Westwood Holdings Group, Inc. Q4 FY2025 earnings call

• ETF franchise exceeds $200,000,000 including Enhanced Income Opportunity ETF; MDST surpasses $170,000,000 in AUM. - Closed Westwood Energy Secondary Fund II with over $300,000,000 in commitments. - Managed Investment Solutions secures first institutional client; strong sales growth in institutional (36% gross sales growth) and intermediary (32% gross sales growth) channels. - Pipeline opportunities include defined contribution plans with major consultants; infrastructure and liquid real asset strategies attract institutional interest. - MDST ETF approaches major broker-dealer platform approval.

Assets under management and advisement totaled $17,400,000,000 at quarter end. Assets under management consisted of institutional assets of $8,300,000,000 (50% of total), wealth management assets of $4,300,000,000 (26% of total), and mutual fund assets of $3,900,000,000 (24% of total). Total revenues for 2025 were $97,800,000, with fourth quarter revenues at $27,100,000. Fourth quarter income was $1,900,000 or $0.21 per share, and non-GAAP economic earnings were $3,300,000 or $0.36 per share.

• Anticipate continued market uncertainty driven by economic indicators and policy developments. - Focus on high-quality businesses with strong fundamentals positions the company well. - ETF platform expansion and distribution momentum position for continued growth. - New client and plan developments, such as a $200,000,000 new client and a $450,000,000 defined contribution plan for SMID product.

• Over 80% of fourth quarter outflows were from Large Cap Value product, which struggled in recent years due to market environment. - Outflows from one sub-advisory client with low fee impact revenue less, but still a concern.

Q: None (operator opens for questions but no actual questions are recorded as the session concludes shortly after opening)