Silvercrest Asset Management Group Inc. Reports Q2 2026 Results

About this update from Silvercrest Asset Management Group Inc.

[{"type":"image","size":{"original":{"url":"data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///ywAAAAAAQABAAACAUwAOw=="}},"alt":"Silvercrest Asset Management Group Inc."},{"type":"text","tagName":"p","content":" NEW YORK, July 30, 2026 (GLOBE NEWSWIRE) -- Silvercrest Asset Management Group Inc. (NASDAQ: SAMG) (the \"Company\" or \"Silvercrest\") today reported the results of its operations for the quarter and six months ended June 30, 2026. "},{"type":"text","tagName":"p","content":" Business Update "},{"type":"text","tagName":"p","content":" Silvercrest made strategic progress during the second quarter, and the plan we have described over the past two years is proceeding as designed. Discretionary assets under management (\"AUM\"), which primarily drives the firm's revenue, increased 6.9% during the second quarter to $24.7 billion at June 30, 2026, and from $23.1 billion at March 31, 2026, driven by market appreciation partially offset by net client outflows. Outflows during the quarter were primarily attributable to seasonal high net worth client withdrawals for tax payments, consistent with prior second quarters, as well as institutional outflows. Over $200 million of those outflows will have no revenue effect. Year over year, discretionary AUM grew 4.2% from $23.7 billion. Total AUM increased 3.6% during the quarter to $37.0 billion. "},{"type":"text","tagName":"p","content":" Organic new client account flows were $111 million for the second quarter, up from $81 million in the first quarter and $80 million in the prior-year period. As discussed in prior quarters, non-discretionary AUM are associated with a small portion of revenue. We will adjust how the firm reports non-discretionary AUM next quarter, likely eliminating the non-discretionary category. This adjustment will substantially lower reported non-discretionary and total AUM on a one-time basis without any revenue effect. We seek to provide investors with a clearer picture of the discretionary AUM and economics that drive our business. While revenue was flat year over year, reflecting average AUM levels weighed down by first-quarter outflows, we enter the third quarter with discretionary AUM meaningfully above the level that drove second-quarter billing. "},{"type":"text","tagName":"p","content":" Our institutional pipeline has grown substantially and remains robust, particularly in our Global and International Equity strategies, which continue to deliver exceptional performance. This week, we received and are investing an AUS$500 million (~$351 million) contribution to our Global Value strategy. That strategy now manages $2.5 billion. Silvercrest's institutional business now stands at $9.8 billion in AUM, up from $8.7 billion at the end of the first quarter. Our OCIO business, which the firm built from inception, now manages $2.9 billion. "},{"type":"text","tagName":"p","content":" We have made significant progress on our global infrastructure and distribution build-out and are entering the revenue phase. We expect to complete our MiFID license through the Central Bank of Ireland by the end of the third quarter. With our Australian unit trust established, our UCITS vehicle and European licensing near completion, the administrative and legal costs associated with these initiatives will decline meaningfully as the distribution access they create begins to contribute. We now have achieved important third-party ratings for our strategies and vehicles, and we are working on additional ratings with major global consultants, which we expect to further open institutional distribution channels worldwide. "},{"type":"text","tagName":"p","content":" We continue to invest in the firm's talent. Our Dublin head of office and our first Dublin-based portfolio manager join the firm next week, and we look forward to making announcements about these impressive professionals. "},{"type":"text","tagName":"p","content":" As previously discussed, Silvercrest will continue to adjust our compensation ratio to match compelling opportunities to organically grow the business. Total compensation and benefits expense was $20.5 million, representing 66.6% of revenue, for the three months ended June 30, 2026. As we have consistently communicated, our earnings and Adjusted EBITDA¹ reflect the deliberate cost of the most significant investment program in the firm's history, and we expect the compensation ratio to remain elevated as these investments mature. "},{"type":"text","tagName":"p","content":" As previously announced, our shareholders approved an increase in the number of shares issuable under our equity incentive plan. Intellectual capital is Silvercrest's most important resource, and we intend to imminently make equity grants to the professionals who are building our business and executing our strategy. Attracting and motivating our professionals and working to align their long-term interests with those of our shareholders is fundamental to how we intend to grow the firm and compound value through this investment cycle and beyond. "},{"type":"text","tagName":"p","content":" Cash and cash equivalents were $20.7 million at June 30, 2026, and we had $9.5 million outstanding under our term loan with City National Bank. Our strong balance sheet continues to support our strategic growth initiatives, our substantial dividend, and ongoing capital returns to shareholders. "},{"type":"text","tagName":"p","content":" On July 29, 2026, the Company's Board of Directors declared a quarterly dividend of $0.21 per share of Class A common stock. The dividend will be paid on or about September 18, 2026 to stockholders of record as of the close of business on September 11, 2026. "},{"type":"text","tagName":"p","content":" Second Quarter 2026 Highlights "},{"type":"list","bulletedList":true,"items":[{"val":[{"type":"text","tagName":"p","content":" Total AUM of $37.0 billion, inclusive of discretionary AUM of $24.7 billion and non-discretionary AUM of $12.3 billion, at June 30, 2026. "}]},{"val":[{"type":"text","tagName":"p","content":" Revenue of $30.8 million. "}]},{"val":[{"type":"text","tagName":"p","content":" U.S. Generally Accepted Accounting Principles (\"GAAP\") consolidated net income and net income attributable to Silvercrest of $0.5 million and $0.2 million, respectively.  "}]},{"val":[{"type":"text","tagName":"p","content":" Basic and diluted net income per share of $0.02. "}]},{"val":[{"type":"text","tagName":"p","content":" Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (\"EBITDA\")1 of $3.4 million. "}]},{"val":[{"type":"text","tagName":"p","content":" Adjusted net income1 of $1.2 million. "}]},{"val":[{"type":"text","tagName":"p","content":" Adjusted basic and diluted earnings per share1,2 of $0.10. "}]}]},{"type":"text","tagName":"p","content":" The table below presents a comparison of certain GAAP and non-GAAP (\"Adjusted\") financial measures and AUM. 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"},{"type":"text","tagName":"p","content":" Second Quarter 2026 vs. Second Quarter 2025 "},{"type":"text","tagName":"p","content":" Revenue increased by $0.1 million, or 0.4%, to $30.8 million for the three months ended June 30, 2026, from $30.7 million for the three months ended June 30, 2025. This increase was mainly due to market appreciation partially offset by net client outflows during the period. "},{"type":"text","tagName":"p","content":" Total expenses increased by $3.2 million, or 12.0%, to $29.8 million for the three months ended June 30, 2026, from $26.6 million for the three months ended June 30, 2025. Compensation and benefits expense increased by $1.7 million, or 8.9%, to $20.5 million for the three months ended June 30, 2026, from $18.8 million for the three months ended June 30, 2025. The increase was primarily attributable to increases in salaries and benefits of $0.4 million, primarily as a result of merit-based increases and newly hired staff, including our new staff in Ireland, as well as an increase in the accrual for bonuses of $1.1 million and equity-based compensation of $0.2 million. General and administrative expenses increased by $1.5 million, or 19.3%, to $9.3 million for the three months ended June 30, 2026 from $7.8 million for the three months ended June 30, 2025. The increase was primarily attributable to increases in professional fees of $0.8 million, occupancy and related costs of $0.1 million, primarily related to new office space in Singapore, travel and entertainment expenses of $0.2 million, portfolio and systems expense of $0.5 million and depreciation and amortization of $0.1 million, partially offset by a decrease in recruiting costs of $0.2 million. "},{"type":"text","tagName":"p","content":" Consolidated net income was $0.5 million, or 1.5% of revenue, for the three months ended June 30, 2026, as compared to consolidated net income of $3.1 million, or 10.3% of revenue, for the same period in the prior year.  Net income attributable to Silvercrest was $0.2 million, or $0.02 per basic and diluted share, for the three months ended June 30, 2026.  Our adjusted net income1 was $1.2 million, or $0.10 per adjusted basic and adjusted diluted share2 for the three months ended June 30, 2026. "},{"type":"text","tagName":"p","content":" Adjusted EBITDA1 was $3.4 million, or 11.2% of revenue, for the three months ended June 30, 2026, as compared to $5.7 million, or 18.7% of revenue, for the same period in the prior year. "},{"type":"text","tagName":"p","content":" Six Months Ended June 30, 2026 vs. Six Months Ended June 30, 2025 "},{"type":"text","tagName":"p","content":" Revenue increased by $0.1 million, or 0.2%, to $62.2 million for the six months ended June 30, 2026, from $62.1 million for the six months ended June 30, 2025. This increase was driven by market appreciation, partially offset by net client outflows. "},{"type":"text","tagName":"p","content":" Total expenses increased by $6.8 million, or 12.8%, to $60.0 million for the six months ended June 30, 2026, from $53.2 million for the six months ended June 30, 2025. Compensation and benefits expense increased by $3.9 million, or 10.5%, to $41.6 million for the six months ended June 30, 2026, from $37.7 million for the six months ended June 30, 2025. The increase was primarily attributable to increases in salaries and benefits of $1.0 million, primarily as a result of merit-based increases and newly hired staff, including our new staff in Ireland, as well as an increase in the accrual for bonuses of $2.3 million, equity-based compensation of $0.2 million and severance of $0.4 million. General and administrative expenses increased by $2.8 million, or 18.3%, to $18.3 million for the six months ended June 30, 2026, from $15.5 million for the six months ended June 30, 2025. The increase was primarily attributable to increases in professional fees of $1.6 million, occupancy and related costs of $0.3 million, primarily related to new office space in Singapore, travel and entertainment expenses of $0.5 million, portfolio and systems expense of $0.5 million and depreciation and amortization of $0.1 million, partially offset by a decrease in recruiting costs of $0.1 million. "},{"type":"text","tagName":"p","content":" Consolidated net income was $1.0 million, or 1.6% of revenue, for the six months ended June 30, 2026, as compared to consolidated net income of $7.1 million, or 11.4% of revenue, for the same period in the prior year. Net income attributable to Silvercrest was $0.4 million, or $0.05 per basic share and diluted share, for the six months ended June 30, 2026. Our adjusted net income1 was $2.6 million, or $0.22 per adjusted basic and adjusted diluted share2 for the six months ended June 30, 2026. "},{"type":"text","tagName":"p","content":" Adjusted EBITDA1 was $7.2 million, or 11.5% of revenue, for the six months ended June 30, 2026, as compared to $12.2 million, or 19.7% of revenue, for the same period in the prior year. "},{"type":"text","tagName":"p","content":" Liquidity and Capital Resources "},{"type":"text","tagName":"p","content":" Cash and cash equivalents were $20.7 million at June 30, 2026, compared to $44.1 million at December 31, 2025.  As of June 30, 2026, there was $9.5 million outstanding under our term loan and nothing outstanding under our revolving credit facility with City National Bank.  "},{"type":"text","tagName":"p","content":" Silvercrest Asset Management Group Inc.'s total equity was $46.0 million at June 30, 2026.  We had 7,751,149 shares of Class A common stock outstanding and 4,096,618 shares of Class B common stock outstanding at June 30, 2026. "},{"type":"text","tagName":"p","content":" Non-GAAP Financial Measures "},{"type":"text","tagName":"p","content":" To provide investors with additional insight, promote transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making, we supplement our consolidated financial statements presented on a basis consistent with GAAP with Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Earnings Per Share, which are non-GAAP financial measures of earnings.  These adjustments, and the non-GAAP financial measures that are derived from them, provide supplemental information to analyze our operations between periods and over time. Investors should consider our non-GAAP financial measures in addition to, and not as a substitute for, financial measures prepared in accordance with GAAP. "},{"type":"list","bulletedList":true,"items":[{"val":[{"type":"text","tagName":"p","content":" EBITDA represents net income before provision for income taxes, interest income, interest expense, depreciation and amortization. "}]},{"val":[{"type":"text","tagName":"p","content":" We define Adjusted EBITDA as EBITDA without giving effect to the Delaware franchise tax, professional fees associated with acquisitions or financing transactions, gains on extinguishment of debt or other obligations related to acquisitions, impairment charges and losses on disposals or abandonment of assets and leaseholds, client reimbursements and fund redemption costs, severance and other similar expenses, but including partner incentive allocations, prior to our initial public offering, as an expense.  We believe that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted EBITDA, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring earnings of the Company, taking into account earnings attributable to both Class A and Class B stockholders.   "}]},{"val":[{"type":"text","tagName":"p","content":" Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenue.  We believe that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted EBITDA Margin, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring profitability of the Company, taking into account profitability attributable to both Class A and Class B stockholders. "}]},{"val":[{"type":"text","tagName":"p","content":" Adjusted Net Income represents recurring net income without giving effect to professional fees associated with acquisitions or financing transactions, losses on forgiveness of notes receivable from our partners, gains on extinguishment of debt or other obligations related to acquisitions, impairment charges and losses on disposals or abandonment of assets and leaseholds, client reimbursements and fund redemption costs, severance and other similar expenses. Furthermore, Adjusted Net Income includes income tax expense assuming a blended corporate rate of 26%.  We believe that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted Net Income, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring income of the Company, taking into account income attributable to both Class A and Class B stockholders.  "}]},{"val":[{"type":"text","tagName":"p","content":" Adjusted Earnings Per Share represents Adjusted Net Income divided by the actual Class A and Class B shares outstanding as of the end of the reporting period for basic Adjusted Earnings Per Share, and to the extent dilutive, we add unvested restricted stock units and non-qualified stock options to the total shares outstanding to compute diluted Adjusted Earnings Per Share. As a result of our structure, which includes a non-controlling interest, we believe that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted Earnings Per Share, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring earnings per share of the Company as a whole as opposed to being limited to our Class A common stock. "}]}]},{"type":"text","tagName":"p","content":" Conference Call "},{"type":"text","tagName":"p","content":" The Company will host a conference call on July 31, 2026, at 8:30 a.m. (Eastern Time) to discuss these results. The call will be hosted by Richard R. Hough III, Chief Executive Officer and President, and Scott A. Gerard, Chief Financial Officer. Listeners may access the call by dialing 1-844-836-8743, or for international listeners the call may be accessed by dialing 1-412-317-5723.  A live, listen-only webcast will also be available via the investor relations section of www.silvercrestgroup.com .  An archived replay of the call will be available after the completion of the live call on the Investor Relations page of the Silvercrest website at http://ir.silvercrestgroup.com/. "},{"type":"text","tagName":"p","content":" Forward-Looking Statements "},{"type":"text","tagName":"p","content":" This release contains, and from time to time our management may make, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.  These forward-looking statements are subject to risks, uncertainties and assumptions. These statements are only predictions based on our current expectations and projections about future events. Important factors that could cause actual results, level of activity, performance or achievements to differ materially from those indicated by such forward-looking statements include, but are not limited to: incurrence of net losses; fluctuations in quarterly and annual results; adverse economic or market conditions; our expectations with respect to future levels of assets under management, inflows and outflows; our ability to retain clients; our ability to maintain our fee structure; our particular choices with regard to investment strategies employed; our ability to hire and retain qualified investment professionals; the cost of complying with current and future regulation coupled with the cost of defending ourselves from related investigations or litigation; failure of our operational safeguards against breaches in data security, privacy, conflicts of interest or employee misconduct; our expected tax rate; our expectations with respect to deferred tax assets; incurrence of net losses; adverse effects of management focusing on implementation of a growth strategy; failure to develop and maintain the Silvercrest brand; and other factors disclosed under \"Risk Factors\" in our annual report on Form 10-K for the year ended December 31, 2025, which is accessible on the U.S. Securities and Exchange Commission's website at www.sec.gov. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. "},{"type":"text","tagName":"p","content":" About Silvercrest "},{"type":"text","tagName":"p","content":" Silvercrest was founded in April 2002 as an independent, employee-owned registered investment adviser. With offices in New York, Boston, Virginia, New Jersey, California, Wisconsin, Atlanta and Singapore, Silvercrest provides traditional and alternative investment advisory and family office services to wealthy families and select institutional investors. "},{"type":"text","tagName":"p","content":" Silvercrest Asset Management Group Inc. "},{"type":"text","tagName":"p","content":" Contact: Richard Hough 212-649-0601 [email protected] "},{"type":"text","tagName":"p","content":" Exhibit 1 "},{"type":"table","items":[{"val":[{"val":[{"type":"text","tagName":"p","content":" Silvercrest Asset Management Group Inc.  Condensed Consolidated Statements of Operations (Unaudited and in thousands, except share and per share amounts or as noted) "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":"   "}]},{"val":[{"type":"text","tagName":"p","content":"   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