Westwood (WHG) 10-Q 27 Jul 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Apr. 23, 2021
Document And Entity Information [Abstract]
Document Transition Report		false
Document Quarterly Report		true
Entity Incorporation, State or Country Code		DE
Entity Tax Identification Number		75-2969997
Entity Address, Address Line One		200 CRESCENT COURT, SUITE 1200
Title of 12(b) Security		Common stock, par value $0.01 per share
Entity Registrant Name		WESTWOOD HOLDINGS GROUP, INC.
City Area Code		214
Local Phone Number		756-6900
Entity Central Index Key		0001165002
Document Type	10-Q	10-Q
Document Period End Date		Jun. 30, 2021
Entity File Number		1-31234
Amendment Flag		false
Document Fiscal Year Focus		2021
Document Fiscal Period Focus		Q2
Entity Current Reporting Status		Yes
Entity Interactive Data Current		Yes
Entity Shell Company		false
Current Fiscal Year End Date		--12-31
Entity Common Stock, Shares Outstanding			8,329,616
Entity Emerging Growth Company		false
Trading Symbol		WHG
Security Exchange Name		NYSE
Entity Address, City or Town		DALLAS,
Entity Address, State or Province		TX
Entity Address, Postal Zip Code		75201
Entity Small Business		true
Entity Filer Category		Non-accelerated Filer

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Operating Lease, Liability, Current		$ 1,415,000	$ 1,718,000
Current Assets:
Cash and cash equivalents		17,247,000	13,016,000
Accounts receivable		9,881,000	9,450,000
Investments, at fair value		75,066,000	69,542,000
Income Taxes Receivable, Current		262,000	1,700,000
Other current assets		2,201,000	2,606,000
Total current assets		104,657,000	96,314,000
Long-term Investments		4,455,000	8,154,000
Long-term Investments Carried at Fair Value		4,198,000	3,527,000
Goodwill		16,401,000	16,401,000
Deferred income taxes		1,459,000	1,468,000
Operating lease right-of-use assets		5,489,000	6,103,000
Intangible assets, net		12,723,000	13,535,000
Property and equipment, net of accumulated depreciation of $8,290 and $8,056		2,389,000	3,186,000
Other long-term assets		493,000	464,000
Total assets		152,264,000	149,152,000
Current liabilities:
Accounts payable and accrued liabilities		3,213,000	1,627,000
Dividends payable		1,108,000	810,000
Compensation and benefits payable		4,512,000	7,448,000
Income taxes payable		1,641,000	191,000
Total current liabilities		11,889,000	11,794,000
Accrued dividends		256,000	526,000
Operating Lease, Liability, Noncurrent		5,443,000	6,121,000
Liabilities, Noncurrent	$ 5,699,000		6,647,000
Total liabilities		17,588,000	18,441,000
Commitments and contingencies
Stockholders' Equity:
Common stock, $0.01 par value, authorized 25,000,000 shares, issued 10,661,016 and outstanding 8,324,702 shares at June 30, 2021; issued 10,500,549 and outstanding 8,326,948 shares at December 31, 2020		108,000	105,000
Additional paid-in capital		213,362,000	210,268,000
Treasury stock, at cost - 2,336,315 shares at June 30, 2021; 2,173,559 shares at December 31, 2020		(80,551,000)	(77,967,000)
Retained earnings (accumulated deficit)		1,757,000	(1,695,000)
Total stockholders' equity		134,676,000	130,711,000
Total liabilities and stockholders' equity		$ 152,264,000	$ 149,152,000

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Property and equipment, accumulated depreciation	$ 7,144	$ 6,462
Common stock, par value (dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued	10,314,305	10,182,583
Common stock, shares outstanding	8,906,152	8,904,902
Treasury stock, shares	1,408,152	1,277,681
Long-term Investments Carried at Fair Value	$ 4,198	$ 3,527

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Realized Investment Gains (Losses)			$ (8,371)	$ 0
Gain (Loss) on Investments	$ 46		8,371
REVENUES:
Other Revenue, Net	(117)	$ 155	(272)	(229)
Total revenues	17,484	15,875	35,803	32,544
EXPENSES:
Employee compensation and benefits	10,237	10,787	21,785	23,455
Sales and marketing	370	253	600	731
Westwood mutual funds	368	434	759	949
Information technology	2,261	2,030	4,253	4,061
Professional services	1,428	991	2,745	2,184
General and administrative	2,042	2,191	4,114	4,497
Foreign Currency Transaction Gain (Loss), before Tax	0	1,323	0	(1,615)
Total expenses	16,706	18,009	34,256	34,262
Operating Income (Loss)	778	(2,134)	1,547	(1,718)
Net change in unrealized appreciation (depreciation) on private investments	215	159	(2,111)	(836)
Gain on sale of operations			431	668
Other Income	142	34	192	68
Income (loss) before income taxes	1,416	(1,817)	8,430	(1,818)
Income tax expense (benefit)	446	758	3,359	(345)
Net income (loss)	970	(2,575)	5,071	(1,473)
Other comprehensive income (loss):
Foreign currency translation adjustments	0	1,371	0	(1,871)
Total comprehensive income (loss)	$ 970	$ (1,204)	$ 5,071	$ (3,344)
Earnings (loss) per share:
Basic (dollars per share)	$ 0.12	$ (0.33)	$ 0.64	$ (0.18)
Diluted (dollars per share)	$ 0.12	$ (0.33)	$ 0.64	$ (0.18)
Weighted average shares outstanding:
Basic (shares)	7,884,771	7,879,698	7,885,901	8,147,045
Diluted (shares)	7,928,106	7,879,698	7,922,742	8,147,045
Investment Income, Investment Expense			$ 235	$ 124
Asset Management [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 11,385	$ 9,328	21,835	20,430
Investment Performance [Member]
Revenue from Contract with Customer, Including Assessed Tax	0	695	1,959	695
Fiduciary and Trust [Member]
Revenue from Contract with Customer, Including Assessed Tax	6,216	5,657	12,281	11,608
Trust performance-based fees [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 0	$ 40	$ 0	$ 40

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]
BALANCE at Dec. 31, 2019	$ 148,287	$ 103	$ 203,441	$ (63,281)	$ (2,943)	$ 10,967
BALANCE, shares at Dec. 31, 2019		8,881,086
Net Income (Loss) Attributable to Parent	(1,473,000)
Foreign currency translation adjustments	(1,871,000)
Other Comprehensive Income (Loss), Net of Tax	(1,871)				(1,871)
Issuance of restricted stock, net of forfeitures, shares		251,531
Dividends declared	(3,879)					0
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	4,921		4,921
Adjustments to Additional Paid in Capital, Other	$ 24
Purchases of treasury stock, shares		(679,756)
Purchase of treasury stock under employee stock plans (in shares)	27,474
Restricted stock returned for payment of taxes, shares		(43,045)
BALANCE at Jun. 30, 2020	$ 131,429	$ 106	208,572	(78,050)	(4,814)	5,615
BALANCE, shares at Jun. 30, 2020		8,382,342
Restricted Stock, Value, Shares Issued Net of Tax Withholdings	1,120			1,120
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	0	$ 3	(3)
Treasury Stock, Value, Acquired, Cost Method	12,952			12,952
treasury stock, value, acquired	(697)
BALANCE at Mar. 31, 2020		$ 106	206,267	(69,965)	(6,185)	8,166
BALANCE, shares at Mar. 31, 2020		8,780,041
Net Income (Loss) Attributable to Parent	(2,575,000)		24
Foreign currency translation adjustments	1,371,000
Other Comprehensive Income (Loss), Net of Tax	1,371				1,371
Issuance of restricted stock, net of forfeitures, shares		9,998
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	2,305		2,305
Adjustments to Additional Paid in Capital, Other			0
Purchases of treasury stock, shares		(407,697)
BALANCE at Jun. 30, 2020	131,429	$ 106	208,572	(78,050)	$ (4,814)	5,615
BALANCE, shares at Jun. 30, 2020		8,382,342
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures		$ 0	0
Treasury Stock, Value, Acquired, Cost Method	8,085			8,085
BALANCE at Dec. 31, 2020	$ 130,711,000	$ 105,000	210,268,000	(77,967,000)		(1,695,000)
BALANCE, shares at Dec. 31, 2020	8,904,902	8,326,948
Net Income (Loss) Attributable to Parent	$ 5,071,000
Foreign currency translation adjustments	0
Issuance of restricted stock, net of forfeitures, shares		160,470
Dividends declared	(1,619,000)					(1,619,000)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	3,097,000		3,097,000
Purchases of treasury stock, shares		(111,357)
Restricted stock returned for payment of taxes, shares		(51,359)
BALANCE at Jun. 30, 2021	$ 134,676,000	$ 108,000	213,362,000	(80,551,000)		1,757,000
BALANCE, shares at Jun. 30, 2021	8,906,152	8,324,702
Restricted Stock, Value, Shares Issued Net of Tax Withholdings	$ 884,000			884,000
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	0	$ 3,000	(3,000)
Treasury Stock, Value, Acquired, Cost Method	1,700,000			1,700,000
BALANCE at Mar. 31, 2021	133,445,000	$ 107,000	211,988,000	(80,255,000)		1,605,000
BALANCE, shares at Mar. 31, 2021		8,313,003
Net Income (Loss) Attributable to Parent	970,000
Foreign currency translation adjustments	0
Issuance of restricted stock, net of forfeitures, shares		30,565
Dividends declared	(818,000)					(818,000)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	1,375,000		1,375,000
Purchases of treasury stock, shares		(18,866)
BALANCE at Jun. 30, 2021	$ 134,676,000	$ 108,000	213,362,000	(80,551,000)		$ 1,757,000
BALANCE, shares at Jun. 30, 2021	8,906,152	8,324,702
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures		$ 1,000	$ (1,000)
Treasury Stock, Value, Acquired, Cost Method	$ 296,000			$ 296,000

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	Jul. 27, 2021	Jun. 30, 2021	Jun. 30, 2020
Statement of Stockholders' Equity [Abstract]
Dividends declared per share (dollars per share)	$ 0.10	$ 0.1	$ 0

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss) Attributable to Parent	$ 5,071	$ (1,473)
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation	397	465
Amortization of intangible assets	812	858
Net change in unrealized (appreciation) depreciation on investments	2,273	904
Realized Investment Gains (Losses)	(8,371)	0
Stock based compensation expense	3,097	4,921
Deferred income taxes	13	(939)
Non-cash lease expense	614	615
Gain (Loss) on Disposition of Assets	(148)	0
Change in operating assets and liabilities:
Net (purchases) sales of trading securities	(5,642)	20,029
Accounts receivable	(431)	2,350
Other current assets	376	709
Accounts payable and accrued liabilities	1,585	(361)
Compensation and benefits payable	(2,942)	(5,790)
Income taxes payable	2,899	307
Other liabilities	(833)	(771)
Net Cash Provided by (Used in) Operating Activities	(1,230)	21,824
Proceeds from Sale of Debt and Equity Securities, FV-NI, Held-for-investment	9,258	0
Proceeds from Sale of Productive Assets	501	0
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(93)	(56)
Payments to Acquire Intangible Assets	(15)	0
Net Cash Provided by (Used in) Investing Activities	9,651	(56)
CASH FLOWS FROM FINANCING ACTIVITIES:
Purchases of treasury stock	(1,700)	(12,952)
Payment for Repurchases of Stock for Benefit Plan	0	(697)
Restricted stock returned for payment of taxes	(884)	(1,120)
Cash dividends paid	(1,619)	(11,043)
Net Cash Provided by (Used in) Financing Activities	(4,203)	(25,812)
Effect of currency rate changes on cash	13	(1,796)
Net Change in Cash and Cash Equivalents	4,231	(5,840)
Cash and cash equivalents, beginning of period	13,016	49,766
Cash and cash equivalents, end of period	17,247	43,926
Supplemental cash flow information:
Cash paid during the period for income taxes	447	288
Accrued dividends	1,364	$ 1,498
Long-term Investments	$ 4,455

DESCRIPTION OF THE BUSINESS

DESCRIPTION OF THE BUSINESS	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF THE BUSINESS	DESCRIPTION OF THE BUSINESS Westwood Holdings Group, Inc. (“Westwood”, “the Company”, “we”, “us” or “our”) was incorporated under the laws of the State of Delaware on December 12, 2001. Westwood manages investment assets and provides services for its clients through its wholly-owned subsidiaries, Westwood Management Corp. and Westwood Advisors, L.L.C. (referred to hereinafter together as “Westwood Management”), Westwood Trust and Westwood International Advisors Inc. (“Westwood International Advisors”). On July 27, 2020, Westwood’s Board of Directors approved the liquidation of Westwood International Advisors, which occurred effective September 30, 2020. Westwood Management provides investment advisory services to institutional clients, a family of mutual funds called the Westwood Funds®, other mutual funds, individual investors and clients of Westwood Trust. Prior to its liquidation, our wholly owned subsidiary, Westwood International Advisors, provided investment advisory services to institutional clients, the Westwood Funds®, other mutual funds, the UCITS Fund (which was liquidated in June 2020), individual investors and clients of Westwood Trust. Westwood Trust provides trust and custodial services and participation in self-sponsored common trust funds (“CTFs”) to institutions and high net worth individuals. Revenue is largely dependent on the total value and composition of assets under management ("AUM"). Accordingly, fluctuations in financial markets and in the composition of AUM impact our revenues and results of operations. Westwood Management is registered with the Securities and Exchange Commission ("SEC") as an investment advisor ("RIA") under the Investment Advisers Act of 1940. Westwood Trust is chartered and regulated by the Texas Department of Banking.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying Condensed Consolidated Financial Statements are unaudited and are presented in accordance with the requirements for quarterly reports on Form 10-Q and consequently do not include all of the information and footnote disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). The Company’s Condensed Consolidated Financial Statements reflect all adjustments (consisting only of normal recurring adjustments) necessary in the opinion of management to present fairly our interim financial position and results of operations and cash flows for the periods presented. The accompanying Condensed Consolidated Financial Statements are presented in accordance with GAAP and the rules and regulations of the SEC. The accompanying unaudited Condensed Consolidated Financial Statements should be read in conjunction with our Consolidated Financial Statements, and notes thereto, included in our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC. Operating results for the periods in these Condensed Consolidated Financial Statements are not necessarily indicative of results for any future period. The accompanying Condensed Consolidated Financial Statements include the accounts of Westwood and its subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation. Recent Accounting Pronouncements Recently Adopted In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes , which is intended to simplify various aspects of the income tax accounting guidance, including interim-period accounting for enacted changes in tax law. ASU 2019-12 is effective for public business entities for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years, and early adoption is permitted. We adopted this ASU as of January 1, 2021 and it did not have a significant effect on our Condensed Consolidated Financial Statements.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS ASC 820, Fair Value Measurements, defines fair value, establishes a framework for measuring fair value and requires disclosures regarding certain fair value measurements. ASC 820 establishes a three-tier hierarchy for measuring fair value, as follows: • Level 1 – quoted market prices in active markets for identical assets • Level 2 – inputs other than quoted prices that are directly or indirectly observable • Level 3 – significant unobservable inputs where there is little or no market activity Our strategic investment in InvestCloud, discussed in Note 5 “Investments,” is excluded from the recurring fair value table shown below because we have elected to apply the measurement alternative for this investment. The following table summarizes the values of our investments measured at fair value on a recurring basis within the fair value hierarchy as of the dates indicated (in thousands): Level 1 Level 2 Level 3 Investments Measured at NAV (1) Total As of June 30, 2021: Investments in trading securities $ 75,066 $ — $ — $ — $ 75,066 Private investment fund — — — 111 111 Private equity — — 4,087 — 4,087 Total assets measured at fair value $ 75,066 $ — $ 4,087 $ 111 $ 79,264 As of December 31, 2020: Investments in trading securities $ 69,542 $ — $ — $ — $ 69,542 Private investment fund — — — 96 96 Private equity — — 3,431 — 3,431 Total assets measured at fair value $ 69,542 $ — $ 3,431 $ 96 $ 73,069 (1) Comprised of certain investments measured at fair value using net asset value ("NAV") as a practical expedient. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented on our Condensed Consolidated Balance Sheets. Our investment in Charis is included within Level 3 of the fair value hierarchy as we value that investment utilizing inputs not observable in the market. Our investment is measured at fair value on a recurring basis using a market approach based on a price to tangible book value multiple range that is determined to be reasonable in the current environment, or market transactions. Management believes this valuation methodology is consistent with the banking industry and we will reevaluate our methodology and inputs on a quarterly basis. The following table summarizes the changes in Level 3 investments measured at fair value on a recurring basis for the periods presented (in thousands): Fair Value using Significant Unobservable Inputs (Level 3) Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Beginning balance $ 3,872 $ 2,980 $ 3,431 $ 3,975 Unrealized gains (losses) on private investments 215 334 656 (661) Ending balance $ 4,087 $ 3,314 $ 4,087 $ 3,314

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND OTHER INTANGIBLE ASSETS	GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill Goodwill represents the excess of the cost of acquired assets over the fair value of the underlying identifiable assets at the date of acquisition. Goodwill is not amortized but is tested for impairment at least annually. We completed our most recent annual goodwill impairment assessment during the third quarter of 2020, and recorded $3.4 million of impairment expense related to our Advisory segment. No goodwill impairments were recorded during the three and six months ended June 30, 2021 or June 30, 2020. Other Intangible Assets

REVENUE (Notes)

REVENUE (Notes)	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	REVENUE Revenue Recognition Revenues are recognized when the performance obligation (the investment management and advisory or trust services provided to the client) defined by the investment advisory or sub-advisory agreement is satisfied. For each performance obligation, we determine at contract inception whether the revenue satisfies over time or at a point in time. We derive our revenues from investment advisory fees, trust fees and other sources of revenues. Advisory and trust fees are calculated based on a percentage of AUM and the performance obligation is realized over the current calendar quarter. Once clients receive our investment advisory services we have an enforceable right to payment. Advisory Fee Revenues Our advisory fees are generated by Westwood Management and Westwood International Advisors (prior to its closure, effective September 30, 2020), which manage client accounts under investment advisory and sub-advisory agreements. Advisory fees are typically calculated based on a percentage of AUM and are paid in accordance with the terms of the agreements. Advisory fees are paid quarterly in advance based on AUM on the last day of the preceding quarter, quarterly in arrears based on AUM on the last day of the quarter just ended or are based on a daily or monthly analysis of AUM for the stated period. We recognize advisory fee revenues as services are rendered. Since our advance paying clients' billing periods coincide with the calendar quarter to which such payments relate, revenue is recognized within the quarter and our Condensed Consolidated Financial Statements contain no deferred advisory fee revenues. Advisory clients typically consist of institutional and mutual fund accounts. Institutional investors include separate accounts of (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 for funds offered by other financial institutions; (iii) pooled investment vehicles, including the UCITS Fund and collective investment trusts; and (iv) managed account relationships with brokerage firms and other registered investment advisors that offer Westwood products to their customers. The UCITS Fund was liquidated in June 2020. Mutual funds include the Westwood Funds®, a family of mutual funds for which Westwood Management serves as advisor. These funds are available to individual investors, as well as offered as part of our investment strategies for institutional investors and wealth management accounts. Arrangements with Performance-Based Obligations A limited number of our advisory clients have a contractual performance-based fee component in their contracts, which generates additional revenues if we outperform a specified index over a specific period of time, and a limited number of our mutual fund offerings have fees that generate additional revenues if we outperform specified indices over specific periods of time. The revenue is based on future market performance and is subject to factors outside our control. We cannot conclude that a significant reversal in the cumulative amount of revenue recognized will not occur during the measurement period, and therefore the revenue is recorded at the end of the measurement period when the performance obligation has been satisfied. Trust Fee Revenues Our trust fees are generated by Westwood Trust pursuant to trust or custodial agreements. Trust fees are separately negotiated with each client and are generally based on a percentage of AUM. Westwood Trust also provides trust services to a small number of clients on a fixed fee basis. The fees for most of our trust clients are calculated quarterly in arrears, based on a daily average of AUM for the quarter, or monthly, based on the month-end value of AUM. Since billing periods for most of Westwood Trust’s clients coincide with the calendar quarter, revenue is fully recognized within the quarter and our Condensed Consolidated Financial Statements contain no deferred advisory fee revenues. Revenue Disaggregated Sales taxes are excluded from revenues. The following table presents our revenue disaggregated by account type (in thousands). In 2021, we recast certain prior year revenues related to performance-based fees. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Advisory Fees: Institutional $ 7,225 $ 7,552 $ 16,083 $ 15,452 Mutual Funds 4,002 2,393 7,416 5,464 Wealth Management 158 78 295 209 Trust Fees 6,216 5,697 12,281 11,648 Other, net (117) 155 (272) (229) Total revenues $ 17,484 $ 15,875 $ 35,803 $ 32,544 We serve clients primarily in the United States, but also in various locations around the world. The following table presents our revenue disaggregated by our clients' geographical locations (in thousands): Three Months Ended June 30, 2021 Advisory Trust Performance-based Other Total Canada $ 297 $ — $ — $ — $ 297 United States 11,088 6,216 — (117) 17,187 Total $ 11,385 $ 6,216 $ — $ (117) $ 17,484 Three Months Ended June 30, 2020 Advisory Trust Performance-based Other Total Asia $ 312 $ — $ — $ — $ 312 Canada 407 — — — 407 Europe 814 — 94 — 908 United States 7,795 5,657 641 155 14,248 Total $ 9,328 $ 5,657 $ 735 $ 155 $ 15,875

INCOME TAXES (Notes)

INCOME TAXES (Notes)	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	INCOME TAXESOur effective income tax rate differed from the 21% statutory rate for the first and second quarters of 2021 and 2020 due to permanent differences between book and tax restricted stock expense based on a decrease in our stock price between the restricted stock grant and vesting dates. In addition, in

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Some of our directors, executive officers and their affiliates invest personal funds directly in trust accounts that we manage. For both the three months ended June 30, 2021 and June 30, 2020, we recorded trust fees from these accounts of $0.1 million. For both the six months ended June 30, 2021 and June 30, 2020, we recorded trust fees from these accounts of $0.2 million. There were no amounts due from these accounts as of June 30, 2021, and there was $0.1 million due from these accounts as of December 31, 2020.

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Jun. 30, 2021
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. Refer to the "Supplemental Financial Information" section in Item 2. "Management Discussion and Analysis of Financial Conditions and Results" for the Economic Earnings calculation. 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 the UCITS Fund (liquidated in June 2020) and collective investment trusts. Westwood Management and Westwood International Advisors (prior to its closure, effective September 30, 2020), which provide investment advisory services to similar clients, are 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 Eliminations Consolidated 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 Three Months Ended June 30, 2020 Net fee revenues from external sources $ 10,023 $ 5,697 $ — $ — $ 15,720 Net intersegment revenues 595 68 — (663) — Net interest and dividend revenue 10 — — — 10 Other, net 145 — — — 145 Total revenues $ 10,773 $ 5,765 $ — $ (663) $ 15,875 Segment assets $ 239,726 $ 50,955 $ 17,534 $ (160,794) $ 147,421 Segment goodwill $ 3,403 $ 16,401 $ — $ — $ 19,804

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2021
Subsequent Event [Line Items]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Restricted Stock Subject Only To A Service Condition Policy [Text Block]	Restricted Stock Subject Only to a Service Condition We calculate compensation cost for restricted stock grants by using the fair market value of our common stock at the date of grant, the number of shares issued and an adjustment for restrictions on dividends. This compensation cost is amortized on a straight-line basis over the applicable vesting period, with adjustments for forfeitures recorded as they occur.
Restricted Stock Subject To Service And Performance Conditions Policy [Text Block]	Restricted Stock Subject to Service and Performance Conditions Under the Plan, certain key employees were provided agreements for grants of restricted shares that vest over multiple year periods subject to achieving annual performance goals established by the Compensation Committee of Westwood’s Board of Directors. Each year the Compensation Committee establishes specific goals for that year’s vesting of the restricted shares. The date that the Compensation Committee establishes annual goals is considered to be the grant date and the fair value measurement date to determine expense on the shares that are likely to vest. The vesting period ends when the Compensation Committee formally approves the performance-based restricted stock vesting based on the specific performance goals from the Company’s audited consolidated financial statements. If a portion of the performance-based restricted shares does not vest, no compensation expense is recognized for that portion and any previously recognized compensation expense related to shares that do not vest is reversed.
Revenue [Policy Text Block]	Revenue Recognition Revenues are recognized when the performance obligation (the investment management and advisory or trust services provided to the client) defined by the investment advisory or sub-advisory agreement is satisfied. For each performance obligation, we determine at contract inception whether the revenue satisfies over time or at a point in time. We derive our revenues from investment advisory fees, trust fees and other sources of revenues. Advisory and trust fees are calculated based on a percentage of AUM and the performance obligation is realized over the current calendar quarter. Once clients receive our investment advisory services we have an enforceable right to payment. Advisory Fee Revenues Our advisory fees are generated by Westwood Management and Westwood International Advisors (prior to its closure, effective September 30, 2020), which manage client accounts under investment advisory and sub-advisory agreements. Advisory fees are typically calculated based on a percentage of AUM and are paid in accordance with the terms of the agreements. Advisory fees are paid quarterly in advance based on AUM on the last day of the preceding quarter, quarterly in arrears based on AUM on the last day of the quarter just ended or are based on a daily or monthly analysis of AUM for the stated period. We recognize advisory fee revenues as services are rendered. Since our advance paying clients' billing periods coincide with the calendar quarter to which such payments relate, revenue is recognized within the quarter and our Condensed Consolidated Financial Statements contain no deferred advisory fee revenues. Advisory clients typically consist of institutional and mutual fund accounts. Institutional investors include separate accounts of (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 for funds offered by other financial institutions; (iii) pooled investment vehicles, including the UCITS Fund and collective investment trusts; and (iv) managed account relationships with brokerage firms and other registered investment advisors that offer Westwood products to their customers. The UCITS Fund was liquidated in June 2020. Mutual funds include the Westwood Funds®, a family of mutual funds for which Westwood Management serves as advisor. These funds are available to individual investors, as well as offered as part of our investment strategies for institutional investors and wealth management accounts. Arrangements with Performance-Based Obligations A limited number of our advisory clients have a contractual performance-based fee component in their contracts, which generates additional revenues if we outperform a specified index over a specific period of time, and a limited number of our mutual fund offerings have fees that generate additional revenues if we outperform specified indices over specific periods of time. The revenue is based on future market performance and is subject to factors outside our control. We cannot conclude that a significant reversal in the cumulative amount of revenue recognized will not occur during the measurement period, and therefore the revenue is recorded at the end of the measurement period when the performance obligation has been satisfied. Trust Fee Revenues Our trust fees are generated by Westwood Trust pursuant to trust or custodial agreements. Trust fees are separately negotiated with each client and are generally based on a percentage of AUM. Westwood Trust also provides trust services to a small number of clients on a fixed fee basis. The fees for most of our trust clients are calculated quarterly in arrears, based on a daily average of AUM for the quarter, or monthly, based on the month-end value of AUM. Since billing periods for most of Westwood Trust’s clients coincide with the calendar quarter, revenue is fully recognized within the quarter and our Condensed Consolidated Financial Statements contain no deferred advisory fee revenues.
Basis of Presentation	Basis of Presentation The accompanying Condensed Consolidated Financial Statements are unaudited and are presented in accordance with the requirements for quarterly reports on Form 10-Q and consequently do not include all of the information and footnote disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). The Company’s Condensed Consolidated Financial Statements reflect all adjustments (consisting only of normal recurring adjustments) necessary in the opinion of management to present fairly our interim financial position and results of operations and cash flows for the periods presented. The accompanying Condensed Consolidated Financial Statements are presented in accordance with GAAP and the rules and regulations of the SEC. The accompanying unaudited Condensed Consolidated Financial Statements should be read in conjunction with our Consolidated Financial Statements, and notes thereto, included in our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC. Operating results for the periods in these Condensed Consolidated Financial Statements are not necessarily indicative of results for any future period. The accompanying Condensed Consolidated Financial Statements include the accounts of Westwood and its subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes , which is intended to simplify various aspects of the income tax accounting guidance, including interim-period accounting for enacted changes in tax law. ASU 2019-12 is effective for public business entities for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years, and early adoption is permitted. We adopted this ASU as of January 1, 2021 and it did not have a significant effect on our Condensed Consolidated Financial Statements.

EARNINGS PER SHARE Policies (Po

EARNINGS PER SHARE Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share, Policy [Policy Text Block]	Basic earnings (loss) per common share is computed by dividing net income (loss) available to common stockholders by the weighted average number of shares outstanding for the applicable period. Diluted earnings (loss) per share is computed based on the weighted average number of shares outstanding plus the effect of any dilutive shares of restricted stock granted to employees and non-employee directors.

VARIABLE INTEREST ENTITIES Poli

VARIABLE INTEREST ENTITIES Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Variable Interest Entities [Abstract]
Consolidation, Variable Interest Entity, Policy [Policy Text Block]	Based on our analyses of our investments in these entities for the periods ended June 30, 2021 and December 31, 2020, we have not consolidated the CTFs or Private Funds under the VIE method or the Westwood Funds® or Private Equity under the VOE method.

REVENUE Policies (Policies)

REVENUE Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue [Policy Text Block]	Revenue Recognition Revenues are recognized when the performance obligation (the investment management and advisory or trust services provided to the client) defined by the investment advisory or sub-advisory agreement is satisfied. For each performance obligation, we determine at contract inception whether the revenue satisfies over time or at a point in time. We derive our revenues from investment advisory fees, trust fees and other sources of revenues. Advisory and trust fees are calculated based on a percentage of AUM and the performance obligation is realized over the current calendar quarter. Once clients receive our investment advisory services we have an enforceable right to payment. Advisory Fee Revenues Our advisory fees are generated by Westwood Management and Westwood International Advisors (prior to its closure, effective September 30, 2020), which manage client accounts under investment advisory and sub-advisory agreements. Advisory fees are typically calculated based on a percentage of AUM and are paid in accordance with the terms of the agreements. Advisory fees are paid quarterly in advance based on AUM on the last day of the preceding quarter, quarterly in arrears based on AUM on the last day of the quarter just ended or are based on a daily or monthly analysis of AUM for the stated period. We recognize advisory fee revenues as services are rendered. Since our advance paying clients' billing periods coincide with the calendar quarter to which such payments relate, revenue is recognized within the quarter and our Condensed Consolidated Financial Statements contain no deferred advisory fee revenues. Advisory clients typically consist of institutional and mutual fund accounts. Institutional investors include separate accounts of (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 for funds offered by other financial institutions; (iii) pooled investment vehicles, including the UCITS Fund and collective investment trusts; and (iv) managed account relationships with brokerage firms and other registered investment advisors that offer Westwood products to their customers. The UCITS Fund was liquidated in June 2020. Mutual funds include the Westwood Funds®, a family of mutual funds for which Westwood Management serves as advisor. These funds are available to individual investors, as well as offered as part of our investment strategies for institutional investors and wealth management accounts. Arrangements with Performance-Based Obligations A limited number of our advisory clients have a contractual performance-based fee component in their contracts, which generates additional revenues if we outperform a specified index over a specific period of time, and a limited number of our mutual fund offerings have fees that generate additional revenues if we outperform specified indices over specific periods of time. The revenue is based on future market performance and is subject to factors outside our control. We cannot conclude that a significant reversal in the cumulative amount of revenue recognized will not occur during the measurement period, and therefore the revenue is recorded at the end of the measurement period when the performance obligation has been satisfied. Trust Fee Revenues Our trust fees are generated by Westwood Trust pursuant to trust or custodial agreements. Trust fees are separately negotiated with each client and are generally based on a percentage of AUM. Westwood Trust also provides trust services to a small number of clients on a fixed fee basis. The fees for most of our trust clients are calculated quarterly in arrears, based on a daily average of AUM for the quarter, or monthly, based on the month-end value of AUM. Since billing periods for most of Westwood Trust’s clients coincide with the calendar quarter, revenue is fully recognized within the quarter and our Condensed Consolidated Financial Statements contain no deferred advisory fee revenues.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings (loss) per share (in thousands, except per share and share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net income (loss) $ 970 $ (2,575) $ 5,071 $ (1,473) Weighted average shares outstanding - basic 7,884,771 7,879,698 7,885,901 8,147,045 Dilutive potential shares from unvested restricted shares 43,335 — 36,841 — Weighted average shares outstanding - diluted 7,928,106 7,879,698 7,922,742 8,147,045 Earnings (loss) per share: Basic $ 0.12 $ (0.33) $ 0.64 $ (0.18) Diluted $ 0.12 $ (0.33) $ 0.64 $ (0.18)

INVESTMENTS (Tables)

INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Investment Balances	Investments carried at fair value are presented in the table below (in thousands): Cost Gross Gross Estimated June 30, 2021: U.S. Government and Government agency obligations $ 62,831 $ — $ (437) $ 62,394 Money market funds 9,611 — — 9,611 Equity funds 1,469 57 — 1,526 Equities 1,277 134 — 1,411 Exchange-traded bond funds 124 — — 124 Total trading securities 75,312 191 (437) 75,066 Private investment fund 265 — (154) 111 Private equity 3,420 667 — 4,087 Total investments carried at fair value $ 78,997 $ 858 $ (591) $ 79,264 December 31, 2020: U.S. Government and Government agency obligations $ 65,132 $ 2 $ (180) $ 64,954 Money market funds 4,003 — — 4,003 Equity funds 90 — (5) 85 Equities 288 94 — 382 Exchange-traded bond funds 115 3 — 118 Total trading securities 69,628 99 (185) 69,542 Private investment fund 250 — (154) 96 Private equity 3,420 11 — 3,431 Total investments carried at fair value $ 73,298 $ 110 $ (339) $ 73,069

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block]	The following table summarizes the values of our investments measured at fair value on a recurring basis within the fair value hierarchy as of the dates indicated (in thousands): Level 1 Level 2 Level 3 Investments Measured at NAV (1) Total As of June 30, 2021: Investments in trading securities $ 75,066 $ — $ — $ — $ 75,066 Private investment fund — — — 111 111 Private equity — — 4,087 — 4,087 Total assets measured at fair value $ 75,066 $ — $ 4,087 $ 111 $ 79,264 As of December 31, 2020: Investments in trading securities $ 69,542 $ — $ — $ — $ 69,542 Private investment fund — — — 96 96 Private equity — — 3,431 — 3,431 Total assets measured at fair value $ 69,542 $ — $ 3,431 $ 96 $ 73,069 (1) Comprised of certain investments measured at fair value using net asset value ("NAV") as a practical expedient. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented on our Condensed Consolidated Balance Sheets.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	The following table summarizes the changes in Level 3 investments measured at fair value on a recurring basis for the periods presented (in thousands): Fair Value using Significant Unobservable Inputs (Level 3) Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Beginning balance $ 3,872 $ 2,980 $ 3,431 $ 3,975 Unrealized gains (losses) on private investments 215 334 656 (661) Ending balance $ 4,087 $ 3,314 $ 4,087 $ 3,314

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	6 Months Ended
	Jun. 30, 2021
Variable Interest Entities [Abstract]
Variable Interest Entities	The following table displays the AUM and the risk of loss in each vehicle (in millions): As of June 30, 2021 Assets Corporate Amount at Risk VIEs/VOEs: Westwood Funds® $ 2,857 $ — $ — Common Trust Funds 965 — — Private Funds 4 0.1 0.1 Private Equity — 8.5 8.5 All other assets: Wealth Management 3,458 Institutional 7,123 Total Assets Under Management $ 14,407

REVENUE Table (Tables)

REVENUE Table (Tables)	6 Months Ended
	Jun. 30, 2021
Disaggregation of Revenue [Abstract]
Disaggregation of Revenue [Table Text Block]	The following table presents our revenue disaggregated by account type (in thousands). In 2021, we recast certain prior year revenues related to performance-based fees. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Advisory Fees: Institutional $ 7,225 $ 7,552 $ 16,083 $ 15,452 Mutual Funds 4,002 2,393 7,416 5,464 Wealth Management 158 78 295 209 Trust Fees 6,216 5,697 12,281 11,648 Other, net (117) 155 (272) (229) Total revenues $ 17,484 $ 15,875 $ 35,803 $ 32,544
Revenue Disaggregation by Geographic Location [Table Text Block]	The following table presents our revenue disaggregated by our clients' geographical locations (in thousands): Three Months Ended June 30, 2021 Advisory Trust Performance-based Other Total Canada $ 297 $ — $ — $ — $ 297 United States 11,088 6,216 — (117) 17,187 Total $ 11,385 $ 6,216 $ — $ (117) $ 17,484 Three Months Ended June 30, 2020 Advisory Trust Performance-based Other Total Asia $ 312 $ — $ — $ — $ 312 Canada 407 — — — 407 Europe 814 — 94 — 908 United States 7,795 5,657 641 155 14,248 Total $ 9,328 $ 5,657 $ 735 $ 155 $ 15,875

LONG-TERM INCENTIVE COMPENSATIO

LONG-TERM INCENTIVE COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted Stock Subject Only To A Service Condition Policy [Text Block]	Restricted Stock Subject Only to a Service Condition We calculate compensation cost for restricted stock grants by using the fair market value of our common stock at the date of grant, the number of shares issued and an adjustment for restrictions on dividends. This compensation cost is amortized on a straight-line basis over the applicable vesting period, with adjustments for forfeitures recorded as they occur.
Total Expense Recorded for Stock Based Compensation	The following table presents the total stock-based compensation expense recorded for stock-based compensation arrangements for the periods indicated (in thousands): Three Months Ended June 30, 2021 2020 Service condition stock-based compensation expense $ 1,765 Performance condition stock-based compensation expense 287 Stock-based compensation expense under the Plan — 2,052 Canadian Plan stock-based compensation expense — 253 Total stock-based compensation expense $ — $ 2,305
Restricted Stock Subject To Service And Performance Conditions Policy [Text Block]	Restricted Stock Subject to Service and Performance Conditions Under the Plan, certain key employees were provided agreements for grants of restricted shares that vest over multiple year periods subject to achieving annual performance goals established by the Compensation Committee of Westwood’s Board of Directors. Each year the Compensation Committee establishes specific goals for that year’s vesting of the restricted shares. The date that the Compensation Committee establishes annual goals is considered to be the grant date and the fair value measurement date to determine expense on the shares that are likely to vest. The vesting period ends when the Compensation Committee formally approves the performance-based restricted stock vesting based on the specific performance goals from the Company’s audited consolidated financial statements. If a portion of the performance-based restricted shares does not vest, no compensation expense is recognized for that portion and any previously recognized compensation expense related to shares that do not vest is reversed.
Restricted Stock Subject Only to a Service Condition
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Status and Changes in Restricted Stock Grants that Subject to Service Condition	The following table details the status and changes in our restricted stock grants subject only to a service condition for the six months ended June 30, 2021: Shares Weighted Average Non-vested, January 1, 2020 396,598 $ 48.31 Granted 262,373 $ 27.39 Vested (140,974) $ 53.06 Forfeited (26,372) $ 39.72 Non-vested, June 30, 2021 491,625 $ 36.25
Restricted Shares Subject to Service and Performance Conditions
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Status and Changes in Restricted Stock Grants that Subject to Service Condition	The following table details the status and changes in our restricted stock grants subject to service and performance conditions for the six months ended June 30, 2021: Shares Weighted Average Non-vested, January 1, 2020 80,975 $ 49.73 Vested (35,275) $ 55.11 Non-vested, June 30, 2021 45,700 $ 45.58

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	(in thousands) Advisory Trust Westwood Eliminations Consolidated 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 Three Months Ended June 30, 2020 Net fee revenues from external sources $ 10,023 $ 5,697 $ — $ — $ 15,720 Net intersegment revenues 595 68 — (663) — Net interest and dividend revenue 10 — — — 10 Other, net 145 — — — 145 Total revenues $ 10,773 $ 5,765 $ — $ (663) $ 15,875 Segment assets $ 239,726 $ 50,955 $ 17,534 $ (160,794) $ 147,421 Segment goodwill $ 3,403 $ 16,401 $ — $ — $ 19,804

DESCRIPTION OF THE BUSINESS (De

DESCRIPTION OF THE BUSINESS (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Gain (Loss) on Disposition of Assets	$ (148)	$ 0

EARNINGS PER SHARE (Details Tex

EARNINGS PER SHARE (Details Textual) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Restricted Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive restricted shares	139	326	186	229

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Computation of Basic and Diluted Shares
Net Income (Loss) Attributable to Parent	$ 970	$ (2,575)	$ 5,071	$ (1,473)
Weighted average shares outstanding - basic (shares)	7,884,771	7,879,698	7,885,901	8,147,045
Dilutive potential shares from unvested restricted shares (shares)	43,335	0	36,841	0
Weighted average shares outstanding - diluted (shares)	7,928,106	7,879,698	7,922,742	8,147,045
Earnings per share:
Basic (dollars per share)	$ 0.12	$ (0.33)	$ 0.64	$ (0.18)
Diluted (dollars per share)	$ 0.12	$ (0.33)	$ 0.64	$ (0.18)

INVESTMENTS (Details)

INVESTMENTS (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Debt Securities, Trading, Gain (Loss) [Abstract]
Cost	$ 75,312				$ 75,312		$ 69,628
Gross Unrealized Gains		$ 99			191
Gross Unrealized Losses		(185)			(437)
Debt Securities, Trading	75,066				75,066		69,542
Equity Securities, FV-NI, Gain (Loss) [Abstract]
Cost	78,997				78,997		73,298
Gross Unrealized Gains		110			858
Gross Unrealized Losses		(339)			(591)
Estimated Fair Value	79,264				79,264		73,069
Net change in unrealized appreciation (depreciation) on private investments	215	2,800	$ 159		(2,111)	$ (836)
Investments carried at fair value, unrealized loss						(700)
Realized Investment Gains (Losses)		8,300		$ 0	(8,371)	$ 0
Investments carried at fair value, unrealized gain	200		$ 300		700
U.S. Government and Government agency obligations
Debt Securities, Trading, Gain (Loss) [Abstract]
Cost	62,831				62,831		65,132
Gross Unrealized Gains		2			0
Gross Unrealized Losses		(180)			(437)
Debt Securities, Trading	62,394				62,394		64,954
Money market funds
Debt Securities, Trading, Gain (Loss) [Abstract]
Cost	9,611				9,611		4,003
Gross Unrealized Gains		0			0
Gross Unrealized Losses		0			0
Debt Securities, Trading	9,611				9,611		4,003
Equity funds
Debt Securities, Trading, Gain (Loss) [Abstract]
Cost	1,469				1,469		90
Gross Unrealized Gains		0			57
Gross Unrealized Losses		(5)			0
Debt Securities, Trading	1,526				1,526		85
Private investment fund
Equity Securities, FV-NI, Gain (Loss) [Abstract]
Cost	265				265		250
Gross Unrealized Gains		0			0
Gross Unrealized Losses		(154)			(154)
Estimated Fair Value	111				111		96
Private equity
Equity Securities, FV-NI, Gain (Loss) [Abstract]
Cost	3,420				3,420		3,420
Gross Unrealized Gains		11			667
Gross Unrealized Losses		0			0
Estimated Fair Value	4,087				4,087		3,431
Equity Securities
Debt Securities, Trading, Gain (Loss) [Abstract]
Cost	1,277				1,277		288
Gross Unrealized Gains		94			134
Gross Unrealized Losses		0			0
Debt Securities, Trading	1,411				1,411		382
us-gaap_EquitySecuritiesMember [Member]
Debt Securities, Trading, Gain (Loss) [Abstract]
Cost	124				124		115
Gross Unrealized Gains		3			0
Gross Unrealized Losses		$ 0			0
Debt Securities, Trading	$ 124				$ 124		$ 118

INVESTMENTS (Details Textual)

INVESTMENTS (Details Textual) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Feb. 28, 2019	May 31, 2018
Schedule of Investments [Line Items]
Long-term Investments	$ 4,455				$ 4,455		$ 8,154	$ 300	$ 5,400
Estimated Fair Value	79,264				79,264		73,069
Gain (Loss) on Investments	46				8,371
Investments carried at fair value, unrealized gain	200		$ 300		700
Cost	75,312				75,312		69,628
Realized Investment Gains (Losses)		$ 8,300		$ 0	(8,371)	$ 0
Net change in unrealized appreciation (depreciation) on private investments	215	$ 2,800	$ 159		(2,111)	$ (836)
us-gaap_EquitySecuritiesMember [Member]
Schedule of Investments [Line Items]
Cost	$ 124				$ 124		$ 115

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)$ / shares	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)$ / shares	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)	Feb. 28, 2019USD ($)	May 31, 2018USD ($)
Investments in securities:
Investments in trading securities	$ 75,066,000		$ 75,066,000		$ 69,542,000
Total assets measured at fair value	79,264,000		79,264,000		73,069,000
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	3,872,000	$ 2,980,000	3,431,000	$ 3,975,000
Unrealized gains (losses) on private investments	215,000	334,000	656,000	(661,000)
Ending balance	$ 4,087,000	$ 3,314,000	$ 4,087,000	$ 3,314,000
Fair Value Inputs [Abstract] (Deprecated 2018-01-31)
Unobservable input -book value multiple - minimum | $ / shares	1.38		1.38
Unobservable input -book value multiple - maximum	2.28		2.28
Unobservable input -book value multiple - weighted average	1.51		1.51
Long-term Investments	$ 4,455,000		$ 4,455,000		8,154,000	$ 300,000	$ 5,400,000
Level 1
Investments in securities:
Investments in trading securities	75,066,000		75,066,000		69,542,000
Total assets measured at fair value	75,066,000		75,066,000		69,542,000
Level 2
Investments in securities:
Investments in trading securities	0		0		0
Total assets measured at fair value	0		0		0
Level 3
Investments in securities:
Investments in trading securities	0		0		0
Total assets measured at fair value	4,087,000		4,087,000		3,431,000
Investments Measured at NAV
Investments in securities:
Investments in trading securities	0		0		0
Total assets measured at fair value	111,000		111,000		96,000
Private investment fund
Investments in securities:
Private	111,000		111,000		96,000
Private investment fund | Level 1
Investments in securities:
Private	0		0		0
Private investment fund | Level 2
Investments in securities:
Private	0		0		0
Private investment fund | Level 3
Investments in securities:
Private	0		0		0
Private investment fund | Investments Measured at NAV
Investments in securities:
Private	111,000		111,000		96,000
Private equity
Investments in securities:
Private	4,087,000		4,087,000		3,431,000
Private equity | Level 1
Investments in securities:
Private	0		0		0
Private equity | Level 2
Investments in securities:
Private	0		0		0
Private equity | Level 3
Investments in securities:
Private	4,087,000		4,087,000		3,431,000
Private equity | Investments Measured at NAV
Investments in securities:
Private	$ 0		$ 0		$ 0

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Details Textual) - USD ($)	3 Months Ended	6 Months Ended
	Dec. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Impairment Loss	$ 3,400,000
Impairment of Intangible Assets (Excluding Goodwill)		$ 0	$ 0

STOCKHOLDERS' EQUITY Share Repu

STOCKHOLDERS' EQUITY Share Repurchase Program (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Apr. 27, 2020	Dec. 31, 2017
Equity [Abstract]
Stock Repurchase Program, Authorized Amount					$ 10	$ 10,000,000
Treasury Stock Acquired, Average Cost Per Share	$ 15.63	$ 19.83	$ 15.27	$ 19.05
Foreign currency translation adjustments	$ 0	$ 1,371,000	$ 0	$ (1,871,000)
Stock Repurchased and Retired During Period, Shares	18,866	407,697	111,357	679,756
Treasury Stock, Value, Acquired, Par Value Method	$ 300,000	$ 8,100,000	$ 1,700,000	$ 13,000,000

VARIABLE INTEREST ENTITIES (Det

VARIABLE INTEREST ENTITIES (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Variable Interest Entity [Line Items]
Estimated Fair Value	$ 79,264		$ 79,264		$ 73,069
Fee revenues from Westwood VIEs	5,400	$ 4,500	10,300	$ 10,200
Common Trust Funds
Variable Interest Entity [Line Items]
Estimated Fair Value	$ 0		$ 0

VARIABLE INTEREST ENTITIES (D_2

VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Variable Interest Entities
Assets Under Management	$ 14,407,000
Estimated Fair Value	79,264	$ 73,069
Westwood Funds®
Variable Interest Entities
Assets Under Management	2,857,000
Estimated Fair Value	0
Amount at Risk	0
Common Trust Funds
Variable Interest Entities
Assets Under Management	965,000
Estimated Fair Value	0
Amount at Risk	0
Westwood Hospitality Fund I LLC [Member]
Variable Interest Entities
Assets Under Management	4,000
Estimated Fair Value	100
Amount at Risk	100
Private equity
Variable Interest Entities
Assets Under Management	0
Estimated Fair Value	8,500
Amount at Risk	8,500
Wealth Management
Variable Interest Entities
Assets Under Management	3,458,000
Institutional
Variable Interest Entities
Assets Under Management	$ 7,123,000

REVENUE Disaggregation of Reven

REVENUE Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax			REVENUE Revenue Recognition Revenues are recognized when the performance obligation (the investment management and advisory or trust services provided to the client) defined by the investment advisory or sub-advisory agreement is satisfied. For each performance obligation, we determine at contract inception whether the revenue satisfies over time or at a point in time. We derive our revenues from investment advisory fees, trust fees and other sources of revenues. Advisory and trust fees are calculated based on a percentage of AUM and the performance obligation is realized over the current calendar quarter. Once clients receive our investment advisory services we have an enforceable right to payment. Advisory Fee Revenues Our advisory fees are generated by Westwood Management and Westwood International Advisors (prior to its closure, effective September 30, 2020), which manage client accounts under investment advisory and sub-advisory agreements. Advisory fees are typically calculated based on a percentage of AUM and are paid in accordance with the terms of the agreements. Advisory fees are paid quarterly in advance based on AUM on the last day of the preceding quarter, quarterly in arrears based on AUM on the last day of the quarter just ended or are based on a daily or monthly analysis of AUM for the stated period. We recognize advisory fee revenues as services are rendered. Since our advance paying clients' billing periods coincide with the calendar quarter to which such payments relate, revenue is recognized within the quarter and our Condensed Consolidated Financial Statements contain no deferred advisory fee revenues. Advisory clients typically consist of institutional and mutual fund accounts. Institutional investors include separate accounts of (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 for funds offered by other financial institutions; (iii) pooled investment vehicles, including the UCITS Fund and collective investment trusts; and (iv) managed account relationships with brokerage firms and other registered investment advisors that offer Westwood products to their customers. The UCITS Fund was liquidated in June 2020. Mutual funds include the Westwood Funds®, a family of mutual funds for which Westwood Management serves as advisor. These funds are available to individual investors, as well as offered as part of our investment strategies for institutional investors and wealth management accounts. Arrangements with Performance-Based Obligations A limited number of our advisory clients have a contractual performance-based fee component in their contracts, which generates additional revenues if we outperform a specified index over a specific period of time, and a limited number of our mutual fund offerings have fees that generate additional revenues if we outperform specified indices over specific periods of time. The revenue is based on future market performance and is subject to factors outside our control. We cannot conclude that a significant reversal in the cumulative amount of revenue recognized will not occur during the measurement period, and therefore the revenue is recorded at the end of the measurement period when the performance obligation has been satisfied. Trust Fee Revenues Our trust fees are generated by Westwood Trust pursuant to trust or custodial agreements. Trust fees are separately negotiated with each client and are generally based on a percentage of AUM. Westwood Trust also provides trust services to a small number of clients on a fixed fee basis. The fees for most of our trust clients are calculated quarterly in arrears, based on a daily average of AUM for the quarter, or monthly, based on the month-end value of AUM. Since billing periods for most of Westwood Trust’s clients coincide with the calendar quarter, revenue is fully recognized within the quarter and our Condensed Consolidated Financial Statements contain no deferred advisory fee revenues. Revenue Disaggregated Sales taxes are excluded from revenues. The following table presents our revenue disaggregated by account type (in thousands). In 2021, we recast certain prior year revenues related to performance-based fees. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Advisory Fees: Institutional $ 7,225 $ 7,552 $ 16,083 $ 15,452 Mutual Funds 4,002 2,393 7,416 5,464 Wealth Management 158 78 295 209 Trust Fees 6,216 5,697 12,281 11,648 Other, net (117) 155 (272) (229) Total revenues $ 17,484 $ 15,875 $ 35,803 $ 32,544 We serve clients primarily in the United States, but also in various locations around the world. The following table presents our revenue disaggregated by our clients' geographical locations (in thousands): Three Months Ended June 30, 2021 Advisory Trust Performance-based Other Total Canada $ 297 $ — $ — $ — $ 297 United States 11,088 6,216 — (117) 17,187 Total $ 11,385 $ 6,216 $ — $ (117) $ 17,484 Three Months Ended June 30, 2020 Advisory Trust Performance-based Other Total Asia $ 312 $ — $ — $ — $ 312 Canada 407 — — — 407 Europe 814 — 94 — 908 United States 7,795 5,657 641 155 14,248 Total $ 9,328 $ 5,657 $ 735 $ 155 $ 15,875
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 17,484	$ 15,875	$ 35,803	$ 32,544
Asia [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		312		729
Canada
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	297	407	573	897
Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		908	900	1,918
United States [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	17,187	14,248	34,330	29,000
Investment Advisory Services [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	11,385	9,328	21,845	20,430
Investment Advisory Services [Member] | Asia [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		312		729
Investment Advisory Services [Member] | Canada
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	297	407	573	897
Investment Advisory Services [Member] | Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		814	638	1,824
Investment Advisory Services [Member] | United States [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	11,088	7,795	20,634	16,980
Investment Advisory Services [Member] | Advisory
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	7,225	7,552		15,452	$ 16,083
Mutual Fund Advisory [Member] | Advisory
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	4,002	2,393	7,416	5,464
Private Wealth Advisory [Member] | Advisory
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	158	78	295	209
Performance-based fees [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0	735	1,949	735
Performance-based fees [Member] | Asia [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		0		0
Performance-based fees [Member] | Canada
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0	0	0	0
Performance-based fees [Member] | Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		94	262	94
Performance-based fees [Member] | United States [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0	641	1,687	641
Trust Fees [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	6,216	5,657	12,281	11,608
Trust Fees [Member] | Asia [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		0		0
Trust Fees [Member] | Canada
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0	0	0	0
Trust Fees [Member] | Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		0	0	0
Trust Fees [Member] | United States [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	6,216	5,657	12,281	11,608
Trust Fees [Member] | Trust
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	6,216	5,697	12,281	11,648
Other Revenue Misc Services [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	(117)	155	(272)	(229)
Other Revenue Misc Services [Member] | Asia [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		0		0
Other Revenue Misc Services [Member] | Canada
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0	0	0	0
Other Revenue Misc Services [Member] | Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		0	0	0
Other Revenue Misc Services [Member] | United States [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	(117)	155	(272)	(229)
Other Revenue Misc Services [Member] | Advisory
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ (117)	$ 155	$ (272)	$ (229)

LONG-TERM INCENTIVE COMPENSAT_2

LONG-TERM INCENTIVE COMPENSATION (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Amount of shares purchased in the open market			$ 1,700,000	$ 12,952,000
Remaining unrecognized compensation cost recognized over a remaining weighted average period			2 years 6 months
Accrued liability	$ 50,000		$ 50,000		$ 79,000
Shares Issued, Shares, Share-based Payment Arrangement, Forfeited			56,625
Stock Issued During Period, Value, Restricted Stock Award, Forfeitures			$ 1,300,000
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Anti-dilutive restricted shares	139,000	326,000	186,000	229,000
Mutual Fund [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expense related to mutual fund share incentive awards			$ 27,000	$ (100,000)
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total number of shares that may be issued under the stock based compensation Plan (including predecessor plans to the Plan)	5,398,100		5,398,100
Shares remain available for issuance	642,000		642,000
Remaining unrecognized compensation cost	$ 13,200,000		$ 13,200,000
Nonvested restricted shares	491,625		491,625		396,598
Expense related to mutual fund share incentive awards	$ 0	$ 2,305,000
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	350,000
Canadian Plan | Westwood International Advisors Inc
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Amount of shares purchased in the open market			$ 700,000
Purchases of treasury stock, shares			27,474
Mutual Fund Share Incentive Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Service period of mutual fund share incentive award			3 years
Expense related to mutual fund share incentive awards	$ 9,000	$ 12,000

LONG-TERM INCENTIVE COMPENSAT_3

LONG-TERM INCENTIVE COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
DomesticEmployeeServiceAward [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Payment Arrangement, Expense		$ 1,765
Performance Shares [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Payment Arrangement, Expense		287
DomesticServiceAndPerformanceAward [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	0	2,052
CanadianEmployeeServiceAward [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	0	253
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	$ 0	$ 2,305

LONG-TERM INCENTIVE COMPENSAT_4

LONG-TERM INCENTIVE COMPENSATION (Details 1) - Restricted Shares Subject Only to a Service Condition	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Restricted shares subject only to a service condition:
Non-vested, beginning balance, shares | shares	396,598
Granted (shares) | shares	262,373
Vested (shares) | shares	(140,974)
Forfeited (shares) | shares	(26,372)
Non-vested, ending balance, shares | shares	491,625
Non-vested, beginning balance, (dollars per share) | $ / shares	$ 48.31
Granted (dollars per share) | $ / shares	27.39
Vested (dollars per share) | $ / shares	53.06
Forfeited (dollars per share) | $ / shares	39.72
Non-vested, ending balance, (dollars per share) | $ / shares	$ 36.25

LONG-TERM INCENTIVE COMPENSAT_5

LONG-TERM INCENTIVE COMPENSATION (Details 2) - Restricted Shares Subject to Service and Performance Conditions	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Restricted shares subject only to a service condition:
Non-vested, beginning balance, shares | shares	80,975
Vested (shares) | shares	(35,275)
Non-vested, ending balance, shares | shares	45,700
Non-vested, beginning balance, (dollars per share) | $ / shares	$ 49.73
Vested (dollars per share) | $ / shares	55.11
Non-vested, ending balance, (dollars per share) | $ / shares	$ 45.58

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Textual) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
UCITS Fund
Related Party Transaction [Line Items]
Fees earned from related party	$ 200,000		$ 700,000
Trust
Related Party Transaction [Line Items]
Due from related party		$ 100,000
Fees earned from related party	$ 100,000	$ 200,000

LEASES (Textual)

LEASES (Textual) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Lessee, Lease, Description [Line Items]
Sublease Income	$ 20

SEGMENT REPORTING (Details Text

SEGMENT REPORTING (Details Textual)	6 Months Ended
	Jun. 30, 2021Segment
Segment Reporting [Abstract]
Number of operating segments	2

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Net fee revenues from external sources	$ 17,601	$ 15,720	$ 36,075	$ 32,773
Net intersegment revenues	0	0	0	0
Net interest and dividend revenue		10		31
Other, net	(117)	145	(272)	(260)
Total revenues	17,484	15,875	35,803	32,544
Segment assets	152,264	147,421	152,264	147,421	$ 149,152
Goodwill	16,401	19,804	16,401	19,804	$ 16,401
Operating Segments | Advisory
Segment Reporting Information [Line Items]
Net fee revenues from external sources	11,385	10,023	23,794	21,125
Net intersegment revenues	624	595	1,300	1,218
Net interest and dividend revenue		10		31
Other, net	(117)	145	(272)	(260)
Total revenues	11,892	10,773	24,822	22,114
Segment assets	211,651	239,726	211,651	239,726
Goodwill	0	3,403	0	3,403
Operating Segments | Trust
Segment Reporting Information [Line Items]
Net fee revenues from external sources	6,216	5,697	12,281	11,648
Net intersegment revenues	87	68	168	118
Net interest and dividend revenue		0		0
Other, net	0	0	0	0
Total revenues	6,303	5,765	12,449	11,766
Segment assets	57,214	50,955	57,214	50,955
Goodwill	16,401	16,401	16,401	16,401
Westwood Holdings
Segment Reporting Information [Line Items]
Net fee revenues from external sources	0	0	0	0
Net intersegment revenues	0	0	0	0
Net interest and dividend revenue		0		0
Other, net	0	0	0	0
Total revenues	0	0	0	0
Segment assets	12,458	17,534	12,458	17,534
Goodwill	0	0	0	0
Eliminations
Segment Reporting Information [Line Items]
Net fee revenues from external sources	0	0	0	0
Net intersegment revenues	(711)	(663)	(1,468)	(1,336)
Net interest and dividend revenue		0		0
Other, net	0	0	0	0
Total revenues	(711)	(663)	(1,468)	(1,336)
Segment assets	(129,059)	(160,794)	(129,059)	(160,794)
Goodwill	$ 0	$ 0	$ 0	$ 0

SUBSEQUENT EVENTS (Details Text

SUBSEQUENT EVENTS (Details Textual) - USD ($)	Jul. 27, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Apr. 27, 2020	Dec. 31, 2017
Subsequent Event [Line Items]
Dividends declared per share (dollars per share)	$ 0.10			$ 0.1	$ 0
Stock Repurchase Program, Authorized Amount						$ 10	$ 10,000,000
Common Stock, Special Dividends, Per Share, Declared	2.50
Trust performance-based fees [Member]
Subsequent Event [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		$ 0	$ 40,000	$ 0	$ 40,000