Financial Data and Key Metrics Changes - The company's Assets Under Management (AUM) increased by $10.5 billion during Q4 2025, closing the year at $59.6 billion, which is up 21% from $49.1 billion as of September 30, 2025, and up 89% from $31.5 billion as of December 31, 2024 [3][5] - Net income for Q4 was $28.7 million, up from $11.7 million in the same period last year, while full-year net income was $67.3 million, an increase of 37% from $49.3 million last year [6][10] - Adjusted EBITDA for Q4 was $42 million, up 88% from $22.4 million year-over-year, and $121 million for the full year, up 43% from $85.2 million [10] Business Line Data and Key Metrics Changes - The ETF business accounted for over $4.6 billion of total AUM as of year-end 2025, with AUM now approaching $7 billion in 2026 [4] - Managed equity strategies saw AUM increase by 97% to $5.7 billion, with flagship gold equity fund gaining 148% for the full year [18] - The physical trusts fund suite generated significant growth with a 97% gain in AUM to $47 billion [12] Market Data and Key Metrics Changes - Investor interest in multiple metals contributed to strong net sales in 2025, particularly in exchange-listed products [4] - Gold, silver, platinum, and copper reached all-time highs, while uranium hit a two-year high [12] - The copper trust generated $54 million year-to-date, reflecting growing investor interest in copper [13] Company Strategy and Development Direction - The company is positioned to capitalize on a new metals-driven commodity super cycle, with expectations of increased investor interest in critical materials [12][21] - Plans to continue expanding the ETF offerings and exploring new launches, with at least one new ETF expected in the first half of 2026 [21] - The company aims to maintain a strong balance sheet while growing dividends and considering opportunistic buybacks [64] Management's Comments on Operating Environment and Future Outlook - The management anticipates more market volatility in 2026, viewing recent sell-offs as healthy corrections [20] - There is a growing demand for critical materials investments, with government involvement expected to increase [21] - The company is optimistic about the interest in managed equity funds and private strategies translating into meaningful sales in 2026 [22] Other Important Information - The company raised its dividend by 33% in November 2025 due to improved earnings [10] - The cash and liquidity profile strengthened significantly in 2025 [10] Q&A Session Summary Question: How should we think about incremental margins on your ETFs relative to the trusts? - The ETF platform benefits from scale, allowing for additional margin capture as assets grow, with most funds now above break-even AUM levels [23][25] Question: Where would be the break-even level for the ETFs? - Break-even levels for ETFs range from $25 million to $75 million, depending on management fees and market listings [26] Question: Are you seeing greater competition from other asset managers in precious metals? - The ETF market is mature, with many offerings, but the company has not had to discount pricing due to the premium nature of its products [27][28] Question: Can you discuss performance fees and expectations for 2026? - Performance fees are episodic and depend on market conditions; significant contributions were from managed equities and legacy exploration LPs [33][36] Question: What is the current state of the physical silver market? - The physical market has seen significant buying, particularly in India and China, but has recently experienced volatility driven by paper markets [50][52]