Good day and welcome to the Fourth Quarter 2022 Westwood Holdings Group Earnings Conference Call. At this time all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker Ms. Julie Gerron, General Counsel. Please go ahead.

Good afternoon and thanks for listening to our quarterly earnings call. Before I jump into the details of the fourth quarter and the full year 2022, after celebrating 20 years as a public company last year, this year we're celebrating yet another important milestone, our 40th anniversary since we began back in 1983. Westwood was founded by Susan Byrne in New York, with two colleagues who had worked together at Bankers Trust in the 1970s. The name Westwood is from Westwood, California, which is the home of the UCLA Bruins and the legendary coach, John Wooden. Susan grew up going to those games and always admired coach's sense of fairness, integrity and teamwork. We have embraced coach Wooden's Pyramid of Success and strive to live the principles he espoused to his players in their pursuit of 10 NCAA basketball championships. Over the past four decades, we have enjoyed market ups and weathered market downs by sticking firmly to our investment discipline and running our company with the same standards that we look for in companies where we invest our own client funds. With the experience gained over market cycles, our teams have embraced change, navigated through business and market challenges and they persevered, and I couldn't be proud of our team and my colleagues I've had the pleasure to work with over the past 30 years of our 40-year history. I would also like to congratulate two of my long-term colleagues, Jackie Finley and Kim Calhoun, who have retired from Westwood after more than 25 years of terrific service to our clients, serving in many roles over their tenure. Today, we are rightfully enshrining both of these talented women into the Westwood Hall of Fame, where they will join the best of the best in Westwood's history. Thank you both…

Thanks, Brian, and good afternoon, everyone. Today, we reported total revenues of $20.5 million for the fourth quarter of 2022 compared to $19.4 million in the prior year’s fourth quarter and $15.4 million in the third quarter of 2022. The increase from the prior year was principally due to higher average assets under management. The increase from the prior quarter was a result of higher average assets under management and higher performance fees. Fourth quarter net loss of $3.1 million compared to the third quarter’s net loss of $1.2 million due to higher expenses, primarily related to the acquisition of $5.3 million in unrealized depreciation on private investments, partially offset by higher revenues. Economic earnings or loss in non-GAAP metric with a loss of $0.7 million or $0.09 per share compared to the third quarter’s economic earnings of $0.8 million or $0.10 per share. Fourth quarter net loss of $3.1 million or $0.40 per share compared to the prior year’s fourth quarter net income of $2.8 million or $0.36 per share on higher expenses, primarily related to the acquisition of $5.3 million and unrealized depreciation on private investments partially offset by higher revenues. Economic earnings or loss in non-GAAP metric was a loss of $0.7 million for the current quarter or $0.09 per share compared to earnings of $4.7 million or $0.59 per share in the fourth quarter of 2021. For fiscal 2022, total revenues of $68.7 million compared to $73.1 million in 2021. The decrease was attributable to a decrease in trust fees, primarily due to lower average assets under management and lower performance fees. 2022 net loss of $4.6 million compared to 2021 net income of $9.8 million on lower revenues, higher expenses primarily related to the acquisition of $7.1 million and higher realized gains on private investments…

[Operator Instructions]

Operator, are there no questions?

I'm showing no questions at this time. I'll turn the call back over to management for any further remarks.

Okay. Somehow the conference call team here left out our preamble that Julie Gerron normally reads. So I feel as I need to read this. So thanks for listening to our fourth quarter call. The preceding discussion 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-K for the year-end December 31, 2022, that is filed with the Securities and Exchange Commission. 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. 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. So that somehow got left off in front of the call. So I want to make sure I included it. And I'll just conclude with a few remarks. Since we had no questions. This was an unusual quarter for us for sure. We had significant deal costs associated with the Salient transaction, which were over $7 million for the year and about $5.5 million of that hit in the fourth quarter. We also took a write-down on our ownership interest in Charis Bank. Charis Bank is in the process of being acquired by Vista Bank, which is a 100-year-old bank with great financials. We're excited to partner with Vista Bank going forward. And in fact, they…

Thank you all for participating. This concludes today's program. You may now disconnect.