team that we acquired will play not just the portfolio management role, but they'll be part of the sales process, really showing global clients. They're very strong communicators. They really will give us, I think, an ability to, well, really raise assets against the funds that we're launching. I think that, you know, if I had a range of expense ratio, it's probably between, you know, 55 and 85 basis points for the types of products that we'll be launching, which is above our expense ratio average now. Very, very excited about, you know, putting the Atlantic House team to work. I hope that answers the question. Yeah. No, that's helpful. Thank you. Thank you. Our next questions come from the line of George Sutton with Craig-Hallum. Please proceed with your questions. Hey, guys. This is Logan on for George. Can you hear me all right? Yes. Yep. Awesome. I want to follow up there on the, on the digital asset side. Will, I wondered if you could just kind of walk through the priorities there. I mean, I think for a long time it was a bit more of a consumer-focused effort. Seems like a lot of the momentum now is on the institutional side. Then there's also been talk about, you know, at times about white labeling. Wondered if you could just kind of rank those for us. And then also the StableC partnership is nice to see. Do you see kind of more opportunity for sort of distribution partnerships out there similar to that? Yeah, happy to take that. I wouldn't really rank them. I mean, for us, it's about growing AUM and growing the number of people that are using the platform. That's tied directly to the metrics that we have, you know, on the page for you guys. That's what I look at every day to see if we're being successful. Are we driving AUM growth? Are we driving the number of people using the platform? You know, in the future, and you started to see this with the WTGXX announcement, there's gonna be other types of transactions, other types of revenue streams that we're gonna see continue to grow over time as well, and that'll be really like a third metric that I look at. We don't kinda stack rank is one more important than the other. They all kind of are servicing as part of that. What I would say is unique about, like, digital assets and blockchains is we're gonna be servicing retail beyond just WisdomTree Prime. WisdomTree Prime is a key priority for us. We wanna continue to drive people and use that platform, that app. We're able to serve, you know, MetaMask wallet holders, other self-custody wallet holders, and we wanna meet people where they are. Economically, WisdomTree is indifferent. It's really about getting people to use our products and services. Again, not really stack ranking kind of different things. It's really an all of the above, driving people to invest in our funds, use our products and services. Hey, Will, could you just touch on, because I think it's sometimes overlooked, the vertical integration of your offering, sort of your, you know, you've put in a lot of effort over the last seven years. Can you just touch on the vertical integration? Yeah, absolutely. You know, touch on this on page 11 as well, but I think if you look at some kind of competitive products out there, you'd find that there's probably like three or four different firms that kind of comprise that stack, right? There might be a separate tokenization provider and transfer agent, and then there's a separate asset manager, and there might be a separate kind of stablecoin conversion service or a stablecoin orchestrator provider. WisdomTree's case, since we've invested early, we've built that all ourselves, right? When you're buying a WisdomTree tokenized money market fund using USDC, for example, the other counterparty you're facing in that transaction is WisdomTree, right? We're able to convert the stablecoin. If you wanted to trade it instantly, you can do it against our broker-dealer. Then you're investing in a WisdomTree managed fund. We've built all of these capabilities ourselves, which has allowed us to win business in the areas we're competing today. It also opens up good optionality for us, and we're having active conversations around this to license elements of this technology stack to other asset managers or other people in this space. We feel really good about the investments we've made to kind of be in this position. I mean, this is such a hot topic on Wall Street, and I speak to a lot of people, and every time I do, I just feel great about the decisions we've made and the position that we occupy in the market. I think we're gonna be continued to kind of grow market share as more and more people are adopting this technology. More and more wallets come online. Stablecoin AUM continues to grow. We're gonna continue to win share in that environment. Thanks, Will. Anything else, Logan? Yeah, one other. That was very helpful. You mentioned kind of the lower seasonal performance fees with Ceres, but it looks like the inflows were pretty strong this quarter. Just curious if you could unpack that a little bit. I mean, is that just blocking and tackling by the Ceres team, or how much of that is maybe your distribution capability starting to have an impact there? I think this is a combination, probably you, Bryan, and maybe Jeremy. Yeah, sure. On the flow side, I can respond to the flow side. Let me take it, Jeremy, if there's anything else, just feel free to elaborate. It was a strong first quarter, $75 million in the quarter. Our first fund was closing, the closure of that fund did accelerate some flow into this particular quarter to get where our investors wanted to get some money in before that fund closed, and we're focused on getting our second fund launched in the not too distant future. From a flow perspective, look, we can expect variability quarter-to-quarter. We generally don't provide guidance on flows. That said, I would say our long-term target remains unchanged. You know, we're targeting $750 million over five years. We'll see if that ultimately proves to be conservative. On the performance fee, there was some seasonality there. The fee was a bit lower than it was in the fourth quarter of last year. There was some seasonality. There wasn't much solar activity this quarter. Again, we'll see some ebbs and flows in the mark, but we don't foresee any changes in the earnings power or prior guidance. You know, our framework remains consistent as it relates to what we've communicated in the past. Think about it as, you know, take your AUM, take a flow assumption, multiply it by, call it, a 7% return on average. Then factor in our 15% participation rate to arrive at a performance fee. We'd say that's our baseline working assumption, and then there's upside for, solar and data center opportunities as well. Again, really no, change versus what we had previously communicated. Yeah, this is Jeremy Schwartz, our CIO. The only thing I would say on the seasonality is that, you know, the way the appraisals work is, you know, the same farms are appraised in Q1 of each Q1. The Q1 has happened to be a little bit below performance on a regular basis the last four or five years. I think we'd expect the sort of as the other farms continue to get appraised from Q2, Q3, Q4, they tend to be a bit higher in terms of where they have been. That's just for now what we've been seeing on the performance trend. You know, we remain, you know, optimistic on where things are going. Yeah. This is Jonathan Steinberg. Let me just hop in too. Bryan Edmiston mentioned how we'd closed fund one, and fund two is on its way. Fund two is on its way, and that'll be launched, you know, in the next, you know, couple months. That is when the WisdomTree distribution team gets involved. Already, without having the fund to market, we've got strong interest, a strong pipeline of live leads. We're pretty optimistic on, you know, that good track record of flows continuing. Let me just add, and I'll foreshadow something that will become increasingly important to WisdomTree in the second half of this year and in 2027. You will see, I believe, in very farmland in ETFs. As you probably know, the 1940 Act does allow for up to 15% of assets in illiquid assets. We do see appropriate in some broad commodity and real estate ETFs, an opportunity to put in farmland. That battle of privates and ETFs is something that WisdomTree is very focused on for, you know, really the second half of this year and the coming years. Understood. Congrats on the continued strength. Thanks for taking the questions. I will leave it there. Thank you. Thank you. We have reached the end of our question and answer session, and I would like to turn the floor back over to Jonathan Steinberg for any closing comments. Thank you. Yes, let me say something. You know, as we approach the 20th anniversary of launching our first 20 ETFs this June, it's worth pausing to recognize just how far we've come and how well-positioned we are for what comes next. Today, with $165 billion in assets under management and a global team of 400 employees, WisdomTree stands stronger than at any point in our history. The efficiency of our business model, the breadth and diversity of our product set, and the distinctly entrepreneurial culture continues to differentiate us in a crowded and evolving industry. Our first quarter momentum is not an outlier. It's the continuation of years of consistent, high-quality organic growth. Delivering 17% annualized organic growth across a diversified asset base in a volatile market underscores both the resilience of our platform and the strength of client demand. At the same time, expanding margins are translating that growth into meaningful earnings per share acceleration. Importantly, we are not standing still. Our investments in tokenization and private assets are opening new avenues for growth and positioning WisdomTree at the forefront of where the industry is heading. Our commitment to shareholders is clear in the numbers. We've compounded earnings per share at 30% over the past five years and more than 50% over multiple three-year periods. This isn't just strong growth. It's growth that is accelerating, driven by increasing scale and efficiency. With the impact of recent acquisitions of Ceres and Atlantic House coming online in the second quarter, we expect that acceleration to continue over the next several quarters. The trajectory is unmistakable. We are entering our next chapter from a position of strength with momentum, with innovation, and with discipline all working in our favor. If the first 20 years were about building the foundation, the next 20 years will be about scaling it in ways that create even greater value for our clients and our shareholders. I wanna thank all of you for participating in today's call, and we'll speak to you next quarter. Thank you. Thank you, ladies and gentlemen. This does now conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time and enjoy the rest of your day.