Financial Data and Key Metrics Changes - Total revenues for Q3 2025 were $24.3 million, an increase from $23.1 million in Q2 2025 and $23.7 million in Q3 2024, driven by higher average assets under management [14] - Net income for Q3 2025 was $3.7 million, or $0.41 per share, compared to $1 million, or $0.12 per share in Q2 2025, and $0.1 million in Q3 2024 [15] - 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 [15] Business Line Data and Key Metrics Changes - The enhanced midstream income ETF, MDST, surpassed $150 million in assets under management and maintained an annualized indicated dividend yield exceeding 10% [4][10] - The Income Opportunity Fund, WHGIX, received a Morningstar ratings upgrade to four stars and maintained a top decile ranking since inception [4][6] - The private fundraising initiative exceeded the annual goal by 1.5 times through September 30, 2025 [9] Market Data and Key Metrics Changes - Year-to-date net sales improved by 17% compared to last year and by 57% compared to 2023 [8] - The institutional channel experienced negative net flows this quarter, primarily due to sub-advisory business rebalancing [8] - The intermediary channel had success with private fundraising, contributing significantly to overall performance [9] Company Strategy and Development Direction - The company is focusing on expanding its ETF platform and has launched 11 new sector funds to provide investors with more precise control over risk and sector exposure [11] - The strategy emphasizes unlocking opportunities in undervalued segments, particularly small-cap stocks and broader value styles [7] - The company aims to enhance operational efficiencies and reduce costs while evaluating paths to improve services moving into 2026 [10] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding investment opportunities shifting towards undervalued segments as market dynamics evolve [7] - The company anticipates continued stability with existing clients and expects to win more mandates in mid-cap for defined contribution plans [8] - Management acknowledged the disappointing outflows concentrated in the large-cap area but highlighted a strong pipeline for new business totaling $1.6 billion [22] Other Important Information - The Board of Directors approved a regular cash dividend of $0.15 per common share, payable on January 2, 2026 [17] - The company reported a solid financial position with cash and liquid investments totaling $39.2 million and a debt-free balance sheet [16] Q&A Session Summary Question: ETF Success and Future Leverage - The company has worked hard to grow its ETF business through traditional channels and is close to gaining access to one of the largest wirehouse platforms [19][20] Question: Outflows and New Business Pipeline - Management acknowledged the disappointing outflows but emphasized a strong pipeline for new business and successful private fundraising initiatives [22]