Silvercrest Asset Management Group Inc. Reports Q3 2026 Results
Silvercrest Asset Management Group Inc. (SAMG) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Silvercrest Asset Management Group Inc. Reports Q3 2026 Results New York, NY – October 29, 2026 - Silvercrest Asset Management Group Inc. (NASDAQ: SAMG) (the “Company” or “Silvercrest”) today reported the results of its operations for the quarter and nine months ende
Facts are quoted from the filing text and checked against it.
How this was made
The 30-second read
Why it matters
The earnings release highlights AUM contraction but also revenue growth and a new dividend, creating a mixed outlook for the stock.
Market read
The report provides fresh earnings data that may influence SAMG's share price and sector peers.
What to watch
Potential cost reductions from new offices and regulatory licensing may improve margins in 2027.
Silvercrest reported third-quarter revenue of $32.7 million, while total AUM declined to $36.2 billion and Adjusted EBITDA margin declined to 13.5%.
Third-quarter revenue increased 4.5% year over year and GAAP net income improved, but total and discretionary AUM declined year over year and sequentially, while Adjusted EBITDA and Adjusted EBITDA margin declined from the prior-year period.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, three months ended September 30, 2026GAAP | $32.71M | – | 4.5% |
| Management and advisory fees, three months ended September 30, 2026GAAP | $31.57M | – | – |
| Family office services, three months ended September 30, 2026GAAP | $1.13M | – | – |
| Total expenses, three months ended September 30, 2026GAAP | $30.83M | – | 2.9% |
| Compensation and benefits expense, three months ended September 30, 2026GAAP | $21.26M | – | -2.1% |
| General and administrative expense, three months ended September 30, 2026GAAP | $9.57M | – | 16.0% |
| Income before other income (expense), net, three months ended September 30, 2026GAAP | $1.88M | – | – |
| Net income, three months ended September 30, 2026GAAP | $1.20M | – | – |
| Net income margin, three months ended September 30, 2026GAAP | 3.7% | – | – |
| Net income attributable to Silvercrest, three months ended September 30, 2026GAAP | $648K | – | – |
| Net income per basic share, three months ended September 30, 2026GAAP | $0.08 | – | – |
| Net income per diluted share, three months ended September 30, 2026GAAP | $0.08 | – | – |
| Adjusted EBITDA, three months ended September 30, 2026non-GAAP | $4.40M | – | – |
| Adjusted EBITDA Margin, three months ended September 30, 2026non-GAAP | 13.5% | – | – |
| Adjusted net income, three months ended September 30, 2026non-GAAP | $1.91M | – | – |
| Adjusted basic earnings per share, three months ended September 30, 2026non-GAAP | $0.16 | – | – |
| Adjusted diluted earnings per share, three months ended September 30, 2026non-GAAP | $0.16 | – | – |
| Revenue, nine months ended September 30, 2026GAAP | $94.90M | – | 1.6% |
| Net income, nine months ended September 30, 2026GAAP | $2.21M | – | – |
| Net income attributable to Silvercrest, nine months ended September 30, 2026GAAP | $1.05M | – | – |
| Net income per diluted share, nine months ended September 30, 2026GAAP | $0.14 | – | – |
| Adjusted EBITDA, nine months ended September 30, 2026non-GAAP | $11.55M | – | – |
| Adjusted EBITDA Margin, nine months ended September 30, 2026non-GAAP | 12.2% | – | – |
| Adjusted net income, nine months ended September 30, 2026non-GAAP | $4.55M | – | – |
| Adjusted diluted earnings per share, nine months ended September 30, 2026non-GAAP | $0.38 | – | – |
| Total assets under management at September 30, 2026other | $36.2B | -2.2% | -3.7% |
| Discretionary assets under management at September 30, 2026other | $23.8B | -3.6% | -2.1% |
| Non-discretionary assets under management at September 30, 2026other | $12.4B | – | -6.8% |
| Cash and cash equivalents at September 30, 2026GAAP | $27.80M | – | – |
| Borrowings under credit facility at September 30, 2026GAAP | $9M | – | – |
| Total equity at September 30, 2026GAAP | $76.63M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Management and advisory fees, three months ended September 30, 2026The Company stated that the revenue increase was mainly due to an increase in the average annual management fee. | $31.57M | – | – |
| Family office services, three months ended September 30, 2026Non-discretionary AUM is associated with a small portion of revenue, as most non-discretionary AUM represents flat fee family office and related services. | $1.13M | – | – |
Capital returns
- On October 28, 2026, the Board of Directors declared a quarterly dividend of $0.21 per share of Class A common stock.
- The dividend will be paid on or about December 18, 2026 to stockholders of record as of the close of business on December 11, 2026.
- Treasury Stock, at cost, was $(52,316) (in thousands) at September 30, 2026.
What drove it
- Third-quarter revenue increased by $1.4 million, or 4.5%, to $32.7 million, mainly due to an increase in the average annual management fee.
- Third-quarter total AUM declined by $0.8 billion, or 2.2%, from June 30, 2026, attributable to market depreciation of $0.9 billion, partially offset by net client inflows of $0.1 billion.
- Third-quarter discretionary AUM declined by $0.9 billion, or 3.6%, from June 30, 2026, attributable to market depreciation of $0.8 billion and net client outflows of $0.1 billion.
- During the quarter, Silvercrest added $182.2 million in organic new client accounts and reported a $373.0 million follow-on investment in its global value equity strategy.
- The Company received its full MiFID license through the Central Bank of Ireland and opened its Dublin office.
Concerns
- Total AUM was $36.2 billion, down 3.7% year over year, and discretionary AUM was $23.8 billion, down 2.1% year over year.
- Nine-month total net client flows were $(1.8) billion and nine-month discretionary net client flows were $(1.9) billion.
- Adjusted EBITDA was $4,403 (in thousands) in the third quarter, compared with $4,529 (in thousands) in the prior-year period, and Adjusted EBITDA Margin declined to 13.5% from 14.5%.
- For the nine months ended September 30, 2026, total expenses increased 9.2% while revenue increased 1.6%.
- The Company expects the compensation ratio to remain elevated as its investment initiatives mature.
What to watch
- Whether the institutional pipeline in Global and International Equity strategies converts into assets under management and revenue.
- The pace of discretionary AUM flows after third-quarter market depreciation and net client outflows.
- Administrative and legal costs associated with Atlanta, Dublin, the UCITS fund, Australian trust, and regulatory licensing initiatives, which the Company expects to decline.
- The impact of planned equity grants and the elevated compensation ratio on profitability.
- The planned reporting adjustment at the end of the first quarter of 2027, which the Company stated will substantially lower reported non-discretionary and total AUM on a one-time basis without revenue effect.
Balance sheet and cash flow
- Cash and cash equivalents were $27.8 million at September 30, 2026, compared to $44.1 million at December 31, 2025.
- As of September 30, 2026, there was $9.0 million outstanding under the term loan and nothing outstanding under the revolving credit facility with City National Bank.
- Silvercrest Asset Management Group Inc.'s total equity was $45.5 million at September 30, 2026.
- No operating cash flow, capital expenditures, or free cash flow was reported.
Analysis
Silvercrest delivered third-quarter revenue of $32,709 (in thousands), up from $31,295 (in thousands) in the prior-year quarter. The Company attributed the increase mainly to an increase in the average annual management fee. Management and advisory fees were $31,575 (in thousands), while family office services were $1,134 (in thousands). Revenue growth occurred despite lower assets under management, with average AUM of $36.6 billion compared with $37.2 billion in the prior-year quarter.
Asset levels and flows remain the principal operating issue. Total AUM ended the quarter at $36.2 billion, down from $37.6 billion a year earlier and from $37.0 billion at June 30, 2026. Discretionary AUM, which the Company identified as driving revenue, ended at $23.8 billion, compared with $24.3 billion a year earlier and $24.7 billion at June 30, 2026. The sequential decline reflected market depreciation of $0.8 billion and net client outflows of $0.1 billion in discretionary AUM. Total AUM had net client inflows of $0.1 billion in the quarter, partially offsetting market depreciation of $0.9 billion.
Profitability was mixed. GAAP net income rose to $1,203 (in thousands) from $1,089 (in thousands), and net income margin increased to 3.7% from 3.5%. However, Adjusted EBITDA declined to $4,403 (in thousands) from $4,529 (in thousands), with Adjusted EBITDA Margin falling to 13.5% from 14.5%. General and administrative expense increased to $9,570 (in thousands) from $8,250 (in thousands), driven by professional fees, occupancy, travel and entertainment, portfolio and systems expense, charitable donations, business taxes, and depreciation and amortization.
The nine-month figures show greater expense pressure. Revenue was $94,898 (in thousands), compared with $93,360 (in thousands), while total expenses were $90,797 (in thousands), compared with $83,151 (in thousands). Nine-month net income was $2,205 (in thousands), versus $8,166 (in thousands), and Adjusted EBITDA was $11,553 (in thousands), versus $16,761 (in thousands). Management described these results as reflecting the deliberate cost of the firm's investment program, including international infrastructure, distribution, staffing, and regulatory initiatives.
Capital resources included $27,797 (in thousands) of cash and cash equivalents and $9,000 (in thousands) of borrowings under the credit facility at September 30, 2026. The Board declared a quarterly dividend of $0.21 per share of Class A common stock. The release provided no quantitative financial outlook. Operationally, management expects administrative and legal costs associated with its completed Atlanta and Dublin offices, UCITS fund, Australian trust, and licensing effort to decline and begin contributing revenue.
Not in the filing
stated, not guessed- Quantitative forward revenue guidance
- Quantitative forward gross margin guidance
- Quantitative forward operating expense guidance
- Quantitative forward tax rate guidance
- Prior-quarter revenue, earnings, expense, and margin comparatives
- Gross profit and gross margin
- Operating income or loss
- Operating cash flow
- Capital expenditures
- Free cash flow
- Share repurchases during the reported period
- Named-executive quotes in the earnings release
- Previous-release outlook for comparison
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Silvercrest is a NASDAQ‑listed boutique asset manager that recently expanded internationally with a Dublin office and obtained a MiFID license.
Ticker impact
Silvercrest Asset Management Group reported Q3 2026 results, showing a 2.1% drop in discretionary AUM and modest revenue growth.
likely modest downside as investors price lower AUM and elevated cost structure
The earnings release provides fresh data on AUM contraction and cost ratios, which are key drivers of earnings outlook.
Market effects
Asset‑management sector may see scrutiny on fee structures as discretionary AUM trends impact revenue forecasts.
US and European wealth‑management markets could adjust expectations for similar firms with AUM pressures.
Limited; primarily relevant to investors in boutique asset managers.
Counterpoint
The dividend initiation and new MiFID license could signal longer‑term growth, offsetting short‑term AUM dip.
Key entities
- companySilvercrest Asset Management Group Inc.
NASDAQ‑listed asset manager reporting Q3 2026 results.
