Silvercrest Asset Management Group Inc. Reports Q4 and Year-End 2025 Results

NEW YORK, March 16, 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 December 31, 2025.

Business Update

Discretionary assets under management (“AUM”), which primarily drives the firm’s revenue, decreased 1.2% during the fourth quarter, from $24.3 billion to $24.0 billion. For the year 2025, total discretionary AUM increased by 3%, from $23.3 billion to $24.0 billion, aided by supportive markets and organic net new client accounts.

Silvercrest added $124.5 million in organic new client accounts during the fourth quarter, bringing full year 2025 organic new client account flows to $688.3 million. For the full year, organic new client acquisition registered one of the strongest levels over the past several years, underscoring receptivity to our investment capabilities and momentum across our marketing efforts.

Total AUM decreased 1.6% during the fourth quarter to $37.0 billion. It increased 2% year over year from $36.5 billion with no revenue effect. As discussed in prior quarters, non-discretionary AUM are associated with only approximately 4% of total revenue, mostly comprising fixed fee reporting and family-office services. These assets have more than doubled over the past few years, which artificially lowers the apparent average basis points we receive for advising on AUM. As previously announced, we will adjust how the firm reports non-discretionary AUM in a future quarter. This adjustment will substantially lower our non-discretionary AUM on a one-time basis without revenue effect, providing investors with a clearer picture of the AUM and economics that drive our business.

As we emphasized throughout 2025, and conveyed in 2024, Silvercrest has embarked on significant strategic investments to promote growth opportunities across multiple fronts. As it takes time for those investments—primarily in intellectual capital and head count—to bear fruit, our earnings and Adjusted EBITDA 1 are substantially lower than the steady-state business and reflect our concerted effort to invest capital to support long-term strategic priorities.

We continued to execute on these priorities in the fourth quarter and across the full year. Our strategic initiatives highlight Silvercrest in both the institutional and wealth markets, and we have made meaningful progress on several key fronts:

Our new business pipeline remains particularly robust with regards to our Global and International Equity strategies, bolstered by outstanding performance. The firm continues to generate strong interest from institutional consultants and allocators globally. Our recent ranking of #6 in Nasdaq eVestment’s Q4 2025 Brand Awareness Rankings among consultants in the mid-sized firm peer universe reflects the growing recognition of Silvercrest’s institutional capabilities. We have reorganized our international business development effort, and now have professionals in London and Australia.

We are nearly complete with our creating an Australian investment trust and a UCITS vehicle in Europe. We expect regulatory approval to do business in Europe through our new Dublin office to be completed within the second quarter.

The firm also continues to invest in talent across the organization to drive new growth and successfully transition the business toward the next generation, further strengthening our investment leadership bench. These investments in people are central to our long-term competitive positioning.

Also as previously discussed, Silvercrest will continue to adjust our interim compensation ratio to match important investments in the business as long as we have compelling opportunities to organically grow the firm and build our return on invested capital. With significant initiatives for marketing and distribution in Europe, Oceania, and Asia, as well as in U.S.-based personnel, our compensation ratio remained elevated during the fourth quarter and for the full year 2025. We expect the compensation ratio to remain elevated over the foreseeable future as these investments mature and begin to contribute to revenue growth.

For the full year 2025, total compensation and benefits expense was $83.9 million, representing 67.0% of revenue, compared to $76.7 million, or 62.0% of revenue, for 2024.

We previously announced a new share repurchase program of $25.0 million on May 23, 2025. As of the end of 2025, we almost completed that program and have repurchased approximately a total of $50.4 million worth of shares. Our strong balance sheet supports ongoing capital returns, our substantial dividend, as well as our growth initiatives. Silvercrest also previously received shareholder approval to increase the number of shares issuable under our equity incentive plan, and we expect to begin rewarding shares to further motivate our professionals during this growth phase.

Fourth Quarter 2025 Highlights

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

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AUM at $37.0 Billion

Silvercrest’s discretionary AUM increased by $0.7 billion, or 3.0%, to $24.0 billion at December 31, 2025, from $23.3 billion at December 31, 2024. Silvercrest’s total AUM increased by $0.5 billion, or 1.4%, to $37.0 billion at December 31, 2025, from $36.5 billion at December 31, 2024. The increase in total AUM was attributable to market appreciation of $2.1 billion, partially offset by net client outflows of $1.6 billion.

Silvercrest’s discretionary assets under management decreased by $0.3 billion, or 1.2%, to $24.0 billion at December 31, 2025, from $24.3 billion at September 30, 2025. The decrease was attributable to net client outflows of $0.7 billion partially offset by market appreciation of $0.4 billion. Silvercrest’s total AUM decreased by $0.6 billion, or 1.6%, to $37.0 billion at December 31, 2025, from $37.6 billion at September 30, 2025. The decrease was attributable to net client outflows of $0.8 billion partially offset by market appreciation of $0.2 billion.

Fourth Quarter 2025 vs. Fourth Quarter 2024

Revenue remained flat at $32.0 million for the three months ended December 31, 2025 and 2024.

Total expenses increased by $2.8 million, or 9.5%, to $32.8 million for the three months ended December 31, 2025, from $30.0 million for the three months ended December 31, 2024. Compensation and benefits expense increased by $2.6 million, or 12.1%, to $24.5 million for the three months ended December 31, 2025, from $21.9 million for the three months ended December 31, 2024. The increase was primarily attributable to increases in salaries and benefits of $0.7 million primarily as a result of merit-based increases and newly-hired staff and in the accrual for bonuses of $1.9 million. General and administrative expenses increased by $0.2 million, or 2.4%, to $8.3 million for the three months ended December 31, 2025, from $8.1 million for the three months ended December 31, 2024. This was primarily attributable to increases in professional fees of $1.1 million, sub-advisory costs and referral fees of $0.1 million, travel and entertainment of $0.1 million and bad debt expense of $1.0 million to adjust our reserve, partially offset by decreases in depreciation and amortization of $1.8 million, charitable donations of $0.1 million and portfolio and systems costs of $0.3 million.

Consolidated net loss was $0.1 million, or 0.3% of revenue, for the three months ended December 31, 2025, as compared to consolidated net income of $2.7 million, or 8.4% of revenue, for the same period in the prior year. Net loss attributable to Silvercrest was $0.1 million, or $0.01 per basic and diluted share, for the three months ended December 31, 2025. Our adjusted net income 1 was $2.3 million, or $0.19 and $0.18 per adjusted basic and diluted share 2, respectively, for the three months ended December 31, 2025.

Adjusted EBITDA 1 was $2.9 million, or 8.9% of revenue, for the three months ended December 31, 2025, as compared to $5.1 million, or 15.9% of revenue, for the same period in the prior year.

Year Ended December 31, 2025 vs. Year Ended December 31, 2024

Revenue increased by $1.7 million, or 1.3%, to $125.3 million for the year ended December 31, 2025, from $123.7 million for the year ended December 31, 2024. This increase was driven by market appreciation in discretionary assets under management partially offset by net client outflows.

Total expenses increased by $10.0 million, or 9.4%, to $116.0 million for the year ended December 31, 2025, from $106.0 million for the year ended December 31, 2024. Compensation and benefits expense increased by $7.3 million, or 9.5%, to $83.9 million for the year ended December 31, 2025, from $76.7 million for the year ended December 31, 2024. The increase was primarily attributable to an increase in salaries and benefits expense of $4.2 million primarily as a result of merit-based increases and newly-hired staff and an increase in the accrual for bonuses of $3.2 million, partially offset by a decrease in equity based compensation expense of $0.1 million. General and administrative expenses increased by $2.7 million, or 9.2%, to $32.1 million for the year ended December 31, 2025, from $29.4 million for the year ended December 31, 2024. The increase was primarily attributable to increases in professional fees of $2.5 million, bad debt expense of $1.0 million to adjust our reserve, travel and entertainment expenses of $0.5 million, occupancy and related costs of $0.3 million, administrative services of $0.1 million, marketing expenses of $0.1 million, recruiting expenses of $0.1 million and sub-advisory and referral fees of $0.1 million, partially offset by decreases in depreciation and amortization of $1.7 million and trade errors of $0.3 million.

Consolidated net income was $8.1 million, or 6.4% of revenue, for the year ended December 31, 2025, as compared to consolidated net income of $15.7 million, or 12.7% of revenue, for the same period in the prior year. Net income attributable to Silvercrest was $4.9 million, or $0.56 per basic and diluted share, for the year ended December 31, 2025. Our adjusted net income 1 was $11.8 million, or $1.00 per adjusted basic share and $0.91 per adjusted diluted share, 2 for the year ended December 31, 2025.

Adjusted EBITDA 1 was $19.6 million, or 15.7% of revenue, for the year ended December 31, 2025, as compared to $26.1 million, or 21.1% of revenue, for the same period in the prior year.

Liquidity and Capital Resources

Cash and cash equivalents were $44.1 million at December 31, 2025, compared to $68.6 million at December 31, 2024. As of December 31, 2025, there was $4.0 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 $50.3 million at December 31, 2025. We had 7,782,884 shares of Class A common stock outstanding and 4,119,699 shares of Class B common stock outstanding at December 31, 2025.

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 March 17, 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, 2024, 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 and Wisconsin, 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

Exhibit 3

(A) Other adjustments consist of the following:

Exhibit 4

Exhibit 5

Exhibit 6

Exhibit 7

Exhibit 8

Exhibit 9

(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 10