WESTWOOD HOLDINGS GROUP INCWHG
WESTWOOD HOLDINGS GROUP INC Segments Disclosure
SEGMENT REPORTING:
We operate two segments: Advisory and Trust. These segments are managed separately based on the types of products and services offered and their related client bases. The Company’s segment information is prepared on the same basis that management uses to review the financial information for operational decision-making purposes.
The Company's Chief Operating Decision Maker ("CODM"), our Chief Executive Officer, evaluates the performance of our segments based primarily on fee revenues. The CODM does not evaluate the performance of our segments on segment expenses so those have not been disclosed.
Westwood Holdings Group, Inc. does not have revenues and is the entity in which we record typical holding company expenses including employee compensation and benefits for holding company employees, directors’ fees and investor relations costs. All segment accounting policies are the same as those described in the summary of significant accounting policies. Intersegment balances that eliminate in consolidation have been applied to the appropriate segment.
Advisory
Our Advisory segment provides investment advisory services to (i) corporate pension and profit sharing plans, public employee retirement funds, Taft-Hartley plans, endowments, foundations and individuals, (ii) sub-advisory relationships where Westwood provides investment management services to the Westwood Funds®, funds offered by other financial institutions and funds offered by our Trust segment and (iii) pooled investment vehicles, including collective investment trusts.
Trust
Westwood Trust provides trust and custodial services and participation in common trust funds that it sponsors to institutions and high net worth individuals. Westwood Trust is included in our Trust segment.
| (in thousands) | Advisory | Trust | Total Reportable Segments | Other | Consolidated | ||||||||||||||||||||||||
| Year Ended December 31, 2025 | |||||||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||
| Net fee revenues from external sources | $ | 75,596 | $ | 21,820 | $ | 97,416 | $ | — | $ | 97,416 | |||||||||||||||||||
| Net intersegment revenues | 8,195 | 150 | 8,345 | (8,345) | — | ||||||||||||||||||||||||
| Other revenue | 346 | — | 346 | — | 346 | ||||||||||||||||||||||||
| Total revenues | 84,137 | 21,970 | 106,107 | (8,345) | 97,762 | ||||||||||||||||||||||||
| Interest income | $ | 657 | $ | 495 | $ | 1,152 | $ | — | $ | 1,152 | |||||||||||||||||||
| Net income (loss) | $ | 19,885 | $ | 2,906 | $ | 22,791 | $ | (15,714) | $ | 7,077 | |||||||||||||||||||
| Segment assets | $ | 332,498 | $ | 45,563 | $ | 378,061 | $ | (215,763) | $ | 162,298 | |||||||||||||||||||
| Segment goodwill | $ | 23,100 | $ | 16,401 | $ | 39,501 | $ | — | $ | 39,501 | |||||||||||||||||||
| Segment equity method investments | $ | 4,303 | $ | — | $ | 4,303 | $ | — | $ | 4,303 | |||||||||||||||||||
| Expenditures for long-lived assets | $ | 5 | $ | 17 | $ | 22 | $ | 64 | $ | 86 | |||||||||||||||||||
| Year Ended December 31, 2024 | |||||||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||
| Net fee revenues from external sources | $ | 71,148 | $ | 21,904 | $ | 93,052 | $ | — | $ | 93,052 | |||||||||||||||||||
| Net intersegment revenues | 5,959 | 186 | 6,145 | (6,145) | — | ||||||||||||||||||||||||
| Other revenue | 1,669 | — | 1,669 | — | 1,669 | ||||||||||||||||||||||||
| Total revenues | 78,776 | 22,090 | 100,866 | (6,145) | 94,721 | ||||||||||||||||||||||||
| Interest income | $ | 1,146 | $ | 490 | $ | 1,636 | $ | — | $ | 1,636 | |||||||||||||||||||
| Net income (loss) | $ | 17,605 | $ | 2,751 | $ | 20,356 | $ | (18,145) | $ | 2,211 | |||||||||||||||||||
| Segment assets | $ | 309,418 | $ | 46,438 | $ | 355,856 | $ | (205,867) | $ | 149,989 | |||||||||||||||||||
| Segment goodwill | $ | 23,100 | $ | 16,401 | $ | 39,501 | $ | — | $ | 39,501 | |||||||||||||||||||
| Segment equity method investments | $ | 4,250 | $ | — | $ | 4,250 | $ | — | $ | 4,250 | |||||||||||||||||||
| Expenditures for long-lived assets | $ | 15 | $ | 75 | $ | 90 | $ | 19 | $ | 109 | |||||||||||||||||||
| Year Ended December 31, 2023 | |||||||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||
| Net fee revenues from external sources | $ | 68,656 | $ | 20,591 | $ | 89,247 | $ | — | $ | 89,247 | |||||||||||||||||||
| Net intersegment revenues | 6,270 | 279 | 6,549 | (6,549) | — | ||||||||||||||||||||||||
| Other revenue | 534 | — | 534 | — | 534 | ||||||||||||||||||||||||
| Total revenues | 75,460 | 20,870 | 96,330 | (6,549) | 89,781 | ||||||||||||||||||||||||
| Interest income | $ | 518 | $ | 342 | $ | 860 | $ | — | $ | 860 | |||||||||||||||||||
| Net income (loss) | $ | 14,636 | $ | 1,776 | $ | 16,412 | $ | (5,841) | $ | 10,571 | |||||||||||||||||||
| Segment assets | $ | 285,179 | $ | 46,754 | $ | 331,933 | $ | (176,766) | $ | 155,167 | |||||||||||||||||||
| Segment goodwill | $ | 23,100 | $ | 16,401 | $ | 39,501 | $ | — | $ | 39,501 | |||||||||||||||||||
| Segment equity method investments | $ | 4,284 | $ | — | $ | 4,284 | $ | — | $ | 4,284 | |||||||||||||||||||
| Expenditures for long-lived assets | $ | 135 | $ | 94 | $ | 229 | $ | (82) | $ | 147 | |||||||||||||||||||
The "Other" column above contains activity related to our typical holding company expenses including employee compensation and benefits for holding company employees, directors’ fees and investor relations costs, along with intercompany eliminations.
Geographical information
Refer to Note 4, “Revenue” for our revenue disaggregated by our clients' geographical locations. As of December 31, 2025 and 2024, all of our property and equipment was in the United States.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 4, 2026 | Showing above |
| 2024 | Mar 5, 2025 | |
| 2023 | Mar 7, 2024 | |
| 2022 | Mar 13, 2023 | |
| 2021 | Mar 4, 2022 | |
| 2020 | Mar 4, 2021 | |
| 2019 | Feb 20, 2020 | |
| 2018 | Feb 21, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 23, 2017 | |
| 2015 | Feb 25, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.