false0001549966Q3--12-31http://fasb.org/us-gaap/2025#RelatedPartyMemberhttp://fasb.org/us-gaap/2025#RelatedPartyMemberhttp://fasb.org/srt/2025#ChiefExecutiveOfficerMemberone vote for each shareone vote for each shareone vote for each shareone-for-one basishttp://fasb.org/us-gaap/2025#RelatedPartyMemberhttp://fasb.org/us-gaap/2025#RelatedPartyMemberhttp://fasb.org/us-gaap/2025#RelatedPartyMemberhttp://fasb.org/us-gaap/2025#RelatedPartyMember0.330.330.330.33http://fasb.org/us-gaap/2025#QualifiedPlanMember0001549966us-gaap:CommonStockMemberus-gaap:CommonClassAMember2025-03-310001549966srt:DirectorMemberus-gaap:ShareBasedCompensationAwardTrancheOneMembersamg:TwoThousandTwelveEquityIncentivePlanMember2024-05-012024-05-310001549966samg:OfficeSpaceMembercountry:SG2025-02-012025-02-280001549966us-gaap:CommonStockMemberus-gaap:CommonClassBMember2023-12-310001549966us-gaap:TreasuryStockCommonMember2025-06-300001549966samg:TwoThousandTwelveEquityIncentivePlanMember2025-09-300001549966us-gaap:OtherCapitalizedPropertyPlantAndEquipmentMembersrt:MinimumMember2025-09-300001549966samg:MWCommodityAdvisorsLLCMember2012-04-010001549966samg:NonQualifiedOptionsMember2019-05-310001549966us-gaap:OperatingSegmentsMembersamg:TaxAndFamilyOfficeServicesMember2025-07-012025-09-300001549966us-gaap:CustomerRelationshipsMember2024-01-012024-09-300001549966samg:TwoThousandTwentyOneShareRepurchaseProgramMember2021-07-292021-07-290001549966srt:MinimumMembersrt:AffiliatedEntityMember2025-01-012025-09-300001549966samg:CityNationalBankMemberus-gaap:DelayedDrawTermLoanMember2013-06-232013-06-240001549966us-gaap:CommonStockMemberus-gaap:CommonClassBMember2024-12-310001549966us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMembersrt:AffiliatedEntityMember2025-01-012025-09-300001549966samg:TwoThousandTwentyOneShareRepurchaseProgramMemberus-gaap:CommonClassAMember2023-12-3100015499662024-01-012024-03-310001549966us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-07-012025-09-3000015499662024-09-300001549966us-gaap:RestrictedStockUnitsRSUMember2024-12-3100015499662025-09-300001549966us-gaap:ParentMember2024-12-310001549966us-gaap:CommonClassBMember2025-09-300001549966us-gaap:CommonStockMemberus-gaap:CommonClassAMember2025-04-012025-06-300001549966us-gaap:RestrictedStockUnitsRSUMember2024-09-300001549966us-gaap:ParentMember2025-04-012025-06-300001549966us-gaap:RestrictedStockUnitsRSUMembersrt:MaximumMember2025-09-300001549966samg:SilvercrestLimitedPartnershipMember2024-07-012024-09-300001549966samg:SilvercrestLimitedPartnershipMember2025-01-012025-09-300001549966us-gaap:OperatingSegmentsMember2025-07-012025-09-300001549966us-gaap:CommonStockMemberus-gaap:CommonClassBMember2024-01-012024-03-310001549966us-gaap:TreasuryStockCommonMember2024-06-3000015499662025-03-310001549966us-gaap:EmployeeStockMembersamg:TwoThousandTwelveEquityIncentivePlanMember2021-05-310001549966us-gaap:PrivateEquityFundsMembersrt:MaximumMember2025-01-012025-09-300001549966us-gaap:AdditionalPaidInCapitalMember2025-04-012025-06-300001549966us-gaap:RestrictedStockUnitsRSUMember2023-12-310001549966us-gaap:CommonClassAMembersamg:TwoThousandTwentyFiveShareRepurchaseProgramMember2025-01-012025-09-300001549966us-gaap:NoncontrollingInterestMember2024-03-310001549966srt:MinimumMemberus-gaap:PrivateEquityFundsMember2025-01-012025-09-300001549966us-gaap:FurnitureAndFixturesMember2025-09-300001549966us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-12-310001549966us-gaap:RestrictedStockUnitsRSUMember2024-01-012024-09-300001549966us-gaap:FairValueMeasurementsRecurringMember2024-12-310001549966us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-3100015499662024-01-012024-09-300001549966us-gaap:RestrictedStockUnitsRSUMembersrt:MaximumMember2024-12-310001549966us-gaap:ShareBasedCompensationAwardTrancheTwoMembersrt:DirectorMembersamg:TwoThousandTwelveEquityIncentivePlanMember2024-05-012024-05-310001549966us-gaap:FixedIncomeInvestmentsMember2025-09-300001549966us-gaap:TreasuryStockCommonMember2024-03-310001549966us-gaap:RestrictedStockUnitsRSUMemberus-gaap:CommonClassAMemberus-gaap:EmployeeStockMembersamg:TwoThousandTwelveEquityIncentivePlanMember2023-05-012023-05-310001549966us-gaap:OperatingSegmentsMembersamg:SilvercrestFundsMember2025-01-012025-09-300001549966us-gaap:CommonStockMemberus-gaap:CommonClassBMember2024-07-012024-09-300001549966us-gaap:RestrictedStockUnitsRSUMemberus-gaap:EmployeeStockMemberus-gaap:CommonClassBMembersamg:TwoThousandTwelveEquityIncentivePlanMember2024-05-012024-05-310001549966samg:NonQualifiedOptionsMembersamg:TwoThousandTwelveEquityIncentivePlanMember2024-05-310001549966srt:MinimumMember2025-09-3000015499662024-07-012024-09-300001549966samg:FinanceLeaseAssetsMember2024-01-012024-09-300001549966samg:ResaleAndRegistrationRightsAgreementMemberus-gaap:CommonClassBMember2025-01-012025-09-300001549966us-gaap:RevolvingCreditFacilityMembersamg:CityNationalBankMember2025-01-012025-09-300001549966srt:MinimumMembersamg:NonQualifiedOptionsMember2024-09-300001549966us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-01-012024-03-310001549966us-gaap:AssetManagement1Membersrt:AffiliatedEntityMember2024-01-012024-09-300001549966us-gaap:CommonClassAMembersrt:MaximumMembersamg:TwoThousandTwentyFiveShareRepurchaseProgramMember2025-05-230001549966us-gaap:RevolvingCreditFacilityMembersamg:CityNationalBankMember2013-06-240001549966us-gaap:CommonStockMemberus-gaap:CommonClassBMember2024-06-300001549966samg:FullRecourseMembersamg:GeneralPartnerAndLimitedPartnerMember2024-12-310001549966us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-03-310001549966us-gaap:OfficeEquipmentMember2024-12-310001549966us-gaap:RestrictedStockUnitsRSUMembersrt:MaximumMember2024-09-300001549966samg:GeneralPartnerAndLimitedPartnerMember2025-09-300001549966us-gaap:RestrictedStockUnitsRSUMember2025-01-012025-09-300001549966us-gaap:FurnitureAndFixturesMember2024-12-310001549966samg:CortinaEquityPortfoliosMember2025-09-300001549966us-gaap:OperatingSegmentsMembersamg:SilvercrestFundsMember2025-07-012025-09-300001549966samg:NonQualifiedOptionsMembersamg:TwoThousandTwelveEquityIncentivePlanMember2024-05-012024-05-310001549966us-gaap:AdditionalPaidInCapitalMember2025-09-300001549966us-gaap:OperatingSegmentsMembersamg:ManagedAccountsMember2024-07-012024-09-300001549966samg:NonQualifiedOptionsMemberus-gaap:CommonClassBMembersamg:TwoThousandTwelveEquityIncentivePlanMember2024-04-012024-04-300001549966us-gaap:NoncontrollingInterestMember2024-04-012024-06-300001549966us-gaap:RevolvingCreditFacilityMembersamg:CityNationalBankMember2019-07-012019-07-010001549966us-gaap:ParentMember2024-09-300001549966samg:ArtworkMember2024-12-310001549966us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2024-12-310001549966us-gaap:OtherIntangibleAssetsMember2025-09-300001549966us-gaap:RevolvingCreditFacilityMembersamg:CityNationalBankMember2013-06-232013-06-240001549966us-gaap:OperatingSegmentsMembersamg:SilvercrestFundsMember2024-07-012024-09-300001549966us-gaap:EquitySecuritiesMember2025-09-300001549966samg:CityNationalBankMemberus-gaap:DelayedDrawTermLoanMember2013-06-240001549966us-gaap:CommonStockMemberus-gaap:CommonClassBMember2025-03-310001549966us-gaap:CommonClassAMember2024-07-012024-09-300001549966samg:OutsourcedChiefInvestmentOfficerPortfoliosMember2025-01-012025-09-300001549966us-gaap:CommonStockMemberus-gaap:CommonClassAMember2025-01-012025-03-310001549966us-gaap:RevolvingCreditFacilityMembersamg:AmendmentAndRestatementAgreementMembersamg:CityNationalBankMember2024-06-180001549966us-gaap:CommonClassAMembersamg:TwoThousandTwentyFourShareRepurchaseProgramMembersrt:MaximumMember2024-08-160001549966samg:NonDiscretionaryAssetsMembersrt:MaximumMember2025-01-012025-09-300001549966samg:OutsourcedChiefInvestmentOfficerPortfoliosMember2025-09-300001549966us-gaap:RestrictedStockUnitsRSUMembersrt:MinimumMember2023-12-310001549966us-gaap:CommonClassAMemberus-gaap:EmployeeStockMembersamg:TwoThousandTwelveEquityIncentivePlanMember2021-08-012021-08-310001549966samg:SilvercrestLimitedPartnershipMemberus-gaap:CommonClassAMember2013-06-260001549966samg:MarathonCapitalGroupLLCMember2008-10-030001549966samg:NonQualifiedOptionsMember2019-05-012019-05-310001549966us-gaap:RestrictedStockUnitsRSUMembersamg:ThreeYearAnnualVestingPeriodMemberus-gaap:CommonClassAMemberus-gaap:EmployeeStockMembersamg:TwoThousandTwelveEquityIncentivePlanMember2023-01-012023-12-310001549966us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001549966us-gaap:RetainedEarningsMember2025-06-300001549966us-gaap:OperatingSegmentsMembersamg:TaxAndFamilyOfficeServicesMember2025-01-012025-09-300001549966samg:CityNationalBankMemberus-gaap:DelayedDrawTermLoanMember2019-07-012019-07-010001549966us-gaap:ParentMember2023-12-310001549966samg:SilvercrestFundsMember2024-12-310001549966us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001549966samg:NonQualifiedOptionsMembersrt:MaximumMember2024-09-300001549966samg:NonQualifiedOptionsMemberus-gaap:CommonClassBMembersamg:TwoThousandTwelveEquityIncentivePlanMember2024-05-012024-05-310001549966samg:SamAlternativeSolutionsIncMember2004-12-310001549966us-gaap:OtherIntangibleAssetsMembersrt:MaximumMember2024-09-300001549966us-gaap:CommonClassAMemberus-gaap:EmployeeStockMembersamg:TwoThousandTwelveEquityIncentivePlanMember2023-05-310001549966us-gaap:RetainedEarningsMember2025-09-300001549966us-gaap:CommonClassAMember2025-01-012025-09-300001549966us-gaap:CustomerRelationshipsMember2024-09-300001549966us-gaap:CommonClassAMember2025-07-012025-09-300001549966samg:NonQualifiedOptionsMembersrt:MaximumMember2023-12-310001549966us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-07-012024-09-300001549966us-gaap:RestrictedStockUnitsRSUMemberus-gaap:EmployeeStockMemberus-gaap:CommonClassBMembersamg:TwoThousandTwelveEquityIncentivePlanMember2024-05-310001549966us-gaap:ParentMember2024-07-012024-09-300001549966samg:TwoThousandTwentyOneShareRepurchaseProgramMemberus-gaap:CommonClassAMember2023-01-012023-12-310001549966us-gaap:RetainedEarningsMember2024-07-012024-09-300001549966us-gaap:EmployeeStockMembersamg:TwoThousandTwelveEquityIncentivePlanMember2020-05-310001549966us-gaap:NoncontrollingInterestMember2024-01-012024-09-300001549966us-gaap:RevolvingCreditFacilityMembersamg:CityNationalBankMember2025-09-300001549966us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300001549966samg:SilvercrestFinancialServicesIncMember2004-03-110001549966samg:ThreeYearAnnualVestingPeriodMembersamg:NonQualifiedOptionsMembersamg:TwoThousandTwelveEquityIncentivePlanMember2025-01-012025-09-300001549966samg:AmendmentAndRestatementAgreementMembersamg:CityNationalBankMemberus-gaap:DelayedDrawTermLoanMember2024-06-182024-06-180001549966samg:NonQualifiedOptionsMember2024-01-012024-12-310001549966us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310001549966samg:NonQualifiedOptionsMember2020-05-310001549966us-gaap:TreasuryStockCommonMember2023-12-310001549966us-gaap:CommonClassAMemberus-gaap:EmployeeStockMembersamg:TwoThousandTwelveEquityIncentivePlanMember2021-08-310001549966samg:GeneralPartnerAndLimitedPartnerMember2024-01-012024-12-310001549966us-gaap:EmployeeStockMembersamg:ShareBasedCompensationAwardTrancheFourMembersamg:TwoThousandTwelveEquityIncentivePlanMember2021-05-012021-05-310001549966samg:NewYorkCityMembersamg:OfficeSpaceMember2015-12-012015-12-310001549966samg:CityNationalBankMemberus-gaap:DelayedDrawTermLoanMembersrt:MaximumMember2013-06-232013-06-240001549966us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001549966samg:SilvercrestFinancialServicesIncMember2025-09-300001549966us-gaap:ParentMember2025-01-012025-03-310001549966us-gaap:CommonClassAMembersamg:TwoThousandTwentyFourShareRepurchaseProgramMember2025-09-300001549966samg:CityNationalBankMember2025-07-012025-09-300001549966us-gaap:ShareBasedCompensationAwardTrancheThreeMemberus-gaap:EmployeeStockMemberus-gaap:CommonClassBMembersamg:TwoThousandTwelveEquityIncentivePlanMember2024-05-012024-05-310001549966samg:SilvercrestFundsMember2025-09-300001549966us-gaap:CommonStockMemberus-gaap:CommonClassBMember2025-07-012025-09-300001549966us-gaap:AdditionalPaidInCapitalMember2023-12-310001549966us-gaap:CustomerRelationshipsMember2025-09-300001549966samg:NonQualifiedOptionsMemberus-gaap:CommonClassBMembersamg:TwoThousandTwelveEquityIncentivePlanMember2024-04-300001549966samg:SilvercrestFundsMembersrt:MaximumMember2025-09-300001549966us-gaap:OperatingSegmentsMembersamg:ManagedAccountsMember2025-01-012025-09-300001549966us-gaap:RevolvingCreditFacilityMembersamg:CityNationalBankMember2019-07-010001549966us-gaap:CustomerRelationshipsMember2023-12-310001549966us-gaap:CommonStockMemberus-gaap:CommonClassAMember2025-06-300001549966samg:NonQualifiedOptionsMember2024-07-012024-09-3000015499662025-01-012025-03-310001549966us-gaap:LetterOfCreditMember2025-09-300001549966us-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-300001549966samg:ArtworkMember2025-09-300001549966samg:NonQualifiedOptionsMember2025-07-012025-09-300001549966srt:MaximumMember2025-01-012025-09-300001549966samg:GeneralPartnerAndLimitedPartnerMembersamg:LimitedRecourseMember2025-09-300001549966us-gaap:CommonStockMemberus-gaap:CommonClassBMember2025-06-3000015499662023-12-310001549966us-gaap:OperatingSegmentsMembersamg:FundAdministrationMember2024-01-012024-09-300001549966us-gaap:RestrictedStockUnitsRSUMembersrt:MinimumMember2024-09-3000015499662025-01-012025-09-300001549966us-gaap:RestrictedStockUnitsRSUMembersrt:MinimumMember2024-01-012024-09-300001549966samg:TwoThousandTwelveEquityIncentivePlanMember2022-06-082022-06-080001549966samg:CityNationalBankMemberus-gaap:DelayedDrawTermLoanMember2019-07-010001549966us-gaap:OperatingSegmentsMembersamg:TaxAndFamilyOfficeServicesMember2024-07-012024-09-300001549966us-gaap:NoncontrollingInterestMember2025-01-012025-03-310001549966us-gaap:LetterOfCreditMember2024-12-3100015499662024-12-310001549966us-gaap:ParentMember2024-06-300001549966us-gaap:CommonClassAMemberus-gaap:TreasuryStockCommonMember2025-01-012025-03-310001549966us-gaap:NoncontrollingInterestMember2024-01-012024-03-310001549966us-gaap:AdditionalPaidInCapitalMember2025-03-310001549966us-gaap:CommonClassAMemberus-gaap:EmployeeStockMembersamg:TwoThousandTwelveEquityIncentivePlanMember2023-05-012023-05-310001549966us-gaap:OperatingSegmentsMember2025-01-012025-09-300001549966samg:TwoThousandTwelveEquityIncentivePlanMember2025-06-042025-06-040001549966us-gaap:NoncontrollingInterestMember2024-06-300001549966us-gaap:CommonClassAMember2024-04-012024-06-300001549966us-gaap:NoncontrollingInterestMember2025-09-300001549966us-gaap:AdditionalPaidInCapitalMember2024-12-310001549966us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300001549966us-gaap:NoncontrollingInterestMember2025-03-310001549966us-gaap:CommonClassBMember2025-10-270001549966us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-04-012024-06-300001549966us-gaap:RetainedEarningsMember2025-03-310001549966us-gaap:TreasuryStockCommonMember2025-07-012025-09-300001549966samg:CityNationalBankMember2013-06-240001549966samg:FinanceLeaseAssetsMember2024-07-012024-09-300001549966samg:TwoThousandTwentyOneShareRepurchaseProgramMemberus-gaap:CommonClassAMembersrt:MaximumMember2021-07-290001549966samg:SilvercrestFinancialServicesIncMember2025-07-012025-09-300001549966us-gaap:NoncontrollingInterestMember2024-12-310001549966us-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300001549966samg:CortinaEquityPortfoliosMember2025-01-012025-09-300001549966us-gaap:RetainedEarningsMember2024-01-012024-03-310001549966us-gaap:CommonStockMemberus-gaap:CommonClassBMember2025-04-012025-06-300001549966us-gaap:OperatingSegmentsMembersamg:FundAdministrationMember2025-01-012025-09-3000015499662024-06-300001549966us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-12-310001549966samg:FullRecourseMembersamg:GeneralPartnerAndLimitedPartnerMember2025-09-300001549966us-gaap:EmployeeStockMembersamg:TwoThousandTwelveEquityIncentivePlanMember2020-05-012020-05-310001549966us-gaap:CommonStockMemberus-gaap:CommonClassBMember2025-09-300001549966samg:FinanceLeaseAssetsMember2025-07-012025-09-300001549966us-gaap:EmployeeStockMembersamg:ShareBasedCompensationAwardTrancheFourMembersamg:TwoThousandTwelveEquityIncentivePlanMember2020-05-012020-05-310001549966us-gaap:CustomerRelationshipsMember2025-01-012025-09-300001549966samg:GeneralPartnerAndLimitedPartnerMember2025-01-012025-09-300001549966samg:NonQualifiedOptionsMember2023-12-310001549966samg:SilvercrestLimitedPartnershipMemberus-gaap:CommonClassAMember2025-01-012025-09-300001549966us-gaap:AdditionalPaidInCapitalMember2024-03-310001549966us-gaap:AssetManagement1Membersrt:AffiliatedEntityMember2024-07-012024-09-300001549966us-gaap:TreasuryStockCommonMember2024-07-012024-09-300001549966us-gaap:RevolvingCreditFacilityMembersamg:AmendmentAndRestatementAgreementMembersamg:CityNationalBankMember2025-06-182025-06-180001549966samg:CityNationalBankMember2024-01-012024-09-300001549966us-gaap:CommonClassAMember2025-04-012025-06-300001549966samg:OfficeSpaceMembercountry:SG2025-02-280001549966us-gaap:RestrictedStockUnitsRSUMemberus-gaap:CommonClassAMemberus-gaap:EmployeeStockMembersamg:TwoThousandTwelveEquityIncentivePlanMember2022-05-012022-05-310001549966srt:MinimumMembersamg:NonQualifiedOptionsMember2024-12-310001549966us-gaap:OperatingSegmentsMember2024-07-012024-09-300001549966us-gaap:RestrictedStockMemberus-gaap:CommonClassBMember2025-01-012025-09-300001549966samg:AmendmentAndRestatementAgreementMembersamg:CityNationalBankMemberus-gaap:DelayedDrawTermLoanMember2025-06-1800015499662024-01-012024-12-310001549966us-gaap:EquitySecuritiesMember2025-01-012025-09-300001549966us-gaap:CommonClassAMember2025-01-012025-03-310001549966samg:JohnAllenGrayMember2025-07-012025-09-300001549966us-gaap:NoncontrollingInterestMember2024-07-012024-09-300001549966us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300001549966samg:CityNationalBankMemberus-gaap:DelayedDrawTermLoanMembersrt:MaximumMember2025-01-012025-09-300001549966us-gaap:OperatingSegmentsMembersamg:FundAdministrationMember2025-07-012025-09-300001549966us-gaap:CommonClassAMember2024-01-012024-09-300001549966us-gaap:RestrictedStockUnitsRSUMemberus-gaap:ShareBasedCompensationAwardTrancheThreeMemberus-gaap:EmployeeStockMemberus-gaap:CommonClassBMembersamg:TwoThousandTwelveEquityIncentivePlanMember2024-05-012024-05-310001549966samg:SilvercrestLimitedPartnershipMember2025-01-012025-09-300001549966samg:AmendmentAndRestatementAgreementMembersamg:CityNationalBankMemberus-gaap:DelayedDrawTermLoanMember2024-06-180001549966srt:MinimumMemberus-gaap:CustomerRelationshipsMember2024-09-300001549966samg:TwoThousandTwelveEquityIncentivePlanMember2012-11-020001549966us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-12-310001549966us-gaap:CommonStockMemberus-gaap:CommonClassBMember2025-01-012025-03-310001549966us-gaap:RetainedEarningsMember2025-04-012025-06-300001549966samg:SilvercrestLimitedPartnershipMember2024-12-310001549966us-gaap:NoncontrollingInterestMember2025-04-012025-06-300001549966us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310001549966srt:AffiliatedEntityMember2024-12-310001549966srt:AffiliatedEntityMember2025-09-300001549966us-gaap:ParentMember2025-06-300001549966samg:NonQualifiedOptionsMember2024-12-310001549966us-gaap:RetainedEarningsMember2024-12-310001549966samg:NonQualifiedOptionsMember2024-01-012024-09-3000015499662024-03-310001549966us-gaap:NoncontrollingInterestMember2023-12-310001549966us-gaap:RetainedEarningsMember2023-12-310001549966us-gaap:RetainedEarningsMember2024-04-012024-06-300001549966us-gaap:OtherIntangibleAssetsMember2025-01-012025-09-300001549966us-gaap:OtherCapitalizedPropertyPlantAndEquipmentMembersrt:MaximumMember2025-09-300001549966us-gaap:EmployeeStockMembersamg:ShareBasedCompensationAwardTrancheFourMembersamg:TwoThousandTwelveEquityIncentivePlanMember2022-11-012022-11-300001549966us-gaap:EquityMethodInvestmentsMember2025-07-012025-09-300001549966samg:GeneralPartnerAndLimitedPartnerMembersamg:LimitedRecourseMember2024-12-310001549966us-gaap:CommonClassBMember2025-01-012025-09-300001549966samg:CityNationalBankMember2025-01-012025-09-300001549966us-gaap:OtherIntangibleAssetsMembersrt:MaximumMember2025-09-300001549966samg:CityNationalBankMemberus-gaap:DelayedDrawTermLoanMember2025-09-300001549966us-gaap:NoncontrollingInterestMember2025-01-012025-09-300001549966srt:DirectorMemberus-gaap:ShareBasedCompensationAwardTrancheThreeMembersamg:TwoThousandTwelveEquityIncentivePlanMember2024-05-012024-05-310001549966samg:SilvercrestLimitedPartnershipMember2025-07-012025-09-300001549966us-gaap:RestrictedStockUnitsRSUMemberus-gaap:EmployeeStockMemberus-gaap:CommonClassBMembersamg:TwoThousandTwelveEquityIncentivePlanMember2022-11-300001549966us-gaap:CommonStockMemberus-gaap:CommonClassAMember2025-09-300001549966us-gaap:ShareBasedCompensationAwardTrancheThreeMemberus-gaap:EmployeeStockMemberus-gaap:CommonClassBMembersamg:TwoThousandTwelveEquityIncentivePlanMember2024-05-310001549966samg:ThreeYearAnnualVestingPeriodMemberus-gaap:CommonClassAMemberus-gaap:EmployeeStockMembersamg:TwoThousandTwelveEquityIncentivePlanMember2021-05-012021-05-310001549966us-gaap:OtherIntangibleAssetsMember2024-01-012024-09-300001549966srt:MaximumMember2025-09-300001549966us-gaap:ParentMember2024-04-012024-06-300001549966us-gaap:CommonClassAMemberus-gaap:EmployeeStockMembersamg:TwoThousandTwelveEquityIncentivePlanMember2022-05-012022-05-310001549966us-gaap:RestrictedStockUnitsRSUMembersrt:MaximumMember2025-01-012025-09-300001549966samg:NonQualifiedOptionsMember2020-05-012020-05-310001549966samg:CityNationalBankMemberus-gaap:DelayedDrawTermLoanMember2025-01-012025-09-300001549966us-gaap:RevolvingCreditFacilityMembersamg:AmendmentAndRestatementAgreementMembersamg:CityNationalBankMember2024-06-182024-06-180001549966us-gaap:OperatingSegmentsMembersamg:ManagedAccountsMember2025-07-012025-09-300001549966us-gaap:RestrictedStockUnitsRSUMembersrt:MinimumMember2025-01-012025-09-300001549966samg:GeneralPartnerAndLimitedPartnerMember2023-12-310001549966samg:SilvercrestLimitedPartnershipMember2025-09-300001549966us-gaap:RestrictedStockUnitsRSUMemberus-gaap:EmployeeStockMemberus-gaap:CommonClassBMembersamg:TwoThousandTwelveEquityIncentivePlanMember2023-04-012023-04-300001549966us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-06-300001549966us-gaap:CommonClassAMemberus-gaap:ShareBasedCompensationAwardTrancheOneMemberus-gaap:EmployeeStockMembersamg:TwoThousandTwelveEquityIncentivePlanMember2024-05-012024-05-3100015499662025-06-300001549966us-gaap:RestrictedStockUnitsRSUMembersrt:MinimumMember2024-12-310001549966us-gaap:FairValueMeasurementsRecurringMember2025-09-300001549966us-gaap:NoncontrollingInterestMember2025-07-012025-09-300001549966us-gaap:LetterOfCreditMembersamg:BostonLandlordMember2025-09-300001549966samg:GlobalValueEquityStrategyMember2025-01-012025-09-300001549966us-gaap:RestrictedStockUnitsRSUMemberus-gaap:CommonClassAMemberus-gaap:ShareBasedCompensationAwardTrancheOneMemberus-gaap:EmployeeStockMembersamg:TwoThousandTwelveEquityIncentivePlanMember2024-05-012024-05-310001549966us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2025-09-300001549966us-gaap:CommonClassAMember2024-12-310001549966us-gaap:TreasuryStockCommonMember2024-12-310001549966us-gaap:OtherIntangibleAssetsMember2024-12-3100015499662025-07-012025-09-300001549966us-gaap:ParentMember2025-09-300001549966srt:AffiliatedEntityMembersrt:MaximumMember2025-01-012025-09-300001549966us-gaap:EmployeeStockMembersamg:TwoThousandTwelveEquityIncentivePlanMember2021-05-012021-05-310001549966us-gaap:RestrictedStockUnitsRSUMemberus-gaap:EmployeeStockMemberus-gaap:CommonClassBMembersamg:TwoThousandTwelveEquityIncentivePlanMember2023-04-300001549966samg:SilvercrestLimitedPartnershipMemberus-gaap:CommonClassAMember2025-09-300001549966us-gaap:OperatingSegmentsMember2024-01-012024-09-300001549966us-gaap:ParentMember2025-03-310001549966us-gaap:TreasuryStockCommonMember2024-09-300001549966us-gaap:RestrictedStockUnitsRSUMemberus-gaap:EmployeeStockMemberus-gaap:CommonClassBMembersamg:TwoThousandTwelveEquityIncentivePlanMember2022-11-012022-11-300001549966us-gaap:CommonClassAMembersamg:TwoThousandTwentyFourShareRepurchaseProgramMember2025-01-012025-09-300001549966us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310001549966us-gaap:OtherIntangibleAssetsMembersrt:MinimumMember2024-09-300001549966srt:MinimumMemberus-gaap:CustomerRelationshipsMember2025-09-300001549966us-gaap:RestrictedStockMemberus-gaap:CommonClassAMember2025-01-012025-09-300001549966us-gaap:RetainedEarningsMember2024-06-300001549966us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMembersrt:AffiliatedEntityMember2024-01-012024-09-300001549966us-gaap:EquityMethodInvestmentsMember2024-01-012024-09-300001549966samg:FamilyOfficeServicesMember2025-01-012025-09-300001549966us-gaap:OperatingSegmentsMembersamg:SilvercrestFundsMember2024-01-012024-09-300001549966samg:SilvercrestLimitedPartnershipMember2025-07-012025-09-300001549966srt:MaximumMemberus-gaap:CustomerRelationshipsMember2025-09-3000015499662024-04-012024-06-300001549966us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2025-01-012025-09-300001549966us-gaap:CommonStockMemberus-gaap:CommonClassBMember2024-04-012024-06-300001549966us-gaap:ParentMember2024-01-012024-03-310001549966us-gaap:CommonStockMemberus-gaap:CommonClassBMember2024-09-300001549966us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMembersrt:AffiliatedEntityMember2024-07-012024-09-300001549966us-gaap:RetainedEarningsMember2024-09-300001549966us-gaap:CommonClassAMembersamg:TwoThousandTwentyFiveShareRepurchaseProgramMember2025-09-300001549966us-gaap:CommonClassAMember2025-10-270001549966samg:NonQualifiedOptionsMember2024-09-300001549966us-gaap:TreasuryStockCommonMember2025-03-310001549966samg:NonQualifiedOptionsMembersrt:MaximumMember2025-09-300001549966us-gaap:AdditionalPaidInCapitalMember2025-06-300001549966samg:NonDiscretionaryAssetsMembersrt:MinimumMember2025-01-012025-09-300001549966us-gaap:OtherIntangibleAssetsMember2023-12-310001549966us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310001549966samg:NonQualifiedOptionsMember2025-09-300001549966samg:GlobalValueEquityStrategyMember2025-09-300001549966us-gaap:LeaseholdImprovementsMember2024-12-310001549966us-gaap:AssetManagement1Membersrt:AffiliatedEntityMember2025-01-012025-09-300001549966us-gaap:CommonStockMemberus-gaap:CommonClassBMember2024-03-310001549966srt:MinimumMembersamg:NonQualifiedOptionsMember2025-09-300001549966us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2024-01-012024-09-300001549966us-gaap:RestrictedStockUnitsRSUMember2025-09-300001549966us-gaap:AdditionalPaidInCapitalMember2024-06-300001549966samg:GeneralPartnerAndLimitedPartnerMember2024-12-310001549966us-gaap:RestrictedStockUnitsRSUMembersrt:MaximumMember2023-12-310001549966us-gaap:FixedIncomeInvestmentsMember2025-01-012025-09-300001549966samg:SilvercrestLimitedPartnershipMember2024-01-012024-09-3000015499662025-04-012025-06-300001549966us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2025-07-012025-09-300001549966samg:TwoThousandTwelveEquityIncentivePlanMember2025-06-040001549966samg:AmendmentAndRestatementAgreementMembersamg:CityNationalBankMemberus-gaap:DelayedDrawTermLoanMember2024-06-170001549966us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMembersrt:AffiliatedEntityMember2025-07-012025-09-300001549966samg:TwoThousandTwentyFourShareRepurchaseProgramMember2024-08-162024-08-160001549966samg:FinanceLeaseAssetsMember2025-01-012025-09-300001549966srt:MinimumMembersamg:NonQualifiedOptionsMember2023-12-310001549966us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001549966us-gaap:CommonClassAMember2024-01-012024-03-310001549966us-gaap:CommonClassBMember2024-12-310001549966samg:NonQualifiedOptionsMember2025-01-012025-09-300001549966samg:JohnAllenGrayMember2025-09-300001549966us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-310001549966samg:AmendmentAndRestatementAgreementMembersamg:CityNationalBankMemberus-gaap:DelayedDrawTermLoanMember2025-06-182025-06-180001549966us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2024-07-012024-09-300001549966us-gaap:LeaseholdImprovementsMember2025-09-300001549966us-gaap:AdditionalPaidInCapitalMember2024-09-300001549966us-gaap:RestrictedStockUnitsRSUMemberus-gaap:CommonClassAMemberus-gaap:EmployeeStockMembersamg:TwoThousandTwelveEquityIncentivePlanMember2021-08-012021-08-310001549966us-gaap:NoncontrollingInterestMember2024-09-300001549966us-gaap:EquityMethodInvestmentsMember2025-01-012025-09-300001549966us-gaap:SegmentContinuingOperationsMember2025-09-300001549966us-gaap:RetainedEarningsMember2024-03-310001549966us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-09-300001549966us-gaap:OperatingSegmentsMembersamg:FundAdministrationMember2024-07-012024-09-300001549966us-gaap:RestrictedStockUnitsRSUMembersrt:MaximumMember2024-01-012024-09-300001549966us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-09-300001549966us-gaap:ParentMember2025-07-012025-09-300001549966us-gaap:ParentMemberus-gaap:CommonClassAMember2025-01-012025-03-310001549966us-gaap:CustomerRelationshipsMembersrt:MaximumMember2024-09-300001549966srt:DirectorMembersamg:ShareBasedCompensationAwardTrancheFourMembersamg:TwoThousandTwelveEquityIncentivePlanMember2024-05-012024-05-310001549966us-gaap:CommonClassAMemberus-gaap:EmployeeStockMembersamg:TwoThousandTwelveEquityIncentivePlanMember2022-05-310001549966samg:SilvercrestFinancialServicesIncMember2025-01-012025-09-300001549966samg:FamilyOfficeServicesMember2024-07-012024-09-300001549966samg:CityNationalBankMember2024-07-012024-09-300001549966us-gaap:AdditionalPaidInCapitalMember2025-07-012025-09-300001549966samg:CityNationalBankMemberus-gaap:DelayedDrawTermLoanMember2024-12-310001549966us-gaap:RestrictedStockUnitsRSUMembersrt:MinimumMember2025-09-300001549966us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-04-012024-06-300001549966us-gaap:CarryingReportedAmountFairValueDisclosureMember2025-09-300001549966us-gaap:OperatingSegmentsMembersamg:ManagedAccountsMember2024-01-012024-09-300001549966samg:NonQualifiedOptionsMembersrt:MaximumMember2024-12-310001549966samg:ThreeYearAnnualVestingPeriodMemberus-gaap:CommonClassAMemberus-gaap:EmployeeStockMembersamg:TwoThousandTwelveEquityIncentivePlanMember2021-05-310001549966srt:MinimumMembersamg:CityNationalBankMemberus-gaap:DelayedDrawTermLoanMember2013-06-232013-06-240001549966us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-04-012025-06-300001549966us-gaap:CommonClassAMemberus-gaap:ShareBasedCompensationAwardTrancheOneMemberus-gaap:EmployeeStockMembersamg:TwoThousandTwelveEquityIncentivePlanMember2024-05-310001549966us-gaap:OtherIntangibleAssetsMembersrt:MinimumMember2025-09-300001549966us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300001549966us-gaap:CommonStockMemberus-gaap:CommonClassAMember2025-07-012025-09-300001549966us-gaap:OfficeEquipmentMember2025-09-300001549966us-gaap:CommonClassAMember2025-09-300001549966us-gaap:TreasuryStockCommonMember2025-09-300001549966samg:FamilyOfficeServicesMember2025-07-012025-09-300001549966samg:SilvercrestLimitedPartnershipMemberus-gaap:CommonClassAMember2013-06-252013-06-260001549966samg:FamilyOfficeServicesMember2024-01-012024-09-300001549966us-gaap:AssetManagement1Membersrt:AffiliatedEntityMember2025-07-012025-09-300001549966us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-300001549966us-gaap:MunicipalNotesMember2025-01-012025-09-300001549966us-gaap:RetainedEarningsMember2025-01-012025-03-310001549966us-gaap:CustomerRelationshipsMember2024-12-310001549966us-gaap:EquityMethodInvestmentsMember2024-07-012024-09-300001549966us-gaap:OtherIntangibleAssetsMember2024-09-300001549966us-gaap:RevolvingCreditFacilityMembersamg:CityNationalBankMember2024-12-310001549966us-gaap:CommonClassAMemberus-gaap:TreasuryStockCommonMember2025-04-012025-06-300001549966us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300001549966us-gaap:RetainedEarningsMember2025-07-012025-09-300001549966us-gaap:ParentMember2024-03-310001549966us-gaap:NoncontrollingInterestMember2025-06-300001549966samg:TwoThousandTwelveEquityIncentivePlanMember2022-06-080001549966us-gaap:OperatingSegmentsMembersamg:TaxAndFamilyOfficeServicesMember2024-01-012024-09-30iso4217:AUDiso4217:USDxbrli:sharessamg:Segmentxbrli:purexbrli:sharesiso4217:SGDsamg:Installmentsamg:Unitiso4217:USD

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, 2025


☐	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

     (State or Other Jurisdiction
of Incorporation or Organization)

     (I.R.S. Employer
Identification No.)

1330 Avenue of the Americas, 38th Floor

New York, New York 10019

(Address of Principal Executive Offices and Zip Code)

(212) 649-0600

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A common stock, $0.01 par value per share	SAMG	The Nasdaq Global Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:


Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☒
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of outstanding shares of the registrant’s Class A common stock, par value $0.01 per share, and Class B common stock, par value $0.01 per share, as of October 27, 2025 was 8,121,141 and 4,117,303, respectively.


Part I	Financial Information
Item 1.	Condensed Consolidated Financial Statements (Unaudited)
	Condensed Consolidated Statements of Financial Condition as of September 30, 2025 and December 31, 2024	1
	Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024	2
	Condensed Consolidated Statements of Changes in Equity for the three and nine months ended September 30, 2025 and 2024	3
	Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024	5
	Notes to Condensed Consolidated Financial Statements as of September 30, 2025 and December 31, 2024 and for the three and nine months ended September 30, 2025 and 2024	6

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	44
Item 4.	Controls and Procedures	44
Part II	Other Information
Item 1.	Legal Proceedings	46
Item 1A.	Risk Factors	46
Item 2.	Unregistered Sale of Equity Securities and Use of Proceeds	46
Item 3.	Defaults of Senior Securities	46
Item 4.	Mine Safety Disclosures	46
Item 5.	Other Information	47
Item 6.	Exhibits	47

Except where the context requires otherwise and as otherwise set forth herein, in this report, references to the “Company”, “we”, “us” or “our” refer to Silvercrest Asset Management Group Inc. (“Silvercrest”) and its consolidated subsidiary, Silvercrest L.P., the managing member of our operating subsidiary (“Silvercrest L.P.” or “SLP”). SLP is a limited partnership whose existing limited partners are referred to in this report as “partners” or “principals.”

Forward-Looking Statements

This report 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, adverse economic or market conditions, 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, 2024 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.

Part I – Financial Information

Item 1. Financial Statements

Silvercrest Asset Management Group Inc.

Condensed Consolidated Statements of Financial Condition

(Unaudited)

(In thousands, except share and par value data)


	September 30, 2025			December 31, 2024
Assets
Cash and cash equivalents	$	36,128		$	68,611
Investments		153			1,354
Receivables, net		13,205			12,225
Due from Silvercrest Funds		486			945
Furniture, equipment and leasehold improvements, net		7,633			7,387
Goodwill		63,675			63,675
Operating lease assets		15,044			16,032
Finance lease assets		167			254
Intangible assets, net		14,999			16,644
Deferred tax asset		2,076			4,220
Prepaid expenses and other assets		3,991			3,085
Total assets	$	157,557		$	194,432
Liabilities and Equity
Accounts payable and accrued expenses	$	3,116		$	1,953
Accrued compensation		29,293			39,865
Operating lease liabilities		20,867			22,270
Finance lease liabilities		175			262
Deferred tax and other liabilities		10,603			10,389
Total liabilities		64,054			74,739
Commitments and Contingencies (Note 9)
Equity
Preferred Stock, par value $0.01, 10,000,000 shares authorized; none issued and outstanding		—			—
Class A Common Stock, par value $0.01, 50,000,000 shares authorized; 10,818,161 and 8,240,149 issued and outstanding, respectively, as of September 30, 2025; 10,450,559 and 9,376,280 issued and outstanding, respectively, as of December 31, 2024		108			104
Class B Common Stock, par value $0.01, 25,000,000 shares authorized; 4,117,303 and 4,373,315 issued and outstanding as of September 30, 2025 and December 31, 2024, respectively		40			42
Additional Paid-In Capital		58,685			56,369
Treasury stock, at cost, 2,578,012 and 1,074,279 shares as of September 30, 2025 and December 31, 2024, respectively		(43,426	)		(19,728	)
Accumulated other comprehensive income (loss)		(54	)		(43	)
Retained earnings		43,532			43,953
Total Silvercrest Asset Management Group Inc.’s equity		58,885			80,697
Non-controlling interests		34,618			38,996
Total equity		93,503			119,693
Total liabilities and equity	$	157,557		$	194,432

See accompanying notes to condensed consolidated financial statements.

Silvercrest Asset Management Group Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except share and per share data)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Revenue
Management and advisory fees	$	30,067		$	29,380		$	89,850		$	88,445
Family office services		1,228			1,044			3,510			3,244
Total revenue		31,295			30,424			93,360			91,689
Expenses
Compensation and benefits		21,714			18,598			59,400			54,760
General and administrative		8,250			7,369			23,751			21,259
Total expenses		29,964			25,967			83,151			76,019
Income before other (expense) income, net		1,331			4,457			10,209			15,670
Other (expense) income, net
Other (expense) income, net		27			10			54			25
Equity income (loss) from investments		(11	)		—			(11	)		—
Interest income		148			374			584			1,010
Interest expense		(15	)		(15	)		(45	)		(95	)
Total other (expense) income, net		149			369			582			940
Income before provision for income taxes		1,480			4,826			10,791			16,610
Provision for income taxes		391			1,096			2,625			3,585
Net income		1,089			3,730			8,166			13,025
Less: net income attributable to non-controlling interests		(471	)		(1,478	)		(3,161	)		(5,108	)
Net income attributable to Silvercrest	$	618		$	2,252		$	5,005		$	7,917
Net income per share
Basic	$	0.07		$	0.24		$	0.56		$	0.83
Diluted	$	0.07		$	0.24		$	0.55		$	0.83
Weighted average shares outstanding
Basic		8,365,575			9,541,407			9,009,985			9,510,495
Diluted		8,389,001			9,579,172			9,039,551			9,547,659

See accompanying notes to condensed consolidated financial statements.

Silvercrest Asset Management Group Inc.

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

(In thousands)


	Class A Common Stock Shares			Class A Common Stock Amount		Class B Common Stock Shares			Class B Common Stock Amount		Additional Paid-In Capital			Treasury Stock Shares		Treasury Shares Amount			Accumulated Other Comprehensive Income (Loss)			Retained Earnings			Total Silvercrest Asset Management Group Inc.’s Equity			Non- controlling Interest			Total Equity

January 1, 2024		9,479		$	103		4,431		$	43	$	55,809			808	$	(15,057	)	$	(12	)	$	41,851		$	82,737		$	39,073		$	121,810
Distributions to partners		—			—		—			—		—			—		—			—			—			—			(3,304	)		(3,304	)
Repayment of notes receivable from partners		—			—		—			—		—			—		—			—			—			—			94			94
Equity-based compensation		—			—		—			—		—			—		—			—			—			—			354			354
Net Income		—			—		—			—		—			—		—			—			3,000			3,000			1,915			4,915
Deferred tax, net of amounts payable under tax receivable agreement		—			—		—			—		(1	)		—		—			—			—			(1	)		—			(1	)
Share conversion		3			—		(3	)		—		27			—		—			—			—			27			(27	)		—
Dividends paid on Class A common stock - $0.19 per share		—			—		—			—		—			—		—			—			(1,808	)		(1,808	)		—			(1,808	)
Cumulative translation adjustment		—			—		—			—		—			—		—			(10	)		—			(10	)		—			(10	)
March 31, 2024		9,482		$	103		4,428		$	43	$	55,835			808	$	(15,057	)	$	(22	)	$	43,043		$	83,945		$	38,105		$	122,050
Distributions to partners		—			—		—			—		—			—		—			—			—			—			(1,612	)		(1,612	)
Issuance of Class B shares		—			—		2			—		—			—		—			—			—			—			25			25
Equity-based compensation		11			—		67			—		54			—		—			—			—			54			431			485
Net Income		—			—		—			—		—			—		—			—			2,665			2,665			1,715			4,380
Deferred tax, net of amounts payable under tax receivable agreement		—			—		—			—		4			—		—			—			—			4			—			4
Accrued interest on notes receivable from partners		—			—		—			—		—			—		—			—			—			—			(1	)		(1	)
Share conversion		54			—		(54	)		—		482			—		—			—			—			482			(482	)		—
Purchase of shares of Class A common stock of Silvercrest Asset Management Inc.		—			—		—			—		—			—		—			—			—			—			—			—
Dividends paid on Class A common stock - $0.19 per share		—			—		—			—		—			—		—			—			(1,820	)		(1,820	)		—			(1,820	)
Cumulative translation adjustment		—			—		—			—		—			—		—			(6	)		—			(6	)		—			(6	)
June 30, 2024		9,547		$	103		4,443		$	43	$	56,375			808	$	(15,057	)	$	(28	)	$	43,888		$	85,324		$	38,181		$	123,505
Distributions to partners		—			—		—			—		—			—		—			—			—			—			(1,479	)		(1,479	)
Issuance of Class B shares		—			—		—			—		—			—		—			—			—			—			—			—
Equity-based compensation		2			1		—			—		82			—		—			—			—			83			454			537
Net Income		—			—		—			—		—			—		—			—			2,252			2,252			1,478			3,730
Deferred tax, net of amounts payable under tax receivable agreement		—			—		—			—		(147	)		—		—			—			—			(147	)		—			(147	)
Accrued interest on notes receivable from partners		—			—		—			—		—			—		—			—			—			—			—			—
Share conversion		37			—		(37	)		—		333			—		—			—			—			333			(333	)		—
Purchase of shares of Class A common stock of Silvercrest Asset Management Inc.		(83	)		—		—			—		—			83		(1,364	)		—			—			(1,364	)		—			(1,364	)
Dividends paid on Class A common stock - $0.20 per share		—			—		—			—		—			—		—			—			(1,913	)		(1,913	)		—			(1,913	)
Cumulative translation adjustment		—			—		—			—		—			—		—			9			—			9			—			9
September 30, 2024		9,503		$	104		4,406		$	43	$	56,643			891	$	(16,421	)	$	(19	)	$	44,227		$	84,577		$	38,301		$	122,878


	Class A Common Stock Shares			Class A Common Stock Amount		Class B Common Stock Shares			Class B Common Stock Amount			Additional Paid-In Capital			Treasury Stock Shares		Treasury Shares Amount			Accumulated Other Comprehensive Income (Loss)			Retained Earnings			Total Silvercrest Asset Management Group Inc.’s Equity			Non- controlling Interest			Total Equity

January 1, 2025		9,376		$	104		4,373		$	42		$	56,369			1,074	$	(19,728	)	$	(43	)	$	43,953		$	80,697		$	38,996		$	119,693
Distributions to partners		—			—		—			—			—			—		—			—			—			—			(1,507	)		(1,507	)
Issuance of notes receivable to partners		—			—		—			—			—			—		—			—			—			—			(410	)		(410	)
Repayment of notes receivable from partners		—			—		—			—			—			—		—			—			—			—			76			76
Equity-based compensation		—			—		—			—			—			—		—			—			—			—			454			454
Net Income		—			—		—			—			—			—		—			—			2,469			2,469			1,459			3,928
Issuance of Class B shares		—			—		23			—			—			—		—			—			—			—			410			410
Accrued interest on notes receivable from partners		—			—		—			—			—			—		—			—			—			—			(4	)		(4	)
Deferred tax, net of amounts payable under tax receivable agreement		—			—		—			—			(125	)		—		—			—			—			(125	)		—			(125	)
Share conversion		315			3		(315	)		(3	)		2,824			—		—			—			—			2,824			(2,824	)		—
Purchase of shares of Class A common stock of Silvercrest Asset Management Inc.		(217	)		—		—			—			—			217		(3,906	)		—			—			(3,906	)		—			(3,906	)
Dividends paid on Class A common stock - $0.20 per share		—			—		—			—			—			—		—			—			(1,911	)		(1,911	)		—			(1,911	)
Cumulative translation adjustment		—			—		—			—			—			—		—			(6	)		—			(6	)		—			(6	)
March 31, 2025		9,474		$	107		4,081		$	39		$	59,068			1,291	$	(23,634	)	$	(49	)	$	44,511		$	80,042		$	36,650		$	116,692
Distributions to partners		—			—		—			—			—			—		—			—			—			—			(2,723	)		(2,723	)
Issuance of Class B shares		—			—					—			—			—		—			—			—			—			—			—
Equity-based compensation		13			1		68			1			—			—		—			—			—			2			399			401
Net Income		—			—		—			—			—			—		—			—			1,918			1,918			1,231			3,149
Deferred tax, net of amounts payable under tax receivable agreement		—			—		—			—			(567	)		—		—			—			—			(567	)		—			(567	)
Accrued interest on notes receivable from partners		—			—		—			—			—			—		—			—			—			—			(5	)		(5	)
Share conversion		23			—		(23	)		—			203			—		—			—			—			203			(203	)		—
Purchase of shares of Class A common stock of Silvercrest Asset Management Inc.		(1,009	)		—		—			—			—			1,009		(15,232	)		—			—			(15,232	)		—			(15,232	)
Dividends paid on Class A common stock - $0.20 per share		—			—		—			—			—			—		—			—			(1,769	)		(1,769	)		—			(1,769	)
Cumulative translation adjustment		—			—		—			—			—			—		—			8			—			8			—			8
June 30, 2025		8,501		$	108		4,126		$	40		$	58,704			2,300	$	(38,866	)	$	(41	)	$	44,660		$	64,605		$	35,350		$	99,955
Distributions to partners		—			—		—			—			—			—		—			—			—			—			(1,452	)		(1,452	)
Issuance of notes receivable to partners		—			—		—			—			—			—		—			—			—			—			(75	)		(75	)
Issuance of Class B shares		—			—		8			—			—			—		—			—			—			—			125			125
Equity-based compensation		—			—		—			—			—			—		—			—			—			—			353			353
Net Income		—			—		—			—			—			—		—			—			618

Silvercrest Asset Management Group Inc. 10-Q