Good day and thank you for standing by. Welcome to the 4Q 2024 Westwood Holdings Group Inc. Earnings Conference Call. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions]. I would now like to hand the conference over to your speaker today, Brian Casey, CEO.

Thank you and welcome to our fourth quarter 2024 earnings conference call. 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-K for the year ended December 31, 2024 that will be 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. On the call today, we have Brian Casey, our Chief Executive Officer, and Terry Forbes, our Chief Financial Officer. I will now turn the call over to Brian Casey.

Good afternoon and thank you for joining us for Westwood's fourth quarter 2024 earnings call. I'm very pleased to share our results and key developments from the past quarter, and I'll also comment about our outlook for the year ahead. Today you'll hear about our distribution channel progress. Our institutional team won and funded eight mandates totaling over $600 million last year, a 100% increase over the prior year. Despite some headwinds, we were able to take advantage of some positive trends across several channels. Our SMidCap strategies dominated with new institutional flows, and we also enjoyed growth in our SMid CIT vehicle. ETF success, one of our greatest strategic successes in 2024, was our entry into the fast-growing ETF market with the launch of two active ETFs, leveraging our expertise in the midstream and broad energy space. As part of the launch of these first two funds, we built out a world-class ETF ecosystem developing new strategic relationships for Westwood that will support additional ETF launches in the future as we continue to pursue innovation and white spaces in our ETF marketplace. Our innovative ETF initiatives continued their initial momentum with Westwood Salient Enhanced Midstream Income ETF, ticker MDST, reaching 73 million in assets by year-end amid strong trading volumes. We also expanded our ETF platform late last year with two new products offered through our Westwood-Engineered Beta, known as WEBs, partnership with Ben Fulton, a well-known pioneer of the ETF industry. Strategic growth initiatives. We've completed the build-out for our managed investment solutions platform, and promising client conversations are underway. Our Energy Secondaries Fund is performing as expected, and we continue to seek opportunities to meet investor demand for these types of investments. A few comments on the market's performance on our investment results. The stock market closed…

Thanks, Brian, and good afternoon, everyone. Today, we reported total revenues of $25.6 million for the fourth quarter of 2024, compared to $23.7 million in the third quarter and $23.2 million in the prior year's fourth quarter. Revenues increased from the third quarter and 2023's fourth quarter, primarily due to higher average assets under management and higher performance fees. For fiscal 2024, total revenues of $94.7 million compared to $89.8 million in 2023, also driven by higher average assets under management. Our fourth quarter comprehensive income of $2.1 million, or $0.24 per share, compared to the third quarter's $0.1 million, or $0.01 per share, reflecting higher revenues and changes in the fair value of contingent consideration, partially offset by higher income taxes. Non-GAAP economic earnings are $3.4 million, or $0.39 per share, in the current quarter versus $1.1 million, or $0.13 per share, in the third quarter. Our fourth quarter comprehensive income of $2.1 million, or $0.24 per share, compared to the prior year's fourth quarter net loss of $2.6 million, or $0.32 per share, due to higher revenues offset by changes in the fair value of contingent consideration and higher employee expenses, driven by performance-related incentive compensation. Economic earnings are $3.4 million, or $0.39 per share, compared with $2.8 million, or $0.34 per share, in the fourth quarter of 2023. Our 2024 comprehensive income of $2.2 million, compared to 2023 is $9.5 million, on higher revenues and lower income taxes, offset by changes in the fair value of contingent consideration, higher employee expenses, driven by higher performance-related incentive compensation, and life insurance proceeds received in 2023. Economic earnings for the year were $7 million, or $0.82 per share, compared with $18.3 million, or $2.26 per share, in 2023. Firmwide assets under management and advisement totaled $17.6 billion at quarter-end,…

Well, great. Well, thanks for taking time with us today. We're excited about our new business pipeline and our growing ETF platform and really landing our first client for our managed investment solutions team. Please let us know if you have further questions. You can reach out to me or Terry at any time or visit our website, westwoodgroup.com. Have a great afternoon.

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.