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Did Westwood Holdings beat or miss consensus estimates last quarter?

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What is the market's earnings forecast for Westwood Holdings next quarter?

- **ETF Success**: MDST ETF surpasses $150M AUM; 11 new sector ETFs launched with strong Q3 outperformance (DVSP +636bps vs SPY, DVQQ +726bps vs QQQ).
- **Revenue Growth**: Q3 2025 revenues $24.3M (+5% vs Q2, +2.6% vs 2024 Q3); Non-GAAP earnings $5.7M (+107% YoY).
- **Market Leadership**: SMidCap strategy in top third over 3 years; WHGIX upgraded to 4-star Morningstar rating.
- **Strategic Momentum**: Private fundraising exceeds 2025 goal by 1.5x; $1.6B pipeline includes $450M SMidCap mandate.
- **Financial Strength**: Debt-free balance sheet with $39.2M cash; $0.15/share dividend declared for Jan 2026.

**CEO Summary Section**
- **ETF Growth**: Enhanced Midstream Income ETF (MDST) surpassed $150M in AUM, ranking as the second-best-selling midstream ETF in September with 30% of sector flows.
- **Strategic Wins**: 11 new sector ETFs launched (WEBs Defined Volatility suite), with DVSP and DVQQ outperforming SPY and QQQ by 636 and 726 basis points, respectively, in Q3.
- **Performance Recognition**: Income Opportunity Fund (WHGIX) upgraded to 4-star Morningstar rating; SMidCap strategy in top third over 3 years.
- **Distribution Momentum**: Year-to-date net sales up 17% vs. 2024, 57% vs. 2023; private fundraising exceeds 2025 goal by 1.5x.
- **Market Positioning**: Focus on undervalued small-cap and value-style investments; 2026 operational efficiencies expected to drive early wins.

**CFO Financial Commentary**
- **Q3 2025 Results**: Revenues $24.3M (vs. $23.1M Q2, $23.7M 2024 Q3); GAAP income $3.7M ($0.41/share) vs. $1M ($0.12/share) Q2; Non-GAAP economic earnings $5.7M ($0.64/share) vs. $2.8M ($0.32/share) Q2.
- **AUM Breakdown**: Total AUM $18.3B (52% institutional, 25% wealth management, 23% mutual funds/ETFs); net outflows $0.7B, offset by market appreciation.
- **Financial Health**: Debt-free balance sheet with $39.2M cash; $0.15/share dividend declared for Jan 2, 2026.

**Q&A Highlights**
- **ETF Expansion**: Close to gaining access to a major wirehouse platform; no capacity constraints despite strong inflows.
- **Distribution Strategy**: Targeting RIAs and platforms with low asset thresholds ($25M+ AUM, 100k+ shares/day traded).

**Closing Remarks**
- **Pipeline Strength**: $1.6B pipeline, including $450M SMidCap mandate; private fundraising on track for early 2026 updates.
- **New Initiatives**: Exploring income-focused ETFs leveraging Westwood's investment capabilities; real asset product performance attracting institutional interest.
- **Compassion Note**: Acknowledgment of Rolanda Williams' legacy and contributions to the firm.

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