SAMG

Image source: The Motley Fool. Friday, July 31, 2026 at 8:30 a.m. ET Chairman and Chief Executive Officer - Richard Hough Chief Financial Officer - Scott Gerard Operator: Good morning, and welcome to the Silvercrest Asset Management Group Q2 2026 Earnings Conference Call. Please note this event is being recorded. Before we begin, let me remind you that during today's call, certain statements made regarding our future performance are forward-looking statements. They are based on current expectations and projections, which are subject to a number of risks and uncertainties, and many factors could cause actual results to differ materially from the statements that are made. Those factors are disclosed in our filings with the SEC under the caption, Risk Factors. For all such forward-looking statements, we claim the protections provided by the Litigation Reform Act of 1995. All forward-looking statements made on this call are made as of the date hereof, and Silvercrest assumes no obligation to update them. I would now like to turn the conference over to Rick Hough, Chairman and CEO of Silvercrest. Please go ahead. Richard Hough: Good morning, and thanks for joining us for the second quarter of 2026 earnings call. Silvercrest made strategic progress during the second quarter, and the plan we described over the past 2 years is proceeding as we designed. Discretionary assets under management, 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 at the firm. Year-over-year, discretionary AUM grew 4.2% from $23.7 billion. Total AUM increased 3.6% during the quarter to $37.0 billion. Excuse me, one moment. I've got a catch in my throat. Excuse me. Thank you. 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, nondiscretionary AUM are associated with a small portion of revenue. We will adjust how the firm reports nondiscretionary AUM next quarter, likely eliminating the nondiscretionary category. The adjustment will substantially lower reported nondiscretionary and total AUM on a onetime 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 entered the third quarter with discretionary AUM meaningfully higher than the level that drove second quarter billing. In fact, our discretionary AUM is now at an all-time high for the firm. 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 AUD 500 million contribution, that's approximately USD 350 million, 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. We've 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, and the administrative and legal costs associated with these initiatives will decline meaningfully as the distribution access they create begins to contribute. We've now 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. We continue to invest in the firm's talent. Our Dublin head of office and our first Dublin-based portfolio manager will join the firm next week, and we look forward to making announcements about these impressive professionals. 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 3 months ended June 30, 2026. As we have consistently communicated, our earnings and adjusted EBITDA reflect deliberate cost of significant investment program in the firm's history, and we expect the compensation ratio to remain elevated as these investments mature. 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 interest with those of our shareholders is fundamental to how we intend to grow the firm and compound value through this investment cycle and beyond. Look forward to taking your questions later in the call. Scott Gerard, our CFO, will now review the financials. Scott Gerard: Great. Thank you, Rick. And as disclosed, our discretionary AUM as of June 30 of this year was $24.7 billion, and total AUM as of the same period was $37 billion. Revenue for the quarter was $30.8 million. And reported consolidated net income for the quarter was $0.5 million. Revenue for the quarter increased year-over-year by $0.1 million, primarily driven by market appreciation and partially offset by net client outflows. Expenses for the quarter increased year-over-year by $3.2 million or 12%, primarily driven by increased compensation and benefits expense and general and administrative expenses. Compensation and benefits expense for the quarter increased year-over-year by $1.7 million or 8.9%, primarily due to increases in salaries and benefits expense, primarily as a result of merit-based increases and new hires, including new staff in Ireland, an increase in the accrual for bonuses and increased equity-based compensation expense. General and administrative expenses increased by $1.5 million, or approximately 19.3%, primarily due to increases in professional fees, travel and entertainment expenses, especially related to our global initiatives and portfolio and systems expense. Reported net income attributable to Silvercrest or to Class A shareholders for the second quarter was approximately $0.2 million or $0.02 per basic and diluted Class A share. Adjusted EBITDA, which we define as EBITDA without giving effect to equity-based compensation expense and noncore and nonrecurring items, was approximately $3.4 million or 11.2% of revenue for the quarter. Adjusted net income, which we define as net income without giving effect to noncore and nonrecurring items and income tax expense assuming a corporate rate of 26%, was approximately $1.2 million for the quarter or $0.10 per adjusted basic and diluted EPS. Adjusted earnings per share is equal to 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 EPS. And to the extent dilutive, we add unvested restricted stock units and nonqualified stock options to the total shares outstanding to compute diluted adjusted EPS. Looking at the first half of the year, revenue increased year-over-year by $0.1 million, again, primarily driven by market appreciation and partially offset by net client outflows. Expenses for the first half increased year-over-year by $6.8 million, or 12.8%, primarily driven by increased compensation and benefits expense and general and administrative expenses. Compensation and benefits expense for the first half increased year-over-year by $3.9 million, or 10.5%, primarily due, again, to increase in salaries and benefits, primarily as a result of merit-based increases, an increase in the accrual for bonuses, equity-based compensation and severance expense. General and administrative expenses increased by $2.8 million, or approximately 18.3%, primarily due to increases in professional fees, occupancy and related expenses, travel and entertainment expenses and portfolio and systems expense. Reported net income attributable to the Class A shareholders for the first half was approximately $0.4 million or $0.05 per basic and diluted Class A share. Adjusted EBITDA was approximately $7.2 million or 11.5% of revenue for the first half. And adjusted net income was approximately $2.6 million for the first half or $0.22 per basic adjusted and diluted EPS. Looking at the balance sheet, total assets were approximately $139.9 million as of June 30 of this year compared to $166.6 million as of the end of last year. Cash and cash equivalents were approximately $20.7 million as of June 30 of this year compared to $44.1 million at the end of last year. Borrowings totaled approximately $9.5 million as of June 30 of this year. And for the same period, total Class A stockholders' equity was approximately $46 million. That concludes my remarks, and we'll go into Q&A. Operator: The first question comes from Sandy Mehta from Evaluate. Sandy Mehta: There was a large jump in the general G&A and expenses. So those expenses have gone from 25% to 30.5% in the first half. And you have mentioned in your comments and in the press release that now that you are near the end of the licensing process in Australia and Europe that those expenses might come down meaningfully. So what should we expect as a normal run rate for G&A expenses going forward? Richard Hough: Yes, unclear. Sandy, I appreciate you asking. I hesitate to give you a precise figure. I just directionally want everyone to understand that with the completion of the Australian trust, with the near completion by the end of the third quarter of the UCITS as well as our work with the Central Bank of Ireland, expenses will come down. There are some ratings done. There's still some more to go. But directionally, we should be seeing that decline, which will be a benefit to the company. So this is a directional comment, not a precise one. Scott Gerard: Right. And I'll elaborate on that, Sandy. Just to say that there will be some recurring expenses such as statutory subsidiary audits in Ireland, similar to what we've experienced in Singapore. So there will be a certain level of legal and accounting fees and other administrative fees that will be ongoing. But a lot of the start-up type professional fees, those will go away post-licensure. Sandy Mehta: Okay. Looking at year-to-date overall markets, small cap and value, after a while, both have done really well year-to-date. So are you -- does that help you in terms of your marketing efforts? Are you seeing more interest in those types of strategies? Richard Hough: With regards to small cap value and the small cap institutional business, absolutely helps. Certainly helps us with future retention of assets. Some of the outflows that we have commented on and experienced have been on the value book. So there's no doubt that the pickup in performance should be helpful. I hope that answers your question. Sandy Mehta: Yes. Okay. And it was great to see incremental flows into Global. The performance there has been strong. Any further color that you can give us on the inflows into your Global and International strategies? Richard Hough: Sure, absolutely. Well, first of all, as I announced in the -- in my opening remarks, we received an AUD 0.5 billion investment. So that's now $2.5 billion. So having really meaningful assets in the strategy is obviously a very important hurdle for any large allocator, especially if they're looking at large allocations. We have the Australian trust open. We expect imminently to be able to announce ratings that will make that trust available to investors in Australia, especially wealth investors and others. That's the purpose of that trust. So we are looking forward to the commencement of flows in that strategy through that trust, and we look forward to making those announcements via press release when appropriate. We're in the process now of multiple ratings discussions, which will really open up the door to consultants globally to be recommending that vehicle, I think, given its very strong, consistent performance along with a consistent process and team that we will do quite well as we go forward. The pipeline itself, as I've mentioned before, is a little harder to measure than it used to be given the change in the institutional business and how consultants work. But the pipeline in general is strong across the Global Value team, the focused emerging markets and International teams. They also have very, very, very strong outperformance. And our growth equity teams have very strong performance, and their pipeline has been building substantially. So the total pipeline that we see right now of potential opportunity is well into the billions of dollars. And the lack of precision is just that it's hard for me to put a probability on that large number, but it's in the multiple billions. And this is reasonable. This is not kind of a 2-year, 3-year pipeline. It's a better pipeline than that. Operator: The next question comes from Jim Marrone from Singular Research. Jim Marrone My question is just with regards to the top line and just the offset from the new client flows going out. So can you just reflect on that? Is that like a reflection of risk-off by your clients? Or are they moving to other firms? Can you maybe just shed some light on that? Richard Hough: Okay. So we need to kind of -- in looking at the top line and the flows in AUM, I think there are 3 important points. One is that we were billing at a real low first quarter -- at the end of the first quarter. AUM is up substantially over the past year, but timing is everything. And given average AUM and when you're billing really only 4 times a year, revenues haven't yet caught up to it. As I mentioned, the discretionary AUM, which drives revenue is effectively at an all-time high where we sit today, given the investment we just received from Australia. It puts us in the ballpark of $25 billion, $24.7 billion for the quarter. That's point number one. Point number two, we normally see higher outflows in the high-net-worth business in the second quarter for taxes. We also see some in the third quarter, not nearly as much, but that is often a seasonal event. Next point, our high-net-worth clients generally are here to have their wealth managed with a very long-term view, stable asset allocation, management of their cash flows and needs, along with a whole host of other requirements in managing significant family wealth and the complexities involved around it, whether that's estate and trust issues, whether it is aspirations for their wealth with regards to charitable giving, lifestyle, et cetera. Most of our high-net-worth clients, the vast majority of them, Jim, are not here because of a particular capability. And so we don't tend to see hot flows in or out because of a risk-on or risk-off environment. There may be internal flows between fixed income or credit opportunities and equity, depending where someone is with their overall wealth. A lot of those movements at the company between strategies don't really affect revenue that much because of the nature of how we see our wealth management clients. We like to remain as unbiased as possible as fiduciaries. And therefore, we seek where possible to avoid the conflict of fee compensation. The next point would be that $200 million or $200-plus million of those outflows that you saw in the second quarter were related to certain family relationships with flat-fee type arrangements or other arrangements, and those outflows had 0 revenue effect on the top line as a result. We're doing a substantial amount of work, have special arrangements with them, and they can see very large cash flows in or out of different things and it doesn't really affect the company or its revenues. The final point is that most of the outflows, since we're focused on that on the top line, were from the institutional business on the value side of the business, which has had some performance -- relative performance issues. As Sandy just pointed out, that's been picking up. But that is something we're watching carefully, and we all have to be aware of. Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Rick Hough for closing remarks. Richard Hough: Thank you for joining us to review the second quarter of this year and for the questions. I look forward to updating you on further progress in our expansion and investment plans as we go to future quarters. I would ask investors who are interested to pay attention to upcoming press releases. We are going to, given the amount of activity, likely have more news to share intra-quarter, whether that's new hires that are important to the firm or some of the ratings with consultants and others that I have mentioned. Thanks again for joining us and look forward to talking to you soon. Thank you. Operator: The conference has now concluded. Thank you for attending today's presentation. You may now disconnect. Before you buy stock in Silvercrest Asset Management Group, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Silvercrest Asset Management Group wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. 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Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Discretionary assets under management (AUM) reached an all-time high of $24.7 billion, driven by market appreciation despite seasonal high-net-worth tax withdrawals and institutional outflows. Management attributed flat year-over-year revenue to average AUM levels being weighed down by first-quarter outflows, noting that billing cycles have not yet captured the recent AUM peak. The firm is executing its most significant investment program to date, focusing on global infrastructure and distribution channels in Ireland and Australia to transition into a 'revenue phase'. Institutional growth is being led by Global and International Equity strategies, with the Global Value strategy recently surpassing $2.5 billion following a USD 350 million Australian contribution. A strategic reporting change is planned for next quarter to eliminate the 'nondiscretionary' AUM category, aiming to provide investors with a clearer view of the economics driving the business. The compensation ratio remains elevated as a deliberate choice to attract intellectual capital and align professional interests with long-term shareholder value during this investment cycle. Management expects to complete the MiFID license through the Central Bank of Ireland by the end of the third quarter, marking a transition from build-out costs to revenue generation. Administrative, legal, and professional fees associated with global licensing are expected to decline meaningfully as the Australian unit trust and European vehicles become fully operational. The institutional pipeline is characterized as robust, with potential opportunities estimated in the 'multiple billions' across Global Value, Emerging Markets, and Growth Equity strategies. Future growth is dependent on securing additional ratings from major global consultants to further open institutional distribution channels worldwide. The firm intends to imminently issue equity grants to professionals to maintain talent retention and motivation as the current investment program matures. Approximately $200 million of second-quarter outflows were related to specific flat-fee family relationships and had zero impact on the firm's top-line revenue. The planned elimination of the nondiscretionary AUM category will result in a one-time substantial lowering of reported total AUM with no corresponding revenue effect. Institutional outflows were primarily concentrated in the value-oriented strategies, which have faced relative performance challenges, though management noted recent improvement in these areas. General and Administrative expenses increased 19.3% year-over-year, driven by professional fees for global initiatives and increased travel and systems expenses. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management declined to provide a precise figure but indicated that start-up professional fees will 'go away' post-licensure in Australia and Europe. Ongoing costs will include recurring statutory subsidiary audits in Ireland, similar to existing operations in Singapore. The recent pickup in small-cap value performance is expected to assist significantly with asset retention in the institutional value book. Management confirmed increased interest in these strategies following a period of relative performance headwinds. The firm is in multiple ratings discussions with consultants to make the Australian trust available to global wealth investors. Management noted the pipeline is 'harder to measure' due to changes in how consultants work, but characterized the opportunity set as being in the 'multiple billions' over a relatively short time horizon. High-net-worth outflows were characterized as seasonal tax payments rather than a shift in risk sentiment, as these clients typically maintain long-term, stable asset allocations. Management emphasized their role as unbiased fiduciaries, noting that internal strategy shifts by clients often have minimal revenue impact due to fee structures.

Interested in Silvercrest Asset Management Group Inc.? Here are five stocks we like better. Second-quarter revenue was $30.8 million, while consolidated net income was $0.5 million and adjusted EBITDA was $3.4 million. Expenses increased 12% year over year to $29.8 million, reflecting higher compensation and investment in international expansion. Discretionary AUM rose 6.9% sequentially to a record $24.7 billion, while total AUM reached $37.0 billion. Organic new client flows improved to $111 million, although seasonal tax withdrawals and institutional outflows partly offset market appreciation. Silvercrest is nearing completion of European and Australian distribution infrastructure, including its Irish MiFID license, UCITS vehicle and Australian unit trust. Management said its institutional pipeline totals potential opportunities “well into the billions of dollars,” while startup-related costs are expected to decline as licensing initiatives conclude. 3 Small-Cap Stocks on the Rise With Over 4% Dividend Yields Silvercrest Asset Management Group (NASDAQ:SAMG) reported second-quarter 2026 revenue of $30.8 million and consolidated net income of $0.5 million as the wealth and institutional asset manager continued investing in international distribution, licensing and personnel. Chairman and CEO Rick Hough said discretionary assets under management, the primary driver of the company’s revenue, rose 6.9% during the quarter to $24.7 billion as of June 30, from $23.1 billion at the end of March. Discretionary AUM was up 4.2% from $23.7 billion a year earlier. Total AUM increased 3.6% during the quarter to $37.0 billion. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now The increase in discretionary AUM reflected market appreciation, partly offset by net client outflows. Hough said second-quarter outflows were largely related to seasonal high-net-worth client withdrawals for tax payments, as well as institutional withdrawals. More than $200 million of outflows had no revenue impact because they were associated with flat-fee or other arrangements, he said. Organic new client account flows totaled $111 million in the second quarter, compared with $81 million in the first quarter and $80 million in the prior-year period. Although revenue was essentially flat year over year, Hough said the company entered the third quarter with discretionary AUM materially above the level that generated second-quarter billing. → Microsoft Just Flipped the AI Spending Narrative Overnight “Our discretionary AUM is now at an all-time high for the firm,” Hough said. Silvercrest said it received an AUD 500 million contribution, or approximately $350 million, to its Global Value strategy during the week of the call. The strategy now manages $2.5 billion, according to Hough. Institutional AUM stood at $9.8 billion, up from $8.7 billion at the end of the first quarter, while its outsourced chief investment officer, or OCIO, business managed $2.9 billion. → Carrier Earnings Could Send the Stock to a New All-Time High Hough said the company’s institutional pipeline had grown substantially, particularly across its global and international equity strategies. He said potential opportunities in the pipeline were “well into the billions of dollars,” though he cautioned that it was difficult to assign probabilities to that figure. In response to questions about client outflows, Hough said the company’s high-net-worth clients generally maintain long-term wealth-management relationships and do not typically move assets based on a risk-on or risk-off market environment. He said most institutional outflows were in the value business, which had faced relative performance challenges, though performance had improved. Management said it was approaching the revenue phase of its global infrastructure and distribution investments. Silvercrest expects to complete its MiFID license through the Central Bank of Ireland by the end of the third quarter. The company has also established an Australian unit trust and is nearing completion of a UCITS vehicle and European licensing process. Hough said these efforts are intended to expand distribution access, while administrative and legal costs tied to their establishment should decline after completion. He said Silvercrest had obtained important third-party ratings for its strategies and vehicles and was pursuing further ratings with major global consultants. The company also plans to add personnel in Dublin, with its head of office and first Dublin-based portfolio manager scheduled to join shortly after the call. Beginning next quarter, Silvercrest expects to revise its reporting of non-discretionary AUM, likely eliminating the category. Hough said the change would substantially reduce reported non-discretionary and total AUM on a one-time basis but would not affect revenue, since non-discretionary assets are associated with only a small portion of the company’s revenue. CFO Scott Gerard said second-quarter revenue increased by $0.1 million from a year earlier, driven by market appreciation and partly offset by net client outflows. Expenses rose $3.2 million, or 12%, year over year. Compensation and benefits expense increased $1.7 million, or 8.9%, to $20.5 million. The expense represented 66.6% of quarterly revenue. General and administrative expense rose $1.5 million, or approximately 19.3%, reflecting higher professional fees, travel and entertainment related to global initiatives, and portfolio and systems costs. Net income attributable to Class A shareholders was approximately $0.2 million, or $0.02 per basic and diluted Class A share. Adjusted EBITDA was approximately $3.4 million, or 11.2% of revenue. Adjusted net income was approximately $1.2 million, or $0.10 per adjusted basic and diluted share. For the first half of 2026, revenue increased $0.1 million year over year, while expenses increased $6.8 million, or 12.8%. First-half adjusted EBITDA totaled $7.2 million, or 11.5% of revenue, and adjusted net income was $2.6 million, or $0.22 per adjusted basic and diluted share. At June 30, Silvercrest had total assets of approximately $139.9 million, cash and cash equivalents of $20.7 million, borrowings of $9.5 million and total Class A stockholders’ equity of approximately $46 million. Management said the elevated compensation ratio reflects a deliberate investment program, including hiring, equity-based compensation and international expansion. Hough said the company intends to make equity grants to professionals involved in building the business and executing its strategy. Asked about the outlook for general and administrative expenses, Hough declined to provide a specific run-rate estimate but said costs should decline directionally as startup-related professional fees associated with Australian and European licensing initiatives are completed. He noted that some recurring expenses, including statutory subsidiary audits, legal, accounting and administrative costs, would remain. Silvercrest Asset Management Group Inc, headquartered in New York City, is an independent registered investment adviser that specializes in delivering customized wealth and asset management solutions for high-net-worth individuals, family offices and institutional clients. Founded in 2002 by senior professionals from leading financial institutions, Silvercrest has built its reputation on a disciplined, research-driven investment process and a commitment to personalized client service. The firm's core offerings include discretionary and non-discretionary portfolio management across equities, fixed income, hedge funds and alternative investments. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Silvercrest Asset Management Group Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

Silvercrest (SAMG) came out with quarterly earnings of $0.1 per share, missing the Zacks Consensus Estimate of $0.13 per share. This compares to earnings of $0.25 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -23.08%. A quarter ago, it was expected that this investment company would post earnings of $0.39 per share when it actually produced earnings of $0.12, delivering a surprise of -69.23%. Over the last four quarters, the company has not been able to surpass consensus EPS estimates. Silvercrest, which belongs to the Zacks Financial - Investment Management industry, posted revenues of $30.78 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 0.38%. This compares to year-ago revenues of $30.67 million. The company has topped consensus revenue estimates just once over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Silvercrest shares have lost about 34.3% since the beginning of the year versus the S&P 500's gain of 6.9%. While Silvercrest has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Silvercrest was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.13 on $31.8 million in revenues for the coming quarter and $0.53 on $127.1 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Investment Management is currently in the top 23% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, T. Rowe Price (TROW), has yet to report results for the quarter ended June 2026. The results are expected to be released on July 31. This financial services firm is expected to post quarterly earnings of $2.52 per share in its upcoming report, which represents a year-over-year change of +12.5%. The consensus EPS estimate for the quarter has been revised 2.9% higher over the last 30 days to the current level. T. Rowe Price's revenues are expected to be $1.92 billion, up 11.6% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Silvercrest Asset Management Group Inc. (SAMG) : Free Stock Analysis Report T. Rowe Price Group, Inc. (TROW) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

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. Business Update 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. 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. 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. 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. 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. 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. 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. 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. 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. Second Quarter 2026 Highlights 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. Revenue of $30.8 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 $0.02. Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”)1 of $3.4 million. Adjusted net income1 of $1.2 million. Adjusted basic and diluted earnings per share1,2 of $0.10. The table below presents a comparison of certain GAAP and non-GAAP (“Adjusted”) financial measures and AUM. AUM at $37.0 Billion Silvercrest’s discretionary AUM increased by $1.0 billion, or 4.2%, to $24.7 billion at June 30, 2026, from $23.7 billion at June 30, 2025.  Silvercrest’s total AUM increased by $0.3 billion, or 0.8%, to $37.0 billion at June 30, 2026, from $36.7 billion at June 30, 2025.  The increase in total AUM was attributable to market appreciation of $3.5 billion, partially offset by net client outflows of $3.2 billion. Silvercrest’s discretionary assets under management increased by $1.6 billion, or 6.9%, to $24.7 billion at June 30, 2026, from $23.1 billion at March 31, 2026.  The increase was attributable to market appreciation of $2.4 billion, partially offset by net client outflows of $0.8 billion.  Silvercrest’s total AUM increased by $1.3 billion, or 3.6%, to $37.0 billion at June 30, 2026, from $35.7 billion at March 31, 2026.  The increase was attributable to market appreciation of $2.4 billion, partially offset by net client outflows of $1.1 billion. Second Quarter 2026 vs. Second Quarter 2025 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. 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. 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. 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. Six Months Ended June 30, 2026 vs. Six Months Ended June 30, 2025 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. 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. 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. 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. Liquidity and Capital Resources 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. 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. 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 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/. 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; 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. Silvercrest Asset Management Group Inc. Contact: Richard Hough [email protected] Exhibit 1 Exhibit 2 (A)        Other adjustments consist of the following: (a)          For the three months ended June 30, 2026, represents an ASC 842 rent adjustment of $48 related to the amortization of property lease incentives, legal and other professional fees of $274 related to international initiatives, the accrual for an earnout bonus of $344 and the add back of an unrealized gain on the Australian trust of $166.  For the six months ended June 30, 2026, represents an ASC 842 rent adjustment of $96 related to the amortization of property lease incentives, legal and other professional fees of $322 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 $674 and the add back of an unrealized gain on the Australian trust of $87.  For the three months ended June 30, 2025, represents an ASC 842 rent adjustment of $48 related to the amortization of property lease incentives, legal fees of $84 related to our application for licensure in the European Union (the “EU”) and rent expense of $12.  For the six months ended June 30, 2025, represents an ASC 842 rent adjustment of $96 related to the amortization of property lease incentives, legal fees of $84 related to our application for licensure in the EU, sign-on bonuses paid to certain employees of $62 and rent expense of $12. Exhibit 3 (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 50,655 and 23,426 unvested restricted stock units at June 30, 2026 and 2025, respectively. (D) Includes 98,992 and 137,100 unvested restricted stock units at June 30, 2026 and 2025, respectively, and 86,764 and 366,293 unvested non-qualified options at June 30, 2026 and 2025, respectively. Exhibit 4 Exhibit 5 Exhibit 6 NM = Not Meaningful Exhibit 7 Silvercrest Asset Management Group Inc.Non-Discretionary Assets Under Management (Unaudited and in billions) Non-Discretionary Assets Under Management: NM = Not Meaningful 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

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Discretionary AUM decreased 3.7% to $23.1 billion primarily due to net institutional outflows, despite $81 million in organic new client flows from high-net-worth investors. Management attributed the institutional pressure to performance concerns in specific strategies and the impact of fully funded pension plans reducing their obligations. The firm is currently executing the most significant investment program in its history, focusing on intellectual capital and headcount to build global capabilities. Revenue remained flat year-over-year as the firm's diversified wealth management model provided stability against concentrated large-cap technology market volatility. Strategic pivots include a total reorganization of international business development with new dedicated professionals in London and Australia. Operational expenses rose 13.5% due to a deliberate increase in the compensation ratio to 67.2%, reflecting merit increases and aggressive hiring for global expansion. Management expects the compensation ratio to remain elevated in the near term as recent investments in talent and infrastructure mature before contributing to revenue. The firm anticipates opening a Dublin office later in 2026 pending Bank of Ireland regulatory approval to facilitate proactive marketing across Europe. The institutional pipeline is described as robust and in the "billions of dollars," with a primary 2026 objective of converting consultant approvals into funded mandates. A planned adjustment to nondiscretionary AUM reporting will occur in a future quarter, which will lower reported figures on a one-time basis without impacting revenue. Capital returns via buybacks may take a "slight pause" as the firm prioritizes liquidity for ongoing growth initiatives and waits for recent investments to bear fruit. The firm completed its $25 million stock repurchase plan during the first quarter, resulting in a 15% year-over-year reduction in share count. Cash levels decreased from $44.1 million at year-end to $11.6 million following bonus payments and completion of the buyback program. Silvercrest has taken on $10 million in debt to maintain a prudent working capital facility during this intensive investment cycle. Succession planning for senior portfolio managers is being actively managed to protect investment processes during a transitionary period for certain capabilities. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management noted that while the pipeline is in the billions, the timing of inflows is binary and difficult to predict due to the lengthy consultant rating process. New investment trusts in Ireland and Australia are expected to expand distribution opportunities across Europe and Oceania once regulatory approvals are finalized. Improved small-cap market performance has helped preserve existing AUM, though the firm's high-quality bias led to some lagging performance relative to the broader rally. Management emphasized that sustained performance and the completion of leadership transitions are necessary to attract significant new small-cap mandates. The increase in G&A and compensation is intentional and tied to a multi-year build-out of marketing, trading, and operations teams. Management expressed confidence that these investments will eventually scale, noting that even a few large mandates could quickly shift the revenue-to-expense dynamic.

This article first appeared on GuruFocus. Release Date: May 12, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Silvercrest Asset Management Group Inc (NASDAQ:SAMG) reported a year-over-year growth in discretionary assets under management (AUM) by nearly 2%, reaching $23.1 billion. The company has embarked on a significant investment program to build a more enduring and globally capable firm, which is expected to contribute to long-term growth. Silvercrest's global and international equity strategies have shown exceptional investment performance, attracting strong interest from institutional consultants and allocators globally. The firm has expanded its international presence with new offices in London, Australia, Dublin, Atlanta, and Singapore, enhancing its global distribution capabilities. Silvercrest continues to return capital to shareholders through dividends and share buybacks, with a shareholder yield of 23% in 2025. Discretionary AUM decreased by 3.7% from the previous quarter, primarily due to net institutional outflows. Revenue for the quarter remained flat compared to the first quarter of 2025, indicating challenges in revenue growth. Expenses increased by 13.5% year-over-year, driven by higher compensation and benefits expenses, impacting profit margins. The compensation ratio increased to 67.2% of revenue, up from 60.2% the previous year, reflecting the cost of ongoing investments. The company's cash and cash equivalents significantly decreased from $44.1 million at the end of last year to $11.6 million, partly due to bonus compensation payments. Warning! GuruFocus has detected 4 Warning Signs with SAMG. Is SAMG fairly valued? Test your thesis with our free DCF calculator. Q: The global strategy, you mentioned that you're quite optimistic on that. Could you possibly give some more color on inflows in the pipeline, what sort of inflows you might see this year for the balance of this year? A: Our global strategy, along with emerging markets and international strategies, has shown outstanding performance, which is attracting interest from consultants and institutions. While it's challenging to predict exact inflows, the pipeline is in the billions of dollars. We are optimistic about showing progress in both AUM and revenue, but the timing remains uncertain. (Rick Hoff, Chairman and CEO) Q: Small-cap stocks in the U.S. are doing better this year. Are you seeing more interest from a marketing perspective in small-cap strategies, growth, and value? A: Our small-cap strategies have performed well since last September. However, as a higher quality manager, we've experienced some performance lagging. The improved performance of small caps has helped preserve AUM, but attracting new AUM will require sustained better performance and successful transitionary periods between senior managers. (Rick Hoff, Chairman and CEO) Q: It's great to see the share count down 15% year-over-year. What are your thoughts on further buybacks? A: We remain committed to returning capital to shareholders through dividends and buybacks. We've repurchased approximately $87 million over the past five years. While we are currently at a low in cash due to recent bonus payments, we plan to continue supporting growth initiatives and capital returns. A slight pause in buybacks may occur as we wait for investments to show progress. (Rick Hoff, Chairman and CEO) Q: Can you shed some light on the increase in expenses, given that revenue is flat, and how this might affect profit margins in the next quarter? A: The increase in expenses is primarily due to investments in intellectual capital and headcount, with compensation now at 67% of revenue. We are in the early stages of an investment cycle, and while expenses are high, we expect progress in revenue as our capabilities get rated and mandates are secured. (Rick Hoff, Chairman and CEO) Q: What impact do you expect from the current equity market conditions on your AUM and expenses? A: Our diversified wealth management approach means we are not directly leveraged to hot equity markets. While large-cap technology stocks are currently performing well, our exposure is more balanced. We expect stability even if large-cap stocks decline. New client organic flows have been strong, but institutional outflows have occurred due to performance concerns. (Rick Hoff, Chairman and CEO) For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in Silvercrest Asset Management Group Inc.? Here are five stocks we like better. Silvercrest’s Q1 revenue was flat at $31.4 million, but earnings fell sharply as expenses rose 13.5% year over year. Net income was just $0.5 million, while adjusted EBITDA came in at $3.7 million. The firm is in the middle of a major investment push to expand global distribution, investment capabilities, and succession planning. Management said the strategy is weighing on margins now, but is intended to create a more durable and globally capable business. AUM declined sequentially to $23.1 billion in discretionary assets due mainly to institutional outflows, though total AUM still rose 1.1% year over year to $35.7 billion. Management said it sees a pipeline “in the billions of dollars” and remains optimistic about future inflows. 3 Small-Cap Stocks on the Rise With Over 4% Dividend Yields Silvercrest Asset Management Group (NASDAQ:SAMG) reported flat first-quarter revenue and sharply lower earnings as the firm continued what management described as the most significant investment program in its history, aimed at expanding its global distribution, investment capabilities and succession planning. Chairman and CEO Rick Hough said Silvercrest entered its 25th year in business with “clear strategic momentum,” but acknowledged that first-quarter results reflected “near-term headwinds” that the company had previously anticipated. The firm’s discretionary assets under management, which Hough said primarily drive revenue, declined 3.7% to $23.1 billion as of March 31, 2026, from $24.0 billion at the end of 2025, primarily due to net institutional outflows. → Beyond NVIDIA: Picks-and-Shovels AI Plays with Strong Momentum Despite the sequential decline, Hough said discretionary AUM increased nearly 2% year over year from $22.7 billion at the end of March 2025. Total AUM rose 1.1% year over year to $35.7 billion from $35.3 billion. CFO Scott Gerard said first-quarter revenue was $31.4 million, essentially flat compared with the first quarter of 2025. Reported consolidated net income was $0.5 million, while net income attributable to Class A shareholders was approximately $0.2 million, or $0.03 per basic and diluted Class A share. → MercadoLibre Boldly Invests in Growth: Discount Deepens Adjusted EBITDA was approximately $3.7 million, or 11.8% of revenue. Adjusted net income was approximately $1.5 million, equal to $0.13 per adjusted basic share and $0.12 per adjusted diluted share. Gerard said total expenses increased by $3.6 million, or 13.5%, year over year. Compensation and benefits expense rose by $2.3 million, or 12%, primarily due to salary and benefit increases, merit-based increases, new hires, new staff in Ireland and a higher bonus accrual. General and administrative expenses increased by $1.3 million, or 17.3%, driven by higher professional fees, occupancy costs and travel and entertainment expenses. → 3 Ways to Target the Resources Powering AI and Data Centers Hough said compensation and benefits expense totaled $21.1 million, representing 67.2% of revenue for the quarter, compared with $18.9 million, or 60.2% of revenue, in the prior-year period. He said the compensation ratio is expected to remain elevated while the firm’s growth investments mature and begin contributing to revenue. Hough said Silvercrest has been investing for roughly a year and a half in intellectual capital, headcount and distribution infrastructure intended to build “a more enduring and globally capable firm.” He said the company continued to execute on strategic priorities during the first quarter, including expansion in Europe, Oceania and Asia. The company opened offices in Atlanta and Singapore during the first quarter. Hough said the Atlanta office has already begun producing business development activity, including inflows that will be reportable. Silvercrest has also reorganized its international business development effort and now has professionals in London and Australia dedicated to that work. Hough said the firm’s Dublin office remains on track to open later in 2026, pending expected regulatory approval from the Bank of Ireland. That approval would allow Silvercrest to proactively market its capabilities in Europe. The company has also created investment trusts in Ireland and Australia, which Hough said materially expand its distribution opportunity across Europe and Oceania. During the question-and-answer session, Hough said Silvercrest is seeing strong interest in its global, international and emerging markets equity strategies, supported by what he described as top-tier investment performance. He said those performance records are visible to consultants and institutions through available databases and are helping generate interest from global institutional allocators. Hough said a key institutional objective for 2026 is to convert the pipeline into consultant approvals and funded mandates. He noted that the process can be lengthy, as consultants and allocators conduct due diligence, meet investment teams and rate strategies before assets are committed. “The pipeline we’re looking at is in the billions of dollars,” Hough said, while cautioning that the outcome can be binary and difficult to time. He said the company remains optimistic about showing progress in both AUM and revenue, but added that he could not give a firm forecast for 2026 inflows. Asked about small-cap strategies, Hough said small-cap stocks have performed better since September 2025, helping Silvercrest preserve some AUM. However, he said the firm needs to demonstrate sustained better performance and continue through a transition period involving senior managers of those capabilities. Gerard said total assets were approximately $133.0 million at March 31, down from $166.6 million at the end of 2025. Cash and cash equivalents were approximately $11.6 million, compared with $44.1 million at year-end. Borrowings totaled approximately $10.0 million, and total Class A stockholders’ equity was approximately $46.9 million. Silvercrest repurchased approximately $1.9 million of Class A shares during the quarter, completing its previously announced $25 million stock repurchase plan. Hough said the firm has returned capital through both dividends and buybacks and has repurchased approximately $87 million of stock over the past five years. However, Hough said the company is likely to take “a slight pause” on capital returns while it waits for growth investments to show progress. He said the firm’s cash balance was lower after bonus compensation payments, but added that Silvercrest’s cash flow and credit facilities support both ongoing growth initiatives and capital returns. The board declared a quarterly dividend of $0.21 per Class A share, payable on or about June 19, 2026, to stockholders of record as of June 12. Hough said the first-quarter pressure on margins reflected deliberate investments in people, marketing, distribution and operating infrastructure. He said the firm has expanded its analyst team, trading, operations, administration and marketing functions, including rebuilding marketing capabilities and adding professionals in Australia and London. In closing remarks, Hough said Silvercrest expects to see “substantial progress in the quarters to come” based on the investments made over the past year. He said the company is focused on creating “a much more enduring and profitable business” over the next 25 years. Silvercrest Asset Management Group Inc, headquartered in New York City, is an independent registered investment adviser that specializes in delivering customized wealth and asset management solutions for high-net-worth individuals, family offices and institutional clients. Founded in 2002 by senior professionals from leading financial institutions, Silvercrest has built its reputation on a disciplined, research-driven investment process and a commitment to personalized client service. The firm's core offerings include discretionary and non-discretionary portfolio management across equities, fixed income, hedge funds and alternative investments. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Silvercrest Asset Management Group Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.