Westwood Holdings Group Inc (WHG) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q1 2026 Westwood Holdings earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，感謝您耐心等候。歡迎參加 Westwood Holdings 2026 年第一季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would now like to hand the conference over to your first speaker today, Jill Meyer, Director of Fiduciary Services. Please go ahead.

現在我想把會議交給今天的第一位講者，受託服務總監 Jill Meyer。請開始。

Thank you, and welcome to our first-quarter 2026 earnings conference call.

謝謝，歡迎各位參加我們 2026 年第一季財報電話會議。

The following discussion will include forward-looking statements that are subject to known and unknown risks, uncertainties, and other factors which may cause actual results to be materially different from those contemplated by the forward-looking statements. Additional information concerning the factors that could cause such a difference is included in our press release issued earlier today, as well as in our Form 10-Q for the quarter ended March 31, 2026, that will be filed with the Securities and Exchange Commission.

以下討論將包含前瞻性陳述，該等陳述受已知與未知風險、不確定性及其他因素影響，可能導致實際結果與前瞻性陳述所預期者存在重大差異。有關可能造成此類差異之因素的更多資訊，已載於我們今日稍早發布的新聞稿，以及截至 2026 年 3 月 31 日止季度的 Form 10-Q（將提交美國證券交易委員會）。

We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. You are cautioned not to place undue reliance on forward-looking statements.

我們不承擔公開更新或修訂任何前瞻性陳述之義務，無論係因新資訊、未來事件或其他原因。敬請勿對前瞻性陳述過度依賴。

In addition, in accordance with SEC rules concerning non-GAAP financial measures, the reconciliation of our economic earnings and economic earnings per share to the most comparable GAAP measures is included at the end of our press release issued earlier today.

此外，依據美國證券交易委員會（SEC）關於非 GAAP 財務衡量指標的規定，我們的經濟盈餘與每股經濟盈餘對應至最可比 GAAP 指標之調節表，已列於今日稍早發布之新聞稿末尾。

On the call today, we have Brian Casey, our Chief Executive Officer; and Terry Forbes, our Chief Financial Officer.

今天的電話會議上，我們有執行長 Brian Casey，以及財務長 Terry Forbes。

I will now turn the call over to Brian Casey.

現在我把電話會議交給 Brian Casey。

Good afternoon, and thank you for joining us for Westwood's first-quarter 2026 earnings call. I'm pleased to share our results and key developments from the quarter, as well as our outlook for the remainder of the year. Before going into the details, I would like to highlight a few points from the first quarter.

各位下午好，感謝您參加 Westwood 2026 年第一季財報電話會議。我很高興與各位分享本季的業績與重要進展，以及我們對今年剩餘期間的展望。在進入細節之前，我想先強調第一季的幾個重點。

Our AUM grew to $18.3 billion, up from $17.4 billion at year-end 2025. Our ETF suite of products surpassed $315 million in combined AUM. WES II closed at over $300 million, and WES III fundraising is now underway. Combined institutional and intermediary gross sales were approximately $529 million. And finally, we completed the sale of Vista Bank, generating a net gain of approximately $2 million.

我們的資產管理規模（AUM）成長至 183 億美元，高於 2025 年底的 174 億美元。我們的 ETF 產品組合合計 AUM 已突破 3.15 億美元。WES II 募資結束，規模超過 3 億美元，WES III 募資目前已展開。機構與通路（intermediary）合計的總銷售額約為 5.29 億美元。最後，我們完成 Vista Bank 的出售，帶來約 200 萬美元的淨收益。

I'll start with a brief overview of our assets under management. Firm-wide AUM increased from $17.4 billion at December 31, 2025, to $18.3 billion at March 31, 2026. This growth was driven primarily by our Energy & Real Asset Strategies, particularly private energy funds and energy-focused ETFs, which more than offset modest declines in U.S. Value Equity.

我先簡要概述我們的資產管理規模。全公司 AUM 由 2025 年 12 月 31 日的 174 億美元，增加至 2026 年 3 月 31 日的 183 億美元。此成長主要由我們的能源與實質資產策略所帶動，尤其是私募能源基金與聚焦能源的 ETF，其增幅足以抵銷美國價值型股票的小幅下滑。

Private Fund AUM was the largest contributor, reflecting new commitments and capital deployment in our energy secondaries and co-investment vehicles. This growth was structural in nature rather than market-dependent, which we see as a healthy and durable source of AUM diversification.

私募基金 AUM 是最大的貢獻來源，反映出我們在能源次級市場與共同投資工具中的新增承諾與資本部署。我們認為此成長屬於結構性而非依賴市場波動，這是健康且具持久性的 AUM 多元化來源。

The first quarter reflected the continuing evolution of our AUM mix. Client allocations are shifting toward income-oriented, real asset, and private market solutions, driven by macroeconomic forces like energy security concerns, record global infrastructure investments, and persistent power demand growth from data centers and AI-linked infrastructure. Traditional U.S. Value Equity Strategies remain under pressure, although the pace of decline moderated during the quarter.

第一季反映出我們 AUM 組合持續演進。在能源安全疑慮、全球基礎建設投資創新高，以及資料中心與 AI 相關基礎設施帶動的電力需求持續成長等總體經濟力量推動下，客戶配置正轉向收益導向、實質資產與私募市場解決方案。傳統的美國價值型股票策略仍承受壓力，但本季下滑速度有所放緩。

Turning to the market environment. After reaching new all-time highs in late January, U.S. Equities quickly faced a reversal. Military actions by the United States and Israel against Iran drove oil prices significantly higher in March, amplifying persistent market uncertainties. The S&P 500 fell 4.3% for the quarter, while small-cap and mid-cap stocks posted modestly positive returns.

接著談市場環境。美國股市在 1 月下旬創下歷史新高後，很快出現回檔。美國與以色列對伊朗的軍事行動使 3 月油價大幅上升，進一步放大市場長期存在的不確定性。標普 500 指數本季下跌 4.3%，而小型股與中型股則錄得小幅正報酬。

The standout story was energy. S&P 500 energy stocks gained more than 38% over the three-month period. And market leadership continued to broaden out from mega-cap technology toward sectors like materials, utilities, consumer staples, and industrials. The Fed held the funds rate steady in the 3.5% to 3.75% range as fourth-quarter annualized GDP growth of 0.7% and lingering inflation kept policymakers on hold. Meanwhile, bond yields edged slightly higher, producing modestly negative returns for the quarter.

最突出的故事是能源板塊。標普 500 能源股在這三個月期間上漲超過 38%。市場領導地位也持續從超大型科技股擴散至原物料、公用事業、民生必需品與工業等板塊。由於第四季年化 GDP 成長 0.7% 以及通膨仍具黏性，聯準會將聯邦基金利率維持在 3.5% 至 3.75% 區間不變，使決策者按兵不動。同時，債券殖利率小幅走高，使本季債券報酬略為負值。

With that market backdrop, let me turn to our long-term investment performance. Our results across strategy groups reflect a challenging near-term environment for value-oriented equities, along with several areas of genuine long-term strength that we find very encouraging. Within our U.S. Value Equity Strategies, our SMidCap Strategy continues to be a standout, ranking in the top quartile of both its eVestment and Morningstar peer groups over the trailing three years, a consistent and well-earned result.

在這樣的市場背景下，我接著談我們的長期投資績效。各策略群的結果反映出價值導向股票在短期面臨具挑戰性的環境，同時也呈現出數個真正具長期優勢的領域，令我們深受鼓舞。在我們的美國價值型股票策略中，SMidCap 策略持續表現突出，在過去三年期間於 eVestment 與 Morningstar 同儕群組皆名列前四分位，成果穩健且實至名歸。

On a 10-year basis, our LargeCap Value Strategy has delivered competitive results relative to peers. We recognize that parts of U.S. Value Strategies remain under pressure, but we are actively focused on delivering improved results and have seen some moderation in outflows.

以 10 年期來看，我們的大型股價值策略相較同儕提供具競爭力的成果。我們了解美國價值型策略的部分領域仍承受壓力，但我們正積極聚焦於提升績效，且資金流出已有所趨緩。

Turning to our multi-asset strategies, our results here are really encouraging. Our Multi-Asset Income Fund ranks in the top decile of its Morningstar peer category over both the trailing three- and five-year periods, a strong and consistent performance. And our Income Opportunity Strategy ranks in the top third of Morningstar peers over the trailing three-year period. Taken together, half or more of our multi-asset strategies are delivering top-tier results over meaningful time horizons.

接著談我們的多元資產策略，這部分的結果確實令人振奮。我們的多元資產收益基金在 Morningstar 同儕類別中，於過去三年與五年期間皆名列前十分位，表現強勁且一致。而我們的收益機會策略在過去三年期間於 Morningstar 同儕中名列前三分之一。綜合而言，我們的多元資產策略中有一半或以上，在具意義的時間跨度內交出頂尖水準的成果。

Our Salient Energy & Real Asset Strategies delivered solid performance amid a favorable environment for the sector. Our MLP SMA Strategy is in the top third of its eVestment Master Limited Partnership peer group over trailing three years and is performing well relative to the Alerian MLP Index on a net of fee basis.

我們的 Salient 能源與實質資產策略在該產業有利的環境下，繳出穩健表現。我們的 MLP SMA 策略在 eVestment 的主有限合夥（Master Limited Partnership）同儕群組中，於過去三年名列前三分之一，且在扣除費用後的基礎上，相對於 Alerian MLP 指數表現良好。

MDST and WEEI, the Westwood Salient Enhanced Midstream Income ETF and the Westwood Salient Enhanced Energy Income ETF, continue to provide attractive yields to income-focused investors consistent with their stated objectives. Our Tactical Growth Mutual Fund also delivered positive results while providing capital preservation during the March correction.

MDST 與 WEEI（Westwood Salient Enhanced Midstream Income ETF 與 Westwood Salient Enhanced Energy Income ETF）持續依其既定目標，為以收益為導向的投資人提供具吸引力的殖利率。我們的戰術成長共同基金亦繳出正向表現，並在 3 月市場修正期間兼顧資本保全。

Looking ahead, we believe market conditions are evolving in a way that increasingly favors our investment philosophy. The broadening of sector leadership out from mega-cap technology stocks toward energy, industrials, utilities, and other value-oriented segments is precisely the environment in which our active, quality-focused approach has historically excelled.

展望未來，我們認為市場環境正以愈來愈有利於我們投資理念的方式演變。產業領導地位由大型科技股擴散至能源、工業、公用事業及其他偏價值型板塊，正是我們主動式、以品質為核心的方法在歷史上最能發揮優勢的環境。

Geopolitical uncertainty, inflationary pressures from elevated oil prices, and potentially slower economic growth all create volatility, but they also create opportunity for disciplined investors like us who prioritize companies with strong cash flow, sound balance sheets, and reasonable valuations. Over the long term and across market cycles, we have consistently demonstrated that quality and value are durable sources of outperformance, and we are well positioned to capitalize on that dynamic as the environment continues to evolve.

地緣政治不確定性、油價高企帶來的通膨壓力，以及可能放緩的經濟成長都會造成波動，但也為像我們這樣重視強勁現金流、穩健資產負債表與合理估值的紀律型投資人創造機會。長期而言、跨越不同市場循環，我們一貫證明品質與價值是可持續的超額報酬來源；隨著環境持續演變，我們也已做好充分準備把握這股動能。

Turning to distribution. Our institutional channel reported gross sales of $322 million for the first quarter, with net inflows of $32 million. One major highlight was successfully onboarding our first institutional Managed Investment Solutions client, accounting for over $200 million in gross sales, an important validation of the MIS capability we've been building.

接著談配售／銷售。我們的機構通路第一季總銷售額為 3.22 億美元，淨流入 3,200 萬美元。一項重要亮點是成功導入我們第一位機構型「管理式投資解決方案」（MIS）客戶，貢獻超過 2 億美元的總銷售額，這也重要驗證了我們持續建置的 MIS 能力。

Our pipeline remains robust across both value and energy strategies, with many new opportunities added during the quarter. We are also initiating SMidCap due diligence with two of the largest national consultants, which reflects the attraction of SMidCap's quality and competitiveness. We expect to see continued momentum in SMidCap Value for defined contribution plans, and we anticipate that our private capital platform will attract increasing institutional interest following significant enhancements we have made to our personnel and organizational structure.

我們在價值與能源策略兩方面的案源管線仍然強勁，本季新增多項新機會。我們也正與兩家全國規模最大的顧問機構啟動 SMidCap 的盡職調查，反映 SMidCap 在品質與競爭力方面的吸引力。我們預期 SMidCap Value 在確定提撥制（defined contribution）退休計畫中將延續動能；同時，隨著我們在人員與組織架構上進行重大強化，我們也預期私募資本平台將吸引日益增加的機構關注。

In our intermediary channel, gross sales reached $207 million, led by energy and real assets, with net outflows of $34 million. MDST gained approval from its first major warehouse, a very important distribution milestone, and it continues to receive approvals from major national platforms. YLDW, our Enhanced Income Opportunity ETF, is approaching the $25 million threshold typically required for platform onboarding.

在我們的中介通路，總銷售額達 2.07 億美元，主要由能源與實質資產帶動，淨流出 3,400 萬美元。MDST獲得其第一家主要券商平台（warehouse）的核准，這是非常重要的通路里程碑，且持續獲得全國性主要平台的核准。YLDW（我們的 Enhanced Income Opportunity ETF）正接近通常平台上架所需的 2,500 萬美元門檻。

Our Broadmark strategies are gaining traction as investor demand for risk mitigation has increased in the current elevated market volatility environment. And finally, momentum from our WES II capital raise is underpinning WES III as it attracts early interest from RIAs, family offices, and independent advisors.

在目前市場波動偏高、投資人對風險緩解需求上升的環境下，我們的 Broadmark 策略正逐步獲得市場動能。最後，WES II 募資所帶來的動能正支撐 WES III，並吸引註冊投資顧問（RIA）、家族辦公室與獨立理財顧問的早期興趣。

Moving to our Wealth Management business. We entered 2026 with solid momentum as we continued to strengthen our multifamily office platform. Client engagement remained elevated throughout the quarter, reflecting ongoing market uncertainty and continued demand for proactive planning and thoughtful portfolio oversight.

接著談我們的財富管理業務。我們以穩健動能進入 2026 年，並持續強化我們的多家族辦公室平台。整個季度客戶互動維持在高檔，反映市場不確定性仍在，以及對主動規劃與審慎投資組合監督的需求持續存在。

Our advisors maintained a disciplined, long-term approach to asset allocation, which helped reinforce client confidence during periods of volatility. Client conversations are increasingly focused on holistic planning, particularly around tax positioning, liquidity management, and coordination with trust structures, areas where our integrated model is optimal.

我們的顧問維持紀律且長期的資產配置方法，有助於在波動期間強化客戶信心。客戶對話愈來愈聚焦於整體性規劃，特別是稅務配置、流動性管理，以及與信託架構的協調；在這些領域，我們的整合式模式最具優勢。

From an operational standpoint, we continue to make progress on process standardization and cross-functional alignment across our advisory, client service, and trust team. Our efforts are improving scalability while enhancing the overall client experience. Business activity remained steady during the quarter, including several notable large inflows from our multifamily office approach.

在營運面，我們持續推進流程標準化，並強化顧問、客戶服務與信託團隊之間的跨職能協同。這些努力在提升可擴展性的同時，也改善整體客戶體驗。本季業務活動維持穩定，其中包括多筆來自我們多家族辦公室模式的顯著大額資金流入。

We continue to prioritize high-quality client relationships with significant long-term potential. Looking ahead, our focus remains on refining internal processes, enhancing reporting and communication, and strengthening collaboration across the platform to support sustainable growth.

我們持續優先經營具備長期潛力的高品質客戶關係。展望未來，我們仍將聚焦於精進內部流程、強化報告與溝通，並加強平台內部協作，以支持可持續成長。

Beyond core business results, I'd like to highlight significant events and milestones achieved during the quarter. Our Enhanced Income Series ETFs achieved an important milestone as MDST, our Enhanced Midstream Income ETF, crossed the $200 million AUM threshold in February, a landmark for a fund that has been in the market for less than two years. Together with WEEI and YLDW, our three Enhanced Income Series ETFs have now surpassed $320 million in combined assets.

除核心業務成果外，我也想強調本季達成的重要事件與里程碑。我們的 Enhanced Income Series ETFs 達成重要里程碑：MDST（我們的 Enhanced Midstream Income ETF）於 2 月資產管理規模（AUM）突破 2 億美元門檻，對於一檔上市未滿兩年的基金而言意義重大。加上 WEEI 與 YLDW，我們三檔 Enhanced Income Series ETF 的合計資產現已超過 3.2 億美元。

YLDW, the Westwood Enhanced Income ETF we launched last December, represents an important extension of our Income ETF platform, being the first of our multi-asset strategies to be marketed as an ETF. YLDW combines a disciplined multi-asset allocation approach with a strategic covered call overlay, providing investors with a consistent and diversified source of current income plus potential capital appreciation. It is approaching $25 million in assets.

YLDW（我們於去年 12 月推出的 Westwood Enhanced Income ETF）是我們收益型 ETF 平台的重要延伸，也是我們首個以 ETF 形式行銷的多資產策略。YLDW 結合紀律性的多資產配置方法與策略性備兌買權（covered call）覆蓋策略，為投資人提供穩定且分散的當期收益來源，並兼具潛在資本增值。其資產規模正接近 2,500 萬美元。

MDST continues to maintain an annualized distribution rate of approximately 10%, consistent with its income generation objective and its recent wirehouse approval is a truly meaningful step in expanding our distribution reach. We will continue to look for opportunities to expand our ETF lineup with innovative strategies that address investor demands.

MDST 持續維持約 10% 的年化配息率，符合其收益產生目標；而其近期獲得大型券商平台（wirehouse）核准，確實是擴大我們通路觸及的重要一步。我們將持續尋找機會，以創新策略擴充 ETF 產品線，以回應投資人需求。

Our Energy Secondaries business reached an important milestone as Westwood Energy Secondaries Fund II closed with over $300 million in capital commitments, more than double our initial $150 million target. Since launching our first Energy Secondaries Fund in 2023, we have raised nearly $350 million and deployed over $250 million across two flagship funds and three co-investment vehicles.

我們的能源次級市場（Energy Secondaries）業務達成重要里程碑：Westwood Energy Secondaries Fund II 完成募集，資本承諾超過 3 億美元，較我們原先 1.5 億美元目標高出一倍以上。自 2023 年推出首檔 Energy Secondaries Fund 以來，我們已募集近 3.5 億美元，並在兩檔旗艦基金與三個共同投資工具中部署超過 2.5 億美元。

During the first quarter, we also received commitments for a new co-investment fund focused on an operated upstream platform. We have commenced fundraising for Westwood Energy Secondaries Fund III and its related co-investment fund, which we expect to market through early 2027, and it's generating substantial early interest. To support this growing platform, we have added team members to our private capital operations team and implemented a new AI-driven technology tool to streamline key operational processes.

第一季期間，我們也收到一檔新共同投資基金的承諾資金，該基金聚焦於一個由營運方主導的上游平台。我們已啟動 Westwood Energy Secondaries Fund III 及其相關共同投資基金的募資，預期將行銷至 2027 年初，且已產生相當可觀的早期興趣。為支持此一成長中的平台，我們已為私募資本營運團隊增聘成員，並導入新的 AI 驅動技術工具，以精簡關鍵營運流程。

We completed the sale of our interest in Vista Bank during the quarter, receiving both cash and a stock consideration that enabled us to recognize a gain of approximately $2 million.

本季我們完成出售在 Vista Bank 的持股權益，收取現金及股票對價，使我們得以認列約 200 萬美元的收益。

In March, we celebrated the 25th anniversary of the Westwood Real Estate Income Fund, marking a quarter century of disciplined investing, durable income generation, and a successful, active management of publicly traded real estate securities. Since inception in 2001, the fund has navigated real estate and economic cycles while maintaining a philosophy grounded in fundamental analysis, valuation discipline, and rigorous risk management. We're proud of the team that has delivered consistent results for our clients over such a long investment horizon.

3 月，我們慶祝 Westwood Real Estate Income Fund 成立 25 週年，象徵四分之一世紀的紀律投資、穩健收益創造，以及對公開交易不動產證券的成功主動管理。自 2001 年成立以來，該基金在不動產與經濟循環中前行，同時堅守以基本面分析、估值紀律與嚴謹風險管理為核心的投資理念。我們為這支團隊在如此長的投資期間內為客戶交付一致成果而感到自豪。

Finally, on April 1, 2026, Westwood celebrated its 43rd year in business, a testament to our commitment to clients, our culture of continuous innovation, and the dedication of our entire team. We are proud to be one of the very few asset management firms with this depth of history, and we remain committed, as always, to the principles that have guided us since our founding.

最後，在2026年4月1日，Westwood慶祝成立第43週年，這證明了我們對客戶的承諾、持續創新的文化，以及全體團隊的投入與奉獻。我們很自豪能成為少數擁有如此深厚歷史的資產管理公司之一，並且一如既往地堅守自創立以來指引我們的原則。

Looking back on the first quarter of 2026, we are encouraged by the strategic progress we have made across our business. Our ETF platform has scaled meaningfully, our private capital strategy is gaining significant institutional and intermediary traction, and our distribution channels continue to build a healthy pipeline.

回顧2026年第一季，我們對於在整體業務上所取得的策略性進展感到鼓舞。我們的ETF平台已顯著擴張，我們的私募資本策略正獲得機構與中介通路的強勁採用與關注，而我們的銷售通路也持續建立健康的案源管線。

The evolving market environment, characterized by broader sector leadership, elevated energy prices, and a renewed interest in quality and value, is one in which we believe Westwood is well positioned to deliver for our clients and shareholders. With 43 years of experience, a diversified and growing product platform, and demonstrated long-term performance in our core strategies, we are confident in our ability to capitalize on the opportunities ahead. Thank you for your continued support and confidence in Westwood.

當前市場環境持續演變，呈現更廣泛的產業領漲、能源價格走高，以及市場對品質與價值的興趣再起；我們相信這樣的環境使Westwood具備良好條件，為客戶與股東創造成果。憑藉43年的經驗、多元且持續成長的產品平台，以及核心策略已展現的長期績效，我們對於把握未來機會充滿信心。感謝您持續支持並信任Westwood。

I will now turn the call over to our CFO, Terry Forbes.

接下來我將把電話會議交給我們的財務長Terry Forbes。

Thanks, Brian, and good afternoon, everyone.

謝謝你，Brian，各位下午好。

Today, we reported total revenues of $25 million for the first quarter of 2026, compared to $27.1 million in the fourth quarter and $23.3 million in the prior year's first quarter. First-quarter revenues were lower than the fourth quarter due to lower average AUM, as well as fourth-quarter recognition of performance fees for the prior year. First-quarter revenues were higher than last year's first quarter due to the solid growth in our business, reflected in higher average AUM and growth from our ETFs and Private Energy Secondaries Funds.

今天我們公布2026年第一季總營收為2,500萬美元，相較於第四季的2,710萬美元，以及去年第一季的2,330萬美元。第一季營收較第四季下降，主要因平均AUM較低，以及第四季認列了前一年度的績效費用。第一季營收較去年第一季增加，主要因我們業務穩健成長，反映在平均AUM提高，以及我們的ETF與私募能源次級市場基金（Private Energy Secondaries Funds）的成長貢獻。

Our first-quarter income of $0.8 million or $0.09 per share compared with $1.9 million or $0.21 per share in the fourth quarter on lower revenues and higher compensation expenses offset by a gain from the sale of our investment in a private bank and lower income taxes.

本季淨利為80萬美元（每股0.09美元），相較第四季為190萬美元（每股0.21美元）；主要因營收較低與薪酬費用較高，但部分被出售我們在一家私人銀行投資所帶來的收益以及較低的所得稅所抵銷。

Non-GAAP economic earnings were $2.8 million or $0.31 per share in the current quarter versus $3.3 million or $0.36 per share in the fourth quarter.

本季非GAAP經濟盈餘為280萬美元（每股0.31美元），相較第四季為330萬美元（每股0.36美元）。

Our first-quarter income of $0.8 million or $0.09 per share compared favorably to last year's first-quarter income of $0.5 million due to 2026's higher revenues and gains from our investment in a private bank offset by higher compensation expenses.

本季淨利為80萬美元（每股0.09美元），較去年第一季的50萬美元表現更佳，主要因2026年營收較高以及我們在一家私人銀行投資的收益，但部分被較高的薪酬費用所抵銷。

Economic earnings for the quarter were $2.8 million, or $0.31 per share, compared with $2.5 million, or $0.29 per share, in the first quarter of 2025.

本季經濟盈餘為280萬美元（每股0.31美元），相較於2025年第一季為250萬美元（每股0.29美元）。

Firm-wide assets under management and advisement totaled $18.3 billion at quarter-end, consisting of assets under management of $17.3 billion and assets under advisement of $0.9 billion. Assets under management consisted of institutional assets of $9 billion, or 52% of the total, wealth management assets of $4.2 billion, or 24% of the total, and mutual fund and ETF assets of $4.1 billion, or 24% of the total.

截至季末，全公司管理與顧問資產總額為183億美元，其中管理資產（AUM）為173億美元，顧問資產（AUA）為9億美元。管理資產中，機構資產為90億美元，占總額52%；財富管理資產為42億美元，占24%；共同基金與ETF資產為41億美元，占24%。

Over the quarter, our assets under management experienced net outflows of $50 million and market appreciation of $0.8 billion. And our assets under advisement experienced market appreciation of $48 million and net outflows of $50 million.

本季我們的管理資產出現5,000萬美元的淨流出，並有8億美元的市場增值。而我們的顧問資產則有4,800萬美元的市場增值，以及5,000萬美元的淨流出。

Our financial position continues to be solid, with cash and liquid investments at quarter-end totaling $34.2 million and a debt-free balance sheet.

我們的財務狀況仍然穩健，截至季末現金與流動性投資合計為3,420萬美元，且資產負債表無負債。

I'm happy to announce that our Board of Directors approved a regular cash dividend of $0.15 per common share, payable on July 1, 2026, to stockholders of record on June 1, 2026.

我很高興宣布，我們董事會已核准每股普通股0.15美元的定期現金股利，將於2026年7月1日支付給截至2026年6月1日為止的登記股東。

That brings our prepared comments to a close. We encourage you to review our investor presentation we have posted on our website, reflecting quarterly highlights, as well as discussion of our business, product development, and longer-term trends in revenues and earnings.

以上是我們事先準備的發言內容。我們鼓勵各位查閱我們已發布於網站上的投資人簡報，其中包含季度重點，以及對我們業務、產品開發與營收及盈餘長期趨勢的討論。

We thank you for your interest in our company, and we'll open the line to questions.

感謝各位對本公司的關注，接下來我們開放提問。

(Operator Instructions) I am showing no questions at this time. I will now turn it over to Brian Casey for closing remarks.

（接線員指示）目前沒有任何提問。我現在把時間交回給Brian Casey做結語。

Great. Well, thank you. And I first want to thank our long-term and our new shareholders for approving our entire slate of Directors today and all the other items we have on the agenda.

好的。非常感謝。首先，我要感謝我們的長期股東與新股東，今天核准了我們完整的董事候選名單，以及議程上所有其他項目。

And just in closing, our SMidCap performance has remained strong, and our pipeline of opportunities has grown to over $1 billion. Our managed investment solutions pipeline is improving every week, and we're optimistic that we will land our next institutional client in the coming months. We continue to build out our private capital platform, and we're anxious to kick off fundraising for our next fund.

最後作個總結，我們的SMidCap績效依然強勁，而我們的機會管線已成長至超過10億美元。我們的受託投資解決方案（managed investment solutions）案源管線每週都在改善，我們也樂觀預期未來幾個月將拿下下一位機構客戶。我們持續擴建私募資本平台，並且迫不及待要啟動下一檔基金的募資。

And finally, our ETF platform is seeing strong demand with higher trading volumes and growing AUM, and we're excited to see MDST go fully live tomorrow across one of the major wires. So that should be exciting.

最後，我們的ETF平台需求強勁，成交量提高且AUM持續成長；我們也很期待MDST明天能在某個主要電傳通路上全面正式上線。這將會很令人振奮。

Thanks so much for your time. We appreciate it. Visit westwoodgroup.com or call Terry or I if you have questions. Thanks so much.

非常感謝各位撥冗參與。我們非常感激。如有問題，請造訪westwoodgroup.com，或致電給Terry或我。再次感謝。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝各位參與今天的電話會議。本次會議到此結束。您現在可以掛線。