Silvercrest Asset Management Group Inc. Reports Q3 2026 Results

NEW YORK, Oct. 29, 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 nine months ended September 30, 2026.

Business Update

Silvercrest continued its strategic initiatives during the third quarter, and we continue to progress with the plan we have described over the past two years. Discretionary assets under management (“AUM”) which drives the firm’s revenue decreased $939.2 million during the third quarter to $23.8 billion, primarily due to weaker markets. Of that, $753.1 million had a revenue effect. The third quarter’s weaker markets followed unusually strong second quarter markets, with the result that capital growth has contributed $1.7 billion in AUM this year to date. Net flows for the quarter were essentially flat at $58.3 million. Silvercrest added $182.2 million in organic new client accounts, which was the best quarter during 2026, and our net flows included an affirming $373.0 million follow-on investment in the firm’s global value equity strategy. Offsetting outflows during the quarter were primarily attributable to seasonal high net worth client withdrawals for tax payments as well as some institutional outflows.

While total AUM stands at $36.2 billion, we have discussed in prior quarters that non-discretionary AUM are associated with a small portion of revenue, as most of non-discretionary AUM represents flat fee family office and related services. Therefore, changes in the level of non-discretionary AUM do not correlate to revenue change. We will adjust how the firm reports non-discretionary at the end of the first quarter of 2027, likely eliminating the non-discretionary AUM category. This adjustment will substantially lower reported non-discretionary and total AUM on a one-time basis without revenue effect. We seek to provide investors with a clear picture of the discretionary AUM and the flows and economics that drive our business.

Year to date, revenue increased 2% year over year, reflecting a recovery in average AUM levels weighed down by first-quarter outflows. Our estimated annual run rate increased by a similar percentage year over year, since September 30, 2025.

We announced during the third quarter that we received our full MiFID license through the Central Bank of Ireland. We also opened our Dublin office to serve both high net worth and institutional clients in Europe. With the completion of our Atlanta and Dublin offices, our UCITS fund, Australian trust, and regulatory licensing effort, we do expect administrative and legal costs associated with these initiatives to decline and begin contributing revenue.

Our institutional pipeline has continued to grow substantially and remains robust, particularly in our Global and International Equity strategies, which continue to deliver exceptional performance. Our pipeline quality has also improved with both more possible AUM as well as in number of opportunities. We completed progress on building our global infrastructure and distribution for our current revenue push. We also have achieved important third-party ratings for our strategies and vehicles, and we continue to seek additional ratings with major global consultants to further open institutional distribution channels.

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 $62.9 million, representing 66.3% of revenue, for the nine months ended September 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.

Also, we have discussed with and reminded investors, shareholders approved of an increase in the number of shares issuable under our equity incentive plan. Intellectual capital is Silvercrest's most important resource, and we have made substantial investments in excellent talent. 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.

On October 28, 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 December 18, 2026 to stockholders of record as of the close of business on December 11, 2026.

Third Quarter 2026 Highlights

The table below presents a comparison of certain GAAP and non-GAAP (“Adjusted”) financial measures and AUM.

AUM at $36.2 Billion

Silvercrest’s discretionary AUM decreased by $0.5 billion, or 2.1%, to $23.8 billion at September 30, 2026, from $24.3 billion at September 30, 2025. Silvercrest’s total AUM decreased by $1.4 billion, or 3.7%, to $36.2 billion at September 30, 2026, from $37.6 billion at September 30, 2025. The decrease in total AUM was attributable to net client outflows of $2.5 billion, partially offset by market appreciation of $1.1 billion.

Silvercrest’s discretionary assets under management decreased by $0.9 billion, or 3.6%, to $23.8 billion at September 30, 2026, from $24.7 billion at June 30, 2026. The decrease was attributable to market depreciation of $0.8 billion and net client outflows of $0.1 billion. Silvercrest’s total AUM decreased by $0.8 billion, or 2.2%, to $36.2 billion at September 30, 2026, from $37.0 billion at June 30, 2026. The decrease was attributable to market depreciation of $0.9 billion, partially offset by net client inflows of $0.1 billion.

Third Quarter 2026 vs. Third Quarter 2025

Revenue increased by $1.4 million, or 4.5%, to $32.7 million for the three months ended September 30, 2026, from $31.3 million for the three months ended September 30, 2025. This increase was mainly due to an increase in the average annual management fee.

Total expenses increased by $0.8 million, or 2.9%, to $30.8 million for the three months ended September 30, 2026, from $30.0 million for the three months ended September 30, 2025. Compensation and benefits expense decreased by $0.5 million, or 2.1%, to $21.2 million for the three months ended September 30, 2026, from $21.7 million for the three months ended September 30, 2025. The decrease was primarily attributable to decreases in the accrual for bonuses of $0.9 million and severance of $0.1 million, partially offset by increases in salaries and benefits of $0.2 million primarily as a result of merit-based increases and newly-hired staff, including our new staff in Ireland and in equity-based compensation of $0.3 million. General and administrative expenses increased by $1.3 million, or 16.0%, to $9.6 million for the three months ended September 30, 2026 from $8.3 million for the three months ended September 30, 2025. This was primarily attributable to increases in professional fees of $0.1 million, occupancy and related costs of $0.1 million primarily related to new office space in Singapore, travel and entertainment expenses of $0.5 million, portfolio and systems expense of $0.4 million, charitable donations of $0.1 million, business taxes of $0.1 million and depreciation and amortization of $0.1 million, partially offset by a decrease in recruiting costs of $0.1 million.

Consolidated net income was $1.2 million, or 3.7% of revenue, for the three months ended September 30, 2026, as compared to consolidated net income of $1.1 million, or 3.5% of revenue, for the same period in the prior year. Net income attributable to Silvercrest was $0.6 million, or $0.08 per basic and diluted share, for the three months ended September 30, 2026. Our adjusted net income 1 was $1.9 million, or $0.16 per adjusted basic and adjusted diluted share 2 for the three months ended September 30, 2026.

Adjusted EBITDA 1 was $4.3 million, or 13.5% of revenue, for the three months ended September 30, 2026, as compared to $4.5 million, or 14.5% of revenue, for the same period in the prior year.

Nine Months Ended September 30, 2026 vs. Nine Months Ended September 30, 2025

Revenue increased by $1.5 million, or 1.6%, to $94.9 million for the nine months ended September 30, 2026, from $93.4 million for the nine months ended September 30, 2025. This increase was mainly due to an increase in the average annual management fee.

Total expenses increased by $7.6 million, or 9.2%, to $90.8 million for the nine months ended September 30, 2026, from $83.2 million for the nine months ended September 30, 2025. Compensation and benefits expense increased by $3.5 million, or 5.9%, to $62.9 million for the nine months ended September 30, 2026, from $59.4 million for the nine months ended September 30, 2025. The increase was primarily attributable to increases in salaries and benefits of $1.2 million primarily as a result of merit-based increases and newly-hired staff, including our new staff in Ireland, and in the accrual for bonuses of $1.5 million, equity-based compensation of $0.5 million and severance of $0.3 million. General and administrative expenses increased by $4.1 million, or 17.2%, to $27.8 million for the nine months ended September 30, 2026, from $23.7 million for the nine months ended September 30, 2025. This was primarily attributable to increases in professional fees of $1.7 million, occupancy and related costs of $0.4 million primarily related to new office space in Singapore, travel and entertainment expenses of $1.0 million, portfolio and systems expense of $0.9 million, business taxes of $0.1 million and depreciation and amortization of $0.2 million, partially offset by a decrease in recruiting costs of $0.2 million.

Consolidated net income was $2.2 million, or 2.3% of revenue, for the nine months ended September 30, 2026, as compared to consolidated net income of $8.2 million, or 8.7% of revenue, for the same period in the prior year. Net income attributable to Silvercrest was $1.1 million, or $0.14 per basic and diluted share, for the nine months ended September 30, 2026. Our adjusted net income 1 was $4.6 million, or $0.38 per adjusted basic and adjusted diluted share 2 for the nine months ended September 30, 2026.

Adjusted EBITDA 1 was $11.6 million, or 12.2% of revenue, for the nine months ended September 30, 2026, as compared to $16.8 million, or 18.0% of revenue, for the same period in the prior year.

Liquidity and Capital Resources

Cash and cash equivalents were $27.8 million at September 30, 2026, compared to $44.1 million at December 31, 2025. As of September 30, 2026, there was $9.0 million outstanding under our term loan and nothing outstanding under our revolving credit facility with City National Bank.

Silvercrest Asset Management Group Inc.’s total equity was $45.5 million at September 30, 2026. We had 7,821,782 shares of Class A common stock outstanding and 4,025,985 shares of Class B common stock outstanding at September 30, 2026.

Non-GAAP Financial Measures

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.

Conference Call

The Company will host a conference call on October 30, 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/.

Forward-Looking Statements

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; 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.

About Silvercrest

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, Singapore and Dublin, Silvercrest provides traditional and alternative investment advisory and family office services to wealthy families and select institutional investors.

Silvercrest Asset Management Group Inc.

Contact: Richard Hough

212-649-0601

rhough@silvercrestgroup.com

Exhibit 1

Exhibit 2

(A) Other adjustments consist of the following:

(a) For the three months ended September 30, 2026, represents an ASC 842 rent adjustment of $48 related to the amortization of property lease incentives, legal and other professional fees of $170 related to international initiatives, the accrual for an earnout bonus of $477 and the deduction of an unrealized gain on the Australian trust of $11. For the nine months ended September 30, 2026, represents an ASC 842 rent adjustment of $144 related to the amortization of property lease incentives, legal and other professional fees of $492 related to international initiatives, set up fees related to the establishment of a donor advised fund of $25, a sign-on bonus of $5, rent expense of $8 incurred while waiting for the build out of a lease to be completed, the accrual for an earnout bonus of $1,151 and the deduction of an unrealized gain on the Australian trust of $98. For the three months ended September 30, 2025, represents an ASC 842 rent adjustment of $48 related to the amortization of property lease incentives, legal fees of $70 related to our application for licensure in the European Union (the “EU”), legal and other professional fees of $90 related to other international initiatives, a sign-on bonus of $5, rent expense of $24 and the accrual for an earnout bonus of $1,430. For the nine months ended September 30, 2025, represents an ASC 842 rent adjustment of $144 related to the amortization of property lease incentives, legal fees of $154 related to our application for licensure in the EU, legal and other professional fees of $90 related to other international initiatives, sign-on bonuses paid to certain employees of $67, rent expense of $36 and the accrual for an earnout bonus of $1,430.

Exhibit 3

(A) See A in Exhibit 2.

(B) GAAP earnings per share is strictly attributable to Class A stockholders. Adjusted earnings per share takes into account earnings attributable to both Class A and Class B stockholders.

(D) Includes 98,992 and 137,100 unvested restricted stock units at September 30, 2026 and 2025, respectively, and 86,764 and 366,293 unvested non-qualified options at September 30, 2026 and 2025, respectively.

Exhibit 4

Exhibit 5

Exhibit 6

Exhibit 7

Exhibit 8

(1) Represents new account flows from both new and existing client relationships.

(2) Represents closed accounts of existing client relationships and those that terminated.

(3) Represents periodic cash flows related to existing accounts.

(4) Represents client assets that converted to Discretionary AUM from Non-Discretionary AUM.

(5) Represents the net change to Non-Discretionary AUM.

Exhibit 9