SEGMENT REPORTING

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

SEGMENT REPORTING

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 reviews the financial information for operational decision-making purposes. The Company’s chief operating decision maker, our Chief Executive Officer, evaluates the performance of our segments based primarily on fee revenues and Economic Earnings. Westwood Holdings Group, Inc., the parent company of Advisory and Trust, 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) subadvisory 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. Westwood Management provides investment advisory services to similar clients, and is included in our Advisory segment.

Trust

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		Westwood Holdings		Eliminations		Consolidated
Three Months Ended June 30, 2022
Net fee revenues from external sources	$	10,980	$	5,365	$	—	$	—	$	16,345
Net intersegment revenues	536		88		—		(624)		—
Other, net	(742)		—		—		—		(742)
Total revenues	$	10,774	$	5,453	$	—	$	(624)	$	15,603
Segment assets	$	223,773	$	52,105	$	28,586	$	(174,539)	$	129,925
Segment goodwill	$	—	$	16,401	$	—	$	—	$	16,401
Three Months Ended June 30, 2021
Net fee revenues from external sources	$	11,385	$	6,216	$	—	$	—	$	17,601
Net intersegment revenues	624		87		—		(711)		—
Other, net	(117)		—		—		—		(117)
Total revenues	$	11,892	$	6,303	$	—	$	(711)	$	17,484
Segment assets	$	211,651	$	57,214	$	12,458	$	(129,059)	$	152,264
Segment goodwill	$	—	$	16,401	$	—	$	—	$	16,401