Good day, and thank you for standing by. Welcome to the Westwood Holdings Group Second Quarter 2025 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Jill Meyer, Chief Legal Counsel. Please go ahead.

Thank you, and welcome to our second quarter 2025 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-Q for the quarter ended June 30, 2025, 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 Second Quarter 2025 Earnings Call. I'm pleased to share our results and key developments from the past quarter as well as our outlook for the remainder of the year. Today, you will hear about several significant milestones and achievements. WHG was added to the Russell 2000 Index, enhancing institutional accessibility. MDST surpassed the $100 million AUM milestone, validating our ETF strategy. WEBs launched 11 sector ETFs, expanding our innovative ETF platform. MIS delivered its first client account, infrastructure and real assets. We achieved positive net flows across several key strategies, including ETFs, private funds and energy. Assets under management reached $18.3 billion, up 9% from $16.8 billion in Q2 of last year. The past quarter exhibited significant volatility with markets peaking in February, then experiencing a sharp decline in early April before ultimately recovering to post new highs by quarter end. The announcement of Liberation Day, along with reciprocal tariffs triggered the worst 2-day market meltdown since March of 2020, with markets falling sharply over the following week. Amid this chaos, the administration then announced a 90-day tariff pause, which immediately sparked a strong rally. The S&P 500 finally finished out the quarter with solid gains, reaching new all-time highs. Growth stock significantly outperformed value across market capitalizations during this period. In this unsettled environment, our investment strategies continue to demonstrate resilience across multiple time horizons and asset classes. Within our U.S. Value strategies, approximately 2/3 are outperforming their benchmarks over a trailing 3-year periods and 3/4 of these strategies are outperforming over the trailing 5-year period. Among our peers, our SMidCap and MidCap strategies are particularly well positioned in the competitive rankings. Our multi-asset strategies are demonstrating solid long-term growth with multi-asset income and Income Opportunity, both outperforming over…

Thanks, Brian, and good afternoon, everyone. Today, we reported total revenues of $23.1 million for the second quarter of 2025 compared to $23.3 million in the first quarter and $22.7 million in the prior year second quarter. Revenues were flat to both periods. Our second quarter income of $1 million or $0.12 per share compared with $0.5 million or $0.05 per share in the first quarter on lower operating expenses primarily related to the timing of compensation and benefit payments. Non-GAAP economic earnings were $2.8 million or $0.32 per share in the current quarter versus $2.5 million or $0.29 per share in the first quarter. Our second quarter income of $1 million or $0.12 per share compared favorably to last year's second quarter loss of $2.2 million or $0.27 per share due to changes in the fair value of contingent consideration in 2024, offset by an increase in income tax expense in 2025. Economic earnings for the quarter were $2.8 million or $0.32 per share compared with an economic loss of $0.5 million or $0.06 per share in the second quarter of 2024. 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 $9.2 billion or 53% of the total, wealth management assets of $4.2 billion or 24% of the total and mutual fund assets of $3.9 billion or 23% of the total. Over the quarter, our assets under management experienced net outflows of $0.2 billion and market appreciation of $0.6 billion and our assets under advisement experienced market depreciation of $15 million and net outflows of $13 million. Our financial position continues to be solid with cash and liquid investments at quarter end totaling $33.1 million and a debt-free balance sheet. I'm happy to announce that our Board of Directors approved a regular cash dividend of $0.15 per common share payable on October 1, 2025, to stockholders of record on September 2, 2020. 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 a discussion of our business, product development and longer-term trends in revenues and earnings. We thank you for your interest in our company, and we'll open the line to questions.

[Operator Instructions] And I'm showing no questions at this time. I'd like to turn it back to Brian Casey for closing remarks.

Well, great. Thank you very much. I don't blame you for not having any questions on a Friday afternoon, and I apologize for having our call on a Friday, we've never done this before, and I hope to never do it again but it was due to a changes in schedule. So it was the only choice we have. So thanks for listening today. I'll just close it out by saying that we're really excited about our 24th year as a public company. We've got a really strong pipeline of traditional business of over $2 billion. We've started 3 new businesses in the last 18 months, our Managed Investment Solutions business, Private Equity business and our ETF platform with MDST making it to $100 million and it's currently about $128 million. WEEI [indiscernible] in our WEBs business. And by the way, I'd encourage you to visit if you haven't seen it yet websinv.com and learn more about our WEBs defined volatility products. We have 1 that's based on the SPY and 1 on the QQQ, and in addition, we have 1 for each of the 11 S&P 500 sectors. We're really excited about the direction we're taking our wealth business to a multifamily office model serving Texas families. So again, appreciate you listening on a Friday afternoon, and I hope everybody has a great weekend. Please call Terry or myself if you have any questions.

This concludes today's conference call. Thank you for participating, and you may now disconnect.