Core Insights - Silvercrest Asset Management Group Inc. reported a total AUM of $37.6 billion as of September 30, 2025, marking a 7.1% increase year-over-year, driven by market appreciation and new client inflows [3][14][45] - The company experienced a revenue increase of 2.9% to $31.3 million for the third quarter of 2025 compared to the same period in 2024, despite facing net client outflows [17][19] - Adjusted EBITDA for the third quarter was $4.5 million, representing a decline from the previous year, reflecting ongoing investments in growth initiatives [20][24] AUM and Client Flows - Discretionary AUM increased by $687 million during the third quarter, reaching $24.3 billion, an 8% increase year-over-year [2][3] - The company added $46.4 million in organic new client accounts during the third quarter and approximately $2.0 billion year-over-year [2][3] - Total AUM reached a new high of $37.6 billion, with non-discretionary AUM at $13.3 billion, which contributes only 4% to total revenue [3][14] Financial Performance - Revenue for the nine months ended September 30, 2025, was $93.4 million, a 1.8% increase from the previous year [21] - Consolidated net income for the third quarter was $1.1 million, down from $3.7 million in the same quarter of 2024, with a net income margin of 3.5% [19][23] - Total expenses increased by 15.4% to $30.0 million for the third quarter, primarily due to higher compensation and benefits expenses [18][22] Strategic Initiatives - The company is focused on organic growth and has made significant investments in talent and intellectual capital to drive future growth [4][5] - A new buyback program of $25 million was initiated, with approximately $16 million worth of shares repurchased by the end of the third quarter [7] - Silvercrest declared a quarterly dividend of $0.21 per share, to be paid on December 19, 2025 [8] Market Outlook - The increase in AUM is expected to positively impact future revenue, as the company primarily bills quarterly in advance [4] - The firm anticipates that discretionary AUM will exceed all-time highs in the coming quarters, assuming supportive market conditions [3][4]