Company Participants

Brandon Reagan
Joseph Russell – CEO, President & Trustee
H. Boyle – Senior VP, Chief Investment Officer & CFO
Joe Fisher

Conference Call Participants

Nicholas Joseph – Citigroup Inc., Research Division
Eric Wolfe – Citigroup Inc., Research Division
Spenser Allaway – Green Street Advisors, LLC, Research Division
Juan Sanabria – BMO Capital Markets Equity Research
Samir Khanal – BofA Securities, Research Division
Ronald Kamdem – Morgan Stanley, Research Division
Viktor Fediv – Scotiabank Global Banking and Markets, Research Division
Michael Goldsmith – UBS Investment Bank, Research Division
Todd Thomas – KeyBanc Capital Markets Inc., Research Division
Brad Heffern – RBC Capital Markets, Research Division
Ravi Vaidya – Mizuho Securities USA LLC, Research Division
Michael Griffin – Evercore ISI Institutional Equities, Research Division
Hong Zhang – JPMorgan Chase & Co, Research Division
Brendan Lynch – Barclays Bank PLC, Research Division
Eric Luebchow – Wells Fargo Securities, LLC, Research Division
Omotayo Okusanya – Deutsche Bank AG, Research Division

Presentation

Operator

Thank you for standing by, welcome to the Westwood Holdings Group, Inc. Fourth Quarter 2025 Earnings Conference Call. [Operator Instructions] As a reminder, today’s program is being recorded. And now I’d like to introduce your host for today’s program, Jill Meyer Corporate Security, Secretary and Director of Fiduciary Services. Please go ahead.

Jill Meyer
Director of Fiduciary Services & Corporate Secretary

Thank you, and welcome to our Fourth 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-K for the year ended December 31, 2025, 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 those 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.

AIER educates Americans on the value of personal freedom, free enterprise, property rights, limited government and sound money. Our ongoing scientific research demonstrates the importance of these principles in advancing peace, prosperity and human progress. www.aier.orgFounded in 1933, AIER is a donor-based non-profit economic research organization. We represent no fund, concentration of wealth, or other special interests, and no advertising is accepted in our publications. Financial support is provided by tax-deductible contributions, and by the earnings of our wholly owned investment advisory organization, American Investment Services, Inc. (https://www.americaninvestment.com/)

Operator

Good afternoon, and welcome to the Ultragenyx Fourth Quarter and Full Year 2025 Financial Results Conference Call. [Operator Instructions]

It is now my pleasure to turn the call to Joshua Higa, Vice President of Investor Relations.

Joshua Higa
Director of Investor Relations & Corporate Communications

Thank you. We have issued a press release detailing our financial results, which you can find on our website at ultragenyx.com.

Joining me on this call are Emil Kakkis, Chief Executive Officer and President; Howard Horn, Chief Financial Officer; Erik Harris, Chief Commercial Officer; and Eric Crombez, Chief Medical Officer.

I’d like to remind everyone that during today’s call, we will be making forward-looking statements. These statements are subject to certain risks and uncertainties, and our actual results may differ materially. Please refer to the risk factors discussed in our latest SEC filings.

I’ll now turn the call over to Emil.

American Girl is marking its 40th anniversary with a bold redesign of its beloved historical dolls, prompting swift backlash on social media.

The Mattel-owned brand announced Wednesday the launch of its new “Modern Era Collection,” reimagining six of its most iconic characters with contemporary outfits and a smaller 14.5-inch frame, down from the brand’s traditional 18-inch dolls, according to a news release from Mattel.

“Discover the Modern Era Collection of 14.5-inch dolls and fashions — Felicity, Addy, Molly, Kirsten, Samantha and Josefina reimagined for today,” as noted on the American Girl website.

AUTISTIC BARBIE JOINS MATTEL DIVERSITY AND INCLUSION LINE

From left, Felicity Merriman, Josefina Montoya, Kirsten Larson, Addy Walker, Samantha Parkington and Molly McIntire from American Girl’s new “Modern Era Collection.” (Mattel)

The collection includes:

• Samantha Parkington, whose story is set in 1904, styled in bows and a plaid skirt.
• Addy Walker, from 1864, wearing a pink and blue dress as well as accessories inspired by her heritage.
• Molly McIntire, set in 1944, sporting glasses, a blue skirt and a beret.
• Josefina Montoya, whose character is set in 1824, dressed in ruffled crimson shorts and cowgirl boots.
• Felicity Merriman, from 1774, featuring a rose-print shirt and jeans.
• Kirsten Larson, inspired by her 1854 prairie story, styled in a blue, floral dress and red shoes.

Each doll retails for $90 and is available for pre-sale, with shipments expected by May 1, as noted on the American Girl website.

BARBIE MAKER MATTEL RAISES PRICES AMID TRUMP TARIFF FIGHT

Many fans have taken to social media to argue that the redesign missed the mark. (Mattel)

Many fans have taken to social media to argue that the redesign missed the mark.

“Holy corporate these look soo cheap,” one Instagram user wrote under the brand’s announcement post.

“Do yall even ask ppl what they want to buy?” another commented.

“What?? Nooo, this ruins the whole point of the historical dolls!!” a third user said.

“Nooooo we like the classics and want the old outfits back,” another commenter wrote. “Listen to your millennial followers who are now buying stuff for their daughters.”

ICONIC TOY MAKER ‘CAPITALIZING’ ON NEW INDUSTRY TRENDS: ‘GAME PLAY IS HERE TO STAY’

A view of the American Girl store at Rockefeller Center in New York City. (Plexi Images/GHI/Universal Images Group via Getty Images / Getty Images)

American Girl’s historical dolls feature fictional 9- to 12-year-old characters from various periods in American history. The dolls are paired with books and designed to teach history through the character’s perspective, according to the brand’s website.

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“As we look ahead, we’re excited to continue evolving for the next generation while staying true to telling stories that act as both windows and mirrors, empowering girls to see themselves as the heroines of their own story,” Jamie Cygielman, global head of dolls at Mattel, said in a statement.

Mattel and American Girl did not immediately respond to FOX Business’ request for comment.