Silvercrest Asset Management Group (SAMG) investor relations material

Executive summary

• Entered 25th year with strategic momentum despite near-term headwinds and flat revenue compared to Q1 2025.

• Total AUM at $35.7B, up 1.1% year-over-year but down 3.5% from prior quarter, mainly due to market depreciation and net client outflows.

• Net income attributable to the company dropped to $0.2M–$0.5M, with net income margin declining to 1.7% from 12.5% year-over-year.

• Robust new business pipeline, especially in global and international equity strategies, with strong consultant and allocator interest; new offices opened in Atlanta and Singapore.

• Significant investments in intellectual capital, talent, and infrastructure are impacting earnings and adjusted EBITDA.

Financial highlights

• Revenue remained flat at $31.4M year-over-year; management and advisory fees were $30.3M.

• Adjusted EBITDA was $3.7M (11.8% margin), down from $6.5M (20.7% margin) in Q1 2025.

• Compensation and benefits expense rose 12% to $21.1M, now 67.2% of revenue.

• Total expenses increased 13.5% to $30.1M, driven by higher compensation and general/administrative costs.

• Cash and equivalents at $11.6M, down from $44.1M at year-end due to bonus payments.

Outlook and guidance

• Optimism for inflows in global, international, and emerging markets strategies, with pipeline in the billions, though timing is uncertain.

• Compensation ratio expected to remain elevated as investments mature and begin contributing to revenue growth.

• Anticipates positive flows from expanded international distribution and new offices in Europe and Oceania.

• Management expects to meet liquidity needs primarily through operating cash flow and continues to evaluate financial position.

• Distributions to limited partners and dividends to shareholders are expected to remain a material use of cash resources.