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Brian Casey, Westwood’s CEO, commented, "We're very proud of the momentum we built this quarter, highlighted by our ETF platform surpassing $400 million in assets and our Private Capital platform surpassing $500 million, alongside continued strength across our Multi-Asset and Wealth Team strategies. With our Private Capital business growing, our Managed Investment Solutions pipeline expanding, and the upcoming listing of our PWRX ("Power-X") ETF on the Texas Stock Exchange, we believe Westwood is well positioned to continue delivering long-term value for clients and shareholders as we mark our 24th anniversary as a public company."

Second quarter revenues were consistent with the first quarter. Second quarter net income of $1.5 million exceeded the first quarter's net income of $0.8 million on lower compensation expenses, offset by higher income taxes and first quarter recognition of gains from our investment in a private bank. Diluted earnings per share ("EPS") of $0.17 compared to $0.09 for the first quarter. Non-GAAP Economic Earnings of $3.0 million, or $0.33 per share, compared with $2.8 million, or $0.31 per share, in the first quarter.

Second quarter revenues were higher than last year's second quarter due to continued growth in our business, particularly from our ETFs and private energy secondaries funds. Second quarter net income of $1.5 million compared favorably to last year's second quarter income of $1.0 million due to higher revenues, partially offset by higher compensation and professional services expenses, and higher income taxes. Diluted EPS of $0.17 compared with $0.12 for 2025's second quarter. Non-GAAP Economic

Westwood Holdings Group (NYSE: WHG) is a boutique asset management firm that offers a diverse array of actively-managed and outcome-oriented investment strategies, along with white-glove trust and wealth services, to institutional, intermediary and private wealth clients. For over 40 years, Westwood’s client-first approach has fostered strong, long-term client relationships due to our unwavering commitment to delivering bespoke investment strategies with a vehicle-optimized approach, exceptional counsel and unparalleled client service. Our flexible and agile approach to investing allows us to adapt to constantly changing markets, while continually seeking innovative strategies that meet our investors’ short and long-term needs.

Our team at Westwood comes from varied backgrounds and life experiences, which reflects our origins as a woman-founded firm. We are committed to incorporating diverse insights and knowledge into all aspects of our services and solutions. Our culture and approach to our business reflect our core values - integrity, reliability, responsiveness, adaptability, teamwork and driving results - and underpin our constant pursuit of excellence.

Statements in this press release that are not purely historical facts, including, without limitation, statements about our expected future financial position, results of operations or cash flows, as well as other statements including without limitation, words such as “anticipate,” “believe,” “expect,” “could,” and other similar expressions, constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results and the timing of some events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including, without limitation: the composition and market value of our AUM and AUA; our ability to maintain our fee structure in light of competitive fee pressures; risks associated with actions of activist stockholders; distributions to our common stockholders have included and may in the future include a return of capital; inclusion of foreign company investments in our AUM; regulations adversely affecting the financial services industry; our ability to maintain effective cyber security; litigation risks; our ability to develop and market new investment strategies successfully; our reputation and our relationships with current and potential customers; our ability to attract and retain qualified personnel; our ability to perform operational tasks; our ability to select and oversee third-party vendors; our dependence on the operations and funds of our subsidiaries; our ability to maintain effective information systems; our ability to prevent misuse of assets and information in the possession of our employees and third-party vendors, which could damage our

reputation and result in costly litigation and liability for our clients and us; our stock is thinly traded and may be subject to volatility; competition in the investment management industry; our ability to avoid termination of client agreements and the related investment redemptions; the significant concentration of our revenues in a small number of customers; we have made and may continue to make business combinations as a part of our business strategy, which may present certain risks and uncertainties; our relationships with investment consulting firms; our ability to identify and execute on our strategic initiatives; our ability to declare and pay dividends; our ability to fund future capital requirements on favorable terms; our ability to properly address conflicts of interest; our ability to maintain adequate insurance coverage; our ability to maintain an effective system of internal controls; and the other risks detailed from time to time in Westwood’s SEC filings, including, but not limited to, its annual report on Form 10-K for the year ended December 31, 2025 and its quarterly report on Form 10-Q for the quarters ended March 31, 2026 and June 30, 2026. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by law, Westwood is not obligated to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.


	Three Months Ended
	June 30, 2026		March 31, 2026		June 30, 2025
REVENUES:
Advisory fees:
Asset-based	$	19,372	$	19,309	$	17,955

Trust fees	5,372		5,318		5,069

Other, net	599		339		96
Total revenues	25,343		24,966		23,120
EXPENSES:
Employee compensation and benefits	14,189		17,170		13,472
Sales and marketing	643		660		657
Westwood funds	1,082		864		957
Information technology	2,742		2,636		2,704
Professional services	1,812		2,146		1,486
General and administrative	2,811		2,986		2,976



Total expenses	23,279		26,462		22,252
Net operating income (loss)	2,064		(1,496)		868
Realized gains on private investments	—		2,046		—
Net change in unrealized depreciation on private investments	—		(15)		—
Net investment income	266		293		343
Other income (expense)	(78)		—		257

Income before income taxes	2,252		828		1,468
Income tax provision	725		46		437
Net income	$	1,527	$	782	$	1,031




Less: income attributable to noncontrolling interest	8		—		12
Income attributable to Westwood Holdings Group, Inc.	$	1,519	$	782	$	1,019
Earnings per Westwood Holdings Group, Inc. share:
Basic	$	0.18	$	0.09	$	0.12
Diluted	$	0.17	$	0.09	$	0.12
Weighted average shares outstanding:
Basic	8,644,321		8,498,350		8,404,859
Diluted	9,079,971		9,041,922		8,813,606
Economic Earnings	$	2,968	$	2,847	$	2,792
Economic EPS	$	0.33	$	0.31	$	0.32
Dividends declared per share	$	0.15	$	0.15	$	0.15


	Six Months Ended
	June 30, 2026		June 30, 2025
REVENUES:
Advisory fees:
Asset-based	$	38,681	$	35,686

Trust fees	10,690		10,498

Other, net	938		188
Total revenues	50,309		46,372
EXPENSES:
Employee compensation and benefits	31,359		27,973
Sales and marketing	1,303		1,417
Westwood funds	1,946		1,854
Information technology	5,378		5,371
Professional services	3,958		3,099
General and administrative	5,797		5,858



Total expenses	49,741		45,572
Net operating income	568		800
Realized gains on private investments	2,046		—
Net change in unrealized depreciation on private investments	(15)		—
Net investment income	559		726
Other income (expense)	(78)		534

Income before income taxes	3,080		2,060
Income tax provision	771		552
Net income	$	2,309	$	1,508




Less: income attributable to noncontrolling interest	8		11
Income attributable to Westwood Holdings Group, Inc.	$	2,301	$	1,497
Earnings per share:
Basic	$	0.27	$	0.18
Diluted	$	0.25	$	0.17
Weighted average shares outstanding:
Basic	8,571,739		8,329,803
Diluted	9,061,350		8,798,092
Economic Earnings	$	5,815	$	5,306
Economic EPS	$	0.64	$	0.60
Dividends declared per share	$	0.30	$	0.30

(unaudited)


	June 30, 2026		December 31, 2025
ASSETS
Cash and cash equivalents	$	22,616	$	26,249
Accounts receivable	16,150		16,751
Investments, at fair value (amortized cost of $18,541 and $19,923)	19,607		21,433
Investments under measurement alternative	14,305		15,697
Equity method investments	4,195		4,303

Other assets	7,405		7,501
Goodwill	39,501		39,501
Deferred income taxes	2,382		2,452
Operating lease right-of-use assets	9,296		9,676
Intangible assets, net	16,771		18,199
Property and equipment, net of accumulated depreciation of $8,824 and $8,952	3,147		536
Total assets	$	155,375	$	162,298
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable and accrued liabilities	$	4,444	$	7,584
Dividends payable	2,597		2,701
Compensation and benefits payable	8,186		13,626
Operating lease liabilities	12,408		10,171

Income taxes payable	286		1,493

Total liabilities	27,921		35,575

Stockholders’ Equity:
Common stock, $0.01 par value, authorized 25,000,000 shares, issued 12,606,270 and 12,337,758, respectively and outstanding 9,543,152 and 9,394,066, respectively	127		124
Additional paid-in capital	208,669		206,120
Treasury stock, at cost – 3,063,118 and 2,986,692 shares, respectively	(90,900)		(89,612)

Retained earnings	8,442		8,983
Total Westwood Holdings Group, Inc. stockholders’ equity	126,338		125,615
Noncontrolling interest in consolidated subsidiary	1,116		1,108
Total equity	127,454		126,723
Total liabilities and stockholders’ equity	$	155,375	$	162,298


	Six Months Ended June 30,
	2026		2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	2,309	$	1,508
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	187		257
Amortization of intangible assets	1,428		2,082
Net change in unrealized (appreciation) depreciation on investments	(1,131)		137
Realized gains on private investments	(2,046)		—
Stock-based compensation expense	2,552		2,622
Deferred income taxes	70		(112)
Non-cash lease expense	380		694
Loss on asset disposition	16		—




Changes in operating assets and liabilities:
Accounts receivable	601		(878)
Other assets	96		(296)
Accounts payable and accrued liabilities	(3,140)		(1,139)
Compensation and benefits payable	(5,440)		(5,205)
Income taxes payable	(1,207)		128
Other liabilities	2,212		(795)
Net sales of equity investments	6,130		7,842
Contingent consideration	—		(4,442)
Net cash provided by operating activities	3,017		2,403
CASH FLOWS FROM INVESTING ACTIVITIES:

Sales of investments	4,827		—

Purchases of property and equipment	(780)		(6)
Purchases of leasehold improvements	(2,035)		—
Purchases of investments	(6,952)		(1,000)
Additions to internally developed software	—		(449)

Returns of capital from private capital investments	2,525		—
Net cash used in investing activities	(2,415)		(1,455)
CASH FLOWS FROM FINANCING ACTIVITIES:


Restricted stock returned for payment of taxes	(1,288)		(1,335)

Payment of contingent consideration in acquisition	—		(201)
Cash dividends	(2,947)		(2,856)
Net cash used in financing activities	(4,235)		(4,392)

NET CHANGE IN CASH AND CASH EQUIVALENTS	(3,633)		(3,444)
Cash and cash equivalents, beginning of period	26,249		18,847
Cash and cash equivalents, end of period	$	22,616	$	15,403
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid during the period for income taxes	$	1,911	$	535
Accrued dividends	$	2,597	$	2,430


Right-of-use assets obtained in exchange for operating lease liabilities	$	—	$	8,133

As supplemental information, we are providing non-GAAP performance measures that we refer to as Economic earnings and Economic earnings per share. We provide these measures in addition to, not as a substitute for, income attributable to Westwood Holdings Group, Inc. and earnings per share, which are reported on a GAAP basis. Our management and Board of Directors review Economic earnings and Economic earnings per share to evaluate our ongoing performance, allocate resources, and review our dividend policy. We believe that these non-GAAP performance measures, while not substitutes for GAAP income attributable to Westwood Holdings Group, Inc. or earnings per share, are useful for management and investors when evaluating our underlying operating and financial performance and our available resources. We do not advocate that investors consider these non-GAAP measures without also considering financial information prepared in accordance with GAAP.

We define Economic earnings as income attributable to Westwood Holdings Group, Inc. plus non-cash equity-based compensation expense, amortization of intangible assets and deferred taxes related to goodwill. Although depreciation on fixed assets is a non-cash expense, we do not add it back when calculating Economic earnings because depreciation charges represent an allocation of the decline in the value of the related assets that will ultimately require replacement. In addition, we do not adjust Economic earnings for tax deductions related to restricted stock expense or amortization of intangible assets. Economic earnings per share represents Economic earnings divided by diluted weighted average shares outstanding.


	Three Months Ended
	June 30, 2026		March 31, 2026		June 30, 2025
Income attributable to Westwood Holdings Group, Inc.	$	1,519	$	782	$	1,019
Stock-based compensation expense	1,291		1,261		1,295

Intangible amortization	646		782		1,037

Tax benefit from goodwill amortization	136		136		136
Tax impact of adjustments to GAAP income	(624)		(114)		(695)
Economic earnings	$	2,968	$	2,847	$	2,792
Earnings per share	$	0.17	$	0.09	$	0.12
Stock-based compensation expense	0.14		0.13		0.15

Intangible amortization	0.08		0.08		0.11

Tax benefit from goodwill amortization	0.01		0.02		0.02
Tax impact of adjustments to GAAP income	(0.07)		(0.01)		(0.08)
Economic earnings per share	$	0.33	$	0.31	$	0.32
Diluted weighted average shares	9,079,971		9,041,922		8,813,606

			Six Months Ended
			June 30, 2026		June 30, 2025
Income attributable to Westwood Holdings Group, Inc.			$	2,301	$	1,497
Stock-based compensation expense			2,552		2,622

Intangible amortization			1,428		2,082

Tax benefit from goodwill amortization			272		260
Tax impact of adjustments to GAAP income			(738)		(1,155)
Economic earnings			$	5,815	$	5,306
Earnings per share			$	0.25	$	0.17
Stock-based compensation expense			0.28		0.30

Intangible amortization			0.16		0.23

Tax benefit from goodwill amortization			0.03		0.03
Tax impact of adjustments to GAAP income			(0.08)		(0.13)
Economic earnings per share			$	0.64	$	0.60
Diluted weighted average shares			9,061,350		8,798,092