Q4 2025 Results January 30, 2026 WisdomTree – Q4/25 Results 1 Forward Looking Statements This presentation contains forward-looking statements that are based on our management's beliefs and assumptions and on information currently available to our management. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our future financial performance, and involve known and unknown risks, uncertainties and other factors t ...

First Quarter 2026 Results Franklin Resources, Inc. January 30, 2026 | Investor Presentation Jenny Johnson Chief Executive Officer Daniel Gamba Co-President Chief Commercial Officer Matthew Nicholls Co-President CFO & COO Forward-looking statements and non-GAAP financial information This commentary contains forward-looking statements that involve a number of known and unknown risks, uncertainties and other important factors. This commentary also contains non-GAAP financial measures. For the reconciliations ...

Core Viewpoint - CoinShares International Limited has announced a joint merger plan with Vine Hill Capital Investment Corp and Odysseus Holdings Limited, aiming to change the listing venue for CoinShares shares from Nasdaq Stockholm to the Nasdaq Stock Market in the United States through a court-sanctioned scheme of arrangement [1][20]. Group 1: Merger Details - The merger plan includes a court-sanctioned scheme of arrangement under Article 125 of the Companies (Jersey) Law 1991 [1][20]. - CoinShares has received irrevocable undertakings from all members of its Board of Directors who hold shares, totaling approximately 23,778,129 CoinShares Shares, which is about 36.281 percent of all shares and votes in CoinShares [4][23]. - In total, CoinShares has received irrevocable undertakings amounting to 53,297,744 CoinShares Shares, approximately 81.323 percent of all shares and votes in CoinShares [6][25]. Group 2: Company Background - CoinShares is a leading global digital asset manager, providing a range of financial services including investment management, trading, and securities to various clients [7][26]. - Founded in 2013, CoinShares is headquartered in Jersey and has offices in France, Stockholm, the UK, and the US, and is regulated by multiple financial authorities [7][26]. - Vine Hill is a special purpose acquisition company (SPAC) that completed a $220 million initial public offering in September 2024 and is focused on unlocking shareholder value through public markets [8][27].

Financial Data and Key Metrics Changes - The company ended 2025 with a record asset under management of $903 billion, an increase driven by gains in money market and equity strategies [3] - Total revenue for Q4 increased by $13.4 million, or 3%, primarily due to higher money market assets and equity assets [14] - The effective tax rate was 24.4%, with an estimated range of 25%-28% for 2026 [15] Business Line Data and Key Metrics Changes - Equity assets increased by $3.2 billion or 3% from the prior quarter, with Q4 net equity sales of $1.5 billion [3] - Fixed income assets decreased by $1.7 billion to $100 billion, with Q4 net redemptions of $2.8 billion [5][6] - Money market fund assets reached a record high of $508 billion, increasing by $16 billion or 3% in Q4 [10] Market Data and Key Metrics Changes - The company’s money market fund market share was approximately 7% at the end of 2025, down from 7.1% at the end of Q3 [10] - The company reported strong demand for its MDT U.S. Equity UCITS Fund, with over $500 million in net sales since its launch [5] Company Strategy and Development Direction - The company plans to open a Hong Kong office to capitalize on the growing wealth market in the Asia Pacific region [9] - The acquisition of FCP is expected to close in the first half of 2026, adding U.S. multifamily housing expertise to the company's capabilities [8] - The company is advancing digital asset initiatives, including partnerships for tokenized money market funds [11][12] Management's Comments on Operating Environment and Future Outlook - Management expects a positive environment for money market funds, driven by attractive yields compared to alternatives [10] - The outlook for 2026 includes expectations of one rate cut by 25 basis points, with a terminal rate above 3% [36] - Management believes there is no disruption expected from the succession planning of key portfolio managers [21] Other Important Information - The company has a robust pipeline of tokenization projects, including efforts for a Genius-compliant money market fund [13] - The company raised $780 million for its European Direct Lending Fund III, indicating strong interest in private market strategies [7] Q&A Session Summary Question: Distribution costs have increased significantly; what is the reason? - Management explained that the increase in distribution costs was due to a significant amount of assets coming into share classes with higher distribution expenses [20] Question: What is the transition plan for retiring portfolio managers? - Management stated that succession planning has been in place for many years, with replacements being experienced individuals from within the company [21] Question: What is the demand for tokenization from clients? - Management noted that demand is not as robust as expected, with clients currently satisfied with existing products [25] Question: What is the outlook for money market fund flows in the first half of the year? - Management indicated that January is typically a month of outflows, with growth expected to pick up in the second half of the year [51] Question: What is the potential for money market roll-ups? - Management stated that the potential for roll-ups depends on the owners of other money funds and the regulatory environment [91]

Financial Data and Key Metrics Changes - The company ended 2025 with record assets under management (AUM) of $903 billion, an increase driven by gains in money market and equity strategies [3] - Total revenue for Q4 increased by $13.4 million, or 3%, primarily due to higher money market assets contributing $8 million and higher equity assets adding $5.5 million [14] - The effective tax rate was reported at 24.4%, with an estimated range of 25%-28% for 2026 [15] Business Line Data and Key Metrics Changes - Equity assets increased by $3.2 billion or 3% from the prior quarter, with Q4 net equity sales of $1.5 billion, a significant improvement from net redemptions of $10.7 billion in 2004 [3] - Fixed income assets decreased by $1.7 billion to $100 billion, with Q4 net redemptions of $2.8 billion, largely due to two large public entities [5][6] - Money market assets reached a record high of $683 billion, with money market fund assets increasing by $16 billion or 3% in Q4 [10] Market Data and Key Metrics Changes - The company reported a 7% market share in money market funds at the end of 2025, down from 7.1% at the end of Q3 [10] - The company anticipates approximately $2.7 billion in net institutional mandates yet to fund into both funds and separate accounts, with expected additions across various strategies [9] Company Strategy and Development Direction - The company plans to open a Hong Kong office to capitalize on the growing wealth market in the Asia Pacific region, complementing existing offices in Singapore, Tokyo, and Sydney [9] - The company is advancing digital asset initiatives, including partnerships for tokenized money market funds, aiming to enhance liquidity and investor protections [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the succession planning for retiring portfolio managers, indicating no expected disruption in investment management techniques [21] - The outlook for 2026 includes expectations of a single rate cut by the Federal Reserve, with a terminal rate above 3%, which is anticipated to support continued growth in money market funds [36] Other Important Information - The company is progressing towards the acquisition of FCP, expected to close in the first half of 2026, which will enhance its real estate capabilities [8] - The company reported a robust pipeline of tokenization projects, indicating a strategic focus on integrating blockchain technology into its offerings [13] Q&A Session Summary Question: Distribution costs have increased significantly; what is the reason? - Management explained that the increase in distribution costs was due to a significant amount of assets coming into share classes with higher distribution expenses, impacting the overall distribution expense [20] Question: What is the transition plan for retiring portfolio managers? - Management indicated that succession planning has been in place for many years, with experienced replacements expected to maintain performance and investment management techniques [21] Question: What is the demand for tokenization from clients? - Management noted that while there is interest in tokenization, actual demand is not as robust as anticipated, with clients currently satisfied with existing products [25] Question: What is the outlook for money market fund flows in the first half of the year? - Management indicated that January typically sees outflows due to tax season, but the second half of the year generally experiences growth in money market fund AUM [51] Question: What is the potential for money market roll-ups? - Management stated that the potential for roll-ups depends on the owners of other money funds, with increased regulation leading to fewer opportunities [91]

Financial Data and Key Metrics Changes - The company ended 2025 with record assets under management (AUM) of $903 billion, driven by gains in money market and equity strategies [3] - Total revenue for Q4 increased by $13.4 million, or 3%, primarily due to higher money market assets contributing $8 million and higher equity assets adding $5.5 million [14] - Operating expenses in Q4 rose by $7.3 million, or 2%, mainly due to increased distribution expenses [15] Business Line Data and Key Metrics Changes - Equity assets increased by $3.2 billion or 3% from the prior quarter, with Q4 net equity sales of $1.5 billion, a significant improvement from net redemptions of $10.7 billion in 2024 [3][5] - Fixed income assets decreased by $1.7 billion to $100 billion, with Q4 net redemptions of $2.8 billion [5][6] - Money market assets reached a record high of $683 billion, with a $30 billion increase in 2025 [11] Market Data and Key Metrics Changes - The company's money market fund market share was approximately 7% at the end of 2025, down from 7.1% at the end of Q3 [11] - The company reported strong demand for its MDT equity strategies, with record gross sales of $31 billion in 2025 [3][4] Company Strategy and Development Direction - The company plans to open a Hong Kong office to capitalize on the growing wealth market in the Asia Pacific region, complementing existing offices in Singapore, Tokyo, and Sydney [9][10] - The company is advancing digital asset initiatives, including partnerships for tokenized money market funds, aiming to enhance liquidity and investor protections [12][13] Management's Comments on Operating Environment and Future Outlook - Management expects a positive environment for money market funds, driven by favorable market conditions and anticipated Fed rate cuts [41][44] - The company does not foresee capacity constraints in its MDT strategies and expects continued demand from both retail and institutional investors [35][36] Other Important Information - The company is progressing towards the acquisition of FCP, which will enhance its real estate capabilities [9][16] - The effective tax rate was reported at 24.4%, with an estimated range of 25%-28% for 2026 [16] Q&A Session Summary Question: Distribution costs have increased significantly; what is the reason? - Management explained that the increase in distribution costs was due to a significant amount of assets coming into share classes with higher distribution expenses [20][21] Question: What is the transition plan for retiring portfolio managers? - Management indicated that succession planning has been in place for years, with experienced replacements expected to maintain investment performance [23][24] Question: What is the demand for tokenization from clients? - Management noted that while there is interest, actual demand is not as robust as anticipated, with clients currently satisfied with existing products [28][29] Question: What is the outlook for money market fund flows in the first half of the year? - Management indicated that January is typically a weak month for inflows, with expectations for growth in the second half of the year [56][57] Question: What is the potential for money market roll-ups? - Management stated that the potential for roll-ups depends on the owners of other money funds and the regulatory environment [94][95]

Core Viewpoint - Rithm Capital Corporation (NYSE:RITM) is identified as one of the most undervalued REIT stocks currently available for investment, with a Buy rating and a $16 price target from UBS following its acquisition of Paramount Group [1] Group 1: Company Strategy and Acquisitions - The acquisition of Paramount Group and Crestline is aimed at increasing Rithm Capital's assets under management and enhancing earnings potential in its asset management division [1] - Following the Crestline acquisition, Rithm Capital now manages approximately $102 billion in investable assets [1] Group 2: Investor Confidence and Financial Outlook - UBS suggests that additional details regarding third-party cash related to the Paramount Group acquisition could enhance investor confidence in Rithm Capital's overall strategy [2] - The firm also highlights the potential for long-term increases in return on equity and value multiples if Rithm Capital successfully implements its asset management strategy [2] Group 3: Business Segments - Rithm Capital operates as an alternative asset manager with a focus on real estate and related services, structured across four segments: origination & servicing, investment portfolio, residential transitional lending, and asset management [3]

Analyst Update Data as of December 31, 2025 Federated Hermes, Inc. 1 25-30006 Forward-looking information This presentation is provided as of the date on the cover and contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Statements that do not relate strictly to historical or current facts are forward-looking, including those related to product performance, the potential for busine ...

Normally, in any month that the FOMC meets, the Committee’s decision on what, if any, changes they make to monetary policy is the focal point of the markets. Investors, Analysts and Fed Watchers, including myself, parse the Fed’s policy statement and the ensuing pressMichael Gray has devoted his career to following the capital markets and managing fixed income assets. He founded Gray Capital Management LLC and before that was Head of Taxable Fixed Income at Fidelity Investments. Michael has an MBA in Financ ...

NEW YORK--(BUSINESS WIRE)--Blackstone (NYSE:BX) announced today that Michael Chae, Vice Chairman and Chief Financial Officer, is scheduled to present at the Bank of America Securities 2026 Financial Services Conference on Tuesday, February 10, 2026 at 9:40am ET. Blackstone is the world's largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone's $1.3 trillion in assets und ...