Financial Performance - Third quarter 2025 net income was $3.7 million, a significant increase from $0.1 million in the same quarter last year, driven by higher revenues and unrealized appreciation on private investments[3]. - Total revenues for the third quarter reached $24.3 million, compared to $23.1 million in the second quarter and $23.7 million a year ago, reflecting higher average assets under management (AUM)[3]. - Diluted earnings per share (EPS) for the third quarter were $0.41, up from $0.12 in the second quarter and $0.01 in the third quarter of 2024[4]. - Non-GAAP Economic Earnings for the third quarter were $5.7 million, or $0.64 per share, compared to $2.8 million, or $0.32 per share, in the second quarter[2]. - Net income for the nine months ended September 30, 2025, was $5,237,000, a significant increase from $112,000 in the same period of 2024[15]. - Economic earnings for the nine months ended September 30, 2025, reached $11,020,000, compared to $3,588,000 for the same period in 2024, reflecting a growth of 207%[18]. - Earnings per share for the nine months ended September 30, 2025, was $1.25, up from $0.42 in the same period of 2024, indicating a 196% increase[18]. Assets and Investments - Firmwide assets under management and advisement totaled $18.3 billion, with $17.3 billion in AUM and $1.0 billion in assets under advisement (AUA)[1]. - Total assets increased to $154,046,000 as of September 30, 2025, up from $149,989,000 at December 31, 2024, representing a growth of 2.1%[14]. - Cash and cash equivalents increased to $21,604,000 at the end of the period, compared to $18,847,000 at the beginning, marking a net change of $2,757,000[15]. - Stockholders' equity rose to $125,979,000 as of September 30, 2025, compared to $122,332,000 at December 31, 2024, an increase of 3.3%[14]. - The company’s investments at fair value decreased to $19,729,000 as of September 30, 2025, from $27,694,000 at December 31, 2024, a decline of 28.8%[14]. Cash Flow and Expenses - The company reported a net cash provided by operating activities of $10,942,000 for the nine months ended September 30, 2025, down from $12,214,000 in 2024[15]. - The company incurred stock-based compensation expense of $3,925,000 for the nine months ended September 30, 2025, compared to $4,321,000 in the same period of 2024[18]. Dividends and Shareholder Returns - Westwood declared a cash dividend of $0.15 per common share, payable on January 2, 2026[3]. Investment Products and Strategies - The MDST ETF surpassed $150 million in assets and captured 30% of monthly midstream ETF flows in September[1]. - The company added eleven new Defined Volatility sector ETFs through its partnership with WEBs, enhancing its investment strategy offerings[1]. - Income Opportunity maintained its top decile ranking since inception and received a four-star Morningstar rating upgrade[1].

Core Insights - Westwood Holdings Group, Inc. reported strong performance in Q3 2025, with significant growth in private fund strategies and the MDST ETF reaching $150 million in assets, capturing 30% of monthly midstream ETF flows in September [1][2][5] - The firm surpassed its annual fundraising goal for private funds and launched eleven new Defined Volatility sector ETFs in partnership with WEBs [1][5] - Long-term performance rankings remain solid, with the Income Opportunity strategy maintaining a top decile ranking and receiving a four-star Morningstar rating upgrade [1][5] Financial Performance - Firmwide assets under management and advisement totaled $18.3 billion, with $17.3 billion in AUM and $1.0 billion in AUA [1] - Q3 2025 revenues were $24.3 million, an increase from $23.1 million in Q2 2025 and $23.7 million in Q3 2024 [5][10] - Net income for Q3 2025 was $3.7 million, significantly higher than $1.0 million in Q2 2025 and $0.1 million in Q3 2024 [2][3][5] - Diluted earnings per share (EPS) for Q3 2025 was $0.41, compared to $0.12 in Q2 2025 and $0.01 in Q3 2024 [2][3][5] Economic Earnings - Non-GAAP Economic Earnings for Q3 2025 were $5.7 million, or $0.64 per share, compared to $2.8 million, or $0.32 per share in Q2 2025 and $1.1 million, or $0.13 per share in Q3 2024 [2][3][5] - Economic earnings reflect the company's underlying operating performance and are used for evaluating resource allocation and dividend policy [17][18] Cash and Dividends - As of September 30, 2025, Westwood held $39.2 million in cash and liquid investments, an increase of $6.1 million from Q2 2025 [5] - The company declared a cash dividend of $0.15 per common share, payable on January 2, 2026, to stockholders of record on December 1, 2025 [5][10]

Core Insights - Cumulus Media's Westwood One has appointed Armen Williams as Executive Director of Westwood One Sports 24/7 Programming, effective November 3, 2025, to lead the development of new sports content [1][2] Company Overview - Cumulus Media is an audio-first media company reaching a quarter billion people monthly through 395 radio stations across 84 markets, offering a variety of programming including sports, news, and entertainment [5] - Westwood One Sports is the exclusive network radio partner to the NFL since 1987 and covers major sports events such as NCAA Basketball, U.S. Soccer, and The Masters [6] Leadership and Strategy - Armen Williams brings over 20 years of audio programming experience and has previously held leadership roles at Audacy, Bonneville, and Townsquare, focusing on innovative content strategies and brand presence [3] - Williams will oversee sports talk content, technical operations, social media strategy, and brand management, aiming to create compelling on-air programming with original content and fan interaction [2][4] Future Vision - Williams expressed excitement about the opportunity to build on the foundation created by partners like Audacy and BetMGM, aiming to deliver engaging and authentic sports content [4] - Bruce Gilbert, SVP of Sports / Content & Audience, emphasized Williams' vision as essential for launching a first-class all-sports network at Westwood One [4]

Core Insights - WEBs Investments Inc. has announced updated fund names for its Defined Volatility ETF suite to provide clearer insights into each fund's underlying exposure [1][3] Fund Structure and Strategy - The Defined Volatility ETFs utilize a systematic, rules-based approach that adjusts exposure to major ETFs based on real-time market volatility, increasing exposure when volatility is low and reallocating to cash equivalents or U.S. Treasuries when volatility is high [2] - This adaptive framework aims to help investors manage risk while maintaining market participation through varying conditions [2] Fund Name Changes - The following fund name changes have been implemented: - WEBs SPY Defined Volatility ETF (formerly WEBs Defined Volatility SPY ETF) - WEBs QQQ Defined Volatility ETF (formerly WEBs Defined Volatility QQQ ETF) - WEBs Real Estate XLRE Defined Volatility ETF (formerly WEBs Defined Volatility XLRE ETF) - WEBs Utilities XLU Defined Volatility ETF (formerly WEBs Defined Volatility XLU ETF) - WEBs Communication Services XLC Defined Volatility ETF (formerly WEBs Defined Volatility XLC ETF) - WEBs Technology XLK Defined Volatility ETF (formerly WEBs Defined Volatility XLK ETF) - WEBs Financial XLF Defined Volatility ETF (formerly WEBs Defined Volatility XLF ETF) - WEBs Health Care XLV Defined Volatility ETF (formerly WEBs Defined Volatility XLV ETF) - WEBs Consumer Staples XLP Defined Volatility ETF (formerly WEBs Defined Volatility XLP ETF) - WEBs Consumer Discretionary XLY Defined Volatility ETF (formerly WEBs Defined Volatility XLY ETF) - WEBs Industrials XLI Defined Volatility ETF (formerly WEBs Defined Volatility XLI ETF) - WEBs Materials XLB Defined Volatility ETF (formerly WEBs Defined Volatility XLB ETF) - WEBs Energy XLE Defined Volatility ETF (formerly WEBs Defined Volatility XLE ETF) [3] Company Background - WEBs Investments Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission, focused on developing innovative strategies to democratize access to institutional-caliber investment solutions [5] - The company was founded in 2024 by ETF industry veterans, emphasizing a commitment to innovative investment strategies [5]

DALLAS, Oct. 17, 2025 (GLOBE NEWSWIRE) -- Westwood Holdings Group, Inc. (NYSE:WHG) will release its third quarter 2025 earnings after the close of the New York Stock Exchange on Thursday, October 30, 2025. Following the release, the Company will host a live audio webcast and conference call at 4:30 pm Eastern Time (3:30 pm Central Time). To join the conference call, please register here: https://register-conf.media-server.com/register/BI168009bacb7044b4a4f4f99ad9059393. After registering, you will be provid ...

Core Insights - Westwood One, a subsidiary of Cumulus Media, is set to deliver an extensive NFL audio coverage for the 2025 season, marking its 39th consecutive year as the official network audio broadcast partner of the NFL [1][9] - The programming lineup includes expanded pregame shows for Monday Night Football, play-by-play commentary for various games, and a range of specialty programs throughout the week [1][3] Programming Highlights - The 2025 NFL schedule features key events such as the Opening Night Kickoff game, Monday Night Football, Thursday Night Football, Sunday Night Football, Thanksgiving and Christmas Tripleheaders, and all postseason games culminating in Super Bowl LX [3] - Specialty programs include NFL Preview, NFL Insider, NFL Sunday, and NFL Fantasy Football Forecast, providing fans with in-depth analysis and insights [3][7] Broadcast Team - The broadcast team includes Kevin Harlan and Kurt Warner for Monday Night Football and Super Bowl LX, with Harlan entering his 16th season and Warner his 12th [4] - Kevin Kugler will lead Thursday Night Football, supported by analysts Devin McCourty and Ross Tucker, while Ryan Radtke and Mike Golic will cover Sunday Night Football [5] Accessibility and Technology - Westwood One's NFL broadcasts will be available on over 500 radio stations, SiriusXM, and through the new Westwood One Sports website and app, which offer features like one-click streaming and access to schedules and highlights [8][10] - The new app and website aim to enhance user experience, making it easier for fans to access NFL coverage [8] Company Overview - Cumulus Media, the parent company of Westwood One, operates 400 radio stations and delivers a variety of content, including sports, news, and entertainment, reaching a quarter billion people monthly [11]

Financial Data and Key Metrics Changes - Total revenues for Q2 2025 were reported at $23.1 million, compared to $23.3 million in Q1 2025 and $22.7 million in Q2 2024, indicating flat revenues across these periods [19] - The company achieved a net income of $1 million or $0.12 per share in Q2 2025, an improvement from a loss of $2.2 million or $0.27 per share in Q2 2024 [20] - Economic earnings for the quarter were $2.8 million or $0.32 per share, compared to an economic loss of $0.5 million or $0.06 per share in Q2 2024 [20] Business Line Data and Key Metrics Changes - Assets under management (AUM) reached $18.3 billion, up from $16.8 billion in Q2 2024, with institutional assets at $9.2 billion (53%), wealth management assets at $4.2 billion (24%), and mutual fund assets at $3.9 billion (23%) [20] - The company experienced net outflows of $200 million in AUM but had market appreciation of $600 million during the quarter [21] Market Data and Key Metrics Changes - The S&P 500 finished the quarter with solid gains, reaching new all-time highs, despite significant market volatility earlier in the quarter [7] - Growth stocks outperformed value stocks across market capitalizations during this period [7] Company Strategy and Development Direction - The company is evolving into a multifamily office model to serve ultra-high-net-worth families, aligning with client demand and industry trends [13] - Westwood was added to the Russell 2000 Index, expected to enhance trading volume and broaden the institutional investor base [14] - The company launched 11 second-tier ETFs, expanding its innovative ETF platform [5] Management's Comments on Operating Environment and Future Outlook - Management expects continued market volatility driven by uncertain trade policies and varying economic indicators [10] - The focus on high-quality businesses with strong fundamentals is believed to position the company well for future performance [10] - The company remains confident in its strategic positioning and the value provided to clients, with a robust institutional pipeline [16] Other Important Information - The Board of Directors approved a regular cash dividend of $0.15 per common share, payable on October 1, 2025 [21] - The company has a strong pipeline of traditional business exceeding $2 billion and has started three new businesses in the last eighteen months [24] Q&A Session Summary Question: No questions were raised during the session - The management acknowledged the lack of questions and expressed appreciation for the audience's participation [22][23]

Company Overview - Westwood Holdings Group is an asset management firm offering investment strategies and wealth services[5] - The firm's Assets Under Management (AUM) totaled $18.3 billion as of June 30, 2025, including $17.3 billion in AUM and $0.9 billion in Assets Under Advisement (AUA)[7, 20] - Employees and directors own approximately 33% of the company's equity[6] Investment Strategies and Asset Allocation - U S Value Equity accounts for 51% of the firm's strategy breakdown[12] - Multi-Asset/Multi-Strategy represents 28% of the strategy breakdown[12] - Wealth strategy makes up 21% of the strategy breakdown[12] Client Base - Institutional Separate Accounts & Other Managed Accounts comprise 53% of assets by account type[12] - Wealth Management accounts for 24% of assets by account type[12] - Westwood Mutual Funds & ETFs represent 23% of assets by account type[12] Diversity and Inclusion - Women make up 41% of the company's employees[16] - Women hold 43% of the corporate board member positions[16] Financial Performance - The company's revenues for Q2 2025 were $23.1 million[20] - The company reported income of $1.0 million for Q2 2025[20]

[PART I FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Financial statements for June 30, 2025, show total assets at $146.3 million, Q2 2025 net income of $1.0 million, and operating cash flow of $2.4 million for the first six months [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $15,403 | $18,847 | | Total assets | $146,279 | $149,989 | | Total liabilities | $23,921 | $27,657 | | Total stockholders' equity | $122,358 | $122,332 | - Total assets decreased slightly from **$150.0 million** at year-end 2024 to **$146.3 million** as of June 30, 2025, driven by a decrease in cash and investments[9](index=9&type=chunk) - Total liabilities decreased to **$23.9 million** from **$27.7 million**, primarily due to the settlement of contingent consideration and a reduction in compensation and benefits payable[9](index=9&type=chunk) [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Key Operating Results (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $23,120 | $22,688 | $46,372 | $45,420 | | Net Operating Income (Loss) | $868 | $(4,178) | $800 | $(1,237) | | Net Income (Loss) | $1,031 | $(2,213) | $1,508 | $(47) | | Diluted EPS | $0.12 | $(0.27) | $0.17 | $0.01 | - The company returned to profitability in Q2 2025 with a **net income of $1.0 million**, compared to a **net loss of $2.2 million** in Q2 2024. This improvement was largely due to the absence of a **$4.8 million loss** from the change in fair value of contingent consideration recorded in the prior-year period[12](index=12&type=chunk) [Condensed Consolidated Statements of Stockholders' Equity](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) - For the six months ended June 30, 2025, total equity remained stable at **$122.4 million**. Key changes included **net income of $1.5 million**, offset by **dividends declared of $2.8 million** and the **cost of restricted stock returned for tax payments of $1.3 million**[14](index=14&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary for Six Months Ended June 30 (in thousands) | Cash Flow Category | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $2,403 | $11,685 | | Net cash used in investing activities | $(1,455) | $(1,524) | | Net cash used in financing activities | $(4,392) | $(6,813) | | **Net change in cash and cash equivalents** | **$(3,444)** | **$3,348** | - Net cash from operating activities decreased significantly to **$2.4 million** in the first half of 2025 from **$11.7 million** in the prior year, mainly due to payments for contingent consideration (**$4.4 million**) and a larger decrease in compensation payable[16](index=16&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Revenue by Account Type (Six Months Ended June 30, in thousands) | Account Type | 2025 | 2024 | | :--- | :--- | :--- | | Institutional | $20,880 | $19,189 | | Mutual Funds | $13,576 | $13,767 | | Wealth Management | $1,230 | $1,000 | | Trust Fees | $10,498 | $10,340 | | Other, net | $188 | $1,124 | | **Total revenues** | **$46,372** | **$45,420** | - The company operates two segments: Advisory and Trust. For the three months ended June 30, 2025, the Advisory segment generated **$18.0 million** in external revenues, while the Trust segment generated **$5.1 million**[37](index=37&type=chunk)[42](index=42&type=chunk) - Goodwill remained unchanged at **$39.5 million** as of June 30, 2025, with **$23.1 million** allocated to the Advisory segment and **$16.4 million** to the Trust segment. No impairment was recorded[58](index=58&type=chunk)[59](index=59&type=chunk) - On August 8, 2025, the Board of Directors declared a quarterly cash dividend of **$0.15 per share**[72](index=72&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=18&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a **10% YoY AUM increase to $17.3 billion**, Q2 2025 revenue growth, and a solid liquidity position of $33.1 million Assets Under Management (AUM) by Category (in millions) | Category | June 30, 2025 | June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Institutional | $9,241 | $7,649 | 21% | | Wealth Management | $4,176 | $4,184 | 0% | | Mutual Funds | $3,924 | $3,943 | 0% | | **Total AUM** | **$17,341** | **$15,776** | **10%** | - For the six months ended June 30, 2025, total AUM increased by **$0.7 billion**, resulting from **$0.4 billion** in net inflows and **$0.3 billion** in market appreciation. Net inflows were primarily driven by the SmallCap Value strategy[96](index=96&type=chunk) Non-GAAP Economic Earnings Reconciliation (in thousands) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | Net Income (Loss) Attributable to WHG | $1,019 | $(2,243) | $1,497 | $53 | | Adjustments (Stock comp, amortization, etc.) | $1,773 | $2,085 | $3,809 | $2,451 | | **Economic Earnings (Loss)** | **$2,792** | **$(508)** | **$5,306** | **$2,504** | - The company's liquidity position as of June 30, 2025, included cash and liquid investments of **$33.1 million**, down from **$44.6 million** at the end of 2024[112](index=112&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=25&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No significant changes in quantitative and qualitative market risk disclosures were reported since the prior annual report - There have been no significant changes in market risk disclosures since the last annual report (Form 10-K for the year ended December 31, 2024)[121](index=121&type=chunk) [Controls and Procedures](index=25&type=section&id=Item%204.%20Controls%20and%20Procedures) Management confirmed effective disclosure controls and procedures with no material changes to internal controls over financial reporting during the quarter - Management concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by this report[122](index=122&type=chunk) - There were no changes in internal controls over financial reporting during the quarter ended June 30, 2025, that materially affected, or are reasonably likely to materially affect, these controls[123](index=123&type=chunk) [PART II OTHER INFORMATION](index=26&type=section&id=PART%20II%20OTHER%20INFORMATION) [Legal Proceedings](index=26&type=section&id=Item%201.%20Legal%20Proceedings) The company reported no legal proceedings during the period - The company reports that there are no legal proceedings[124](index=124&type=chunk) [Risk Factors](index=26&type=section&id=Item%201A.%20Risk%20Factors) No material changes to previously disclosed risk factors were reported since the last annual report - There have been no material changes to the risk factors previously disclosed in the company's Form 10-K[126](index=126&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=26&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No common stock repurchases were made during the three months ended June 30, 2025, under the existing program - The company did not repurchase any of its common stock during the three months ended June 30, 2025[127](index=127&type=chunk) [Exhibits](index=27&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO/CFO certifications and iXBRL financial data - Exhibits filed with the report include an office lease modification, CEO/CFO certifications (Rule 13a-14(a) and Section 906), and financial statements in iXBRL format[132](index=132&type=chunk)

[Overview of Q2 2025 Performance](index=1&type=section&id=Overview%20of%20Q2%202025%20Performance) Westwood Holdings Group achieved a significant profit turnaround and operational milestones in Q2 2025, including AUM growth and strategic index inclusion [Financial Highlights](index=1&type=section&id=Financial%20Highlights) Westwood Holdings Group achieved a significant year-over-year net income turnaround in Q2 2025, with stable revenues, increased AUM, and a strong debt-free balance sheet Key Financial Metrics | Financial Metric | Q2 2025 (USD) | Q1 2025 (USD) | Q2 2024 (USD) | | :--- | :--- | :--- | :--- | | Total Revenues | $23.1M | $23.3M | $22.7M | | Net Income (Loss) | $1.0M | $0.5M | ($2.2M) | | Diluted EPS | $0.12/share | $0.05/share | ($0.27)/share | | Economic Earnings | $2.8M | $2.5M | ($0.5M) | | AUM & AUA | $18.3B | - | $16.8B | | Dividend per Share | $0.15/share | - | - | - The company's financial position is strong, with **$33.1 million** in cash and liquid investments as of June 30, 2025, an increase of **$6.0 million** from the first quarter, and no debt[4](index=4&type=chunk) [Operational & Strategic Highlights](index=1&type=section&id=Operational%20%26%20Strategic%20Highlights) Key operational achievements include Russell 2000 Index inclusion, significant ETF asset growth, strong intermediary sales, and outperformance across multiple investment strategies - WHG was added to the Russell 2000 Index in its 24th year as a public company[1](index=1&type=chunk)[2](index=2&type=chunk) - The Enhanced Midstream Energy ETF (MDST) exceeded **$100 million** in assets and maintains a **10.2% p.a. distribution rate**[1](index=1&type=chunk)[2](index=2&type=chunk) - Several investment strategies, including SmallCap Value, AllCap Value, and MidCap Value, beat their primary benchmarks, with MidCap Value, Credit Opportunities, and Enhanced Midstream Income achieving top quartile rankings among peers[4](index=4&type=chunk) - In partnership with WHG, WEBs Investments launched 11 sector funds, expanding its Defined Volatility℠ ETF suite[1](index=1&type=chunk) [Financial Statements](index=4&type=section&id=Financial%20Statements) This section presents the detailed consolidated financial statements, including operations, balance sheets, and cash flows, for the reporting periods [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) This section provides a detailed breakdown of the company's financial performance, including revenues, expenses, and net income for both the three-month and six-month periods ending June 30, 2025, with comparisons to the prior year [Quarterly Performance (Three Months Ended June 30, 2025)](index=4&type=section&id=Quarterly%20Performance%20%28Three%20Months%20Ended%20June%2030%2C%202025%29) Q2 2025 saw total revenues of **$23.1 million** and net income of **$1.0 million**, a significant improvement year-over-year due to the absence of contingent consideration loss Quarterly Consolidated Statements of Operations (USD thousands) | Item | Q2 2025 (USD thousands) | Q1 2025 (USD thousands) | Q2 2024 (USD thousands) | | :--- | :--- | :--- | :--- | | **Total Revenues** | **$23,120** | **$23,252** | **$22,688** | | Asset-based fees | $17,955 | $17,731 | $17,139 | | Trust fees | $5,069 | $5,429 | $5,227 | | **Total Expenses** | **$22,252** | **$23,320** | **$26,866** | | Employee compensation | $13,472 | $14,501 | $13,638 | | Loss on contingent consideration | $0 | $0 | $4,807 | | **Net Income (Loss) to WHG** | **$1,019** | **$478** | **($2,243)** | [Year-to-Date Performance (Six Months Ended June 30, 2025)](index=5&type=section&id=Year-to-Date%20Performance%20%28Six%20Months%20Ended%20June%2030%2C%202025%29) Year-to-date total revenues increased to **$46.4 million**, with net income reaching **$1.5 million**, a substantial turnaround from the prior year driven by higher asset-based fees Year-to-Date Consolidated Statements of Operations (USD thousands) | Item | Six Months Ended June 30, 2025 (USD thousands) | Six Months Ended June 30, 2024 (USD thousands) | | :--- | :--- | :--- | | **Total Revenues** | **$46,372** | **$45,420** | | Asset-based fees | $35,686 | $33,956 | | **Total Expenses** | **$45,572** | **$46,657** | | Employee compensation | $27,973 | $28,349 | | **Net Income to WHG** | **$1,497** | **$53** | [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) The balance sheet as of June 30, 2025, reflects total assets of **$146.3 million**, total liabilities of **$23.9 million**, and **$120.3 million** in stockholders' equity, with contingent consideration settled Consolidated Balance Sheets (USD thousands) | Item | June 30, 2025 (USD thousands) | December 31, 2024 (USD thousands) | | :--- | :--- | :--- | | **Total Assets** | **$146,279** | **$149,989** | | Cash and cash equivalents | $15,403 | $18,847 | | Investments, at fair value | $19,768 | $27,694 | | Goodwill | $39,501 | $39,501 | | **Total Liabilities** | **$23,921** | **$27,657** | | Contingent consideration | $0 | $4,657 | | **Total Stockholders' Equity** | **$120,306** | **$120,291** | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities significantly decreased to **$2.4 million** for the six months ended June 30, 2025, resulting in a **$3.4 million** net decrease in cash and equivalents Consolidated Statements of Cash Flows (USD thousands) | Item | Six Months Ended June 30, 2025 (USD thousands) | Six Months Ended June 30, 2024 (USD thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | $2,403 | $11,685 | | Net cash used in investing activities | ($1,455) | ($1,524) | | Net cash used in financing activities | ($4,392) | ($6,813) | | **Net change in cash** | **($3,444)** | **$3,348** | | **Cash at end of period** | **$15,403** | **$23,770** | [Non-GAAP Financial Measures](index=8&type=section&id=Non-GAAP%20Financial%20Measures) This section reconciles GAAP net income to Economic Earnings, providing an adjusted view of the company's core operating performance [Reconciliation to Economic Earnings](index=8&type=section&id=Reconciliation%20to%20Economic%20Earnings) Economic Earnings, a non-GAAP measure, significantly improved to **$2.8 million** in Q2 2025 and more than doubled year-to-date, providing a clearer view of underlying operating performance - Economic Earnings are defined as GAAP net income adjusted for non-cash equity-based compensation, amortization of intangible assets, and deferred taxes related to goodwill[17](index=17&type=chunk) Economic Earnings Reconciliation - Quarterly (USD thousands, except per share) | Item | Q2 2025 (USD thousands) | Q1 2025 (USD thousands) | Q2 2024 (USD thousands) | | :--- | :--- | :--- | :--- | | GAAP Net Income (Loss) | $1,019 | $478 | ($2,243) | | Stock-based compensation | $1,295 | $1,327 | $1,397 | | Intangible amortization | $1,037 | $1,045 | $1,032 | | **Economic Earnings (Loss)** | **$2,792** | **$2,514** | **($508)** | | **Economic EPS** | **$0.32/share** | **$0.29/share** | **($0.06)/share** | Economic Earnings Reconciliation - Year-to-Date (USD thousands, except per share) | Item | Six Months 2025 (USD thousands) | Six Months 2024 (USD thousands) | | :--- | :--- | :--- | | GAAP Net Income | $1,497 | $53 | | **Economic Earnings** | **$5,306** | **$2,504** | | **Economic EPS** | **$0.60/share** | **$0.30/share** | [Company Information and Forward-Looking Statements](index=2&type=section&id=Company%20Information%20and%20Forward-Looking%20Statements) This section provides an overview of Westwood Holdings Group, details conference call information, and includes standard forward-looking statement disclaimers [About Westwood Holdings Group](index=2&type=section&id=About%20Westwood%20Holdings%20Group) Westwood Holdings Group is a boutique asset management firm offering diverse actively-managed investment strategies and wealth services, committed to client-first values and adaptability - WHG is a boutique asset management firm offering actively-managed and outcome-oriented investment strategies, along with trust and wealth services[7](index=7&type=chunk) - The firm, originally woman-founded, emphasizes its commitment to incorporating diverse insights and operates based on core values of integrity, reliability, and teamwork[8](index=8&type=chunk) [Conference Call Information](index=2&type=section&id=Conference%20Call%20Information) The company scheduled a conference call and webcast to discuss its second quarter 2025 results on August 8, 2025, at 4:30 p.m. Eastern time - A conference call to discuss Q2 2025 results is scheduled for 4:30 p.m. Eastern time on the day of the release[6](index=6&type=chunk) [Forward-Looking Statements](index=2&type=section&id=Forward%20Looking%20Statements) This section serves as a standard legal disclaimer, cautioning investors that statements in the press release that are not historical facts are subject to risks and uncertainties - The press release contains forward-looking statements as defined by the Securities Act of 1933 and the Securities Exchange Act of 1934[9](index=9&type=chunk) - Investors are warned not to place undue reliance on these statements, as actual results may vary due to numerous factors including market conditions, competitive pressures, and other risks detailed in SEC filings[9](index=9&type=chunk)[10](index=10&type=chunk)