Silvercrest Asset Management Group Inc. Reports Q4 and Year-End 2024 Results

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Silvercrest Asset Management Group (NASDAQ: SAMG) reported Q4 2024 results showing significant business acceleration, with revenue jumping 12.0% year-over-year to $32.0 million, substantially outpacing the full-year revenue growth of 5.3%. This acceleration indicates improving business momentum heading into 2025.

The standout metric was the company's client acquisition performance, with $1.4 billion in new client assets in Q4 alone, contributing to $1.5 billion in new client inflows for 2024 – their strongest organic growth year since 2015. A significant catalyst was winning a $1.3 billion seed investment from CBUS (one of Australia's largest superannuation funds) for their new Global Value Equity strategy.

Profitability metrics showed marked improvement in Q4, with the company swinging from a $0.6 million loss in Q4 2023 to $2.7 million in net income this quarter. Adjusted EBITDA nearly doubled to $5.1 million with margins expanding from 9.0% to 15.9%. Total AUM grew 9.6% year-over-year to $36.5 billion.

The company's geographic expansion efforts are notable, with new business development hires in Atlanta and Singapore, along with securing their full MAS license for Singapore operations. This positions Silvercrest to tap into Asian capital markets and diversify beyond their traditional high-net-worth client base.

While the quarterly results show strong momentum, some mixed signals remain. Despite Q4's strong inflows, the full year saw net client outflows of $0.6 billion. Additionally, expenses grew faster than revenue for the year (7.5% vs 5.3%), though this appears to be strategic investment rather than operational inefficiency.

Management's optimistic commentary about their pipeline and the early success of their growth initiatives suggests the Q4 inflection may represent a sustainable business turnaround rather than a one-quarter anomaly, positioning the company for stronger performance in 2025.

03/06/2025 - 04:01 PM

NEW YORK, March 06, 2025 (GLOBE NEWSWIRE) -- Silvercrest Asset Management Group Inc. (NASDAQ: SAMG) (the “Company” or “Silvercrest”) today reported the results of its operations for the quarter and year ended December 31, 2024.

Business Update

Silvercrest concluded 2024 with strong new client organic flows due to new strategic investments made over the past year that are already bearing fruit. The firm garnered $1.4 billion in Q4 and $1.5 billion during 2024 in new client assets under management (“AUM”) inflows, the best year for new organic client inflows since 2015. The fourth quarter was primarily bolstered by winning a successful seed investment in our new Global Value Equity strategy of $1.3 billion USD ($2.0 billion AUD) in partnership with CBUS, one of Australia's largest superannuation funds. The increases during the quarter bode well for future revenue, and we remain highly optimistic about securing more significant organic net flows over the course of 2025 to increase our return on invested capital.

Total AUM as of year-end 2024 reached $36.5 billion as of December 31, 2024, up 9.6% from $33.3 billion at year-end 2023. Discretionary AUM, which drives revenue, rose 6.4% to $23.3 billion from $21.9 billion. Overall, total asset flows and market increases were a net positive for the firm and will drive an increase in future revenue. Revenue for the year increased 5.3% to $123.7 million from $117.4 million, with Q4 revenue up 12.0% over Q4 2023, to $32.0 million from $28.5 million.

Strategically, in addition to building the firm’s new Global Value Equity strategy, we have hired business development and market leads in Atlanta and Singapore. We have our full MAS license for doing business in Singapore. With significant European assets and growth opportunities, we will be pursuing more initiatives to better highlight Silvercrest in both the institutional and wealth markets. The firm also has invested in talent across the firm to drive new growth and successfully transition the business toward the next generation.

Silvercrest developed new and stronger institutional consulting relationships during 2024, with new investment opportunities to develop our strategies. Our pipeline remains robust. As a result, we are optimistic about securing significant new organic flows. Importantly, the firm’s pipeline does not yet include mandates for our new Global Value Equity strategy which has a high capacity for significant new assets. We have worked hard over the past year to build the infrastructure, team, and strategy while undertaking business development. As with our third-quarter call, we envision more positive AUM flows and resulting revenue increases.

As I have discussed throughout the past year, Silvercrest has never had more business opportunities. Those initiatives are beginning to bear results. We have made and will continue to make investments to drive future growth in the business. We expect to make more hires to complement our outstanding professional team to drive that future growth. Silvercrest continues to accrue a higher interim percentage of revenue for compensation for this purpose, and, as mentioned, we will continue to adjust compensation accruals to match these important investments in the business and will keep you informed of our plans and the progress of these investments.

Fourth Quarter 2024 Highlights

Total AUM of $36.5 billion, inclusive of discretionary AUM of $23.3 billion and non-discretionary AUM of $13.2 billion at December 31, 2024.
Revenue of $32.0 million.
U.S. Generally Accepted Accounting Principles (“GAAP”) consolidated net income and net income attributable to Silvercrest of $2.7 million and $1.6 million, respectively.
Basic and diluted net income per share of $0.17.
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”)¹ of $5.1 million.
Adjusted net income¹ of $2.9 million.
Adjusted basic and diluted earnings per share^1,2 of $0.21 and $0.20, respectively.

The table below presents a comparison of certain GAAP and non-GAAP (“Adjusted”) financial measures and AUM.

	For the Three Months Ended December 31,						For the Twelve Months Ended December 31,
(in thousands except as indicated)	2024			2023			2024			2023
Revenue	$	31,962		$	28,542		$	123,651		$	117,410
Income (loss) before other income (expense), net	$	1,957		$	(969	)	$	17,627		$	18,819
Net income (loss)	$	2,684		$	(642	)	$	15,709		$	15,183
Net income (loss) margin		8.4	%		(2.2	)%		12.7	%		12.9	%
Net income (loss) attributable to Silvercrest	$	1,618		$	(411	)	$	9,535		$	9,094
Net income (loss) per basic share	$	0.17		$	(0.05	)	$	1.00		$	0.96
Net income (loss) per diluted share	$	0.17		$	(0.04	)	$	1.00		$	0.96
Adjusted EBITDA¹	$	5,070		$	2,581		$	26,101		$	26,878
Adjusted EBITDA Margin¹		15.9	%		9.0	%		21.1	%		22.9	%
Adjusted net income¹	$	2,861		$	1,049		$	15,782		$	16,104
Adjusted basic earnings per share^{1, 2}	$	0.21		$	0.08		$	1.15		$	1.16
Adjusted diluted earnings per share^{1, 2}	$	0.20		$	0.07		$	1.10		$	1.12
Assets under management at period end (billions)	$	36.5		$	33.3		$	36.5		$	33.3
Average assets under management (billions)³	$	35.0		$	32.3		$	34.9		$	31.1
Discretionary assets under management (billions)	$	23.3		$	21.9		$	23.3		$	21.9

___________________
¹	Adjusted measures are non-GAAP measures and are explained and reconciled to the comparable GAAP measures in Exhibits 3 and 4.
²	Adjusted basic and diluted earnings per share measures for the three and twelve months ended December 31, 2024 are based on the number of shares of Class A common stock and Class B common stock outstanding as of December 31, 2024. Adjusted diluted earnings per share are further based on the addition of unvested restricted stock units and non-qualified stock options to the extent dilutive at the end of the reporting period.
³	We have computed average AUM by averaging AUM at the beginning of the applicable period and AUM at the end of the applicable period.

AUM at $36.5 Billion

Silvercrest’s discretionary assets under management increased by $1.4 billion, or 6.4%, to $23.3 billion at December 31, 2024, from $21.9 billion at December 31, 2023. The increase was attributable to market appreciation of $2.1 billion partially offset by net client outflows of $0.7 billion. Silvercrest’s total AUM increased by $3.2 billion, or 9.6%, to $36.5 billion at December 31, 2024, from $33.3 billion at December 31, 2023. The increase was attributable to market appreciation of $3.8 billion partially offset by net client outflows of $0.6 billion.

Silvercrest’s discretionary assets under management increased by $0.7 billion, or 3.1%, to $23.3 billion at December 31, 2024, from $22.6 billion at September 30, 2024. The increase was attributable to net client inflows of $0.9 billion partially offset by market depreciation of $0.2 billion. Silvercrest’s total AUM increased by $1.4 billion, or 4.0%, to $36.5 billion at December 31, 2024, from $35.1 billion at September 30, 2024. The increase was attributable to market appreciation of $0.5 billion and net client inflows of $0.9 billion.

Fourth Quarter 2024 vs. Fourth Quarter 2023

Revenue increased by $3.4 million, or 12.0%, to $32.0 million for the three months ended December 31, 2024, from $28.5 million for the three months ended December 31, 2023. This increase was driven by net client inflows in discretionary assets under management partially offset by market depreciation.

Total expenses increased by $0.5 million, or 1.7%, to $30.0 million for the three months ended December 31, 2024, from $29.5 million for the three months ended December 31, 2023. Compensation and benefits expense decreased by $0.8 million, or 3.4%, to $21.9 million for the three months ended December 31, 2024, from $22.7 million for the three months ended December 31, 2023. The decrease was primarily attributable to a decrease in bonuses of $1.7 million, partially offset by increases in salaries and benefits of $0.9 million primarily as a result of merit-based increases and newly hired staff. General and administrative expenses increased by $1.3 million, or 18.5%, to $8.1 million for the three months ended December 31, 2024, from $6.8 million for the three months ended December 31, 2023. This was primarily attributable to increases in portfolio and systems expense of $0.5 million, office expense of $0.2 million, recruiting costs of $0.1 million and professional fees of $0.5 million.

Consolidated net income was $2.7 million for the three months ended December 31, 2024, as compared to consolidated net loss of $0.6 million for the same period in the prior year. Net income attributable to Silvercrest was $1.6 million, or $0.17 per basic and diluted share, for the three months ended December 31, 2024. Our Adjusted Net Income¹ was $2.9 million, or $0.21 per adjusted basic share and $0.20 per adjusted diluted share,² for the three months ended December 31, 2024.

Adjusted EBITDA¹ was $5.1 million, or 15.9% of revenue, for the three months ended December 31, 2024, as compared to $2.6 million or 9.0% of revenue for the same period in the prior year.

Year Ended December 31, 2024 vs. Year Ended December 31, 2023

Revenue increased by $6.2 million, or 5.3%, to $123.7 million for the year ended December 31, 2024, from $117.4 million for the year ended December 31, 2023. This increase was driven by market appreciation in discretionary assets under management partially offset by net client outflows.

Total expenses increased by $7.4 million, or 7.5%, to $106.0 million for the year ended December 31, 2024, from $98.6 million for the year ended December 31, 2024. Compensation and benefits expense increased by $4.0 million, or 5.6%, to $76.7 million for the year ended December 31, 2024, from $72.6 million for the year ended December 31, 2023. The increase was primarily attributable to an increase in equity based compensation expense of $0.3 million due to an increase in the number of unvested restricted stock units and unvested non-qualified stock options outstanding, an increase in salaries and benefits expense of $2.5 million primarily as a result of merit-based increases and newly hired staff and an increase in the accrual for bonuses of $1.2 million. General and administrative expenses increased by $3.4 million, or 13.1%, to $29.4 million for the year ended December 31, 2024, from $26.0 million for the year ended December 31, 2023. The increase was primarily attributable to increases in professional fees of $1.1 million, portfolio and systems expenses of $0.8 million, occupancy and related costs of $0.3 million, trading errors of $0.3 million, recruiting expenses of $0.3 million, travel and entertainment expenses of $0.2 million, depreciation and amortization of $0.1 million, office expense of $0.1 million, publications and subscriptions costs of $0.1 million and sub-advisory and referral fees of $0.1 million.

Consolidated net income was $15.7 million, or 12.7% of revenue, for the year ended December 31, 2024, as compared to consolidated net income of $15.2 million, or 12.9% of revenue, for the same period in the prior year. Net income attributable to Silvercrest was $9.5 million, or $1.00 per basic and diluted share, for the year ended December 31, 2024. Our Adjusted Net Income¹ was $15.8 million, or $1.15 per adjusted basic share and $1.10 per adjusted diluted share,² for the year ended December 31, 2024.

Adjusted EBITDA¹ was $26.1 million, or 21.1% of revenue, for the year ended December 31, 2024, as compared to $26.9 million, or 22.9% of revenue, for the same period in the prior year.

Liquidity and Capital Resources

Cash and cash equivalents were $68.6 million at December 31, 2024, compared to $70.3 million at December 31, 2023. As of December 31, 2024, there was nothing outstanding under our term loan with City National Bank and nothing outstanding on our revolving credit facility with City National Bank.

Silvercrest Asset Management Group Inc.’s total equity was $80.7 million at December 31, 2024. We had 9,376,280 shares of Class A common stock outstanding and 4,373,315 shares of Class B common stock outstanding at December 31, 2024.

Non-GAAP Financial Measures

To provide investors with additional insight, promote transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making, we supplement our consolidated financial statements presented on a basis consistent with GAAP with Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Earnings Per Share, which are non-GAAP financial measures of earnings. These adjustments, and the non-GAAP financial measures that are derived from them, provide supplemental information to analyze our operations between periods and over time. Investors should consider our non-GAAP financial measures in addition to, and not as a substitute for, financial measures prepared in accordance with GAAP.

EBITDA represents net income before provision for income taxes, interest income, interest expense, depreciation and amortization.
We define Adjusted EBITDA as EBITDA without giving effect to the Delaware franchise tax, professional fees associated with acquisitions or financing transactions, gains on extinguishment of debt or other obligations related to acquisitions, impairment charges and losses on disposals or abandonment of assets and leaseholds, client reimbursements and fund redemption costs, severance and other similar expenses, but including partner incentive allocations, prior to our initial public offering, as an expense. We believe that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted EBITDA, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring earnings of the Company, taking into account earnings attributable to both Class A and Class B stockholders.
Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenue. We believe that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted EBITDA Margin, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring profitability of the Company, taking into account profitability attributable to both Class A and Class B stockholders.
Adjusted Net Income represents recurring net income without giving effect to professional fees associated with acquisitions or financing transactions, losses on forgiveness of notes receivable from our principals, gains on extinguishment of debt or other obligations related to acquisitions, impairment charges and losses on disposals or abandonment of assets and leaseholds, client reimbursements and fund redemption costs, severance and other similar expenses, but including partner incentive allocations, prior to our initial public offering, as an expense. Furthermore, Adjusted Net Income includes income tax expense assuming a blended corporate rate of 26%. We believe that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted Net Income, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring income of the Company, taking into account income attributable to both Class A and Class B stockholders.
Adjusted Earnings Per Share represents Adjusted Net Income divided by the actual Class A and Class B shares outstanding as of the end of the reporting period for basic Adjusted Earnings Per Share, and to the extent dilutive, we add unvested restricted stock units and non-qualified stock options to the total shares outstanding to compute diluted Adjusted Earnings Per Share. As a result of our structure, which includes a non-controlling interest, we believe that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted Earnings Per Share, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring earnings per share of the Company as a whole as opposed to being limited to our Class A common stock.

Conference Call

The Company will host a conference call on March 7, 2025, at 8:30 am (Eastern Time) to discuss these results. Hosting the call will be Richard R. Hough III, Chief Executive Officer and President, and Scott A. Gerard, Chief Financial Officer. Listeners may access the call by dialing 1-844-836-8743 or for international listeners the call may be accessed by dialing 1-412-317-5723. A live, listen-only webcast will also be available via the investor relations section of www.silvercrestgroup.com. An archived replay of the call will be available after the completion of the live call on the Investor Relations page of the Silvercrest website at http://ir.silvercrestgroup.com/.

Forward-Looking Statements

This release 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; incurrence of net losses; 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, 2023, 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.

About Silvercrest

Silvercrest was founded in April 2002 as an independent, employee-owned registered investment adviser. With offices in New York, Boston, Virginia, New Jersey, California and Wisconsin, Silvercrest provides traditional and alternative investment advisory and family office services to wealthy families and select institutional investors.

Silvercrest Asset Management Group Inc.

Contact: Richard Hough
212-649-0601
rhough@silvercrestgroup.com


Exhibit 1

Silvercrest Asset Management Group Inc. Condensed Consolidated Statements of Operations (Unaudited and in thousands, except share and per share amounts or as noted)

	Year Ended December 31,
	2024			2023
	(Unaudited)
Revenue
Management and advisory fees	$	119,316		$	112,794
Family office services		4,335			4,616
Total revenue		123,651			117,410
Expenses
Compensation and benefits		76,663			72,619
General and administrative		29,361			25,972
Total expenses		106,024			98,591
Income before other (expense) income, net		17,627			18,819
Other (expense) income, net
Other (expense) income, net		203			76
Interest income		1,432			946
Interest expense		(144	)		(421	)
Equity income from investments		1,154			73
Total other (expense) income, net		2,645			674
Income before provision for income taxes		20,272			19,493
Provision for income taxes		(4,563	)		(4,310	)
Net income		15,709			15,183
Less: net income attributable to non-controlling interests		(6,174	)		(6,089	)
Net income attributable to Silvercrest	$	9,535		$	9,094
Net income per share:
Basic	$	1.00		$	0.96
Diluted	$	1.00		$	0.96
Weighted average shares outstanding:
Basic		9,495,375			9,431,404
Diluted		9,532,525			9,464,339


Exhibit 2
Silvercrest Asset Management Group Inc. Condensed Consolidated Statements of Operations (Unaudited and in thousands, except share and per share amounts or as noted)

	For the Three Months Ended December 31,
	2024			2023
	(Unaudited)
Revenue
Management and advisory fees	$	30,871		$	27,349
Family office services		1,091			1,193
Total revenue		31,962			28,542
Expenses
Compensation and benefits		21,903			22,674
General and administrative		8,102			6,837
Total expenses		30,005			29,511
Income (loss) income before other income (expense), net		1,957			(969	)
Other income (expense), net
Other income (expense), net		178			45
Interest income		422			525
Interest expense		(49	)		(107	)
Equity income from investments		1,154			73
Total other income (expense), net		1,705			536
Income (loss) before provision for income taxes		3,662			(433	)
Provision for income taxes		(978	)		(209	)
Net income (loss)		2,684			(642	)
Less: net (income) loss attributable to non-controlling interests		(1,066	)		231
Net income (loss) attributable to Silvercrest	$	1,618		$	(411	)
Net income (loss) per share:
Basic	$	0.17		$	(0.05	)
Diluted	$	0.17		$	(0.04	)
Weighted average shares outstanding:
Basic		9,450,344			9,368,579
Diluted		9,487,453			9,368,579


Exhibit 3
Silvercrest Asset Management Group Inc. Reconciliation of GAAP to non-GAAP (“Adjusted”) Adjusted EBITDA Measure (Unaudited and in thousands, except share and per share amounts or as noted)

Adjusted EBITDA	For the Three Months Ended December 31,						For the Year Ended December 31,
	2024			2023			2024			2023
Reconciliation of non-GAAP financial measure:
Net (loss) income	$	2,684		$	(642	)	$	15,709		$	15,183
Provision for income taxes		978			209			4,563			4,310
Delaware Franchise Tax		50			50			200			200
Interest expense		49			107			144			421
Interest income		(422	)		(525	)		(1,432	)		(946	)
Depreciation and amortization		1,035			1,002			4,146			4,014
Equity-based compensation		542			580			1,916			1,627
Other adjustments (A)		154			1,800			855			2,069
Adjusted EBITDA	$	5,070		$	2,581		$	26,101		$	26,878
Adjusted EBITDA Margin		15.9	%		9.0	%		21.1	%		22.9	%

(A) Other adjustments consist of the following:

	Three Months Ended December 31,				Twelve Months Ended December 31,
	2024		2023		2024		2023
Acquisition costs (a)	$	—	$	—	$	—	$	5
Severance		140		52		393		71
Other (b)		14		1,748		462		1,993
Total other adjustments	$	154	$	1,800	$	855	$	2,069

(a)

For the twelve months ended December 31, 2023, represents professional fees of $5 related to the acquisition of Cortina.

(b)

For the three months ended December 31, 2024, represents a Tax Receivable Agreement adjustment of ($78), an ASC 842 rent adjustment of $48 related to the amortization of property lease incentives, software implementation costs of $4, professional fees related to a transfer pricing project of $27 and data conversion costs of $13. For the twelve months ended December 31, 2024, represents a fair value adjustment to the Neosho contingent purchase price consideration of $12, an ASC 842 rent adjustment of $192 related to the amortization of property lease incentives, a Tax Receivable Agreement adjustment of ($78), sign on bonuses paid to certain employees of $188, professional fees of $53 related to a transfer pricing project, legal fees of $46, data conversion costs of $27 and software implementation costs of $22. For the three months ended December 31, 2023, represents a variable compensation payment of $1,667 related to the difference between the number of non-qualified stock options granted to an existing Class B unit holder as determined using the Black-Scholes method inclusive and exclusive of the expected annual dividend yield input, a Tax Receivable Agreement adjustment of ($38), an ASC 842 rent adjustment of $48 related to the amortization of property lease incentives, software implementation costs of $7, a fair value adjustment to the Neosho contingent purchase price consideration of $24, professional fees related to a transfer pricing project of $37 and legal fees related to the startup of a fund of $2. For the twelve months ended December 31, 2023, represents a variable compensation payment of $1,667 related to the difference between the number of non-qualified stock options granted to an existing Class B unit holder as determined using the Black-Scholes method inclusive and exclusive of the expected annual dividend yield input, a Tax Receivable Agreement adjustment of $2, an ASC 842 rent adjustment of $192 related to the amortization of property lease incentives, moving costs of $35, software implementation costs of $35, professional fees related to a transfer pricing project of $37, legal fees related to the startup of a fund of $2, a fair value adjustment to the Neosho contingent purchase price consideration of $24 and a fair value adjustment to the Cortina contingent purchase price consideration of ($2).


Exhibit 4
Silvercrest Asset Management Group Inc. Reconciliation of GAAP to non-GAAP (“Adjusted”) Adjusted Net Income and Adjusted Earnings Per Share Measures (Unaudited and in thousands, except per share amounts or as noted)

Adjusted Net Income and Adjusted Earnings Per Share	Three Months Ended December 31,						Year Ended December 31,
	2024			2023			2024			2023
Reconciliation of non-GAAP financial measure:
Net income (loss)	$	2,684		$	(642	)	$	15,709		$	15,183
Consolidated GAAP Provision for income taxes		978			209			4,563			4,310
Delaware Franchise Tax		50			50			200			200
Other adjustments (A)		154			1,800			855			2,069
Adjusted earnings before provision for income taxes		3,866			1,417			21,327			21,762
Adjusted provision for income taxes:
Adjusted provision for income taxes (26% assumed tax rate)		(1,005	)		(368	)		(5,545	)		(5,658	)

Adjusted net income	$	2,861		$	1,049		$	15,782		$	16,104

GAAP net income (loss) per share (B):
Basic	$	0.17		$	(0.05	)	$	1.00		$	0.96
Diluted	$	0.17		$	(0.04	)	$	1.00		$	0.96

Adjusted earnings per share/unit (B):
Basic	$	0.21		$	0.08		$	1.15		$	1.16
Diluted	$	0.20		$	0.07		$	1.10		$	1.12

Shares/units outstanding:
Basic Class A shares outstanding		9,376			9,479			9,376			9,479
Basic Class B shares/units outstanding		4,373			4,431			4,373			4,431
Total basic shares/units outstanding		13,750			13,910			13,750			13,910

Diluted Class A shares outstanding (C)		9,413			9,515			9,413			9,515
Diluted Class B shares/units outstanding (D)		4,945			4,820			4,945			4,820
Total diluted shares/units outstanding		14,358			14,335			14,358			14,335

(A)	See A in Exhibit 3.
(B)	GAAP earnings per share is strictly attributable to Class A stockholders. Adjusted earnings per share takes into account earnings attributable to both Class A and Class B stockholders.
(C)	Includes 37,109 and 35,554 unvested restricted stock units at December 31, 2024 and 2023, respectively.
(D)	Includes 205,079 and 240,998 unvested restricted stock units at December 31, 2024 and 2023, respectively, and 366,293 and 147,506 unvested non-qualified options at December 31, 2024 and 2023, respectively.


Exhibit 5
Silvercrest Asset Management Group Inc. Condensed Consolidated Statements of Financial Condition (Unaudited and in thousands)

	December 31, 2024			December 31, 2023
Assets
Cash and cash equivalents	$	68,611		$	70,301
Investments		1,354			219
Receivables, net		12,225			9,526
Due from Silvercrest Funds		945			558
Furniture, equipment and leasehold improvements, net		7,387			7,422
Goodwill		63,675			63,675
Operating lease assets		16,032			19,612
Finance lease assets		254			330
Intangible assets, net		16,644			18,933
Deferred tax asset		4,220			5,034
Prepaid expenses and other assets		3,085			3,964
Total assets	$	194,432		$	199,574
Liabilities and Equity
Accounts payable and accrued expenses	$	1,953		$	1,990
Accrued compensation		39,865			37,371
Borrowings under credit facility		—			2,719
Operating lease liabilities		22,270			26,277
Finance lease liabilities		262			336
Deferred tax and other liabilities		10,389			9,071
Total liabilities		74,739			77,764
Commitments and Contingencies (Note 10)
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; 10,450,559 and 9,376,280 issued and outstanding, respectively, as of December 31, 2024; 10,287,452 and 9,478,997 issued and outstanding, respectively, as of December 31, 2023		104			103
Class B Common Stock, par value $0.01, 25,000,000 shares authorized; 4,373,315 and 4,431,105 issued and outstanding as of December 31, 2024 and 2023, respectively		42			43
Additional Paid-In Capital		56,369			55,809
Treasury stock, at cost, 1,074,279 and 808,455 shares as of December 31, 2024 and 2023, respectively		(19,728	)		(15,057	)
Accumulated other comprehensive income (loss)		(43	)		(12	)
Retained earnings		43,953			41,851
Total Silvercrest Asset Management Group Inc.’s equity		80,697			82,737
Non-controlling interests		38,996			39,073
Total equity		119,693			121,810
Total liabilities and equity	$	194,432		$	199,574


Exhibit 6
Silvercrest Asset Management Group Inc. Total Assets Under Management (Unaudited and in billions)

Total Assets Under Management:

	Three Months Ended December 31,						% Change from December 31,
	2024			2023			2023
Beginning assets under management	$	35.1		$	31.2			12.5	%

Gross client inflows		2.2			0.9			144.4	%
Gross client outflows		(1.3	)		(1.3	)		0.0	%
Net client flows		0.9			(0.4	)		325.0	%

Market appreciation		0.5			2.5			-80.0	%
Ending assets under management	$	36.5		$	33.3			9.6	%

	Year Ended December 31,						% Change from December 31,
	2024			2023			2023
Beginning assets under management	$	33.3		$	28.9			15.2	%

Gross client inflows		5.1			5.4			-5.6	%
Gross client outflows		(5.7	)		(4.8	)		18.8	%
Net client flows		(0.6	)		0.6			-200.0	%

Market appreciation		3.8			3.8			0.0	%
Ending assets under management	$	36.5		$	33.3			9.6	%


Exhibit 7
Silvercrest Asset Management Group Inc. Discretionary Assets Under Management (Unaudited and in billions)

Discretionary Assets Under Management:

	Three Months Ended December 31,						% Change from December 31,
	2024			2023			2023
Beginning assets under management	$	22.6		$	20.5			10.2	%

Gross client inflows		1.8			0.7			157.1	%
Gross client outflows		(0.9	)		(1.1	)		-18.2	%
Net client flows		0.9			(0.4	)		325.0	%

Market (depreciation) appreciation		(0.2	)		1.8			-111.1	%
Ending assets under management	$	23.3		$	21.9			6.4	%

	Twelve Months Ended December 31,						% Change from December 31,
	2024			2023			2023
Beginning assets under management	$	21.9		$	20.9			4.8	%

Gross client inflows		3.9			3.0			30.0	%
Gross client outflows		(4.6	)		(4.1	)		12.2	%
Net client flows		(0.7	)		(1.1	)		36.4	%

Market appreciation		2.1			2.1			0.0	%
Ending assets under management	$	23.3		$	21.9			6.4	%

Exhibit 8
Silvercrest Asset Management Group Inc. Non-Discretionary Assets Under Management (Unaudited and in billions)

Non-Discretionary Assets Under Management:

	Three Months Ended December 31,						% Change from December 31,
	2024			2023			2023
Beginning assets under management	$	12.5		$	10.7			16.8	%

Gross client inflows		0.4			0.2			100.0	%
Gross client outflows		(0.4	)		(0.2	)		100.0	%
Net client flows		—			—			0.0	%

Market appreciation		0.7			0.7			0.0	%
Ending assets under management	$	13.2		$	11.4			15.8	%

	Twelve Months Ended December 31,						% Change from December 31,
	2024			2023			2023
Beginning assets under management	$	11.4		$	8.0			42.5	%

Gross client inflows		1.2			2.4			-50.0	%
Gross client outflows		(1.1	)		(0.7	)		57.1	%
Net client flows		0.1			1.7			-94.1	%

Market appreciation		1.7			1.7			0.0	%
Ending assets under management	$	13.2		$	11.4			15.8	%


Exhibit 9
Silvercrest Asset Management Group Inc. Assets Under Management (Unaudited and in billions)

	Three Months Ended December 31,
	2024			2023
Total AUM as of September 30,	$	35.088		$	31.187
Discretionary AUM:
Total Discretionary AUM as of September 30,	$	22.639		$	20.462
New client accounts/assets (1)		1.370			0.188
Closed accounts (2)		(0.011	)		(0.103	)
Net cash inflow/(outflow) (3)		(0.458	)		(0.479	)
Non-discretionary to Discretionary AUM (4)		(0.012	)		(0.002	)
Market appreciation		(0.209	)		1.819
Change to Discretionary AUM		0.680			1.423
Total Discretionary AUM at December 31,		23.319			21.885
Change to Non-Discretionary AUM (5)		0.687			0.671
Total AUM as of December 31,	$	36.455		$	33.281

	Twelve Months Ended December 31,
	2024			2023
Total AUM as of January 1,	$	33.281		$	28.905
Discretionary AUM:
Total Discretionary AUM as of January 1,	$	21.885		$	20.851
New client accounts/assets (1)		1.549			0.339
Closed accounts (2)		(0.527	)		(0.202	)
Net cash inflow/(outflow) (3)		(1.714	)		(1.272	)
Non-discretionary to Discretionary AUM (4)		(0.018	)		(0.032	)
Market (depreciation)/appreciation		2.144			2.201
Change to Discretionary AUM		1.434			1.034
Total Discretionary AUM at December 31,		23.319			21.885
Change to Non-Discretionary AUM (5)		1.740			3.342
Total AUM as of December 31,	$	36.455		$	33.281

(1)	Represents new account flows from both new and existing client relationships.
(2)	Represents closed accounts of existing client relationships and those that terminated.
(3)	Represents periodic cash flows related to existing accounts.
(4)	Represents client assets that converted to Discretionary AUM from Non-Discretionary AUM.
(5)	Represents the net change to Non-Discretionary AUM.

Exhibit 10

Silvercrest Asset Management Group Inc.
Equity Investment Strategy Composite Performance^{1, 2}
As of December 31, 2024
(Unaudited)

PROPRIETARY EQUITY PERFORMANCE^{1, 2}

ANNUALIZED PERFORMANCE

INCEPTION

1-YEAR

3-YEAR

5-YEAR

7-YEAR

INCEPTION

Large Cap Value Composite

4/1/02

16.3

5.1

10.8

10.6

9.7

Russell 1000 Value Index

14.4

5.6

8.7

8.4

7.9

Small Cap Value Composite

4/1/02

10.1

4.3

8.8

7.1

10.3

Russell 2000 Value Index

8.1

1.9

7.3

6.1

7.9

Smid Cap Value Composite

10/1/05

15.7

2.6

7.6

7.0

9.5

Russell 2500 Value Index

11.0

3.8

8.4

7.2

7.8

Multi Cap Value Composite

7/1/02

16.1

2.6

9.2

8.5

9.7

Russell 3000 Value Index

14.0

5.4

8.6

8.3

8.4

Equity Income Composite

12/1/03

10.4

3.1

6.7

7.4

10.8

Russell 3000 Value Index

14.0

5.4

8.6

8.3

8.5

Focused Value Composite

9/1/04

16.7

(0.2

)

5.6

5.4

9.4

Russell 3000 Value Index

14.0

5.4

8.6

8.3

Small Cap Opportunity Composite

7/1/04

14.9

4.5

10.3

10.1

11.0

Russell 2000 Index

11.5

1.2

7.4

6.9

8.1

Small Cap Growth Composite

7/1/04

13.6

(2.9

)

11.1

11.8

10.6

Russell 2000 Growth Index

15.2

0.2

6.9

7.2

8.5

Smid Cap Growth Composite

1/1/06

20.9

(3.2

)

12.6

14.2

11.1

Russell 2500 Growth Index

13.9

0.0

8.1

8.8

9.5

¹	Returns are based upon a time weighted rate of return of various fully discretionary equity portfolios with similar investment objectives, strategies and policies and other relevant criteria managed by Silvercrest Asset Management Group LLC (“SAMG LLC”), a subsidiary of Silvercrest. Performance results are gross of fees and net of commission charges. An investor’s actual return will be reduced by the advisory fees and any other expenses it may incur in the management of the investment advisory account. SAMG LLC’s standard advisory fees are described in Part 2 of its Form ADV. Actual fees and expenses will vary depending on a variety of factors, including the size of a particular account. Returns greater than one year are shown as annualized compounded returns and include gains and accrued income and reinvestment of distributions. Past performance is no guarantee of future results. This piece contains no recommendations to buy or sell securities or a solicitation of an offer to buy or sell securities or investment services or adopt any investment position. This piece is not intended to constitute investment advice and is based upon conditions in place during the period noted. Market and economic views are subject to change without notice and may be untimely when presented here. Readers are advised not to infer or assume that any securities, sectors or markets described were or will be profitable. SAMG LLC is an independent investment advisory and financial services firm created to meet the investment and administrative needs of individuals with substantial assets and select institutional investors. SAMG LLC claims compliance with the Global Investment Performance Standards (GIPS^®).
²	The market indices used to compare to the performance of Silvercrest’s strategies are as follows:
	The Russell 1000 Index is a capitalization-weighted, unmanaged index that measures the 1000 largest companies in the Russell 3000. The Russell 1000 Value Index is a capitalization-weighted, unmanaged index that includes those Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values.
	The Russell 2000 Index is a capitalization-weighted, unmanaged index that measures the 2000 smallest companies in the Russell 3000. The Russell 2000 Value Index is a capitalization-weighted, unmanaged index that includes those Russell 2000 Index companies with lower price-to-book ratios and lower expected growth values.
	The Russell 2500 Index is a capitalization-weighted, unmanaged index that measures the 2500 smallest companies in the Russell 3000. The Russell 2500 Value Index is a capitalization-weighted, unmanaged index that includes those Russell 2000 Index companies with lower price-to-book ratios and lower expected growth values.
	The Russell 3000 Value Index is a capitalization-weighted, unmanaged index that measures those Russell 3000 Index companies with lower price-to-book ratios and lower forecasted growth.

FAQ

What was Silvercrest's (SAMG) AUM growth in Q4 2024?

SAMG's total AUM increased by $1.4 billion (4.0%) to $36.5 billion in Q4 2024, driven by $0.5 billion market appreciation and $0.9 billion in net client inflows.

How much revenue did SAMG generate in full-year 2024?

SAMG generated revenue of $123.7 million in 2024, representing a 5.3% increase from $117.4 million in 2023.

What was the significant client win for SAMG in Q4 2024?

SAMG secured a $1.3 billion USD ($2.0 billion AUD) seed investment from CBUS, an Australian superannuation fund, for their new Global Value Equity strategy.

What were SAMG's earnings per share in Q4 2024?

SAMG reported Q4 2024 basic and diluted net income per share of $0.17, with adjusted EPS of $0.21 (basic) and $0.20 (diluted).

Silvercrest Asset Management Group Inc. Reports Q4 and Year-End 2024 Results

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Silvercrest Asset Management Group Inc. Reports Q4 and Year-End 2024 Results

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