WESTWOOD HOLDINGS GROUP INC
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 5, 2026
WHG$18.55-0.8%Stored close · as of Nov 10, 2026
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Condensed Consolidated Statements of Cash Flows
(In thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2026 | 2025 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net income | $5,429 | $5,237 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation | 313 | 376 |
| Amortization of intangible assets | 2,074 | 3,143 |
| Net change in unrealized appreciation on investments | (5,356) | (1,840) |
| Realized gains on private investments | (2,046) | — |
| Stock-based compensation expense | 3,596 | 3,925 |
| Deferred income taxes | 488 | (312) |
| Non-cash lease expense | 380 | 851 |
| Loss on asset disposition | 16 | — |
| Change in operating assets and liabilities: | ||
| Accounts receivable | 1,212 | (117) |
| Other assets | (498) | (867) |
| Accounts payable and accrued liabilities | (2,411) | (1,006) |
| Compensation and benefits payable | (2,635) | (2,115) |
| Income taxes payable | (1,091) | 1,216 |
| Other liabilities | 3,122 | (949) |
| Net sales of equity investments | 6,364 | 7,842 |
| Contingent consideration | — | (4,442) |
| Net cash provided by operating activities | 8,957 | 10,942 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Sales of investments | 4,827 | — |
| Purchases of property and equipment | (833) | (82) |
| Purchases of leasehold improvements | (2,035) | — |
| Purchases of investments | (11,867) | (2,000) |
| Returns of capital from private capital investments | 4,335 | — |
| Additions to internally developed software | — | (449) |
| Net cash used in investing activities | (5,573) | (2,531) |
| 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 paid | (4,246) | (4,118) |
| Net cash used in financing activities | (5,534) | (5,654) |
| NET CHANGE IN CASH AND CASH EQUIVALENTS | (2,150) | 2,757 |
| Cash and cash equivalents, beginning of period | 26,249 | 18,847 |
| Cash and cash equivalents, end of period | $24,099 | $21,604 |
| SUPPLEMENTAL CASH FLOW INFORMATION: | ||
| Cash paid during the period for income taxes | $2,849 | $609 |
| Accrued dividends | $2,696 | $2,579 |
| Right-of-use assets obtained in exchange for operating lease liabilities | $— | $8,133 |
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