Silvercrest Asset Management Group(SAMG) - 2025 Q3 - Quarterly Results

Assets Under Management (AUM) - Discretionary assets under management (AUM) increased by $687 million in Q3 2025, reaching $24.3 billion, an 8% year-over-year increase[3][4] - Total AUM hit a new high of $37.6 billion, up $2.5 billion or 7.1% from $35.1 billion in Q3 2024, driven by market appreciation of $2.3 billion[13][4] - Total assets under management (AUM) at the end of Q3 2025 reached $37.6 billion, up 7.1% from $35.1 billion in Q3 2024[42] - Total Discretionary AUM at September 30, 2025, reached $24.349 billion, up from $22.639 billion in 2024, reflecting an increase of 7.5%[48] - Discretionary AUM at the end of Q3 2025 was $24.3 billion, reflecting a 7.5% increase from $22.6 billion in Q3 2024[44] - Non-discretionary AUM increased to $13.3 billion in Q3 2025, a 6.4% rise from $12.5 billion in Q3 2024[46] Financial Performance - Revenue for Q3 2025 was $31.3 million, a 2.9% increase from $30.4 million in Q3 2024, primarily due to market appreciation[16] - Total revenue for Q3 2025 was $31.295 million, a 2.9% increase from $30.424 million in Q3 2024[33] - Adjusted EBITDA for Q3 2025 was $4.5 million, or 14.5% of revenue, compared to $6.3 million, or 20.9% of revenue in Q3 2024[19] - Adjusted EBITDA for Q3 2025 was $4.529 million, compared to $6.346 million in Q3 2024, representing a decline of 28.6%[35] - Adjusted EBITDA Margin decreased to 14.5% in Q3 2025 from 20.9% in Q3 2024[35] - Consolidated net income for Q3 2025 was $1.1 million, representing a net income margin of 3.5%, down from 12.3% in Q3 2024[18] - Net income attributable to Silvercrest for Q3 2025 was $618,000, down from $2.252 million in Q3 2024, a decrease of 72.6%[33] - Basic net income per share for Q3 2025 was $0.07, compared to $0.24 in Q3 2024, a decline of 70.8%[33] - The company reported a net income of $1.089 million for Q3 2025, down from $3.730 million in Q3 2024, a decrease of 70.8%[33] - Adjusted net income for Q3 2025 was $2,406 million, a decrease from $3,801 million in Q3 2024, representing a decline of 36.7%[37] Expenses - Total expenses increased by $4.0 million, or 15.4%, to $30.0 million in Q3 2025, with compensation and benefits expenses rising by 16.8%[17] - Total expenses for Q3 2025 were $29.964 million, an increase of 15.5% from $25.967 million in Q3 2024[33] - Compensation and benefits expenses rose to $21.714 million in Q3 2025, up from $18.598 million in Q3 2024, marking a 16.5% increase[33] Shareholder Actions - The company repurchased approximately $16 million worth of shares as part of a $25 million buyback program initiated in May 2025[8] - The company declared a quarterly dividend of $0.21 per share, payable on December 19, 2025[9] Client Flows - Net client flows for Q3 2025 were negative at $(0.6) billion, compared to $(0.2) billion in Q3 2024, indicating a 200% decline[42] - Gross client inflows for Q3 2025 were $1.0 billion, down 9.1% from $1.1 billion in Q3 2024[42] - Gross client outflows increased to $(1.6) billion in Q3 2025, a 23.1% rise from $(1.3) billion in Q3 2024[42] Equity and Liabilities - Silvercrest's total equity was $58.9 million at September 30, 2025, with 8,240,149 shares of Class A common stock outstanding[25] - Total liabilities decreased to $64,054 million as of September 30, 2025, down from $74,739 million at the end of 2024[40] - Total equity decreased to $93,503 million as of September 30, 2025, down from $119,693 million at the end of 2024[40] Market Performance - The Large Cap Value Composite annualized performance for the past year was 6.0%, underperforming the Russell 1000 Value Index at 9.4%[52] - The Global Value Opportunity Composite achieved a 1-year performance of 22.3%, outperforming the MSCI ACWI Value - Net Index at 12.1%[52]