Financial Data and Key Metrics Changes - Total revenues for Q4 2024 were $25.6 million, an increase from $23.7 million in Q3 2024 and $23.2 million in Q4 2023, primarily due to higher average assets under management and performance fees [21] - Comprehensive income for Q4 2024 was $2.1 million or $0.24 per share, compared to $0.1 million or $0.01 per share in Q3 2024 and a net loss of $2.6 million or $0.32 per share in Q4 2023 [22] - Economic earnings for Q4 2024 were $3.4 million or $0.39 per share, up from $1.1 million or $0.13 per share in Q3 2024 and $2.8 million or $0.34 per share in Q4 2023 [22][23] Business Line Data and Key Metrics Changes - The institutional team won and funded eight mandates totaling over $600 million in 2024, a 100% increase over the prior year [4] - The SMID cap strategies saw significant growth, particularly in the SMID CIT vehicle, with new institutional flows [5] - The Westwood Salient enhanced midstream income ETF reached $73 million in assets by year-end, exceeding initial targets [11] Market Data and Key Metrics Changes - Firm-wide assets under management and advisement totaled $17.6 billion at quarter-end, with $16.6 billion in assets under management and $1 billion in assets under advisement [24] - Assets under management experienced net outflows of $800 million but benefited from market appreciation of $1.9 billion [24] Company Strategy and Development Direction - The company is focused on expanding its ETF platform and has launched two new ETFs, leveraging expertise in the energy sector [5][15] - Strategic growth initiatives include the Managed Investment Solutions platform, which is expected to onboard its first client in the first half of the year [17] - The acquisition of Salient Partners Asset Management continues to exceed expectations, enhancing capabilities in energy and real estate income strategies [14][16] Management's Comments on Operating Environment and Future Outlook - The management expressed a cautiously optimistic outlook, citing benign credit conditions and attractive equity valuations [10] - The company noted that the post-COVID bull market may shift investor focus towards quality companies, which aligns with its investment style [10] - Management highlighted the importance of maintaining personal relationships with clients while enhancing technology and service capabilities [13] Other Important Information - The company reported a regular cash dividend of $0.15 per common share, payable on April 1, 2025 [24] - Westwood was recognized as a Pensions and Investments Best Places to Work in Money Management for the tenth consecutive year [19] Q&A Session Summary - No questions were raised during the Q&A session, and the call concluded with management expressing excitement about the new business pipeline and ETF platform [26][27]