Good day and thank you for standing by. Welcome to the Westwood Holdings Group first quarter 2025 earnings call. At this time, all participants are in a listen only mode. After the speaker's presentation, there will be a question- and- answer session. To ask a question during the session, you'll need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I'd now like to hand the conference over to your host today, Jill Meyer, Corporate Secretary. Please go ahead. Thank you and welcome to our first 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 March 31st, 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 first 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. Before we dive into the details, I would like to highlight a few key points that we'll be discussing today. We successfully launched the Westwood Liberte Global Equity ETF, ticker symbol BEFR, at the end of the quarter, offering a distinctive approach to global equity investing that limits exposure to authoritarian regimes while maintaining broad market exposure. Our first ETF, Westwood Salient Enhanced Midstream Income, ticker symbol MDST, reached its one year anniversary with strong traction among income seeking investors, while our second ETF, Enhanced Energy Income, ticker symbol WEEI, is nearing its one year anniversary. Asset levels in our first two ETFs now exceed $100 million. We won a significant sub-advisory mandate with nearly $1 billion in small cap value, which funded on the second to last day of the quarter. The Texas Stock Exchange, in which we are an investor, took a significant step forward with its Form- 1 application for registration as a national securities exchange being publicly released by the SEC on April 4. We welcome two new board members, Hale Hoak and Katherine Murray, whose extensive experience in finance, investment management, and corporate governance will further strengthen our leadership team. The U.S. stock market hit record highs in February but declined sharply through the quarter end, transforming what started as an optimistic period into one marked by concerns about potential policy changes and slowing economic growth. Despite strong corporate earnings growth in the fourth quarter of 2024, the S&P 500 fell about 8.5% in the latter part of the quarter while the small cap Russell 2000 declined nearly 12%. Large cap stocks outperformed small caps and value stocks outperformed growth across the capitalization spectrum. Fixed income finished the quarter with positive returns, showing the benefits of diversification in the current environment. Looking at our long term performance, I'm pleased to report that our investment strategies continue to demonstrate strength across multiple asset classes and time periods. In our U.S. value strategies, approximately 40% are in the top third in their respective peer categories over trailing three year periods. Our small cap and mid cap strategies continue to post strong Morningstar rankings with both firmly positioned in the top third over the trailing three year periods. Our multi asset strategies are also delivering solid results with half of them achieving better than 50% rankings for the trailing three year period and three quarters holding top quartile rankings over the trailing five year period among either Morningstar or eVestment peers. Our largest multi asset strategy Income Opportunity ranks in the top decile since inception among Morningstar peers, demonstrating its long term strength and consistency. Multi Asset Income has also been strong finishing in the top decile of its Morningstar and eVestment category respectively for the trailing three year period. Our energy strategies continue to perform well among peers with solid absolute returns. Meanwhile, Enhanced Midstream Income and Enhanced Energy Income have delivered solid yields to income focused investors. Looking ahead, we expect continued market uncertainty driven by the uncertainty around tariffs and their impact on global economies. We believe our focus on high quality businesses positions us well for the future and remain vigilant in monitoring risks at the macro level in an effort to protect our clients' capital. Our institutional channel delivered exceptional results in the first quarter with gross sales of $960.5 million and net inflows of $758.8 million. We are particularly excited about several significant wins including a large sub-advisory mandate that funded with nearly $1 billion in our Small Cap Value Strategy. We also won two defined contribution plans in our SMID Cap Strategy. With funding anticipated in the second quarter, our pipeline remains robust across multiple strategies. Looking ahead, we anticipate continued mandates in SMID Cap Value for defined contribution plans driven by the largest national consultants. We continue to have constructive conversations regarding our Managed Investment Solutions, MIS capability with clients and prospects, and we anticipate initial funding in 2025. We are also witnessing renewed interest in energy in both public and private strategies, and we expect continued progress with existing clients as we expand our presence with public plans, OCIOs and multifamily offices. In our intermediary channel, we achieved $233.1 million in gross sales and $4.5 million in net inflows, marking the best performing sales quarter for the intermediary team since 2022 and we saw particular strength in energy and real asset products. Our MLP mutual fund SMLPX experienced a strong quarter within the intermediary channel. Our tax bill growth strategy also picked up momentum in March, becoming the gross sales leader and net positive inflows for the month, a trend that has continued into April. The tailwinds in the energy space combined with the breadth of Westwood offerings are appealing to intermediary clients, particularly those in the family office and RIA space. Our MDST ETF has surpassed asset thresholds required by some platforms and after achieving its one year record in the second quarter it will be eligible for national broker dealer platforms. Additionally, our well rounded offerings within the multi asset and tactical suite of products are well positioned for equity market volatility. Turning to our wealth management business, we saw inflows of $56 million in the first quarter of 2025. With net flows of -$157 million, we are on track to meet our gross inflow target for the calendar year. We have reduced cost and our new CRM system has demonstrated increased efficiency for our advisors and client service team as we continue to make it more robust, providing both cost savings and enhanced workflow capabilities. With the first full quarter utilizing our new client portal, we're seeing progressive client utilization and enjoying a substantially reduced annual cost. Moving beyond our core business segments, I'd like to highlight several transformative initiatives and milestones that demonstrate our continued commitment to innovation and strategic growth. Our ETF business continues to gain momentum with our first ETF, Westwood Salient Enhanced Midstream Income ETF MDST reaching its one year anniversary with an annualized distribution rate of 10.5% as of March 28th, 2025. The fund has delivered on its objective of providing a steady stream of income and has gained strong traction among income seeking investors. The WEBs Defined Volatility ETFs, which launched in December 2024, are performing as expected given the challenging market environment with increased volatility and market losses. These ETFs expand our platform and address investor demand for more sophisticated volatility managed solutions. The launch of our Westwood Liberte Global Equity ETF, BEFR, at the end of the quarter marks an important expansion of our ETF platform. B Free offers a distinctive data driven approach to global equity investing by seeking to limit exposure to authoritarian regimes while maintaining broad market exposure. This strategy aligns with investors who prioritize risk management and recognize the long term economic benefits of investing in countries with strong institutions, civil liberties, and rule of law. On April 4, the Texas Stock Exchange Form 1 Application for registration as a national securities exchange was publicly released by the SEC. TXSE is the first fully integrated exchange to file with the SEC for registration in 20 years and Westwood is the only Texas-based publicly traded asset management and wealth firm investing in the exchange and we're excited to be part of this exciting future. Last, we recently welcomed two new board members to our Board of Directors, Hale Hoak and Katherine Murray. Hale brings over 25 years of experience as an investor in both private and publicly traded companies, while Kathryn contributes over 33 years of experience as a senior finance executive in the energy sector and public accounting. Their diverse perspectives and industry knowledge will help guide Westwood's continued growth. Welcome Hale and Kathryn and a heartfelt thanks to Dick Frank who chose not to stand for re-election after serving our board faithfully for 19 years. Dick has been a great mentor to me and our management team and he's become a great friend. I will miss seeing him every quarter, but I hope that he enjoys his well deserved retirement. Thank you Dick for all you have done for our shareholders. In closing, as we reflect on the first quarter of 2025 and look ahead, we remain confident in our strategic positioning as a firm and the value we provide to our clients. Our diverse range of strategies, expanding product lineup and dedication to delivering strong performance position us well for the future. We are particularly excited about the growth of our ETF platform, the momentum in our energy strategies and the robust pipeline in our institutional and intermediary channels. As Westwood celebrates 42 years in business, we remain committed to our core principles of delivering value to our clients through high quality investment solutions. Despite the challenging market environment, we believe the shift away from the Magnificent Seven and toward more value oriented investment plays to our strengths as active managers focusing on quality and value. With our strong foundation and innovative offerings, we are well positioned to navigate market uncertainties and deliver for our clients and shareholders in the months and years ahead. Thank you for your continued support and confidence in Westwood. I will now turn the call over to Terry Forbes, our CFO. Thanks Brian and good afternoon everyone. Today we reported total revenues of $23.3 million for the first quarter of 2025 compared with $25.6 million in the fourth quarter and $22.7 million in the prior year's first quarter. Revenues decreased from the fourth quarter due to lower performance based fees, increased from last year's first quarter due to higher average assets under management. Our first quarter income of $500,000 or $0.05 per share compared with $2.1 million or $0.24 per share in the fourth quarter on lower revenues and higher operating expenses offset by lower income taxes and changes in the fair value of contingent consideration. Non-GAAP economic earnings were $2.5 million or $0.29 per share in the current quarter versus losses of $3.4 million or $0.39 per share in the fourth quarter. Our first quarter income of $500,000 or $0.05 per share compared with last year's first quarter of $2.3 million or $0.27 per share due to changes in the fair value of contingent consideration 2024 offset by higher revenues and lower income taxes. Economic earnings for the quarter were $2.5 million or $0.29 per share, compared with $3 million or $0.36 per share in the first quarter of 2024. Firmwide assets under management and advisement totaled $18 billion at quarter end, consisting of assets under management of $17 billion and assets under advisement of $1 billion. Assets under management consisted of institutional assets of $9 billion or 53% of the total, wealth management assets of $4.1 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 inflows of $0.6 billion and market depreciation of $0.3 billion, and our assets under advisement experienced market depreciation of $8 million and net outflows of $1 million. Our financial position continues to be solid with cash and liquid investments at quarter end totaling $26.9 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 July 1st, 2025 to stockholders of record on June 2nd, 2025. 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 discussion of our business, product development, and longer term trends in revenues and earnings. We thank you for your interest in o ur company, and we'll open the line to questions. As a reminder, if you'd like to ask a question at this time, please press Star one one on your telephone and wait for your name to be announced. To withdraw your question, please press Star one one again. We have a question from Macrae Sykes with Gabelli. Good afternoon gentlemen and congratulations on that mandate win. That's great. My question is around that. Could you just give a little more color as to kind of the flows in that strategy? What is the opportunity going forward as you manage this bucket? Secondly, are you able to use that headline win as leverage for potentially other mandates as well? I am just sort of curious as to what the expectations are for sales velocity with that headline. Thank you. Thanks Mac. We appreciate it. Appreciate your question. That was a very nice win in our small cap product and it is a sub-advisory mandate for a large, well recognized firm that we are excited to partner with. Certainly anytime we see headlines like that, it does help us in our overall marketing and we have our pipeline now is still over $1 billion with much of that in our SMID product and we continue to see a lot of growth there. Anything further, Mac? Yes, one more thing. I apologize on the MDST. Nice growth there and you mentioned that you're qualified for some of the national platforms. Maybe you could just talk about that next step and expectations for growth in those two vehicles. Sure. We have been working really hard. We hired Chris Duran last year and he has been terrific in getting us onto a number of platforms and they all have a little bit different requirements and it depends. Some depend on volume, some depend on assets under management, some depend on length of track record. We have really sorted through all of that and made some great progress. I think we are on four or five different platforms now and we are in discussions to make it to some of the bigger platforms, including one of the wires. If we are successful in doing that, we have the potential to have really exponential growth in that product. We are super excited about it. Great. Thank you. That concludes today's question and answer session. I'd like to turn the call back to Brian Casey for closing remarks. Thank you and appreciate everybody being on the call today. Just a reminder that first quarter is seasonally always a tough expense quarter as we have taxes associated with stock vesting, bonuses, 401(k) HSA matches and we also do not have the opportunity to earn performance fees like we did in the fourth quarter. We are sure excited about our five primary pathways to growth which include our traditional pipeline which is over $1 billion, and we anticipate further growth in our Smith product. Our ETF business is growing and MDST is now on several platforms with more approvals in the process. Our MIS team, Managed Investment Solutions, had over 30 prospect meetings during the first quarter. Three of those prospective clients are very interested in talking further and seeking approval for an allocation to our MIS team. We continue to expand our private equity business and lastly, our wealth business is adding technology people and new processes to really strengthen our competitiveness. Thanks again for making time to join our call today. Please reach out to Terry or me or visit westwoodgroup.com to access our filings and for more information on Westwood. Have a great day and thanks for your time. This concludes today's conference call. Thank you for participating. You may now disconnect.