Silvercrest Asset Management Group Inc. Reports Q1 2026 Results
Rhea-AI Summary
Silvercrest Asset Management (NASDAQ:SAMG) reported Q1 2026 revenue of $31.4 million, flat year over year, with GAAP net income of $0.5 million and EPS of $0.03. Adjusted EBITDA was $3.7 million and adjusted EPS $0.12–$0.13.
Total AUM was $35.7 billion, up 1.1% year over year but down 3.5% sequentially on net outflows. The board declared a $0.21 quarterly dividend, payable June 19, 2026, to holders of record on June 12, 2026.
AI-generated analysis. Not financial advice.
Positive
- Total AUM up 1.1% year over year to $35.7 billion
- Discretionary AUM up 1.8% year over year to $23.1 billion
- Average AUM increased to $36.4 billion from $35.9 billion
- Quarterly dividend of $0.21 per share declared for June 19, 2026 payment
Negative
- GAAP net income fell to $0.5 million from $3.9 million (about -86%)
- Net income margin declined to 1.7% from 12.5%
- Adjusted EBITDA decreased to $3.7 million from $6.5 million
- Compensation and benefits expense rose 12% to $21.1 million (67.2% of revenue)
- Total expenses increased 13.5% to $30.1 million with higher G&A costs
- Cash and equivalents declined to $11.6 million from $44.1 million at year-end 2025
News Market Reaction – SAMG
On the day this news was published, SAMG declined 5.28%, reflecting a notable negative market reaction. This price movement removed approximately $8M from the company's valuation, bringing the market cap to $147.16M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
SAMG was down 2.7% while momentum data showed only one peer (WHG) moving, up 0.61% with no news, and other listed asset-management peers showing small mixed moves. This points to a stock-specific reaction to SAMG’s earnings rather than a broad sector rotation.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Oct 30 | Q3 2025 earnings | Positive | -1.4% | New AUM highs and revenue growth but higher expenses from investments. |
| Jul 31 | Q2 2025 earnings | Positive | -3.0% | Record AUM, solid revenue and EBITDA alongside buybacks and dividend hike. |
| May 08 | Q1 2025 earnings | Positive | -10.3% | Strong organic flows and higher revenue, offset by lower net income. |
| Oct 31 | Q3 2024 earnings | Negative | -5.8% | Revenue growth but declining net income and margins versus prior year. |
| Aug 01 | Q2 2024 earnings | Positive | -5.7% | Higher AUM and revenue with strong EPS and EBITDA despite segment headwinds. |
Earnings releases often showed positive or mixed fundamentals but were followed by negative share-price moves, with an average move of -5.24% after prior earnings announcements.
Over the past several earnings cycles, Silvercrest has steadily grown AUM, with totals reaching as high as $37.6 billion and discretionary AUM above $24 billion. Revenue per quarter has hovered around the $30–31 million range, while net income and margins compressed as compensation and other expenses rose to support strategic growth and buybacks. Despite repeated dividend increases to $0.21 per share, prior earnings headlines were typically followed by share price declines, framing today’s weaker Q1 2026 profitability within an ongoing margin‑pressure narrative.
Historical Comparison
Historically, SAMG earnings news led to an average move of -5.24%, with shares frequently declining even on AUM and revenue growth, underscoring a pattern of skepticism about margin durability.
Earnings releases show AUM trending higher and revenue stable around the low $30M range, while net income and EBITDA margins compress as Silvercrest invests heavily in compensation, talent and global distribution initiatives.
Market Pulse Summary
The stock moved -5.3% in the session following this news. A negative reaction despite previously stable revenue fits Silvercrest’s record of earnings-related declines, where past reports averaged a -5.24% move. Q1 2026 showed flat revenue at $31.4 million but sharply lower net income of $0.5 million, an 11.8% adjusted EBITDA margin and a higher compensation ratio of 67.2%. Investors may focus on reduced cash of $11.6 million versus $44.1 million year‑end and ongoing net client outflows, even as total AUM edged up year over year to $35.7 billion.
Key Terms
adjusted ebitda financial
non-gaap financial
gaap financial
ebitda financial
adjusted net income financial
term loan financial
revolving credit facility financial
restricted stock units financial
AI-generated analysis. Not financial advice.
NEW YORK, May 11, 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 year ended March 31, 2026.
Business Update
Silvercrest entered its 25th year in business at the beginning of the second quarter with clear strategic momentum, even as our first quarter results reflect near-term headwinds we have anticipated and communicated. Discretionary assets under management (“AUM”), which primarily drives the firm's revenue, decreased
As we conveyed in our Annual Report and throughout 2025, Silvercrest has embarked on the most significant investment program in its history to build a more enduring and globally capable firm for our next 25 years. We began these investments in earnest about a year and a half ago, and it takes time for those investments — primarily in intellectual capital and headcount — to bear fruit. Our earnings and Adjusted EBITDA¹ continue to reflect the deliberate cost of that program. We continued to execute on our strategic priorities in the first quarter. We are fully committed to its rationale and will continue to be transparent about the effect on our financial results.
Our new business pipeline remains particularly robust with regard to the firm’s Global and International Equity strategies, bolstered by exceptional investment performance across the board. The firm continues to generate strong interest from institutional consultants and allocators globally, and our primary institutional objective for 2026 is to convert that pipeline into consultant approvals and funded mandates. We have reorganized our international business development effort and now have professionals in London and Australia dedicated to this effort. Our Dublin office is on track to open later in 2026 following expected Bank of Ireland regulatory approval, and which will allow us to proactively market our capabilities in Europe. We have created investment trusts in both Ireland and Australia, together materially expanding our distribution opportunity across Europe and Oceania. These milestones represent the culmination of a multi-year build that we expect to contribute meaningfully to positive flows in 2026 and beyond. Finally, we opened our Atlanta and Singapore offices during the first quarter of 2026 and are beginning to see business development as a result.
The firm continues to invest in talent across the organization and to execute on next-generation portfolio management transitions designed to protect our investment process, preserve our culture, and deepen the bench for the years ahead. These transitions are deliberate and central to our long-term competitive positioning as we approach our 25th anniversary in April 2027.
As previously discussed, Silvercrest will continue to adjust our compensation ratio to match compelling opportunities to organically grow the firm and build return on invested capital. With significant initiatives underway for marketing and distribution in Europe, Oceania, and Asia, as well as in U.S.-based personnel, our compensation ratio remains elevated. Total compensation and benefits expense was
Our balance sheet continues to support our strategic growth initiatives and our ongoing commitment to capital returns to shareholders.
On May 6, 2026, the Company’s Board of Directors declared a quarterly dividend of
First Quarter 2026 Highlights
- Total AUM of
$35.7 billion , inclusive of discretionary AUM of$23.1 billion and non-discretionary AUM of$12.6 billion , at March 31, 2026. - Revenue of
$31.4 million . - 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. - Basic and diluted net income per share of
$0.03 . - Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”)1 of
$3.7 million . - Adjusted net income1 of
$1.5 million . - Adjusted basic and diluted earnings per share1,2 of
$0.13 and$0.12 , respectively.
The table below presents a comparison of certain GAAP and non-GAAP (“Adjusted”) financial measures and AUM.
| For the Three Months Ended March 31, | ||||||||
| (in thousands except as indicated) | 2026 | 2025 | ||||||
| Revenue | $ | 31,406 | $ | 31,392 | ||||
| Income before other income (expense), net | $ | 1,262 | $ | 4,837 | ||||
| Net income | $ | 533 | $ | 3,928 | ||||
| Net income margin | 1.7 | % | 12.5 | % | ||||
| Net income attributable to Silvercrest | $ | 237 | $ | 2,469 | ||||
| Net income per basic share | $ | 0.03 | $ | 0.26 | ||||
| Net income per diluted share | $ | 0.03 | $ | 0.26 | ||||
| Adjusted EBITDA1 | $ | 3,710 | $ | 6,497 | ||||
| Adjusted EBITDA Margin1 | 11.8 | % | 20.7 | % | ||||
| Adjusted net income1 | $ | 1,476 | $ | 3,894 | ||||
| Adjusted basic earnings per share1, 2 | $ | 0.13 | $ | 0.29 | ||||
| Adjusted diluted earnings per share1, 2 | $ | 0.12 | $ | 0.27 | ||||
| Assets under management at period end (billions) | $ | 35.7 | $ | 35.3 | ||||
| Average assets under management (billions)3 | $ | 36.4 | $ | 35.9 | ||||
| Discretionary assets under management (billions) | $ | 23.1 | $ | 22.7 | ||||
_______________
| 1 | Adjusted measures are non-GAAP measures and are explained and reconciled to the comparable GAAP measures in Exhibits 2 and 3. |
| 2 | Adjusted basic and diluted earnings per share measures for the three months ended March 31, 2026 are based on the number of shares of Class A common stock and Class B common stock outstanding as of March 31, 2026. Adjusted diluted earnings per share are further based on the addition of unvested restricted stock units and non-qualified stock options to the extent dilutive at the end of the reporting period. |
| 3 | We have computed average AUM by averaging AUM at the beginning of the applicable period and AUM at the end of the applicable period. |
AUM at
Silvercrest’s discretionary AUM increased by
Silvercrest’s discretionary assets under management decreased by
First Quarter 2026 vs. First Quarter 2025
Revenue remained flat at
Total expenses increased by
Consolidated net income was
Adjusted EBITDA1 was
Liquidity and Capital Resources
Cash and cash equivalents were
Silvercrest Asset Management Group Inc.’s total equity was
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.
- EBITDA represents net income before provision for income taxes, interest income, interest expense, depreciation and amortization.
- 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.
- 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.
- 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. - 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.
Conference Call
The Company will host a conference call on May 12, 2026, at 8:30 am (Eastern Time) to discuss these results. Hosting the call will be 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 economic or market conditions; 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.
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 and Singapore, Silvercrest provides traditional and alternative investment advisory and family office services to wealthy families and select institutional investors.
| Exhibit 1 | ||||||||
| Silvercrest Asset Management Group Inc. Condensed Consolidated Statements of Operations (Unaudited and in thousands, except share and per share amounts or as noted) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Revenue | ||||||||
| Management and advisory fees | $ | 30,285 | $ | 30,268 | ||||
| Family office services | 1,121 | 1,124 | ||||||
| Total revenue | 31,406 | 31,392 | ||||||
| Expenses | ||||||||
| Compensation and benefits | 21,144 | 18,881 | ||||||
| General and administrative | 9,000 | 7,674 | ||||||
| Total expenses | 30,144 | 26,555 | ||||||
| Income before other (expense) income, net | 1,262 | 4,837 | ||||||
| Other (expense) income, net | ||||||||
| Other (expense) income, net | (22 | ) | 7 | |||||
| Interest income | 78 | 273 | ||||||
| Interest expense | (189 | ) | (15 | ) | ||||
| Unrealized loss on investments | (79 | ) | — | |||||
| Total other (expense) income, net | (212 | ) | 265 | |||||
| Income before provision for income taxes | 1,050 | 5,102 | ||||||
| Provision for income taxes | (517 | ) | (1,174 | ) | ||||
| Net income | 533 | 3,928 | ||||||
| Less: net income attributable to non-controlling interests | (296 | ) | (1,459 | ) | ||||
| Net income attributable to Silvercrest | $ | 237 | $ | 2,469 | ||||
| Net income per share: | ||||||||
| Basic | $ | 0.03 | $ | 0.26 | ||||
| Diluted | $ | 0.03 | $ | 0.26 | ||||
| Weighted average shares outstanding: | ||||||||
| Basic | 7,682,745 | 9,581,779 | ||||||
| Diluted | 7,729,301 | 9,618,888 | ||||||
| Exhibit 2 | ||||||||
| Silvercrest Asset Management Group Inc. Reconciliation of GAAP to non-GAAP (“Adjusted”) Adjusted EBITDA Measure (Unaudited and in thousands, except share and per share amounts or as noted) | ||||||||
| Adjusted EBITDA | For the Three Months Ended March 31, | |||||||
| 2026 | 2025 | |||||||
| Reconciliation of non-GAAP financial measure: | ||||||||
| Net income | $ | 533 | $ | 3,928 | ||||
| Provision for income taxes | 517 | 1,174 | ||||||
| Delaware Franchise Tax | 50 | 50 | ||||||
| Interest expense | 189 | 15 | ||||||
| Interest income | (78 | ) | (273 | ) | ||||
| Depreciation and amortization | 1,090 | 1,039 | ||||||
| Equity-based compensation | 515 | 454 | ||||||
| Other adjustments (A) | 894 | 110 | ||||||
| Adjusted EBITDA | $ | 3,710 | $ | 6,497 | ||||
| Adjusted EBITDA Margin | 11.8 | % | 20.7 | % | ||||
(A) Other adjustments consist of the following:
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Severance | $ | 351 | $ | — | ||||
| Other (a) | 543 | 110 | ||||||
| Total other adjustments | $ | 894 | $ | 110 | ||||
(a) For the three months ended March 31, 2026, represents an ASC 842 rent adjustment of
| Exhibit 3 | ||||||||
| Silvercrest Asset Management Group Inc. Reconciliation of GAAP to non-GAAP (“Adjusted”) Adjusted Net Income and Adjusted Earnings Per Share Measures (Unaudited and in thousands, except per share amounts or as noted) | ||||||||
| Adjusted Net Income and Adjusted Earnings Per Share | Three Months Ended March 31, | |||||||
| 2026 | 2025 | |||||||
| Reconciliation of non-GAAP financial measure: | ||||||||
| Net income | $ | 533 | $ | 3,928 | ||||
| Consolidated GAAP Provision for income taxes | 517 | 1,174 | ||||||
| Delaware Franchise Tax | 50 | 50 | ||||||
| Other adjustments (A) | 894 | 110 | ||||||
| Adjusted earnings before provision for income taxes | 1,994 | 5,262 | ||||||
| Adjusted provision for income taxes: | ||||||||
| Adjusted provision for income taxes ( | (518 | ) | (1,368 | ) | ||||
| Adjusted net income | $ | 1,476 | $ | 3,894 | ||||
| GAAP net income per share (B): | ||||||||
| Basic | $ | 0.03 | $ | 0.26 | ||||
| Diluted | $ | 0.03 | $ | 0.26 | ||||
| Adjusted earnings per share/unit (B): | ||||||||
| Basic | $ | 0.13 | $ | 0.29 | ||||
| Diluted | $ | 0.12 | $ | 0.27 | ||||
| Shares/units outstanding: | ||||||||
| Basic Class A shares outstanding | 7,667 | 9,474 | ||||||
| Basic Class B shares/units outstanding | 4,127 | 4,081 | ||||||
| Total basic shares/units outstanding | 11,794 | 13,555 | ||||||
| Diluted Class A shares outstanding (C) | 7,713 | 9,511 | ||||||
| Diluted Class B shares/units outstanding (D) | 4,352 | 4,652 | ||||||
| Total diluted shares/units outstanding | 12,065 | 14,163 | ||||||
(A) See A in Exhibit 3.
(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.
(C) Includes 46,556 and 37,109 unvested restricted stock units at March 31, 2026 and 2025, respectively.
(D) Includes 137,765 and 205,079 unvested restricted stock units at March 31, 2026 and 2025, respectively, and 86,764 and 366,293 unvested non-qualified options at March 31, 2026 and 2025, respectively.
| Exhibit 4 | ||||||||
| Silvercrest Asset Management Group Inc. Condensed Consolidated Statements of Financial Condition (Unaudited and in thousands) | ||||||||
| March 31, 2026 | December 31, 2025 | |||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 11,641 | $ | 44,069 | ||||
| Investments | 2,850 | 1,030 | ||||||
| Receivables, net | 9,816 | 11,788 | ||||||
| Due from Silvercrest Funds | 874 | 326 | ||||||
| Furniture, equipment and leasehold improvements, net | 7,702 | 7,715 | ||||||
| Goodwill | 63,675 | 63,675 | ||||||
| Operating lease assets | 16,147 | 17,376 | ||||||
| Finance lease assets | 322 | 322 | ||||||
| Intangible assets, net | 13,993 | 14,451 | ||||||
| Deferred tax asset | 1,390 | 1,494 | ||||||
| Prepaid expenses and other assets | 4,569 | 4,361 | ||||||
| Total assets | $ | 132,979 | $ | 166,607 | ||||
| Liabilities and Equity | ||||||||
| Accounts payable and accrued expenses | $ | 3,464 | $ | 4,282 | ||||
| Accrued compensation | 10,233 | 43,421 | ||||||
| Borrowings under credit facility | 10,010 | 4,023 | ||||||
| Operating lease liabilities | 18,250 | 19,625 | ||||||
| Finance lease liabilities | 332 | 330 | ||||||
| Deferred tax and other liabilities | 10,062 | 10,042 | ||||||
| Total liabilities | 52,351 | 81,723 | ||||||
| Commitments and Contingencies (Note 10) | ||||||||
| Equity | ||||||||
| Preferred Stock, par value | — | — | ||||||
| Class A Common Stock, par value | 108 | 108 | ||||||
| Class B Common Stock, par value | 40 | 40 | ||||||
| Additional Paid-In Capital | 58,833 | 58,875 | ||||||
| Treasury stock, at cost, 3,175,021 and 3,055,920 shares as of March 31, 2026 and December 31, 2025, respectively | (52,316 | ) | (50,426 | ) | ||||
| Accumulated other comprehensive income (loss) | (99 | ) | (67 | ) | ||||
| Retained earnings | 40,355 | 41,744 | ||||||
| Total Silvercrest Asset Management Group Inc.’s equity | 46,921 | 50,274 | ||||||
| Non-controlling interests | 33,707 | 34,610 | ||||||
| Total equity | 80,628 | 84,884 | ||||||
| Total liabilities and equity | $ | 132,979 | $ | 166,607 | ||||
| Exhibit 5 | ||||||||||||
| Silvercrest Asset Management Group Inc. Total Assets Under Management (Unaudited and in billions) | ||||||||||||
| Total Assets Under Management: | ||||||||||||
| Three Months Ended March 31, | % Change from March 31, | |||||||||||
| 2026 | 2025 | 2025 | ||||||||||
| Beginning assets under management | $ | 37.0 | $ | 36.5 | 1.4 | % | ||||||
| Gross client inflows | 1.1 | 1.4 | -21.4 | % | ||||||||
| Gross client outflows | (1.8 | ) | (1.2 | ) | 50.0 | % | ||||||
| Net client flows | (0.7 | ) | 0.2 | NM | ||||||||
| Market depreciation | (0.6 | ) | (1.4 | ) | -57.1 | % | ||||||
| Ending assets under management | $ | 35.7 | $ | 35.3 | 1.1 | % | ||||||
NM = Not meaningful
| Exhibit 6 | ||||||||||||
| Silvercrest Asset Management Group Inc. Discretionary Assets Under Management (Unaudited and in billions) | ||||||||||||
| Discretionary Assets Under Management: | ||||||||||||
| Three Months Ended March 31, | % Change from March 31, | |||||||||||
| 2026 | 2025 | 2025 | ||||||||||
| Beginning assets under management | $ | 24.0 | $ | 23.3 | 3.0 | % | ||||||
| Gross client inflows | 0.5 | 1.0 | -50.0 | % | ||||||||
| Gross client outflows | (1.4 | ) | (0.7 | ) | 100.0 | % | ||||||
| Net client flows | (0.9 | ) | 0.3 | NM | ||||||||
| Market depreciation | — | (0.9 | ) | -100.0 | % | |||||||
| Ending assets under management | $ | 23.1 | $ | 22.7 | 1.8 | % | ||||||
NM = Not meaningful
| Exhibit 7 | ||||||||||||
| Silvercrest Asset Management Group Inc. Non-Discretionary Assets Under Management (Unaudited and in billions) | ||||||||||||
| Non-Discretionary Assets Under Management: | ||||||||||||
| Three Months Ended March 31, | % Change from March 31, | |||||||||||
| 2026 | 2025 | 2025 | ||||||||||
| Beginning assets under management | $ | 13.0 | $ | 13.2 | -1.5 | % | ||||||
| Gross client inflows | 0.6 | 0.4 | 50.0 | % | ||||||||
| Gross client outflows | (0.4 | ) | (0.5 | ) | -20.0 | % | ||||||
| Net client flows | 0.2 | (0.1 | ) | NM | ||||||||
| Market depreciation | (0.6 | ) | (0.5 | ) | 20.0 | % | ||||||
| Ending assets under management | $ | 12.6 | $ | 12.6 | 0.0 | % | ||||||
NM = Not meaningful
| Exhibit 8 | ||||||||
| Silvercrest Asset Management Group Inc. Assets Under Management (Unaudited and in billions) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Total AUM as of January 1, | $ | 37.046 | $ | 36.455 | ||||
| Discretionary AUM: | ||||||||
| Total Discretionary AUM as of January 1, | $ | 23.984 | $ | 23.319 | ||||
| New client accounts/assets (1) | 0.081 | 0.438 | ||||||
| Closed accounts (2) | (0.182 | ) | (0.055 | ) | ||||
| Net cash inflow/(outflow) (3) | (0.820 | ) | (0.115 | ) | ||||
| Non-discretionary to Discretionary AUM (4) | 0.004 | 0.001 | ||||||
| Market appreciation (depreciation) | 0.020 | (0.933 | ) | |||||
| Change to Discretionary AUM | (0.897 | ) | (0.664 | ) | ||||
| Total Discretionary AUM at March 31, | 23.087 | 22.655 | ||||||
| Change to Non-Discretionary AUM (5) | (0.444 | ) | (0.463 | ) | ||||
| Total AUM as of March 31, | $ | 35.705 | $ | 35.328 | ||||
(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 | ||||||||||||||||||||||
| Silvercrest Asset Management Group Inc. Equity Investment Strategy Composite Performance1, 2 As of March 31, 2026 (Unaudited) | ||||||||||||||||||||||
| PROPRIETARY EQUITY PERFORMANCE1, 2 | ANNUALIZED PERFORMANCE | |||||||||||||||||||||
| INCEPTION | 1-YEAR | 3-YEAR | 5-YEAR | 7-YEAR | INCEPTION | |||||||||||||||||
| Large Cap Value Composite | 4/1/02 | 18.1 | 13.0 | 9.2 | 11.4 | 9.6 | ||||||||||||||||
| Russell 1000 Value Index | 15.9 | 14.3 | 9.4 | 10.6 | 8.2 | |||||||||||||||||
| Small Cap Value Composite | 4/1/02 | 8.3 | 6.5 | 4.2 | 7.9 | 9.7 | ||||||||||||||||
| Russell 2000 Value Index | 28.1 | 13.8 | 5.8 | 9.1 | 8.2 | |||||||||||||||||
| Smid Cap Value Composite | 10/1/05 | 16.0 | 10.3 | 5.4 | 8.1 | 9.3 | ||||||||||||||||
| Russell 2500 Value Index | 25.4 | 14.5 | 7.6 | 9.9 | 8.2 | |||||||||||||||||
| Multi Cap Value Composite | 7/1/02 | 17.1 | 12.8 | 7.2 | 9.6 | 9.6 | ||||||||||||||||
| Russell 3000 Value Index | 16.4 | 14.3 | 9.2 | 10.5 | 8.7 | |||||||||||||||||
| Equity Income Composite | 12/1/03 | 18.6 | 11.5 | 7.8 | 8.6 | 10.9 | ||||||||||||||||
| Russell 3000 Value Index | 16.4 | 14.3 | 9.2 | 10.5 | 8.8 | |||||||||||||||||
| Focused Value Composite | 9/1/04 | 19.6 | 12.7 | 5.6 | 7.1 | 9.6 | ||||||||||||||||
| Russell 3000 Value Index | 16.4 | 14.3 | 9.2 | 10.5 | 8.7 | |||||||||||||||||
| Global Value Opportunity Composite | 1/1/20 | 36.7 | 19.7 | 13.4 | — | 13.2 | ||||||||||||||||
| MSCI ACWI Value - Net Index | 17.8 | 14.7 | 9.2 | — | 8.7 | |||||||||||||||||
| Small Cap Opportunity Composite | 7/1/04 | 11.6 | 6.9 | 3.9 | 8.5 | 10.3 | ||||||||||||||||
| Russell 2000 Index | 25.7 | 13.1 | 3.8 | 8.6 | 8.3 | |||||||||||||||||
| Small Cap Growth Composite | 7/1/04 | 33.3 | 10.0 | 1.8 | 10.8 | 10.6 | ||||||||||||||||
| Russell 2000 Growth Index | 23.6 | 12.3 | 1.6 | 7.7 | 8.5 | |||||||||||||||||
| Smid Cap Growth Composite | 1/1/06 | 28.2 | 11.5 | 1.3 | 12.4 | 10.9 | ||||||||||||||||
| Russell 2500 Growth Index | 19.3 | 10.6 | 1.8 | 8.3 | 9.2 | |||||||||||||||||
| 1 | Returns are based upon a time weighted rate of return of various fully discretionary equity portfolios with similar investment objectives, strategies and policies and other relevant criteria managed by Silvercrest Asset Management Group LLC (“SAMG LLC”), a subsidiary of Silvercrest. Performance results are gross of fees and net of commission charges. An investor’s actual return will be reduced by the advisory fees and any other expenses it may incur in the management of the investment advisory account. SAMG LLC’s standard advisory fees are described in Part 2 of its Form ADV. Actual fees and expenses will vary depending on a variety of factors, including the size of a particular account. Returns greater than one year are shown as annualized compounded returns and include gains and accrued income and reinvestment of distributions. Past performance is no guarantee of future results. This piece contains no recommendations to buy or sell securities or a solicitation of an offer to buy or sell securities or investment services or adopt any investment position. This piece is not intended to constitute investment advice and is based upon conditions in place during the period noted. Market and economic views are subject to change without notice and may be untimely when presented here. Readers are advised not to infer or assume that any securities, sectors or markets described were or will be profitable. SAMG LLC is an independent investment advisory and financial services firm created to meet the investment and administrative needs of individuals with substantial assets and select institutional investors. SAMG LLC claims compliance with the Global Investment Performance Standards (GIPS®). |
| 2 | The market indices used to compare to the performance of Silvercrest’s strategies are as follows: The Russell 1000 Index is a capitalization-weighted, unmanaged index that measures the 1000 largest companies in the Russell 3000. The Russell 1000 Value Index is a capitalization-weighted, unmanaged index that includes those Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values. The Russell 2000 Index is a capitalization-weighted, unmanaged index that measures the 2000 smallest companies in the Russell 3000. The Russell 2000 Value Index is a capitalization-weighted, unmanaged index that includes those Russell 2000 Index companies with lower price-to-book ratios and lower expected growth values. The Russell 2000 Growth Index is a capitalization-weighted, unmanaged index that includes those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth. The Russell 2500 Index is a capitalization-weighted, unmanaged index that measures the 2500 smallest companies in the Russell 3000. The Russell 2500 Value Index is a capitalization-weighted, unmanaged index that includes those Russell 2000 Index companies with lower price-to-book ratios and lower expected growth values. The Russell 2500 Growth Index is a capitalization-weighted, unmanaged index that includes those Russell 2500 Index companies with higher price-to-book ratios and higher forecasted growth. The Russell 3000 Value Index is a capitalization-weighted, unmanaged index that measures those Russell 3000 Index companies with lower price-to-book ratios and lower forecasted growth. MSCI ACWI Value - Net Index captures large and mid-cap securities across 23 Developed and 24 Emerging Markets, identifying stocks with high value characteristics (low price-to-book, low forward earnings-to-price, and high dividend yield). It represents a value-style subset of the broader MSCI ACWI Index, focusing on undervalued companies. |
Silvercrest Asset Management Group Inc. Contact: Richard Hough 212-649-0601 rhough@silvercrestgroup.com