Financial Performance - Revenue for the year ended December 31, 2024, was $123.651 million, compared to $117.410 million in 2023, reflecting a year-over-year increase of 5.3%[222] - Net income for 2024 was $15.709 million, slightly up from $15.183 million in 2023, resulting in a net income margin of 12.7%[222] - Adjusted EBITDA for 2024 was $26.101 million, with an adjusted EBITDA margin of 21.1%, down from 22.9% in 2023[222] - Total revenue increased by $6.2 million, or 5.3%, to $123.7 million for the year ended December 31, 2024, compared to $117.4 million for the year ended December 31, 2023[252] - Adjusted Net Income for 2024 was $15,782,000, compared to $16,104,000 in 2023, reflecting a decline of 2.0%[280] - Basic Adjusted Earnings Per Share for 2024 was $1.15, slightly down from $1.16 in 2023[280] Assets Under Management - Assets under management increased by 9.6% from $33.3 billion to $36.5 billion during the twelve months ended December 31, 2024[218] - Average assets under management for discretionary managed accounts increased to $22.2 billion in 2024 from $21.0 billion in 2023[225] - Discretionary assets under management increased by $1.4 billion, while non-discretionary assets increased by $1.8 billion during the same period[253] - The composition of assets under management as of December 31, 2024, was 64% discretionary and 36% non-discretionary[253] - Total discretionary assets under management at December 31, 2024, are projected to be $23.3 billion, up from $21.9 billion at December 31, 2023[258] - The average AUM for the year ended December 31, 2024, was approximately $34.9 billion, with a potential revenue change of approximately $12.4 million for a 10% increase or decrease in AUM[313] Revenue Sources - Discretionary managed accounts accounted for $115.2 million in revenue, representing 97% of management and advisory fees revenue for 2024[225] - Management and advisory fees increased by $6.5 million, or 5.8%, to $119.3 million for the year ended December 31, 2024[244] - Private funds generated $4.1 million in revenue for both 2024 and 2023, maintaining a 3% share of management and advisory fees revenue[226] - Family office services revenue decreased by $0.3 million, or 6.1%, to $4.3 million for the year ended December 31, 2024, from $4.6 million for the year ended December 31, 2023[254] - Proprietary fund management revenue remained flat at $2.9 million for the years ended December 31, 2024, and 2023[253] Expenses - Total compensation expense for 2024 was $76.663 million, an increase from $72.619 million in 2023[235] - Cash compensation and benefits for 2024 were $74.747 million, up from $70.992 million in 2023[235] - Total expenses rose by $7.4 million, or 7.5%, to $106.0 million for the year ended December 31, 2024, driven by a $4.0 million increase in compensation and benefits[262] - General and administrative expenses increased by $3.4 million, or 13.1%, to $29.4 million for the year ended December 31, 2024[264] Cash Flow and Financing - Cash flow from operations is expected to meet liquidity and capital requirements for the next twelve months[281] - Net cash provided by operating activities increased from $20,975 thousand in 2023 to $21,590 thousand in 2024, an increase of about 2.9%[290] - Net cash used in investing activities decreased from $3,878 thousand in 2023 to $1,700 thousand in 2024, a reduction of approximately 56.1%[290] - Net cash used in financing activities decreased from $24,216 thousand in 2023 to $21,549 thousand in 2024, a decrease of about 11.0%[290] - The company had $0 outstanding under the term loan as of December 31, 2024, compared to $2.7 million in 2023[282] Tax and Regulatory Matters - The provision for income taxes was $4.6 million for the year ended December 31, 2024, with a tax rate of 22.5%[273] - The company entered into a tax receivable agreement requiring it to pay 85% of cash savings realized from tax benefits[316] - The actual amount and timing of payments under the tax receivable agreement will vary based on several factors, including the timing of sales or exchanges by limited partnership unit holders[318] - The company recognizes the benefit of uncertain tax positions only when it is more likely than not to be sustained upon examination by taxing authorities[320] Market Impact - Market appreciation contributed to a 10.4% increase in total assets under management for the year ended December 31, 2024[253] - The majority of the company's revenues are based on assets under management, which are significantly impacted by market appreciation or depreciation[310]

Assets Under Management (AUM) - Silvercrest reported total assets under management (AUM) of $36.5 billion as of December 31, 2024, a 9.6% increase from $33.3 billion at year-end 2023[3]. - Total assets under management (AUM) at the end of Q4 2024 reached $36.5 billion, up from $33.3 billion at the end of Q4 2023, reflecting a 9.6% increase[45]. - Total Assets Under Management (AUM) increased to $36.455 billion as of December 31, 2024, up from $33.281 billion a year earlier, representing a growth of 6.5%[54]. - Discretionary AUM increased by 6.4% to $23.3 billion at year-end 2024, up from $21.9 billion at year-end 2023[11]. - Discretionary AUM at the end of Q4 2024 was $23.3 billion, up from $21.9 billion in Q4 2023, marking a 6.4% increase[47]. - Discretionary AUM reached $23.319 billion at December 31, 2024, compared to $21.885 billion at the same date in 2023, marking an increase of 6.5%[54]. - Non-discretionary AUM increased to $13.2 billion in Q4 2024 from $11.4 billion in Q4 2023, representing a 15.8% growth[50]. Financial Performance - Revenue for Q4 2024 increased by 12.0% to $32.0 million, compared to $28.5 million in Q4 2023, while total revenue for the year rose by 5.3% to $123.7 million from $117.4 million[13][17]. - Adjusted EBITDA for Q4 2024 was $5.1 million, representing 15.9% of revenue, compared to $2.6 million or 9.0% of revenue in Q4 2023[16]. - Adjusted EBITDA for the year ended December 31, 2024, was $26,101,000, compared to $26,878,000 in 2023, resulting in an Adjusted EBITDA margin of 21.1%[37]. - Consolidated net income for Q4 2024 was $2.7 million, compared to a net loss of $0.6 million in the same period last year, with net income attributable to Silvercrest at $1.6 million[15]. - Adjusted net income for the year was $15.8 million, or $1.15 per adjusted basic share, compared to $16.1 million in the previous year[19]. - The company reported a net income of $2,684,000 for the three months ended December 31, 2024, compared to a net loss of $642,000 in the same period of 2023[34]. - Adjusted net income for Q4 2024 was $2,861 million, compared to $1,049 million in Q4 2023, representing a significant increase of 172.5%[40]. - Basic and diluted net income per share for the year ended December 31, 2024, was $1.00, compared to $0.96 in 2023, indicating a 4.2% increase[31]. Client Inflows and Growth - The firm achieved $1.4 billion in new client AUM inflows during Q4 2024, contributing to a total of $1.5 billion for the entire year, marking the best year for new organic client inflows since 2015[2]. - Gross client inflows for Q4 2024 were $2.2 billion, a substantial increase of 144.4% compared to $0.9 billion in Q4 2023[45]. - New client accounts/assets for the twelve months ended December 31, 2024, were $1.549 billion, significantly higher than $0.339 billion in the previous year[54]. - The company anticipates future growth in assets under management and client retention, despite potential risks and uncertainties[27]. Expenses and Liabilities - Total expenses for the year increased by 7.5% to $106.0 million, driven by a 5.6% rise in compensation and benefits expenses[18]. - Total liabilities decreased to $74,739 million in Q4 2024 from $77,764 million in Q4 2023, indicating a reduction of 4.1%[43]. - The company’s cash and cash equivalents were $68,611 million as of December 31, 2024, slightly down from $70,301 million in 2023[43]. - Cash and cash equivalents stood at $68.6 million as of December 31, 2024, down from $70.3 million at the end of 2023[21]. Market and Strategic Initiatives - The firm plans to pursue more initiatives in Europe and has hired business development leads in Atlanta and Singapore to enhance market presence[4]. - Silvercrest continues to focus on maintaining its fee structure and enhancing its investment strategies to drive profitability[27]. - Market appreciation for AUM in Q4 2024 was $0.5 billion, a decrease of 80% compared to $2.5 billion in Q4 2023[45]. - Market appreciation for the twelve months was $2.144 billion, slightly lower than $2.201 billion in the previous year[54].

Core Viewpoint - Silvercrest Asset Management Group Inc. reported strong financial results for the year ended December 31, 2024, with significant growth in assets under management (AUM) and revenue, driven by new client inflows and strategic investments made throughout the year [2][3][19]. Financial Performance - Total AUM reached $36.5 billion as of December 31, 2024, representing a 9.6% increase from $33.3 billion at year-end 2023 [3][12]. - Discretionary AUM rose by 6.4% to $23.3 billion from $21.9 billion, primarily due to market appreciation of $2.1 billion, despite net client outflows of $0.7 billion [12][19]. - Revenue for the year increased by 5.3% to $123.7 million from $117.4 million, with Q4 revenue up 12.0% to $32.0 million from $28.5 million [3][19][21]. Client Inflows and Strategic Initiatives - Silvercrest achieved $1.4 billion in new client AUM inflows in Q4 and $1.5 billion for the entire year, marking the best year for new organic client inflows since 2015 [2][5]. - A significant seed investment of $1.3 billion in the new Global Value Equity strategy was secured in partnership with CBUS, one of Australia's largest superannuation funds [2][5]. - The firm has expanded its business development efforts by hiring new leads in Atlanta and Singapore and has obtained a full MAS license for operations in Singapore [4][5]. Operational Efficiency - Total expenses for the year increased by 7.5% to $106.0 million, with compensation and benefits expenses rising by 5.6% to $76.7 million [20][21]. - Adjusted EBITDA for the year was $26.1 million, representing a margin of 21.1%, compared to $26.9 million and a margin of 22.9% in the previous year [22][38]. Market Position and Future Outlook - The firm has developed stronger institutional consulting relationships and maintains a robust pipeline for future investment opportunities [5][6]. - Silvercrest is optimistic about securing significant new organic flows in 2025, which are expected to enhance revenue and return on invested capital [2][5].

Company Overview - Silvercrest Asset Management Group Inc. is an independent, employee-owned registered investment adviser founded in April 2002 [4] - The company provides traditional and alternative investment advisory and family office services to wealthy families and select institutional investors [4] - As of September 30, 2024, Silvercrest reported assets under management of $35.1 billion [4] Upcoming Financial Results - Silvercrest will host a teleconference on March 7, 2025, at 8:30 am Eastern Time to discuss its financial results for the fourth quarter and year ended December 31, 2024 [1] - A news release containing the financial results will be issued before the U.S. equity markets open [1] Management Participation - The teleconference will feature Chairman, CEO, and President Richard R. Hough III and CFO Scott A. Gerard reviewing the quarterly results [2] - There will be a question and answer session for analysts and institutional investors following the prepared remarks [2] Accessing the Teleconference - Analysts, institutional investors, and the general public can listen to the call by dialing 1-844-836-8743 or 1-412-317-5723 for international callers [3] - A live, listen-only webcast will be available on the investor relations section of the Silvercrest website [3] - An archived replay of the call will be accessible after the live call on the Investor Relations page [3]

Core Insights - Silvercrest Asset Management Group Inc. has promoted J. Allen Gray to Head of Institutional Business, overseeing institutional business, consultant, and client relations [1][2] - J. Allen Gray has been with Silvercrest since 2008 and has significantly contributed to the firm's institutional equity business [1][2] - As of September 30, 2024, Silvercrest reported assets under management of $35.1 billion [3] Company Overview - Silvercrest was founded in April 2002 as an independent, employee-owned registered investment adviser [3] - The firm operates offices in New York, Boston, Virginia, Atlanta, New Jersey, California, and Wisconsin [3] - Silvercrest provides traditional and alternative investment advisory and family office services to wealthy families and select institutional investors [3]

Core Viewpoint - Silvercrest Asset Management Group Inc. has declared a quarterly dividend of $0.20 per share of Class A common stock, reflecting the company's commitment to returning value to its shareholders [1]. Company Overview - Silvercrest was founded in April 2002 as an independent, employee-owned registered investment adviser [2]. - The company operates offices in New York, Boston, Virginia, New Jersey, California, and Wisconsin [2]. - As of September 30, 2024, Silvercrest reported assets under management totaling $35.1 billion [2].

Key Promotions at Silvercrest Asset Management - Silvercrest Asset Management Group Inc announced the promotion of Kate Burns, Lorena Cardenas, Ted Moore, Judy Morrill, and Carolin Newland to Partner [1] - Each new partner has demonstrated exceptional work and dedication to the firm and its clients [2] Profiles of New Partners Kate Burns - Director and Portfolio Manager for families and individuals [2] - Joined Silvercrest in 2015 following the acquisition of Jamison, Eaton and Wood [2] - Over 25 years of investment experience, including portfolio management for institutional and individual investors, and securities analysis across asset classes [2] - Holds a BA from the University of Pennsylvania and an MBA from Drexel University [2] - Member of the CFA Institute and the New York Society of Security Analysts [2] Lorena Cardenas - Director and Compliance Officer [3] - Joined Silvercrest in 2018 from Anchorage Capital Group, L L C [3] - Over 14 years of investment advisory compliance experience [3] - Holds a BA in Political Science and Spanish American Literature from New York University [3] Ted Moore - Director and Portfolio Manager for families, individuals, and institutions [4] - Works closely with clients and assists with research coverage responsibilities for Silvercrest's external investments [4] - Previously an Associate Portfolio Manager at AllianceBernstein LP [4] - Holds a BS in Business Administration from Washington & Lee University [4] - Member of the Board of Trustees and the Finance Committee for the Children's Museum of Richmond [4] Judy Morrill - Managing Director and Portfolio Manager for families and individuals [5] - Over 35 years of investment experience [5] - Previously a Managing Director and Senior Portfolio Manager at Highmount Capital [5] - Holds an MBA in Finance from New York University Stern School of Business and a BA in Political Science and French from Hollins University [5] - Former member of the Board of Trustees and President of the Hollins University Alumnae Association [5] Carolin Newland - Director and Portfolio Manager for families and individuals [6] - Previously worked with ultra-high-net-worth individuals and families at Oppenheimer & Co Inc [6] - Holds a Bachelor of Business Administration in International Business and Finance from Berkeley College [6] - Earned a certification in International Finance from Lund University [6] - CFA charterholder and member of the CFA Institute [6] About Silvercrest Asset Management - Founded in April 2002 as an independent, employee-owned registered investment adviser [8] - Provides traditional and alternative investment advisory and family office services to wealthy families and select institutional investors [8] - Offices located in New York, Boston, Virginia, Atlanta, New Jersey, California, and Wisconsin [8] - Reported assets under management of $35 1 billion as of September 30, 2024 [8]

Core Insights - Silvercrest Asset Management Group Inc. has secured an initial seed investment of $1.3 billion USD ($2.0 billion AUD) from Australia's Construction and Building Unions Superannuation Fund (CBUS) to launch its Global Value Opportunity Equity Strategy [1][2] - The investment highlights Silvercrest's international reputation and robust infrastructure, with expectations of attracting further investments to support growth [2] - CBUS is one of Australia's largest super funds, managing over $94 billion for more than 920,000 members [3] Company Overview - Silvercrest was founded in April 2002 as an independent, employee-owned registered investment adviser, with multiple offices across the United States [4] - As of September 30, 2024, Silvercrest reported assets under management totaling $35.1 billion [4] - The firm provides traditional and alternative investment advisory services, focusing on wealthy families and select institutional investors [4]

Financial Data and Key Metrics Changes - Discretionary AUM increased by $1.0 billion during the quarter to $22.6 billion, representing a 5% increase since the second quarter and a year-over-year increase of 10% since Q3 2023 [7] - Total AUM at the end of Q3 was $35.1 billion, up 13% year-over-year from Q3 2023 [9] - Revenue for the quarter was $30.4 million, an increase of approximately 2% year-over-year [15][16] - Reported net income for the quarter was $3.7 million, with adjusted net income of approximately $3.8 million [15][20] - Adjusted EBITDA was approximately $6.3 million, or 20.9% of revenue for the quarter [20] Business Line Data and Key Metrics Changes - The firm reported new client accounts and relationships increased during the quarter, particularly in Small Cap Opportunity mandates [8] - Despite discretionary outflows during the quarter, the outflows were revenue neutral to the firm [8] - The pipeline of new institutional business opportunities increased by 20% to $1.2 billion [10] Market Data and Key Metrics Changes - Broader market participation was noted throughout Q3, benefiting Silvercrest's diversified wealth management business and exposure to Small Cap institutional business [6] - The global equity strategy is in high demand, particularly among large families and institutions outside the U.S. [34] Company Strategy and Development Direction - The company is optimistic about securing significant organic net flows over the next two quarters due to improved business development results [6] - Investments are being made to drive future growth, including hiring more professionals to support the team and strategy [12] - The firm is focused on building infrastructure to support business development and has a robust pipeline of new business opportunities [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future revenue increases driven by the pipeline and market conditions [6][55] - The firm is preparing for significant inflows into the global equity strategy, which is expected to enhance organic growth [36] - Management acknowledged the need for continued investment in infrastructure to support growth and maintain competitive positioning [48] Other Important Information - Total assets were approximately $184.2 million as of September 30, down from $199.6 million at the end of the previous year [26] - The company repurchased approximately $1.4 million of Class A shares during the quarter [27][44] Q&A Session Summary Question: Details on global strategies and staffing - Management confirmed that most of the primary portfolio management team for the global equity strategy has been hired, with further hiring planned [30][31] Question: Update on buyback activity and cash usage - Management indicated that buybacks are being conducted when cash is available, viewing it as a form of acquisition [39][40] Question: Long-term adjusted EBITDA margin target - Management aims to return to an EBITDA margin in the upper 20s as the business matures [45]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission file number: 001-35733 Silvercrest Asset Management Group Inc. (Exact name of registrant as specified in its charter) Delaware 45-5146560 (S ...