Silvercrest Asset Management Group Inc. Reports Q1 2026 Results

Published: 2026-05-11 16:02:22 ET SAMG

Published on 05/11/2026 at 04:02 pm EDT

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 3.7% to $23.1 billion at March 31, 2026, from $24.0 billion as of December 31, 2025, primarily attributable to net institutional outflows. Organic new client account flows were $81.0 million for the first quarter, primarily from high net worth investors. Year over year, discretionary AUM grew nearly 2% from $22.7 billion at March 31, 2025. Year over year, total AUM grew 1.1% to $35.7 billion, up from $35.3 billion at March 31, 2025. Non-discretionary AUM are associated with a small portion of our overall revenue and can substantially change with little revenue effect. As previously announced, we will adjust how the firm reports non-discretionary AUM in a future quarter, which will substantially lower reported 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 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 $21.1 million, representing 67.2% of revenue, for the three months ended March 31, 2026, compared to $18.9 million, or 60.2% of revenue, for the same period of the prior year. We expect the compensation ratio to remain elevated as these investments mature and begin contributing to revenue growth.

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 $0.21 per share of Class A common stock. The dividend will be paid on or about June 19, 2026 to stockholders of record as of the close of business on June 12, 2026.

First Quarter 2026 Highlights

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

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AUM at $35.7 Billion

Silvercrest’s discretionary AUM increased by $0.4 billion, or 1.8%, to $23.1 billion at March 31, 2026, from $22.7 billion at March 31, 2025. Silvercrest’s total AUM increased by $0.4 billion, or 1.1%, to $35.7 billion at March 31, 2026, from $35.3 billion at March 31, 2025. The increase in total AUM was attributable to market appreciation of $2.8 billion, partially offset by net client outflows of $2.4 billion.

Silvercrest’s discretionary assets under management decreased by $0.9 billion, or 3.7%, to $23.1 billion at March 31, 2026, from $24.0 billion at December 31, 2025. The decrease was attributable to net client outflows. Silvercrest’s total AUM decreased by $1.3 billion, or 3.5%, to $35.7 billion at March 31, 2026, from $37.0 billion at December 31, 2025. The decrease was attributable to net client outflows of $0.7 billion and market depreciation of $0.6 billion.

First Quarter 2026 vs. First Quarter 2025

Revenue remained flat at $31.4 million for the three months ended March 31, 2026 and 2025.

Total expenses increased by $3.6 million, or 13.5%, to $30.1 million for the three months ended March 31, 2026, from $26.6 million for the three months ended March 31, 2025. Compensation and benefits expense increased by $2.3 million, or 12.0%, to $21.1 million for the three months ended March 31, 2026, from $18.9 million for the three months ended March 31, 2025. The increase was primarily attributable to increases in salaries and benefits of $0.6 million primarily as a result of merit-based increases and newly-hired staff and in the accrual for bonuses of $1.2 million, equity-based compensation of $0.1 million and severance of $0.4 million. General and administrative expenses increased by $1.3 million, or 17.3%, to $9.0 million for the three months ended March 31, 2026, from $7.7 million for the three months ended March 31, 2025. This 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 $0.3 million and depreciation and amortization of $0.1 million.

Consolidated net income was $0.5 million, or 1.7% of revenue, for the three months ended March 31, 2026, as compared to consolidated net income of $3.9 million, or 12.5% of revenue, for the same period in the prior year. Net income attributable to Silvercrest was $0.2 million, or $0.03 per basic and diluted share, for the three months ended March 31, 2026. Our adjusted net income1 was $1.5 million, or $0.13 and $0.12 per adjusted basic and adjusted diluted share2, respectively, for the three months ended March 31, 2026.

Adjusted EBITDA1 was $3.7 million, or 11.8% of revenue, for the three months ended March 31, 2026, as compared to $6.5 million, or 20.7% of revenue, for the same period in the prior year.

Liquidity and Capital Resources

Cash and cash equivalents were $11.6 million at March 31, 2026, compared to $44.1 million at December 31, 2025. As of March 31, 2026, there was $10.0 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 $46.9 million at March 31, 2026. We had 7,666,844 shares of Class A common stock outstanding and 4,127,171 shares of Class B common stock outstanding at March 31, 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 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.

(A) Other adjustments consist of the following:

(a) For the three months ended March 31, 2026, represents an ASC 842 rent adjustment of $48 related to the amortization of property lease incentives, legal fees of $42 related to our application for licensure in the European Union (the “EU”), legal and other professional fees of $6 related to other 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 $330 and the add back of an unrealized loss on the Australian trust of $79. For the three months ended March 31, 2025, represents an ASC 842 rent adjustment of $48 related to the amortization of property lease incentives and sign-on bonuses of $62.

(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.

(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.

NM = Not meaningful

(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.

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